From the perspective of the field of strategic management, innovation has traditionally been regarded as tangential to the primary concerns of the field. Strategy sought to understand how firms might achieve a sustainable competitive advantage, or long period of out-performance relative to a comparison set. With the advent of hypercompetition, in which competitive advantages are transient, an increasing amount of economic activity does not reflect the assumptions of either the industrial organization stream of strategy research or even the more recent firm-focused resource or capabilities based view. Specific implications for integrating an innovation perspective in strategy research include new approaches to measuring performance; a new focus for strategy analysis that considers firms within networks of individuals and other organizations; and a new role for general managers. Ironically, our research suggests that strategy may well benefit by returning to its traditional roots as a field that searches for answers relevant to general managers.
Kim, Jerry. "Innovation, Strategy and Hypercompetition." In Oxford Handbook of Management. Oxford: Oxford University Press, 2014.
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