Abstract
A number of factors influence the success and failure of innovation strategies. Available information permits generic conclusions to be reached concerning the most critical issues. Key factors of influence include whether the innovation is (i) incremental or radical, (ii) aimed at consumer versus B2B markets and (iii) based upon exploitation of complex technology. Van der Panne et al (2009) concluded the most important factors include:
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(1)
The firm’s culture being strongly committed towards innovation and management perception that future performance is dependent upon exploiting innovation.
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(2)
The firm has extensive experience in managing innovation.
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(3)
Innovation is driven by a multidisciplinary team with appropriate balance between technological and marketing skills.
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(4)
Each innovation project has the support of senior management.
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(5)
A clearly defined strategy exists concerning the focus of innovation.
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(6)
The innovation is compatible with the organisation’s core competences.
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(7)
The innovation creates a relative advantage of performance, quality or price.
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(8)
The marketing launch effectively executed and internal departmental conflicts avoided.
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(9)
Excessively rigid decision making or hierarchical management structures are avoided.
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© 2013 Ian Chaston
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Chaston, I. (2013). Strategy Implementation. In: Entrepreneurship and Innovation During Austerity. Palgrave Macmillan, London. https://doi.org/10.1057/9781137324436_10
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