Managing Technology and Innovation in Mobile Phone Handset Industry: A Literature Review

Abstract

Innovation is the key component of successful business operations. Why some products are more accepted then others? The reason is that they are different and better. Your products need to stand out. It has to be different. In this hypercompetitive climate where there are new products regularly entering the market, firms need to come out of their comfort zones and manufacture products which gives an entirely new experience to the customers and ultimately delight them. Technologically-oriented industries have unique features and challenges. If we talk about the mobile phone handset industry, this industry operates in an environment of rapid product innovation and obsolescence where the market is uncertain and highly competitive. The high technology industry is characterized by dynamism and complexity of product. Understanding the needs of the customers is not the key to become successful in hi-tech industry. To win the race, firms need to generate new ideas and then use logical thinking to turn these ideas into realistic thoughts. The high technology industry is characterized by unusually high levels of market and technological uncertainties which affects the marketing strategies and tactics.

Hence management of technology and innovation has become one of the valued components of success for the organization. It became an essential study for companies and researchers. This article aims to identify different streams of thought that could guide future research. The objective of the study is to review the past studies to achieve a better understanding of the importance of management of technology and innovation with no specific intent to influence the technology and innovation management process.