Innovation and Strategic Management Annotated Bibliography - 1

Innovation and Strategic Management - Annotated Bibliography Example Journal of Technology Management & Innovation, 6(2), 14-39. In this article, the researchers present their findings on how innovation is shaping general business management practices. They took an in-depth analysis of the impacts of embracing innovation and adapting it to business management practices. They also establish how governments, businesses and other development organizations incorporate innovation in their budget decisions and analyze the impact of innovation on long term performance of businesses and government departments. The authors argue that firm’s profitability and market competitiveness is dependent on how well they make use of innovation in their strategic planning and management. They propose a model that can be used to not only audit but also classify different types of strategic management practices that use innovation as the driving force. SÃ ¡nchez et al studied a relatively broad sample of firms in the electronics industry in Spain to arrive at empirical results. They established that those firms that embraced innovation in their strategic management generally witnessed significant growth in their revenues. On the contrary, firms that did not incorporate innovation in their management practices witnessed reduced revenues and made perpetual losses. SÃ ¡nchez et al proposed a comprehensive model that links companies’ performance to innovation-directed strategic management. In this model, businesses make management decisions that are informed by innovations that aim at cutting costs of production, improve resource competence and create new portfolios in the market. The innovation based strategic management in this model links environmental changes, strategic innovation and business results. In this article, the authors argue that the kind of innovation that has led to improved business performance is not necessarily that which is based on the technological changes. They

Power Influence Approach Essay Example | Topics and Well Written Essays - 500 words

Power Influence Approach - Essay Example This view of leadership that talk about power and how it is used to influence people in order to get the job done. Power influence approach sees power as the central element of leadership and is interested in finding how leaders assume and lose power. The influence of power is considered important in this approach because it makes people follow the leader. Power influence approach also explains how a leader can use his or her power to influence not only subordinates but also peers, customers, and suppliers (Yukul, 2010). The French and Raven (1959) model outlines five sources of power namely expert, referent, reward, coercive, and legitimate. These sources can be used to assume power and then can be used to ‘influence’ subordinates. Expert power comes from unique set of knowledge and skill that builds trust of subordinates and in turn subordinates follow the leader. Doctors and high tech engineers can have expert power. Reward power is the power to delegate rewards and this can also make employees follow their leader. Referent power is related to personal approval and acceptance. Celebrities and political figures have this power usually. Coercive power breeds compliance by use of threats and punishment. Legitimate power stems from the position or job title of a leader. All these sources of power can be used to influence employees. This approach is extremely effective because power can be used to get the job done. People are usually influenced by power and therefore the relationship between power and leadership seems strong. Also this approach takes a very natural look at leadership and simply suggests how employees can be made to follow their bosses. Weaknesses of this approach are quite obvious. Power is always not a good thing for building relationships. Managers might use power to influence employees but this might undermine employee satisfaction. Moreover power sometimes underpins creativity as people begin to follow a