{"id":17960,"date":"2023-01-21T11:44:00","date_gmt":"2023-01-21T11:44:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=17960"},"modified":"2023-01-21T22:44:56","modified_gmt":"2023-01-21T22:44:56","slug":"innovation-strategy","status":"publish","type":"post","link":"https:\/\/businessyield.com\/management\/innovation-strategy\/","title":{"rendered":"INNOVATION STRATEGY IN BUSINESS WITH DETAILED EXAMPLE","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p>In today\u2019s business world, to excel as a business owner or startup, you need innovative strategies. These innovative strategies are what will likely make any business become a market leader. However, in marketing also, innovation is needed. And for every innovation to be successful, marketing must be involved. Nevertheless, this article will discuss some of the examples of innovation strategy and also in business.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/business-561387_640.jpg\"><img decoding=\"async\" class=\"wp-image-17997\" src=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/business-561387_640.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/business-561387_640.jpg 640w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/business-561387_640-600x399.jpg 600w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/business-561387_640-300x200.jpg 300w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/business-561387_640-380x253.jpg 380w\" alt=\"\" width=\"640\" height=\"426\" \/><\/a><figcaption>Image Credit: Koombea<\/figcaption><\/figure>\n<p>If you are looking for an innovation strategy in business, this is the right article for you.<\/p>\n<p>Sit back, read and learn how to improve your business using innovative strategies.<\/p>\n<h2 id=\"h-what-is-an-innovation-strategy\"><span id=\"what-is-an-innovation-strategy\">What is an Innovation Strategy?<\/span><\/h2>\n<p>An innovation strategy is a commitment to a vision and set of activities designed to aid the future growth of an organization. Also, it is a strategy to grow market share through product and service innovation.<\/p>\n<p>Furthermore, no two innovative strategies are the same. However, they all outline the goal of an organization\u2019s innovation activities. Also, define the key initiatives that will help it achieve that goal.<\/p>\n<p>Additionally, strategy is about making choices between several possible options to have the best chance at \u201cwinning\u201d. However, innovation is just one of the ways to achieve your strategic goals.<\/p>\n<h2 id=\"why-is-an-innovation-strategy-necessary\">Why is an Innovation Strategy Necessary?<\/h2>\n<p>A successful innovation strategy can:<\/p>\n<ul>\n<li><strong>Clarify priorities and objectives:<\/strong> An innovation strategy defines the aims of an organization\u2019s innovation activities and assists in focusing efforts toward those goals.<\/li>\n<li><strong>Encourage cooperation: <\/strong>With a strategy in place, diverse groups within an organization can all work toward common goals instead of following their own particular agendas.<\/li>\n<li><strong>Keep a business from being complacent:<\/strong> Even businesses that begin as innovators must continue to innovate strategically over time, as copycats and innovative competitors are likely to take market share.<\/li>\n<li><strong>Assist a business in achieving long-term success:<\/strong> A company is unlikely to obtain (or maintain) a competitive advantage or keep customers interested in the long run if it does not participate in constant innovation.<\/li>\n<\/ul>\n<h2 id=\"h-types-of-innovation-strategy\"><span id=\"types-of-innovation-strategy\">Types of Innovation Strategy<\/span><\/h2>\n<p>Innovation strategy can be grouped into proactive, active, reactive, and passive.<\/p>\n<h3 id=\"h-1-proactive-innovation-strategy\"><span id=\"1-proactive-innovation-strategy\">#1. Proactive Innovation Strategy<\/span><\/h3>\n<p>Different companies are using this type of innovative strategy. However, this strategy involves research analysis. Also, most of the companies using it are technological market leaders. However, they get their knowledge from a wide range of sources and are high-risk takers. Examples of these companies are Apple, Dupont, and Singapore Airlines<strong>.<\/strong><\/p>\n<h3 id=\"h-2-active-innovation-strategy\"><span id=\"2-active-innovation-strategy\">#2. Active Innovation strategy<\/span><\/h3>\n<p>This entails supporting existing technologies and markets while being ready to respond quickly once markets and technologies are shown. Companies using this approach also have wider sources of knowledge.<\/p>\n<p>However, they are medium-to-low risk-takers; they tend to hedge their risks. Examples include Microsoft, Dell, and British Airways.