Strategic Management Essay Example | Topics and Well Written Essays - 3500 words - 4

Strategic Management - Essay Example Innovation is an important tool for businesses that is born out of some factors such as globalization and outsourcing as these two tend to push the need for an organisation to become more effective and efficient in their operations. In essence, organisations require innovative processes in order for them to cut down on production costs while making sure that they deliver quality products that would make them to be distinguished within the market they operate in. According to Kelloir (2007, p. 180), one factor that drives innovation for a business is the expectations that consumers have because they are known to yearn for products that can help make life easy for them. An example of this would be the need for consumers to bank conveniently without having to go physically to the bank, which facilitated the e-banking options that makes them to access their money at the click of a mouse button through the internet. With this, customers will go for service providers that provide these ser vices despite the cost implications that this service might attract because they are willing to spend more in order for them to be satisfied. One fact that product and service producers understand is that consumers cannot settle for less if they know that they can go somewhere else and find what they want making innovation and being entrepreneurial to be part of their firm’s. When it comes to the various approaches to innovation for entrepreneurs, Garner (2009, n.p) asserts that they understand that this aspect is what makes them unique within their markets by making it to be a priority. For one, some entrepreneurs can view innovation from a strategic point view by asserting that this can hold the future success of their organisations. However, some entrepreneurs when asked say that they find it hard to integrate innovation to be part of the strategic priorities that they have because of the cost