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Does a culture of innovation drive business results?
Journal of Cultural Marketing Strategy,
3
(1),
82-89
(2018)
Abstract
The importance and meaning of innovation are a matter of perspective. Improvements in product design and manufacturing efficiency often hinge on innovation being applied as a tactical tool. To develop a company that elevates innovation to an integrated and motivational management tool across the enterprise, innovation must become part of the firm’s culture. A culture of innovation is an attitude toward cultivating growth opportunities no matter where they exist in the company. It is a piece of the vast corporate ecosystem that drives the value of corporations without always being fully understood and seldom managed for value creation. It is part of a class of internally grown intangible assets not accounted for on the balance sheet, but which can yield decisive competitive advantages and enormous value. Innovation comes in many different forms, but a culture of innovation reflects on the company as a whole and can be measured, valued and managed for value creation.
Keywords: innovation; culture; brand; management; valuation; intangible assets; corporate brand; strategy; value creation; value management
The full article is available to subscribers to the journal.
Author's Biography
James R. Gregory is the Chairman of Tenet Partners, in New York City. He is also a senior fellow at The Conference Board. James is a doctoral candidate at the Muma College of Business at the University of South Florida in Tampa.
Ronald K. Satterfield is on the faculty in the Muma College of Business at the University of South Florida in Tampa. Ronald teaches courses in analytics as part of the MBA, master’s degree in business analytics and information systems, and doctorate in business administration programmes.
Brad Puckey is Partner and Director of CoreBrand Analytics, at Tenet Partners, New York.