<\/p>\n<p>These firms employ mainly incremental innovation with in-house applied research and development.<\/p>\n<h3 id=\"h-3-reactive-innovation-strategy\"><span id=\"3-reactive-innovation-strategy\">#3. Reactive Innovation strategy<\/span><\/h3>\n<p>The reactive innovative strategy is employed by firms that are followers and have a focus on operations. Also, firms that take a wait-and-see approach and also look for opportunities that involve lower risk.<\/p>\n<h3 id=\"h-4-passive-innovation-strategy\"><span id=\"4-passive-innovation-strategy\">#4. Passive Innovation strategy<\/span><\/h3>\n<p>Firms with passive innovative strategies often remain idle until their customers require changes in their products or services. A perfect example is automotive supply companies. They wait for their customers to demand changes to specifications before executing these changes.<\/p>\n<h2 id=\"h-innovation-strategy-examples\"><span id=\"innovation-strategy-examples\">Innovation Strategy Examples<\/span><\/h2>\n<p>Here are some examples of innovation strategies. Currently, they are one of the biggest firms in the world. However, they all got to the top today because of the innovations they made.<\/p>\n<h3 id=\"h-microsoft-innovation-strategy\"><span id=\"microsoft-innovation-strategy\">MICROSOFT INNOVATION STRATEGY\u00a0<\/span><\/h3>\n<p>Microsoft has thrived in recent years using incremental innovations. However, the company has struggled to obtain radical innovation. Although it may change soon. Nevertheless, recently, Microsoft\u2019s innovative strategy involves going wholly on R&amp;D to develop its position in a range of markets.<\/p>\n<h3 id=\"h-the-innovation-strategy-of-apple\"><span id=\"the-innovation-strategy-of-apple\">THE INNOVATION STRATEGY OF APPLE<\/span><\/h3>\n<p>Before now, Apple used to outsource R&amp;D actions, favoring instead focusing on product development. However, these days, they\u2019re building competencies in-house through inside accelerators while also acquiring startups.<\/p>\n<h3 id=\"h-the-innovation-strategy-of-google\"><span id=\"the-innovation-strategy-of-google\">THE INNOVATION STRATEGY OF GOOGLE<\/span><\/h3>\n<p>Google\u2019s innovation strategies are all over the model, so it\u2019s hard to assign them just one innovation model. However, Its parent company, Alphabet, heavily invests in R&amp;D. Hence, indicating that it\u2019s targeting disruptive, radical, and architectural innovation.<\/p>\n<h3 id=\"h-the-innovation-strategy-of-amazon\"><span id=\"the-innovation-strategy-of-amazon\">THE INNOVATION STRATEGY OF AMAZON<\/span><\/h3>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/4x4-innovation-title-with-amazon-1.jpg\"><img decoding=\"async\" class=\"wp-image-18001\" src=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/4x4-innovation-title-with-amazon-1.jpg\" sizes=\"(max-width: 598px) 100vw, 598px\" srcset=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/4x4-innovation-title-with-amazon-1.jpg 598w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/4x4-innovation-title-with-amazon-1-300x247.jpg 300w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/4x4-innovation-title-with-amazon-1-380x313.jpg 380w\" alt=\"\" width=\"598\" height=\"493\" \/><\/a><figcaption>Photo Credit: IP Lawyer Tool<\/figcaption><\/figure>\n<p>Innovation is inherent in every part of Amazon\u2019s culture \u2013 not just the R&amp;D aspect. Also, they have attained the difficult feat that is retaining their startup culture while climbing up.<\/p>\n<h3 id=\"h-the-innovation-strategy-of-samsung\"><span id=\"the-innovation-strategy-of-samsung\">\u00a0THE INNOVATION STRATEGY OF SAMSUNG<\/span><\/h3>\n<p>Samsung\u2019s strategy has primarily been all about incremental innovation. Its curved mobile phone screens are the best example. However, the company\u2019s innovation strategy in recent years has been to broaden its portfolio. Nevertheless, Samsung also strategically funds a range of external forces to co-create businesses.<\/p>\n<p>Now, let\u2019s discuss briefly marketing innovation strategy.<\/p>\n<h2 id=\"h-marketing-innovation-strategy\"><span id=\"marketing-innovation-strategy\">Marketing Innovation Strategy<\/span><\/h2>\n<p>What does marketing have to do with innovation? Innovation needs marketing to function likewise marketing needs Innovation to be successful.<\/p>\n<p>However, innovation marketing plays a vital role in securing and improving the success of innovation.\u00a0In marketing, the key players are the four Ps(place, promotion, product, and price). However, these four Ps cannot get the marketing team anywhere without a marketing innovation strategy.<\/p>\n<p>According to Peter Drucker \u201cBusiness has only two functions \u2013 marketing and innovation\u201d. Also, he regarded marketing and innovation to be the important basis for a company\u2019s success.