Creating Product Innovation Strategies through Knowledge Management in Global Business

Creating Product Innovation Strategies through Knowledge Management in Global Business

Kijpokin Kasemsap
Copyright: © 2016 |Pages: 28
DOI: 10.4018/978-1-4666-9607-5.ch015
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Abstract

This chapter aims to create product innovation strategies through knowledge management (KM) in global business, thus explaining the theoretical and practical concepts of product innovation strategy and KM; the significance of product innovation strategies and KM in global business; and the creation of product innovation strategies through KM in global business. The capability of product innovation strategies and KM is significant for modern organizations that seek to serve suppliers and customers, increase business performance, strengthen competitiveness, and attain regular success in global business. Modern organizations should establish a strategic plan to create product innovation strategies through KM. The chapter argues that creating product innovation strategies through KM has the potential to improve organizational performance and achieve strategic goals in global business.
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Background

Both theoretical and conceptual understanding of innovation has developed significantly since the early 1980s (Hong, Oxley, & McCann, 2012). Localization of knowledge flows has been extensively examined in the literature on innovation (Fabrizio & Thomas, 2012). From a customer's perspective, a more innovative product tends to have uncertain benefits and requires customers to learn new behaviors (Bohlmann et al., 2013). Attempting to move away from the commodity-based products into the higher value-added products remains one of the key challenges for research and development (R&D) managers (Simms & Trott, 2014). To minimize the risk associated with innovation, most scholars agree that firms should engage simultaneously in two types of activities (i.e., exploring new alternatives and exploiting existing competencies) (Dahlin, 2014).

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