Innovation and Market Value. The Case of Tourism Enterprises

Innovation and Market Value. The Case of Tourism Enterprises

Author: Dawid Szutowski

Publisher: Helion

Published: 2017-03-18

Total Pages: 267

ISBN-13: 8380852478

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In contemporary economics only one thing is constant – constant change [Gunday et al., 2011]. The notion of change relates directly to innovation. The very nature of innovation constitutes combining existing factors in a new, changed way. Since the early stage of the scientific investigation of innovation research has focused mainly on the solutions actually implemented [Schumpeter 1939]. Yet it is only through implementation that the benefits of innovation may materialise. The task is not simple. The process of obtaining the gains is complex as innovation may pass through different stages. Thus for almost half-century the scientific community has considered innovation to be a complex process and not just a simple occurrence [Myers and Marquis 1969]. Innovation pushes progress forward. Thus previous scientific investigation limited the concept of innovation to implementations which generate positive effects [Nelson and Winter 1982]. The above scientific considerations still hold today [Moss Kanter 2006]. Innovation is of crucial importance for tourism companies, which cover accommodation for visitors, food and beverage serving activities, passenger transportation, travel agencies and other reservation activities, cultural activities, sports and recreational activities and retail trade of country-specific tourism characteristic goods [UNWTO 2010]. It provides them with competitive advantage and hence the firms with market power gain more from innovation [Tirole 1995]. A firm’s innovation interacts with the environment. It delivers diverse benefits to the consumers in the form of new products and lower prices which in turn impact positively on the company [Shiller 2006]. In the context of tourism the ongoing scientific discussion on innovation seems not to have achieved any definite conclusions yet. The implementation of innovation in tourism enterprises leads to the achievement of diverse ends. From this point of view the measurement of the effects of innovation is of vital importance. There are a number of financial measures covering substantially different fields. The most comprehensive amongst them is a company’s value. It covers all the aspects of a company’s activity [Bodie and Merton 2000]. However due to its importance and complexity numerous approaches to company value were created. The basic distinction covers book and market value based approaches. The proponents of book value assume that the balance sheet yields a reliable estimate of the value of assets and equities. However numerous shortcomings emerge: the static character, dealing with historical figures, failing to include intangibles and treating all classes of accounts as having equal importance [Nunes 2003]. The market value based approach stands for the price that assets would fetch in the marketplace [Fabrozi and Drake 2009]. The main objective of the research is to measure the short- and long-term impact of innovation announcements on the market value of equity of tourism enterprises.


Innovation Killers

Innovation Killers

Author: Clayton M. Christensen

Publisher: Harvard Business Review Press

Published: 2010-07-22

Total Pages: 57

ISBN-13: 1633691306

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In this seminal article, innovation experts Clayton Christensen, Stephen P. Kaufman, and Willy C. Shih explore the key reasons why companies struggle to innovate. The authors uncover common mistakes companies make—from focusing on the wrong customers to choosing the wrong products to develop—that can derail innovation efforts, and offer a better way forward for management teams who want to avoid these obstacles and get innovation right. Since 1922, Harvard Business Review has been a leading source of breakthrough ideas in management practice. The Harvard Business Review Classics series now offers you the opportunity to make these seminal pieces a part of your permanent management library. Each highly readable volume contains a groundbreaking idea that continues to shape best practices and inspire countless managers around the world.


Making Innovation Work

Making Innovation Work

Author: Tony Davila

Publisher: FT Press

Published: 2012-11-09

Total Pages: 545

ISBN-13: 0133093352

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Profitable innovation doesn’t just happen. It must be managed, measured, and properly executed, and few companies know how to accomplish this effectively. Making Innovation Work presents a formal innovation process proven to work at HP, Microsoft and Toyota, to help ordinary managers drive top and bottom line growth from innovation. The authors have drawn on their unsurpassed innovation consulting experience -- as well as the most thorough review of innovation research ever performed. They'll show what works, what doesn't, and how to use management tools to dramatically increase the payoff from innovation investments. Learn how to define the right strategy for effective innovation; how to structure an organization to innovate best; how to implement management systems to assess ongoing innovation; how to incentivize teams to deliver, and much more. This book offers the first authoritative guide to using metrics at every step of the innovation process -- from idea creation and selection through prototyping and commercialization. This updated edition refreshes the examples used throughout the book and features a new introduction that gives currency to the principles covered throughout.


