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Can Innovation be a long term competitive advantage.docx

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Global Management Studies
GMS 200

1. Can Innovation be a long term competitive advantage? Explain your answer using sources from the chapter. Innovation can be a long-term competitive advantage in many ways. In addition to helping firms grow and differentiate constantly, innovation plays a very important role in strengthening and focusing the corporate strategies. Creating a constant capability for innovation and modifying business cultures for embracing innovation helps businesses in keeping ahead of their competitors. “In his book The Circle of Innovation, consultant Tom Peters urges managers to refocus away from past accomplishments and toward the role of innovation as the primary source nd of competitive advantage.” (Management by Schermerhorn 2 Canadian Edition) There has been exceptional growth and rising profitability at the global economic level over the past few years, and a great deal of this has accompanied rising environmental impact. As a result, competent businesses have started acting responsibly within this sensitive framework for reducing their risk of business, which may include initiatives that my help in mitigating major environmental issues. A
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