Similarly, the rise of globalization among markets has increased the need to utilize an organization’ s advantages at an international level as well as to look for new competitive resources in an international setting. In order to capture the true meaning of innovation from a general point of view, Garcia & Calantone (2002) reviewed the 1991 OECD study that referred to innovation as a continual process which is instigated by the awareness of an opportunity for a new market or service for an invention that is primarily based on technology and leads to its development, production and selling tasks aiming for the commercial success of the invention.
The continuous search for innovations in order to ensure a company’ s maintenance has led a number of researchers to explore the innovation field (Bartos, 2007). These studies, however, has created a level of doubt regarding the true meaning of innovation due to the numerous innovation characteristics and aims that have been presented (Dewar & Dutton, 1986). Since putting the different types of innovation into categories provide better recognition of all influences coming from the organization and surrounding environment to the innovation, it becomes essential to address the type of innovation according to its application and main goal (Knight, 1967).
For example, in the high-tech industry, the primary aim of companies is to create change in the product or technology field and in an environment where there is rapid technological change, there is a need for these organizations to have a complete awareness of their strategy in developing new products or innovations. High-tech companies can never be sure of their performance in the future (Coad & Rao, 2008), and even much less certainty when it comes to the emergence and implementation of their new technologies.
There are only two outcomes that often come about- either the new product development attains a great deal of success or the company throws away a considerable amount of resources and do not innovate.
Please type your essay title, choose your document type, enter your email and we send you essay samples