Abstract:

One of the most important factors in ensuring sustainable competitive advantages of an organization in the long term is making the right decisions regarding innovation policy. The development and implementation of adequate strategic decisions should take into account the industry situation: structure, the speed of consolidation, strategic groups, the prevailing forms of inter-firm interactions. In the context of globalization and the integration between markets and resources, the risks of the external environment increase, which pushes companies to search for new, innovative areas of resource application. The article presents the literature review, the outcome of empirical research, and the results of analyzed relationship between the innovative strategies of firms and the stage of the industry consolidation life cycle.