Chapter 5 Conclusions
5.2 Research Limits and Future Research
This study contributed new insights to service innovation strategy research and for practitioners in the realm of service innovation. There were several limitations of this study, which also provide avenues for future research. First, the findings of this study may have been influenced by idiosyncratic features of the sample. The firms in our
sample were based in a single country, Taiwan. Taiwan is a small country and has only been intensively engaged in financial markets since 2002. Furthermore, organizational innovation may be moderated by the culture in which a firm is rooted (Lyons, Chatman,
& Joyce, 2007; Tellis, Prabhu, & Chandy, 2009). Future studies may provide more insight into whether the results from this study also apply in other settings.
Second, the conceptual model of this study was predicated on the assumption that financial firms benefit from striving for innovation types of service innovation strategies;
this study did not explore the evolution of individual ventures over time. For instance, the firm‘s top management teams balance short-term and long-term performance through different strategic designs decisions to increase differentiation and integration in dynamic time (Smith & Tushman, 2005). The challenge of a time lag between the implementation of a firm‘s innovation strategy and its outcome was addressed using respondent‘s experience, which also account for future performance. Future studies may provide more insights into the influence of a firm‘s strategy posture on such dynamic aspects over period of time.
Finally, future studies may also examine the influence of different types of product cycles on the entry mode choice; whether the different levels of a product cycle form innovation experiences. For example, different stages of the market development life cycle (Moore, 2004), product life cycle (Tushman & Nadler, 1986), etc. The strategic innovation activities of firms may also be influenced by a firm‘s multinational diversity and product diversity (Barkema & Vermeulen, 1998). Further research could provide more insight into these issues.
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