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Managing Unknown Unknowns in Innovation

The external environment of emerging and technology-based industries will tend to be more uncertain as the world moves further into the twenty-first century. Any changes in an innovation firm’s external environment that are driven by the forces of technology, economics, and other influences impede the ability of strategic managers to make strategic decisions to keep […]

Importance of Portfolio Management in Innovation

The primary purpose of a strategic management system is to maximize the overall performance of the firm. However, a survey of Fortune 500 companies revealed that poor implementation has been the primary cause of strategic failures. Over time, portfolio management has gradually entered the strategic management system to become an essential part of it to […]

Managing Innovation through Dual Planning Systems

One of the issues a firm’s corporate directional strategy faces is about deciding its orientation towards growth. When a firm chooses to grow internally, innovation becomes the key driver to achieve that growth. Growth-oriented companies incorporate some kind of technology to generate innovation, and through innovation, they create a competitive advantage. Therefore, innovation provides a […]

Managing Time for Competitive Advantage

Every firm, small or large, pursues a formal or informal business strategy to compete and become successful in the marketplace. Some become very successful, and others go out of business. However, to become successful, a company must also have an effective functional strategy. Both strategies are essential for generating competitive advantage and superior performance. Through […]