Managing Market Shifts

Companies that organize their innovation efforts in systematic, well-managed ways are those whose efforts get rewarded. As the level of competition in the market increases consumers face rapid shifts in innovation and technology. This chapter addresses key questions on the complexity of market dynamism caused by small shifts that make greater impacts on consumer behavior as well as the market performance of companies. Change in the market sometimes occurs through forces that are beyond the control of any individual entrepreneur, such as government policies; availability of capital; and wild cards, including oil price volatility, geopolitical conflicts, the rate of economic growth, and public attitudes toward warnings of global market changes. This chapter critically examines market behavior toward strategy shifts, innovations, and technology application in products and services. A systematic model of market shifts, which links strategy, problem solving, and cultural change tailored to the needs of each firm, is discussed. It is argued that market shifts are often aggressive in innovation of products and services and are subject to managing change in the organization. The issues of organizational learning and innovation theory, organizational complexities, taxonomy of innovations, organizational disciplines, innovation models, and transformation of innovations among emerging enterprises are also categorically discussed in the chapter.