Innovation, Performance, and Competitiveness

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Innovation, Performance, and Competitiveness


 Conduct a literature search using key words to find the link between innovation, performance, and competitiveness

In the recent past, it has been seen that most of the companies are using a traditional approach to increase their productivity to gain competitive benefits over their rivals. However, it would not be easy for them to offer potential products and services that can satisfy the specific needs of the competitor. It has been determined that the main finding of the study is to evaluate the relationship between innovation and performance which is affected by other precursor variables. Initially, it proposes a strategic theory with empirical facts confirming that competitive intensity. Therefore, it tends to positively influence the performance as a whole.

According to Park,  Srivastava, and Gnyawali, (2014), technological innovation has a significant influence on firm performance, but no evidence was analyzed for a valuable relationship between non-technological innovation. Only process innovation has a potential effect that shows a significant effect on firm performance. The large implication on social and economic results goes beyond its own productivity, employment, and innovation growth. There is a high growth firm that would operate spill-over in its regions, create job opportunities, and have a direct effect on employment. On the other hand, innovation performance could be understood as the capability to transform innovation inputs into outputs as well as the ability to transform innovation into market implementation. The outcome of innovative performance is the potential to raise market success in the future.

In the viewpoints of Alegre, Sengupta, and Lapiedra, (2013), Innovation is been carried out in a firm to have competitive benefits over the close rivals as well as enable firms to attain a valuable position in the market. A firm tends to take a proactive approach to deal with the current market competition. Therefore, the leader would use innovation strategies to make differentiation in the product and services from rivals. The relationship between innovation and competition has been analyzed for the last couple of years. Innovation is considered a major aspect to attain the success of the firm in an intensively competitive environment. In the case of the open as well as the competitive market, the firm is driven to adopt an efficient manufacturing process. It usually provides differentiated competitiveness in terms of quality as well as functions that offer incentives for a client to selects.

In the words of Chen, and et.al., (2015),  innovation tends to allow a firm to win the competition as well as secure a market-leading position by drawing the attention of maximum customers. It has been realized that if the market is too competitive, the profit would also be low; therefore firms cannot spend on R&D sectors to develop new products. Hence, innovation would be relatively low as compared to the actions that are made by the firm. Therefore, a small business that is able to use product innovation accurately would be able to expand as well as grow into a wide business. These actions would constantly suitable for gaining a competitive advantage in the market. Thus, the successful exploitation of innovative ideas is suitable for a business that brings improvement in the techniques, increases efficiency, and generates maximum profitability. Overall, the link between innovation, performance, and competition tends to directly relate with one other that can provide maximum benefits to society and business in the future. 


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