PRODUCT INNOVATION STRATEGIES AND COST EFFECTIVENESS ON PURCHASING ENVIRONMENT

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PRODUCT INNOVATION STRATEGIES AND COST EFFECTIVENESS ON PURCHASING ENVIRONMENT

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

A right innovation strategy can help firms to overcome the problems they encounter concern- ing striving for a sustainable competitive advantage (Kuratko, et al., 2005). The firm’s innovation process is guided by an explicit or implicit innovation strategy, which provides direction toward specific resources, and help focus the efforts of the entire organization on common innovation goals (Oke, 2007). In this paper, we analyze empirically the relationship between firms’ choice of innovation strategy and their performance. According to Schumpeter, firms have an option to choose an innovation strategy involving product,

process, market or organizational innovation1. This can be termed as “simple” innovation

strategy, because firms decide to engage in only one type of innovation. Recent evidence, however, shows that a good portion of innovative firms chooses to combine various types of innovation at the same time, i.e. “complex” innovation strategy (Tavassoli and Karlsson, 2015). Considering both simple and complex innovation strategies, this implies that, in total, firms can choose between sixteen different innovation strategies2. However, both theoretical and empirical studies have devoted minor attention to other innovation strategies than those related to technological innovation (Haned, Mothe & Nguyen-Thi, 2014; Oh, Cho & Kim, 2014). This is clearly a serious limitation, because the co-existence and co-evolution of different types of innovation is important for firm performance (Damanpour & Aravind,

2012). Since productivity gains are related to production efficiency and factor saving, it is argued that an analysis of the effects of innovation on productivity that focuses exclusively on product innovation is indeed too restrictive (Polder et al, 2010).

1.2 Statement of the problem

Expanding the scope of analysis of innovation strategies beyond the field of technological innovation is crucial. This will provide a much richer understanding of firms’ choices of innovation strategies as well as of the effects of different simple and complex innovation strategies on firm performance (Le Bas, Mothe & Nguyen-Thi, 2015). More complex innovation strategies are more demanding in terms of firm capabilities and we argue that firms that are capable of implementing complex innovation strategies also will achieve a better performance3 (Gera & Gu, 2004).

1.3 Objectives of the study

1. To examine the impact of incorporated software strategies on cost effectiveness in a purchasing environment

2. To examine the impact of user friendly strategies on cost effectiveness in a purchasing environment

3. To investigate the effect of new features strategy on cost effectiveness in a purchasing environment.

1.4 Research questions

1.To what extent does incorporated software affect cost effectiveness in purchasing

2. To what degree does user friendly strategies affect cost effectiveness in purchasing environment

3. To what extent does new features impact on cost effectiveness in a purchasing environment

1.5 Research hypothesis

H1: Incorporated software strategies has a significant effectiveness in purchasing environment

H1: User friendly strategies has a significant impact on cost effectiveness in purchasing environmemt.

1.6 Scope of the study

This research was conducted among selected companies from selected states. Questionnaires were distributed randomly among employees and managers of the se companies

1.7 Definition of terms

Product: an article or substance that is manufactured or refined for sale.

Innovation: “innovation is crucial to the continuing success of any organization”

Strategy: a plan of action designed to achieve a long-term or overall aim.

Purchasing:

Purchasing is the process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations.

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