blog writing #a research paper on impact of corporate innovation on a company’s financial performance

Corporate innovation entails the out-of-box thinking within the corporate environments (Barman & Potsangbam, 2017). It involves coming up with ideas that enable a company to reengineer its products in a way that is different in terms of quality. It also refers to division innovation or business model innovation. The company might want to have changes with its products, its division, or with its business model depending on the prevailing factors of the market. Most corporations carry out innovation with an aim of growing or differentiating themselves from their competitors. There are several factors that may help a company determine whether it needs to innovate. First, it depends with the consumers. Millenials and Generation Z have dynamic needs. Companies whose main consumers fall under the two groups need to carry out innovation especially when the number of the company’s current consumers start to decline (Skinner et al., 2018). The second aspect involves carrying out an assessment of the market the corporation is currently operating in to determine whether there are needs to innovate such as all competitors applying the same business model. In regards to this, there is a need to conduct a research on whether innovativeness of a corporation affects its financial performance.