Entrepreneurship, Innovation and Inequality

Entrepreneurship, Innovation and Inequality

Author: Vanessa Ratten

Publisher: Routledge

Published: 2019-08-30

Total Pages: 234

ISBN-13: 1000682862

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This book hopes to stimulate discussion about how entrepreneurship and innovation contribute to growing inequalities in territories. This will help bridge the gap between research and practice on the role of territory dynamics and regional development. The book begins by examining the growing inequality in regions, which has resulted in lagging economic development. The need to shift current economic policy towards spatial inequality through harnessing the innovative capabilities of regions is examined. The book puts forth a case for reversing the inequality that is evident in lagging regions as a way to reinvigorate territories. The book should appeal to researchers, policy makers, business leaders and the general public interested in territorial dynamics and development.


Tourism and Innovation

Tourism and Innovation

Author: C. Michael Hall

Publisher: Routledge

Published: 2008-02-19

Total Pages: 348

ISBN-13: 1134123167

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Tourism is often described as an industry with high growth rates, and it is subject to radical change in how it is produced and consumed. However, there is still a relatively poor understanding of how such changes are brought about – that is, through innovation. This book is the first to provide a comprehensive review of innovation in tourism, while also considering how tourism itself contributes to innovative local, regional and national development strategies. This timely book places tourism innovation in the context of current academic and policy concerns relating to knowledge, competition, and the management of change. A substantial introductory chapter provides an overview of what makes innovation in tourism both distinctive from, and similar to innovation in other economic sectors. This is followed by three general scene setting chapters which explore how competition and the search for competitiveness drive tourism innovation, how knowledge transfers and knowledge creation lead the process, and how institutions shape innovation. These provide a coherent theoretical framework for understanding the roles of different agencies in innovation, ranging from the state, to the firm, to the consumer. The next four chapters analyze innovation at different scales. Two chapters review the territorial dimensions of innovation through the fresh perspectives of the national and regional innovation systems, followed by reviews of the determinants of innovation in the firm, and the contested and complex role of entrepreneurship. The final chapter summarises the importance of understanding tourism innovation. This is a groundbreaking volume which provides an accessible introduction to a key but neglected topic. It provides a readable account of the multidisciplinary research on innovation and relates the emerging theoretical framework to tourism. A clear conceptual framework is complemented by fifty boxes which provide a range of illustrative international case studies. This book will be a useful guide for researchers and students of tourism studies, management and business and geography.


Business Innovation and Development in Emerging Economies

Business Innovation and Development in Emerging Economies

Author: Irwan Trinugroho

Publisher: CRC Press

Published: 2019-05-16

Total Pages: 713

ISBN-13: 0429781830

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Business Innovation driven by the advancement of technology has dramatically changed the business landscape over recent years, not only in advanced countries but also in emerging markets. It is expected that business innovation could help achieve economic inclusion, which has been a global initiative over the last decade, creating opportunities for all people to benefit from the economic development. These proceedings provide an outlet for discussing the importance of business innovation, especially in emerging countries in helping to reach inclusive economies. The papers cover the subject areas management, accounting, finance, economics and social sciences.


Modern Perspectives in Business Applications

Modern Perspectives in Business Applications

Author: Syed Abdul Rehman Khan

Publisher: BoD – Books on Demand

Published: 2020-05-13

Total Pages: 138

ISBN-13: 1789849721

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This book is unique! Until now, purchasing and supply management books have had a primarily domestic outlook. However in this book, important issues related to sales management and supply management are handled with a modern perspective. This book has global vision tied into management principles based on an understanding of the sales management and basic job of purchasing and supply management, as all authors have held high-level positions directing the effort. Distinguished researchers from prestigious universities have written chapters and case studies from real-world events that challenge the brightest minds.


Digital Innovation and Entrepreneurship

Digital Innovation and Entrepreneurship

Author: Dick Whittington

Publisher: Cambridge University Press

Published: 2018-07-12

Total Pages: 481

ISBN-13: 1108657532

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The digital economy encompasses more than half the world, and in today's business market, those with a technology background have an advantage. This textbook provides students who already have digital expertise with a solid foundation in business and entrepreneurship in order to launch and run a business. Using a logical, objective-based structure, the book guides students to a comprehensive and practical understanding of innovation and entrepreneurship. Chapters progress through the steps in creating a successful digital business: framing the business, promotion and sales, delivery and operations, value capture, growth and scalability, intellectual property and protection, and leadership and structure. Features include: learning objectives, introductions, conclusions, tables and figures, highlighted key terms, and analysis and design exercises in each chapter; a wide range of real-world examples; a rolling case study of a hypothetical digital business that models the concepts covered in each chapter; appendices of business terms, including those relating to product licensing, customer service agreements and customer delivery contracts; and key terms explained throughout. Supplementary online resources include a test bank, lecture slides and a teaching guide for instructors, and a business design template for student use.