THE ROLE OF INNOVATION IN THE STRATEGIC MANAGEMENT PROCESS

Abstract

In today's business environment, innovation has become a crucial management technique for ensuring organizational competitiveness and long-term viability. Innovation must be viewed as an ongoing, organized process that is ingrained in strategic decision-making rather than as an impromptu activity. This research explores the theoretical underpinnings, significant phases, and real-world applications of innovation as a management process for businesses functioning in dynamic marketplaces. Using a qualitative methodology, a thorough analysis of scholarly works, management theories, and case studies of multinational corporations like Apple, Toyota, and Google were all consulted. The results show that leadership, organizational culture, and resource allocation are critical factors in the balance between creativity and structure needed for effective innovation management.