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New Business Success using Strategic Innovation Strategy: Marine Engine Business and HEMAPT System of the Hyundai Heavy Industries Co.
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 Title & Authors
New Business Success using Strategic Innovation Strategy: Marine Engine Business and HEMAPT System of the Hyundai Heavy Industries Co.
Kim, Wha Young;
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 Abstract
Firms should seek greater profits and corporate growth through new businesses. New businesses contribute realizing creative economy that creates good jobs, and expanding the company by securing new markets and creating new profits and growth. However, new business is risky management decision-making to have a high failure rate because it involves the adaptation of new business environment and the burden of new investments, including the uncertainty of success in business. Therefore, innovation strategies play important roles for the new business entry, using product innovation, process innovation, business model innovation, disruptive innovation, and strategic innovation, etc. and company will get huge economic results by pushing them into successful business. It is essential that innovation strategy and IT development strategy along with business strategy of a firm are linked, and their strategic alignment is considered to be a critical success factor for new business success. Hyundai Heavy Industries(HHI) pursued marine engine business for the development of precision machinery industry and shipbuilding industry of Korea, and the company recognized the importance of new business strategy, innovation strategy, and IT strategy inter-linked, and pushed strategic alignment boldly. As a result, HHI won the competition in European and Japanese engine manufacturers and climbed into the world`s largest engine manufacturer. This study suggests investigating and analyzing a case that HHI succeeded in marine engine business expansion using strategic innovation strategy as a way of the introduction of CNC machine tools and the development of HEMAPT system.
 Keywords
new business success;strategic innovation strategy;system development;Hyundai Heavy Industries Co.;
 Language
Korean
 Cited by
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