Strategic innovation and competitive advantage: A comparative analysis of different industries
University of edinburgh MA Social Policy and Economics, United Kingdom.
Research Article
International Journal of Multidisciplinary Research Updates, 2024, 08(02), 099-109.
Article DOI: 10.53430/ijmru.2024.8.2.0063
Publication history:
Received on 11 October 2024; revised on 20 November 2024; accepted on 23 November 2024
Abstract:
This study offers a full comprehension of the correlation between strategic innovation and competitive advantage within a range of businesses. The primary objective of this study is to provide a comprehensive analysis that compares various tactics, methods, and best practices utilized by firms in order to acquire and maintain a competitive edge within the current dynamic business environment. The study used a qualitative comparative case study methodology. The primary data collection method involved the utilization of semi-structured interviews with key informants who hold significant positions inside firms operating in the chosen industries. Those interviewed consisted of senior executives, innovation leaders, and experts who possess the knowledge and expertise necessary to offer valuable insights into strategic innovation efforts and their influence on competitive advantage. Findings suggest that pharmaceutical businesses allocate substantial resources towards research and development endeavors to explore and advance novel pharmaceutical compounds and therapeutic interventions. The strategic innovation strategy of the pharmaceutical business emphasizes the significance of continuous investment in research and development, adept handling of regulatory obstacles, and the strategic administration of intellectual property. Retailers who successfully adapt to the digital era are able to enhance their competitive advantage by providing customers with convenient, personalized, and efficient purchasing experiences.
Keywords:
Strategic Innovation; Competitive Advantage; Purchase experience; Strategic management; Social media; Mental health
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0