Posted: March 7th, 2023
Business strategy has played an integral role in advancing innovation over the past decades. In today’s rapidly changing business environment, companies must stay ahead of competition by developing and implementing strategies that will enable them to innovate and first-to-market advantages (Vonortas & Rosen, 1997). This article discusses the role of business strategy in advancing innovation, including how it can be used to identify and prioritize opportunities, develop new products or services more efficiently, and introduce disruptive technologies into the market.
Business strategy is essential for innovating because it helps a company define identify sources of competitive advantage (Zimmerman et al., 2018). By understanding their current position relative to competitors, a firm can identify areas where they hold an edge over other firms in terms of customer experience, production efficiency, cost structure or brand recognition. With this knowledge, companies can focus their resources on those opportunities that offer the most value for their effort. For example, Amazon’s strategies emphasize its ability to build a better customer experience than its competitors with faster delivery times and lower prices (Constantin & Janevall(n), 2019). The success of these initiatives demonstrates that having a robust strategy enables companies to capitalize on opportunities quickly.
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