Strategic Management of Innovation

In this chapter, the importance and the components of the strategic management of innovation are detailed through the following sections: (a) corporate strategy and innovation; (b) leadership and innovation; (c) core competences and innovation; (d) patents, standards and innovation; (e) marketing strategy of innovation; and (f) entrepreneurship and innovation. Doğan (2017) indicated that “[t]he strategic management of innovation indicates an important component of the corporate strategy and an important factor that has a significant contribution to a company’s competitive advantage” (p 294) and that “[f]or this reason, the strategic management of innovation has become a fundamental issue in the field of strategic management” (p 294). Today’s organizations must include innovation management as an indispensable part of their strategic management and must be focused on the competitive advantages, which will contribute to their value generation. In this respect, Keupp, Palmié, and Gassmann, 2012 suggested that “strategic management of innovation is concerned with the use of appropriate strategic management techniques in order to increase the effect of [a] firm’s innovation activities on [the] firm’s growth and performance” (p 368).