Innovation and Strategic Management Annotated Bibliography
First Abstract – Strategic Approach and Innovation
In business, many companies have an outlined process for handling planning with a strategically. They basically evaluate the company’s data historically to correctly forecast specific outcomes they want for the future. This involves an approach that must somehow correlate to the current business model, and include a process centered on the company’s goals already in place (White & Bruton, 2007).
A Strategic Approach might be to create a new business model altogether, centered on the problem and build goals based off of recurring situations to form better solutions. Regardless of how they do it, strategic planning is an imperative undertaking. A strategic process is key because no one ever created a strategy through an analytical process (White & Bruton, 2007).
According to White, There are also differences between a strategic approach and innovation approach. Planning is analytical and numbers driven, it is company centric. Innovation on the other hand is creative, insightful and market centric, (White & Bruton, 2007).
A Strategic Approach can design a path to success in varying situations but it all starts in the beginning. Companies also need to look to strategic innovation. Where they transfer data into the analytically, and making sure the action plan will fit the company’s goals and values.
Second Abstract – Differences between Strategy and Innovation
Strategy can be defined as a coherent and substantiated logic for making one set of choices rather than another (Davila, Epstein & Shelton 2006) This means that a good strategy is simply defined and easy to understand. Innovation is different because unlike strategy, it has more to do with possibility and not a direction (Davila, Epstein & Shelton 2006).
Previously mentioned, there are differences between strategy and innovation. Strategy and innovation can actually be easily confused with one another. However, some say that they are very distinct; so much in fact that people with different skillsets are needed. Additional, and in most cases business need both to be successful (Davila, Epstein & Shelton 2006). If a company has no strategy,