Significance of development and innovation strategy today and 25 years before

Abstract

The aim of the paper is to summarise the significance of the development and innovation strategy. By today, development and innovation capability have become most important sources of competition. The study defines the concept of the innovation strategy, and identifies its role in the hierarchy of the functional strategies. Paper also identifies forms of the innovation strategy and proves that well elaborated and implemented development strategy is one of the most important sources of quality and low cost, simultaneously.