The relevance of innovation management as prerequisite for durable existence of small and medium enterprises

Currently, there is a rising exigency for efficient instruments that can be exploited in order to struggle with the glooming process of uncertainty and competition, elaborating unique solutions and upgrading enterprises, industries and the society itself. The purpose of this study is to detect and uncover the implication of innovation management with the derivation of competitive advantage. The material and methods of the research contained content analysis of international policy documents and analysis of theoretical literature. The authors review the major available quantitative indicators associated with the economic impact of innovation management and rank of innovativeness, creating sustainable competitive advantage for small and medium enterprises. (c) 2014 The Authors. Published by Elsevier Ltd.