Innovation Strategies and the Business Perspective: A Synthesis of Existing Research and a Composed and Comprehensive Framework

Abstract

Innovation has a direct impact on competitive business environments. Nowadays, it is an ordinary need for organizations to implement and pursue innovative business strategies. For this purpose, many innovation-oriented strategies have been developed. The analysis and observations we made within the framework of our literature analysis show that a more unified, comprehensive, and holistic innovation strategy approach is needed. The innovation strategies of organizations should become a dynamic structure due to the unsteady conditions of the market and competitive environment and the shortening of product life cycles. Therefore, we proposed a new synthesized innovation strategy framework focused on the needs of different businesses.