Creating value through innovation: How SMEs can compete

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Delivering value to customers is undoubtedly one of the main determinants of business success. Organizations able to constantly meet this objective are best positioned to survive and prosper over the longer term. Failure invariably means a place among the also-rans. From the customer’s perspective, assessing value is a pretty straightforward task. What he or she gains must exceed the costs involved in monetary terms and effort required to obtain the product. And as this divide between benefit and sacrifice grows, so does the perceived level of value obtained. Value comes in both tangible and intangible forms. The first-named is more readily apparent and relates to product performance. To create value, the product purchased must function as promised. Greater complexity is inherent where intangible value is concerned. This value form is generated through product attributes connected with such as emotions and culture.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Citation

(2015), "Creating value through innovation: How SMEs can compete", Strategic Direction, Vol. 31 No. 9, pp. 35-37. https://doi.org/10.1108/SD-07-2015-0112