Seminar paper from the year 2011 in the subject Business economics – Business Management, Corporate Governance, grade: A, BI Norwegian Business School, course: Theories of Innovation, language: English, abstract: Through innovation process, organizations develop and implement the new ideas by engaging people over a period of time. Organizations to attain competitive advantage pursue innovation strategy and this pursuant make organizations interact with external environment alongside internal environment. Through interaction, organizations map their resources with the market demands and by doing so, organizations go through the renewal process. The management of innovation process is very critical element of organizational strategies and it bestows various challenges in front of organizations’ management. Organizations need to take care of these challenges to be successful in their pursuant of innovation.
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