INNOVATION ACTIVITIES AND ENTREPRENEURIAL STRATEGIES IN INTERNATIONAL FOOD SECTOR
International Journal of Research In Commerce and Management Studies
The global food and beverage industry is one of the most basic industries in the world. The Food Industry has maintained its fundamental role over the years and remains a key driver of growth, while it is fundamental to the manufacturing industry. The purpose of this study is to identify the innovation initiatives that have been implemented in a particular sector as well as those strategies and practices, which help to innovate in this sector worldwide. Based on an Online Desk Research,
... k Research, information was collected from some sources, i.e. electronic databases, business press and food industry. The authors found out that these innovative activities include technological and non-technological activities that enterprises of the industry try to exploit and gain a competitive advantage in the market. The five top trends in the food and beverage industry are the production of nutritional products with high nutritional value, the functional drinks, the convenience food products, the supply chain transparency, and the innovative packaging. Innovation can be found anywhere in the food production chain including chain-links like primary production, harvesting and handling of raw materials; raw materials and other ingredients; adoption of new technologies aimed at milder or more economical food processing; standardization and upgrading of food quality and safety; management and monitoring of production processes; packing; distribution and marketing. Anyway, good practices and strategies promote for sure innovation in the Food industry. stakeholders. Then, the second step is strategy formulation and finally, the last is strategy implementation. For this implementation, connected activities need to be applied in order a business to gain one or more competitive advantages and thus this strategy to be successful for the business. Innovation activities can be some of these, since Rumelt (2011) suggested that a strategy is a set of actions an organization should implement and also actions an organization should avoid. LITERATURE REVIEW According to OECD's 'Frascati manual', innovation is about converting an idea into a marketable product or service, a functional production or distribution process -new or improved -or even a new method of social service provision. In this way the definition refers to the process. On the other hand, the word "innovation" means a new or improved product, equipment or service successfully placed on the market, and the emphasis is given to the outcome of the process. Certainly, it is related to Research and Development, especially in the field of Business, and R.&D. departments.