Year: 2024
Type: article
Abstract: In the age of science and technology, the spirit of innovation has become the key to enterprise development and competition. This paper combines theory and practice to explore the role and challenges of innovation in corporate management. The study focuses on how to develop managers’ innovative capabilities and their impact on company success. The study adopts a combination of theoretical analysis and case study approach, utilizing Schumpeter’s theory of economic development and Mintzberg’s managerial roles to study Apple under Steve Jobs. Data was obtained from existing literature, corporate case studies and market analysis reports. Studies have found that innovation contributes significantly to market share, competitiveness and corporate culture. Schumpeter’s theory emphasizes that innovation drives economic growth and positions entrepreneurs as key change agents. However, there are risks associated with innovation, including unpredictable consumer preferences, resource scarcity and regulatory challenges. Internally, innovation can lead to conflict and fear among employees. The study concludes that effective resource allocation, consumer preference surveys, employee development and contingency plans are key to successful innovation. Firms should involve consumers in the innovation process, establish stable supplier relationships, and ensure regulatory compliance. Future research should focus on the innovation strategies of small and medium-sized enterprises (SMEs) to address the unique challenges they face.
Author: Yue Wang
Institution: Sheffield Hallam University
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4405821792