INNOVATION MANAGEMENT: A REVIEW OF MODELS, STRATEGIES, AND SUCCESS FACTORS

Abstract

Innovation management is a critical function for organizations seeking to stay competitive and drive growth in today's rapidly evolving business landscape. This paper provides a comprehensive review of innovation management, focusing on models, strategies, success factors, challenges, and future trends. The paper begins with an overview of innovation management, defining its importance and scope. It then explores various models of innovation management, including the technology push model, market pull model, open innovation model, and user innovation model. Next, the paper discusses strategies in innovation management, such as incremental innovation, disruptive innovation, blue ocean strategy, and agile innovation. Success factors in innovation management, such as leadership support, organizational culture, resources allocation, and collaboration, are also examined. The paper further discusses case studies of innovative companies, including Apple Inc., Tesla Inc., and Google Inc., highlighting their innovation approaches and impacts. Challenges and future trends in innovation management, such as globalization, ethics, and technological advancements, are also discussed. The paper concludes with a summary of key findings and recommendations for future research in innovation management.