INNOVATION (Strategic alliances) Essay Example | Topics and Well Written Essays - 2000 words

entry (Strategic alliances) - Essay ExampleIn business, purpose can be defined as the exploitation of wise ideas that find acceptance in the market. These ideas, most often, are incorporated into new processes, engine room, best practices and designs (Sarkar 2007, p.2). Some of these ideas whitethorn end up causing a complete overhaul to an organizations operation and digress of products.Most of the innovated products are based on the ideas of others or a modification of existing products. In summary, invention process encompasses getting a new idea or modifying an old one, reorganization of existing opportunities or those that can be promoted, choice of best alternatives and application of the process and the idea (Sarkar 2007, p.2). Innovation may be as a result of the need to meet the needs of consumers or improve the way of doing things. Companies that cheat on to embrace innovation have often found themselves left behind by their competitors, leading to the spill of thei r market niche.The focus on the theories of innovation varies because there are different views on the process of innovation and the factors that lead to the development of innovation. The theories may focus on (a) technological development, R&D and technical search functions in a company, (b) the individual who creates and develops the new elements, and (c) issues of innovation in the market place (Sundo 1998, p.4).It involves the exchange of technology between two or more companies. Strategic alliances are characterized by risk sharing and coarse commitment in respect to the attainment of specified economic and technological goals and objectives. These alliances tend to arise from the willingness and liking of one firm to assist the other in overall development of the firm business and/or exploitation of certain technological assets portfolio.An example is when the firms in the alliance want to (a) form a articulatio venture in research and distribution, or (b) take part a jo int development agreement, or (c) enter