Innovation Strategies and Their Role in Establishing Sustainable Competitive Priorities in Current Organizations
DOI:
https://doi.org/10.31150/ajebm.v7i11.3080Keywords:
Innovation Strategies, Sustainable Competitive Priorities, Organizational Growth, Quantitative Analysis, Competitive AdvantageAbstract
This study analyzes the complicated link between innovation strategies about setting up new competitive priorities in current businesses today. This relationship is significant to an organization's growth and sustainable success in an ever-changing global business environment. A literature review integrates different concepts on how innovation contributes to competitive advantage. This article considers theoretical frameworks such as the Resource-Based View and Disruptive Innovation. It also identifies the gaps in previous literature, mainly concerning context-specific utilization of innovation strategies. For this research, quantitative studies were utilized using secondary data, mainly from the World Bank. The Statistical Package for the Social Sciences (SPSS) software has been used to analyze this multi-sided relationship between innovation approaches and strategic priorities, including descriptive stats, correlation, regression, and T-test analysis. The analysis presents a mixed picture of innovation investments and strategies in the organization. Correlation and regression analyses reveal a complex interplay between strategy innovation and sustainably competitive priorities. This can be caused by other unconsidered factors. The following section elaborates on the findings in order to illustrate the complexity of innovation strategies as a basis for sustainable competitive advantage. It underscores the need of looking at a multi dimensional perspective taking into account various linked organizational aspects that influence innovation projects. The study concludes that innovation is integral to strategic thinking, but its effects on long-term superior competitiveness are complicated and context-specific. This research recommends that there should be an expanded perspective on innovation strategies other than the traditional approach to understand how they can enable the formation of sustainability competitive priorities.
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