Abstract
The prevailing business environment is erratic and unreliable. The accomplishment of trade in such environment is determined by an organization’s capability to adjust and respond to environmental variation. Innovation strategies offer a strategic option that can be used to align organization’s assets and competencies with prospects in the external environment in order to heighten survival and long term success of an enterprise. Execution of such a strategic option is likely to result in strategic moves that will register impacts in the market which requires decision makers to consider the timing of their moves that operationalize the strategy in the market. The extant literature has pursued discussions on the construct of innovation strategy separately from that of first mover in spite of the implied indications that the two can be integrated into a strategic management phenomenon that will influence the firm’s performance. This study provides a review of existing theoretical and empirical literature on the perspectives connected to innovation strategies as a strategic option, first mover advantage in the phenomenon leading to performance in the context of microfinance setting. The applicable theories are reviewed, concepts and their operational indicators identified and matched against existing empirical work and nascent knowledge gaps identified. The study finally, suggests a theoretical framework appropriate for progressing knowledge in the field of study together with the associated inferences for future research.
Highlights
The growth and expansion of strategic management discipline within the last two decades has been histrionic
Even though execution of such a strategic option is likely to result in strategic moves that will register impacts in the market which requires decision makers to consider the timing of their moves that operationalize the strategy in the market, the extant literature has pursued discussions on the construct of innovation strategy separately from that of first mover in spite of the implied indications that the two can be integrated into a strategic management phenomenon that will influence firm’s performance
The First was to review the extant literature on innovation strategy, first mover advantage and Micro Finance Institution (MFI) Performance; secondly the study identified the emerging theoretical and empirical gaps that present a call for future research and the study proposed a theoretical model for guiding future research
Summary
The growth and expansion of strategic management discipline within the last two decades has been histrionic. Organizations that wish to remain competitive, enhance their growth capabilities and take advantage of accessible prospects that can attain all these by implementing innovation strategies. Successful organizations are currently the ones that implement innovative strategies by investing in research, development and commercialization of the emergent innovations. Execution of such a strategic option is likely to result in strategic moves that will register impacts in the market which requires decision makers to consider the timing of their moves that operationalize the strategy in the market (Keupp, Palmié, & Gassmann, 2012). Within the micro enterprise sector, firms specializing in microfinance need to embrace innovative strategies so as to remain competitive in a rapidly ever changing business environment. The strategic management literature focusing on the strategic option of innovation needs to integrate arguments based on the discourse derived from first mover advantage
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