Discuss the role of innovation management in relation to strategic, Essay

Discuss the role of innovation management in relation to strategic, international marketing and corporate objectives - Essay Example While innovation contributes to economic performance, corporate competitiveness and the overall quality of life, there are many social and economic benefits of innovation, hence, an organizational returns depend from the appropriate managing of risks and complexities connected with the innovation. The following paper will discuss innovation in terms of primary and support activities and innovative management contribution will be illustrated in terms of strategic objectives. These objectives will be argued through the creation of competitive advantage. Porter’s generic strategies and his value chain will be also discussed. The paper will also highlight the importance of innovation as the source of competitive advantage and through the viewpoint of international business. Position and Paradigm innovations and innovation space will be discussed in order to address issues of strategic direction. International integration that came from the interchange of world views, ideas, products and other aspects of  world culture has given modern businesses more opportunities to search and expand their activities in new locations and search for suitable suppliers. However, the propriety of these suppliers made companies think about new approaches for cooperation. Thus, technical competence and innovativeness have become necessary parameters to obtain competitive advantage of these companies over others (Upadhyay & Baglieri, 2012). The independent suppliers innovate if they obtain cost-benefit ratio, however, the dependent suppliers need innovation more in order to satisfy customers. Here innovative approach is used even if they see no long-term return. This is because innovation will allow attaining customers in the long-term perspective and would allow company to obtain an advantage in the future. Upadhyay and Baglieri (2012) consider that it is more