INNOVATION AND COMPETITIVE ADVANTAGE IN GLOBALIZATION

Modern Business School, Belgrade, Serbia
Serbia

Independent University of Banja Luka, Republic of Srpska, Bosnia and Herzegovina
Bosnia and Herzegovina

College of Tourism and Hotel Management Trebinje, Republic of Srpska, Bosnia and Herzegovina
Bosnia and Herzegovina


Abstract

Change is a pre-requisite for survival amongst individual human beings and even more so in the organizations which they create and in which they work. Put simply, if an organization does not change what it offers the world – its product or services- and the ways in which it creates and delivers these offerings, it may not survive. The pressure for a constant innovation means that creativity is a key resource. Innovation, technology advances and competitive advantage are connected by complex and multidimensional relationships. Demands for organizational innovation and technological advantage are increasingly crucial components of competitive strategy for many firms. Most firms face serious competitive challenges due to the rapid pace and unpredictability of technology change. Industries dependent on highly sophisticated technologies and firms engaged in multinational competition are particularly vulnerable to the need for continuous and rapid modification of their product features and the ways in which they conduct business

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