Explain how the focus on innovativeness can influence a firm's success (Essay Sample)

Explain how the focus on innovativeness can influence a firm's success Student's Name Institutional Affiliation Professor's Name Course Date Explain how the focus on innovativeness can influence a firm's success For several reasons, modern firms grow and succeed in a harsh and competitive corporate climate. However, the firms that stand out the most as leaders in their industries have one common factor: innovation. Innovation refers to conceptualizing new brand products, services, ideas, and techniques or approaching existing ones in new ways. Although firms owe their success to different organizational processes, innovation is the core of success as it helps the firms grow and differentiate themselves. The growth of firms is dependent on innovation. Corsi (2019) and others argue that adding new business methods and practices results in a positive increase in a firm's size. As a firm focuses on innovation, the need for expansion arises, and it might choose to expand by merging or acquiring others. Also, innovation encourages rethinking a product, business model, or both, leading to rapid growth. Integrating innovation into a firm keeps it ahead of the competition while growing. Innovation leads to a firm's success as it enables it to differentiate itself. Semuel (2017) and others believe that innovation is an intervening variable between performance and success. When a firm differentiates its product through innovation, it produces unavailable products and services, giving it a competitive advantage over rivals. When innovation and value provision to customers is a firm's objective, it leads to success. In conclusion, innovativeness leads to the su...