Systematic Chasing for Economic Success: An Innovation Management Approach for German SMEs in Drive Technology Business

The industry of the German drive technology is dominated by SMEs, and must supply its products to customers around the world. In addition, this industrial segment is challenged by competitors from many other countries, and from customers with a variety of different needs. Therefore, there are two questions that arose for SMEs. Firstly, what is the best strategy to take an advantage in the competition, and secondly, how does the strategies can be used in the most efficient way. The structure, the essential needs and the boundary conditions will be derived from the analysis of the industrial segment. In addition, a suitable strategy that should take an advantage in the worldwide competition will be analysed and discussed. In the end, the author develops an innovative management process and a toolbox for SMEs to make this strategy applicable to a company.