Scholars have long emphasised the importance of innovation for a firm’s competitive advantage and performance. However, the current state of knowledge about the role in which innovation should play in strategic management towards achieving competitive advantage and improving firm’s performance is not very clear. Adopting a conceptual approach to review the literature, this study analysed over 50 journal articles in innovation and strategy management to provide insight on the place of innovation in the management of corporate strategies. In the process of the literature review, the paper addressed the following subthemes that emerged: the strategic management of product, process, marketing and business model innovations, definitional underpinnings of the two related concepts, the benefits of innovation to corporate organisations, the causal linkages between strategy and innovation, and the implementation of innovation. Based on the review, suggestions for future research were made that can help to promote theory development and to provide relevant inputs for policy decisions for those in charge of managing innovations in organisations and institutions. Keywords: Strategic innovation, Incremental innovation, Radical innovation, Strategic management, Business process innovation

ORCID ID: 0000-0003-1591-1141