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An Overview on the Crucial Nature of Innovation Strategies for Sustainable Businesses

Author

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  • Dr. Ishtiyaque Ahmed

    (Department of Commerce, MGV's Arts, Commerce and Science College, Malegaon, Maharashtra, India)

Abstract

Purpose: The aim of the present article is to provide an overview of the importance of innovation strategies followed by organizations in the innovation of products/services to gain competitive advantage and sustain in the market. The present study provides a holistic view about the importance of innovation strategies, challenges faced in the implementation of these strategies, and the measures to be taken to overcome the issues. Methodology: The current exploratory style review article details about the concepts under study, critically analyzes the studies conducted earlier, and arrives at a conclusion with recommendations for future empirical studies. Findings: The present study reviewed different types of innovation and innovation strategies followed by the firms in sustaining their businesses. The study reviewed extent literature and presented the challenges in implementing the innovation. These findings are crucial for entrepreneurs, especially small and medium enterprises, in the aftermath of COVID-19 since these business owners find it challenging to implement innovation due to multiple factors. Implications: Through the outcomes of this review, knowledgeable insights about innovation and its types can be gained while it is of immense importance for the business firms to strategize their concept-to-product/service to achieve and sustain success. Originality: The review work is a first-of-its-kind attempt to review and analyze the types of innovation, challenges associated, and the measures to mitigate risks involved.

Suggested Citation

  • Dr. Ishtiyaque Ahmed, 2023. "An Overview on the Crucial Nature of Innovation Strategies for Sustainable Businesses," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 14(3), pages 21-29, September.
    • Handle: RePEc:aii:ijcmss:v:14:y:2023:i:3:p:21-29
    DOI: 10.18843/ijcms/v14i3/03
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    References listed on IDEAS

    as
    1. Nawal Abdalla Adam & Ghadah Alarifi, 2021. "Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-22, December.
    2. Charlie Karlsson & Sam Tavassoli, 2016. "Innovation strategies of firms: What strategies and why?," The Journal of Technology Transfer, Springer, vol. 41(6), pages 1483-1506, December.
    Full references (including those not matched with items on IDEAS)

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