With reference to a specific firm, discuss the role of different Essay

With reference to a specific firm, discuss the role of different sources of knowledge in the innovation process - Essay Example Interactive learning mainly takes place between companies and other organizations like technology service providers, knowledge providers, and customers. This paper aims to discuss the role of sources of knowledge in innovation process of Coca-Cola Company. The Coca-Cola Company has highly benefited from its sources of innovation knowledge, which has highly enabled the company to venture almost in the entire globe (Mazzarol, Elena, and Delwyn 2014, p. 84). Sourcing international innovation knowledge enables Coca-Cola Company to engage in continuous process of innovation that enables the company to stay ahead of its competitors. When there are barriers in the local markets, the company is able to expand into oversea markets hence overcoming these barriers. It is only through external avenues and sources of innovation knowledge that has enabled Coca-Cola Company to dominate many markets around the world (Rothwell 1994, p. 13). However, innovation knowledge sources do not always generate pecuniary benefits to Coca-Cola. Nevertheless, these external sources of innovation knowledge play a vital role of ensuring that the company sustains its innovation process and gives the company a reputation of being the leading soft drinks company in the world (Masegosa, Villacorta, & Cruz-Corona 2014, p. 72). Building relationships and networks with other successful companies is clearly the key to Coca-Cola success since this enables the company to sustain access of international innovation knowledge (Uecke 2012, p. 60). Therefore, companies should not underestimate the significance of their informal networks. The innovation knowledge sources have enabled Coca-Cola Company to define its market dominance ensuring the firm’s success through the implementation of significance global operations that enable the company to control its programs in a unified approach. Secondly, Coca-Cola defines the international quality and regulatory