Write an annotated bibliography of three references on innovation and strategic management. Your annotated bibliography must complete the following:
- Include three APA-formatted references that are not from the same author.
- Contain an abstract of at least 200 words for each reference.
Focus on the relationship between innovation and strategic management, specifically on the way innovation is shaping traditional strategic management.
Casadesus-Masanell, R. (2010), Open Versus Closed Innovation: A model of Discovery and Divergence. Academy of Management Review; Vol. 35 Issue 1, p27-47. Retrieved from Ebscohost
This article by Casadesus-Masanell examines the difference between open innovation and closed innovation in terms of superiority. The researchers carried out some very detailed research that sought to find out the importance of having new ideas in a growing organization. They developed a model that depicts how fresh ideas in relation to open innovation can initiate the growth of any business and the approach to which such ideas can be implemented. Additionally, the study showed the importance of executives working in line with the new ideas and the drawbacks that may occur when executives overlook the new ideas. Another fundamental issue that the researchers found out from their studies is that when a business is run by individuals whose ideas are divergent, open innovation paralyses growth as well as profitability. This is because open innovation usually attempts to restrict and upward technological trajectory. In essence, the study focused on the importance of open innovation in comparison to closed innovation and the results showed that open innovation brings on board several new ideas that can be implemented to improve a business as opposed to closed innovation that is restricted.
Barsh, J., Capozzi, M., & Davidson, J. (2008), Leadership and Innovation. McKinsey Quarterly; 2008, Issue 1, p36-47. Retrieved from Ebscohost
These researchers carried out a study with an objective to determine the impact of new ideas on the development of any business. This study attempted to focus on other factors such as dividends, profits, revenues, etc. that a new business idea would bring on board. More often than not, researchers have always limited their studies to profits, revenues and dividends to determine the suitability of adopting a new business idea. These researchers, however, looked past the ordinary and researched into the adaptability of business to the dynamic local and international markets. There studies show that for any business to foster, trust, develop more links and clearly understand the standard principles of operations there is need to incorporate fresh ideas into such a business. Additionally, there is need for companies to embrace technology by innovating management practices so that they can successfully compete in the dynamic business landscape that is improving and advancing day by day. The authors of this article talks about the shortcomings of traditional management practices in the current business world and how they cannot cope with the today’s demands. In a developed environment that places emphasis on talents and collaboration, the traditional ways of managing businesses are just but obstructions to innovation and creative strategy.
Sánchez, A., Lago, A., Ferràs, X., & Ribera, J (2011) Innovation Management Practices, Strategic Adaptation, and Business Results: Evidence from the Electronics Industry. Journal of Technology Management & Innovation; 2011, Vol. 6 Issue 2, p14-39. Retrieved from Ebscohost
This research contributes to the general understanding of how various innovation management practices relate to the mid and long-term growth and development of a business. Similar studies have previously showed that government and regional development agencies have always supported small and medium scale enterprises to embrace innovation. The idea has always been to offer the small and medium scale enterprise the opportunity to advance and improve their management practices so that they can successfully compete in the market. This research by Alba Sanchez alongside his colleagues have proposed a model that is primarily meant to audit and classify innovation management practices and assess the impact of these practices to the overall financial performance of firms. In developing this course, the researchers studied various types of companies and employed the model. The companies were found to have a lot in common. For example, size, position in the value chain as well as the ownership structure. The results of the study however showed that a systematic approach to innovation is critical because it leads to growth in revenue despite insignificant growth in profits and productivity.
Today organizations are becoming not only spatially distributed but also organizationally distributed. The trend is such that work is no longer concentrated in an individual. Instead, workspaces are not confined anymore as collaborative activities gain significance. Additionally, businesses are more concerned at lowering costs and in that effect dispersion is taking center stage where functions are outsourced and businesses are relocating to areas where production cost are low. Technological aspects of innovation play a significant role in shaping strategic management. Today, information technology has completely transformed the data management processes in businesses and organizations as well.
Leadership is another critical aspect that equally plays a significant role in shaping strategic management. While manager and senior executives cite the importance of innovation as a pointer to growth, very few of them take responsibility to manage and drive innovation. It is therefore important for managers and senior executives to put innovation a priority in case they want to transform and improve their businesses. The current world, given the global requirements and standards of practice demands that businesses and organizations should focus on innovation as far as improving management practices is concerned. Additionally, businesses should also embrace flexibility in adapting to the ever changing technology (McKinsey, 2008).
You can order a custom and unique annotated bibliography on any topic at an affordable price.