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Digital Customer Experience: Applied Frameworks
Innovation Strategy: Core Concepts
A foundational overview of innovation strategy, defining its purpose, various types of innovation, and its crucial role in driving business growth and competitive advantage. ✨
Article Points:
1
Innovation strategy is a deliberate plan for developing new products, processes, services, and business models.
2
It links innovation efforts directly to overall business objectives and competitive advantage.
3
Types of innovation include: Incremental (small improvements), Radical (breakthroughs), and Disruptive (simpler, cheaper solutions displacing incumbents).
4
Key components include strategic intent, resource allocation, organizational structure, and partnerships.
5
Innovation drives competitive advantage through differentiation, cost leadership, and new market creation.
6
Must be integrated with the overall business strategy to sustain long-term growth and relevance.
Source:
Innovation Strategy: Core Concepts
Innovation Strategy: Core Concepts
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Source:
Innovation Strategy: Core Concepts