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Product Development Strategy: Innovation Capacity and Entrepreneurial Firm Performance in High-Tech SMEs PDF

216 Pages·2015·0.791 MB·English
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Product Development Strategy Product Development Strategy Innovation Capacity and Entrepreneurial Firm Performance in High-Tech SMEs Mina Tajvidi Bangor Business School, Bangor University, UK and Azhdar Karami University of Tabriz, Iran and Bangor Business School, Bangor University, UK © Mina Tajvidi and Azhdar Karami 2015 Softcover reprint of the hardcover 1st edition 2015 978-1-137-50137-0 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-56993-9 ISBN 978-1-137-50139-4 (eBook) DOI 10.1057/9781137501394 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. This book is dedicated to my life’s heroes, mum and dad. You are the love of my life Mina Tajvidi I would like to dedicate this book to my family for their unconditional support Azhdar Karami Contents List of Figures xi List of Tables xiii Preface xv Acknowledgements xvii 1 Introduction 1 1.1 Introduction 1 1.2 Research background 1 1.2.1 Product development strategy 1 1.2.2 Innovation capacity 2 1.2.3 Entrepreneurial firm performance 3 1.3 Rationale of study 6 1.4 Research objective and questions 7 1.5 Methodology 8 1.6 Summary 9 References 10 2 Literature Review 15 2.1 Introduction 15 2.2 Strategic management 15 2.2.1 Origin of the term “strategy” 15 2.2.2 The concept of strategic management 16 2.2.3 Definitions of strategy in management 17 2.2.4 Strategic management process 18 2.2.5 Strategic management in small- and medium-sized enterprises (SMEs) 20 2.3 Strategic directions 21 2.3.1 Consolidation strategy 22 2.3.2 Product development strategy 22 2.3.3 Market development strategy 22 2.3.4 Diversification strategy 22 2.3.5 Product development strategy in SMEs 23 2.4 Innovation 28 2.4.1 Innovation capacity 29 vii viii Contents 2.5 Entrepreneurship 35 2.5.1 The concept of entrepreneurship 35 2.5.2 Entrepreneurial firm performance 36 2.6 Summary 37 References 38 3 Research Strategy 45 3.1 Introduction 45 3.2 Revisiting the research objectives and questions 45 3.3 Research methods and strategy 46 3.3.1 Research philosophy 46 3.3.2 Research approach 49 3.3.2.1 Qualitative or quantitative research 51 3.3.3 Research design 52 3.3.3.1 Source of the data 52 3.3.3.2 Data collection instrument 52 3.3.4 Data collection process 57 3.3.5 Constructing the questionnaire 58 3.3.5.1 Level of measurement 59 3.4 T he conceptual framework of the study and research variables 61 3.4.1 Product development strategy variable 62 3.4.2 Innovation capacity variables 62 3.4.3 Entrepreneurial firm performance variable 65 3.5 Characteristics of SMEs 66 3.6 The proposed model and hypotheses 67 3.7 Research choice and data analysis plan 68 3.8 Summary 73 References 73 4 Product Development Strategy 79 4.1 Introduction 79 4.2 Product development and business strategy 79 4.3 New product development process and models 82 4.4 New product development and success factors 90 4.5 Product development and life cycle 92 4.6 New product development, knowledge and learning 96 4.7 New product development and resource management 99 4.8 O rganizational knowledge and new product development 101 4.9 Descriptive empirical findings 102 4.9.1 Characteristics of the studied firms 103 Contents ix 4.9.2 Managerial characteristics of the respondents 105 4.9.3 Managerial position of the respondents 107 4.10 Research variables 108 4.10.1 Data measurement process 108 4.10.2 Confirmatory factor analysis 108 4.10.3 P roduct development strategy and innovation capacity 112 4.10.4 P roduct development strategy and entrepreneurial firm performance 113 4.11 Summary 115 References 116 5 Innovation Capacity 125 5.1 Introduction 125 5.2 Innovation capacity in SMEs 125 5.3 Innovation typology 127 5.4 Technological innovation 128 5.5 Research and development 129 5.6 Innovation capacity and entrepreneurship 129 5.7 New product development success factors 132 5.8 I nnovation capacity, product development strategy and firm performance 133 5.8.1 Product innovation 137 5.8.2 Process innovation 137 5.8.3 Investment in research and development 138 5.9 Moderating role of innovation capacity 138 5.10 Summary 141 References 141 6 Entrepreneurial Firm Performance 147 6.1 Introduction 147 6.2 Entrepreneurship in SMEs 147 6.3 Innovation and entrepreneurship 152 6.4 Risk taking and entrepreneurship 153 6.5 Proactivity and entrepreneurship 154 6.6 Financial performance, turnover/net profit 154 6.7 Entrepreneurship and product development strategy 155 6.8 E ntrepreneurial firm performance and innovation capacity 161 6.9 Summary 168 References 169

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