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Sustainability And Innovation - Prerequisites For The Economic Development

Author

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  • Victoria GHERMAN

    (”Constantin Brâncoveanu” University of Pitesti, Romania)

Abstract

The company’s sustainability represents the results of investments in modern technology and diversification of activity that lead to productivity growth and increased turnover. Innovation is at the heart of every successful organization, an engine for economic growth and the promotor of company competitiveness. Innovation consists in creating or adapting a product or service and putting it on the market successfully. These will be possible by applying an organizational, managerial and commercial system in order to increase the economic competitiveness of the company. The company's development strategy to expand the customer network, the range of products and services will reduce the financial risks and increase the investment sustainability. Moreover, the development of a new range of products and a marketing strategy to increase the market share will create a favorable image of the company, thus contributing to competitiveness and long-term economic performance.

Suggested Citation

  • Victoria GHERMAN, 2018. "Sustainability And Innovation - Prerequisites For The Economic Development," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 3(3), pages 179-184.
    • Handle: RePEc:brc:brccej:v:3:y:2018:i:3:p:179-184
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    More about this item

    Keywords

    sustainability; innovation; business; company; economic development;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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