Management, Innovation and New techonology Essay

Management, Innovation and New techonology - Essay Example The development and improvement incorporate technical specifications, materials and components, software, user-friendliness and other functional characteristics. Many scholars have examined product innovation which is based on various resource-based views. The process of product innovation can be analyzed as a dynamic capability of the core competence of an organization that helps them in renewing and configuring various resources. From the studies of Daniels in 2002 in which product innovation of five high-tech firms was examined and it directs towards the competencies of the firm associated with technology and customers. Daniels also stress on the fact that for development of new products there is a requirement of the combination of the potential customers and technology. For optimal product innovation, the resources of the firm associated with the current technology and customers are highly essential. From the studies of Shane in 2000 reveals that development of technology gives r ise to the creation of new markets as well exploration and exploitation. From the studies of Shane in 2000 eight enterprises were thoroughly studied and it signifies that the entrepreneurial opportunity recognition signifies to the fact that the entrepreneurs generate the ability for recognizing new knowledge for exploiting new products and technology which includes knowledge of market, knowledge of the ways in serving the markets, knowing the problems of the customers and that of the knowledge of technology. The recognition of entrepreneurial opportunities may lead to better understanding of the new technology or that of the technology for innovation (Huang & Wang, 2011, p.71). Bessant in 1994 creates a model which incorporates several processes and influences within the innovation process as depicted in the following diagram. Fig. 1. Brady, (1995), p.14 The strategy system incorporates information regarding the environment with respect to various forces in the economy like economic, political and so on. Identification of the opportunities as well as needs related to innovation in the light of overall business strategy. This leads to dynamism and change. The system of enabling acts as a support mechanism in the development of the innovation process to take place. Involvement in this respect may include tangible and intangible resources like time, money, people, equipment and management’s support and so on. The system of acquisition can be regarded as the technology powerhouse as it is the area where potential strength of the technology of the organization resides.