Innovation and dynamic strategy: Planning and Implementing Continuous Renewal

While pursuing innovations and higher profits, firms struggle with the growing challenge of planning successful innovation activity for today, let alone for tomorrow. In order to determine the innovative actions of tomorrow, companies try to monitor the external, as well as the internal changes of their business and predict them. Individual innovations, in turn, are answers for the monitoring and prescribed in the innovation activity plan, that is, innovation strategy. Since innovation is no option nowadays, but more of an imperative, it is necessary to comprehend the relation that innovation and technological development have to the changes in firm’s internal and external circumstances. By understanding this linkage, organizations can be more capable in steering their innovation strategy and creating successful innovations.