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Extra resources for Architecting Enterprise: Managing Innovation, Technology, and Global Competitiveness
In the late-maturity stage of firms in a competitive marketplace, firms commit resources to building a corporate posture to sustain their business growth. Firms develop their corporate posture by achieving high brand equity, consumer satisfaction, and product attractiveness. The protagonist role of the consumer, the increasing public consciousness and regulations on environmental issues, and the change in the strategic focus of firms considerably encourage activities such as the return, reconditioning, refurbishing and recycling of products and packaging, resulting in building the corporate posture of a firm (Madsen and Ulhoi, 2001).
There is now a greater recognition that innovative insights on functional perspectives in business may help in transforming the overall value chain in business. Thus, increasingly, innovation is seen as the responsibility of the entire organization, and employees are continuously encouraged to view innovation as their omnipresent task. , 2011). Traditionally business organizations felt that innovation has a long-run effect on profit, which meant that a sizeable investment on research had a payoff in the long run in the marketplace.
Besides product and process innovation, strategy innovation is the principal driver in creating competitive advantage and market leadership. In the real marketplace context for any innovation, firms create competitive advantage especially in response to changing consumer buying behavior for value, product attributes and economic advantage, and supply integration. Innovation may broadly be considered as a profitable exploitation of ideas to sustain existing products and services or launch new ones in the marketplace.
Architecting Enterprise: Managing Innovation, Technology, and Global Competitiveness by Rajagopal