The management vision for innovation and human resource development affecting new markets and new products development

This study focuses on the relevance of management's vision for innovation and human resource development policy that impacts small and medium enterprises' (SME) new markets and products. Previous studies rarely found a linkage between management, human resource development policy, new markets and new products development, leaving unexplored the results of any effect between those variables. 460 subjects of Thai SMEs were tested for this relationship using structural equation modeling The results show that management concepts of innovation do impact human resource development policy. In addition, the organizational innovation process is also influenced which consequently has an impact on both new markets and new products development. This study suggests that small and medium firms need to initiate and focus their policies on innovation development. Hence, the management of an organizational innovation process is appropriate for the creation of new markets and new product development.