Conducted by PIT
, Started on 2023 -
Completed on 2024
Completed
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This study aimed to identify innovative techniques for sustaining the
business growth of Palompon’s small and medium-sized companies.
This study used a mixed-method correlation survey and was
supported by interviews. Employing innovative strategies as
competitive instruments is effective enough to win the market.
Consumers will become bored and abandon the product if there is
no innovation, and the business will undoubtedly fail in the face of
fierce competition. This study examines the use of innovation
strategy concepts in business and small and medium companies
(SMEs). The methodology used in this study is a combination of the
literature and previous research on innovation strategies in SMEs.
Based on the study's findings, a conceptual framework for using
SME strategies was developed, which included both dimensions of
the indicators as well as keys to success and impediments. The
findings of this study suggest that there is an adequate notion for
developing research on the subject of innovation strategy. The
study's conclusions led to the recommendation that innovation is
essential to the prosperity of the business. Innovation allows
entrepreneurs to identify new opportunities, solve problems, and
bring new products and services to market. It supports company
expansion, employment creation, and competitiveness. Further, it
directs the allocation of resources in ways that meet the goals of
innovation, value delivery, and competitive advantage building for a
firm.