Innovation and Strategic Management Annotated Bibliography

Innovation and Strategic Management Annotated Bibliography

Strategic management and innovation coincides and has created updated business models.  These same business models tend to find new innovations that will create something that is valuable through products and through new processes.  Believe it or not, but strategic management is major and very analytical.  A man by the name of Henry Mintzberg made the statement “ No one has ever been known to create any strategy through the process of being analytical (Scocco, 2010).    

Strategic innovation was created to be successful in the market world, but at the same time, we must keep in mind that strategic planning is focused upon and is very much needed as a management tool.  In order for any company/organization to seek new businesses opportunities, they should have a strategy for innovation.  In return that company/organization should assure that their action plans meets the needs of the company, which includes resources, certain values, and processes (Scocco, 2010).  Scocco mentions the difference between strategic management and innovation is that the art of being able to plan and manage, is centered around the company, numbers are being driven, current values are extended, and a new business model is created.  In the eyes of innovation, the art of creativity both today and tomorrow tends to build new creations where insights are driven things are centered around the market, then a new business model is created (Scocco, 2010).

People tend to get business strategy and innovation a little mixed up.  Strategy and innovation are the same thing (Satell, 2012).  Satell feels that this statement is false and that there is a distinction between the two words due to the mere fact that each word requires a certain skill set and process.  The dilemma with both of the words is that in order for every company/organization to be successful, they need both strategy and innovation.  A company/organization will be lost and have no direction without having strategy.  And if they do not have innovation, they will be considered to be irrelevant to the market world.  Both strategy and innovation must coincide with one another and support each other without a question (Satell, 2012).

It is said that strategy is coherent and very substantiated due to the fact that they make choices that means something instead of making another.  The strategy should never be confusing and should always be clear.  Practicing innovation is not like strategy because there’s a lot of wondering around and seeking not so good ideas, and trying things out.  In this case you tend to fail and move on to the next idea, and then eventually you will find what actually works (Satell, 2012).

        On toward the final part of the business year, teams all over the nation will begin to plan for their company/organization.  They will meet behind closed doors to discover that what they have been doing to better the company/organization is not working and new ideas need to be put on the table.  While meeting, they have come to the conclusion that having the same ideas and expecting a different end is literally not working. Through the years, strategic management and planning has become a formula and companies/organizations have depended upon things that have worked in the past. (Hassan, 2010).