Innovation is very critical for a business enterprise as it leads to increased performance in the industry. One of the aspect where innovation can be applied is the production process of the firm (Van de Ven, 2000). The innovation framework can be developed as shown below.
The strategy may require some changes as the business environment keeps on changing requiring the business in the industry. As such, this production innovation framework can be changed to fit in the industry in order to ensure the firm gains a competitive edge over their rivals in the industry.
The organization can benefit significantly from the search strategies. These search strategies and their benefits includes the following;
Zone 1. (Exploit)
The benefits of this search strategy zone includes; identifying all the possible ways the company can improve its productivity, it can result to increased performance of the firm in the industry and finally this search strategy leads to the firm adopting the best production method since it exploits all the possible alternatives in the market (Van de Ven, 2000).
Zone 2. (Explore)
Exploring gives a firm an opportunity to determine various methods that it can use to produce its goods and services in the industry. The benefits of this search strategy includes; it gives a business firm an opportunity to gather more information about the production methods in the industry, it can lead to the firm gaining competitive advantage over its rival due to it having more information on how to improve their productivity and applying it in its production process and finally it offers the managers of a firm with a variety of production methods to choose from.
Zone 3. (Reframing)
Reframing has the following benefits to the business firm; It increases the efficiency of production as the firm will reframe its innovation to make its production process to be efficient, it enables a firm to adopt easily to the changing business environment and it may lead to increased productivity of a firm in the industry.
Zone 4. (Co-evolution)
Co-evolution search strategy has the following benefits to a firm; it can increase the productivity of the firm in the industry, it leads to high levels of innovation in the industry and finally it increases competitiveness of the company in the industry (Prahalad & Hamel, 1994).
Prahalad, C. K., & Hamel, G. (1994). Strategy as a field of study: Why search for a new paradigm?. Strategic management journal, 15(S2), 5-16.
Van de Ven, A. H. (2000). Research on the management of innovation: The Minnesota studies. Oxford University Press on Demand.
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