Innovation and Firm Competitive Advantages

Rajenlall Siriram, Chantelle du Plessis, Chanel Bisset and Ockert Koekemoer

A chapter in Business and Management Annual Volume 2023 from IntechOpen

Abstract: Innovation provides many advantages in terms of competitive advantages; however, many firms fail to seize innovation opportunities. There are different types of innovation, namely product innovation, process innovation, architectural innovation, marketing innovation, service innovation, organisational innovation, and transformational innovation. The different types of innovation offer different opportunities across the product life cycle. In this chapter, some interesting questions are posed: (a) is it necessary to invest in all the different types of innovation, (b) can a firm benefit from one or two of the different types of innovation and (c) how important innovation timing is to extract maximum value across the product life cycle. Responses to these questions are explored, and insights are provided. Interesting lessons are provided to firms as these lessons may enable firms to improve innovation opportunities and competitive advantages.

Keywords: innovation; competitive advantages; value; product life cycle; innovation portfolio (search for similar items in EconPapers)
JEL-codes: M00 M2 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:325440

DOI: 10.5772/intechopen.113323

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