<\/p>\n<p>Nevertheless, let\u2019s take a deeper look at the purpose and role of marketing from an innovation viewpoint. Marketing involves tasks to increase sales. Also, the focus is on customer and market orientation; all products, services, and processes are to be connected with the needs of customers and users.<\/p>\n<p>Additionally, innovation marketing covers all innovation activities that provide promotion to the market success of new products and services. The goal of innovation is market success.\u00a0 Hence, innovation marketing plays a crucial role in the innovation process.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport.jpg\"><img decoding=\"async\" class=\"wp-image-17998\" src=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-1024x525.jpg\" sizes=\"(max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-1024x525.jpg 1024w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-600x308.jpg 600w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-300x154.jpg 300w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-768x394.jpg 768w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-380x195.jpg 380w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-800x410.jpg 800w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport-1160x595.jpg 1160w, https:\/\/businessyield.com\/wp-content\/uploads\/2021\/05\/Granlund-Airport.jpg 1200w\" alt=\"\" width=\"1024\" height=\"525\" \/><\/a><figcaption>Photo Credit: AEC Business<\/figcaption><\/figure>\n<h2 id=\"h-innovation-strategy-in-business\"><span id=\"innovation-strategy-in-business\">Innovation Strategy in Business<\/span><\/h2>\n<p>In any business, you need innovative strategies to excel. Newbies see business as buying and selling goods and services to make a profit. However, business is an exchange of value for profit-making in a socially acceptable manner. Hence, to do business, you have to exchange something of value. These values in businesses are obtained through innovation strategies.<\/p>\n<p>Additionally, business is seen as a going concern. Meaning, that it\u2019s expected to last long even after the owner dies. However, without innovative strategies in business, the growth of the business will reduce.<\/p>\n<p>Innovation is somewhat the backbone of any business. Businesses are in competition. However, what will make one business better than the other is its innovative strategies. The reason some businesses last while others don\u2019t are the innovative strategies they adopt to keep up with new trends.<\/p>\n<h2 id=\"how-to-develop-an-innovation-strategy\"><span id=\"how-can-you-develop-an-innovation-strategy\">How Can you Develop an Innovation Strategy?<\/span><\/h2>\n<h3 id=\"1-connect-innovation-to-business-strategy\">#1. Connect innovation to business strategy.<\/h3>\n<p>To be successful, your innovation activities must align with your broader business strategy. Individuals throughout the firm must grasp the corporate goals in order to set the environment for effective innovation.<\/p>\n<p>This includes comprehending the market in which the business intends to operate, as the best inventions address the wants of clients or future customers. Understanding your competition should also inform your innovation approach.<\/p>\n<p>Also, keep in mind that all of the finest products and business concepts follow a predictable, S-curve growth cycle. Successful innovation will not continue to grow indefinitely. When the novelty of the new wears off and declining returns come in, it\u2019s time to introduce the next innovation\u2013and your strategy should be prepared for this.<\/p>\n<h3 id=\"2-decide-on-your-value-proposition\">#2. Decide on your value proposition.<\/h3>\n<p>Your innovation plan should address the issues of what distinctive value you will deliver to your market and what types of innovations will enable you to capture that value and gain a competitive edge.<\/p>\n<p>To answer these questions, a business must first establish its fundamental competencies.<\/p>\n<p>Can you add value to your consumers\u2019 lives by saving them money and time? By convincing people to spend extra for your product or service? Is it by bringing more value to society? By making your product perform better, be more convenient, last longer, or be less expensive than the competition?<\/p>\n<h3 id=\"3-discover-your-clients-unmet-wants\">#3. Discover your clients\u2019 unmet wants.<\/h3>\n<p>The most successful innovations will meet the demands of the people you wish to serve\u2013and in order to produce those innovations, your business must first identify those needs, sometimes even before the customers realize they have them.<\/p>\n<p>Employees are frequently the closest to your clients, and they can be a vital component of the strategy for identifying unmet needs.<\/p>\n<p>Consider crowdsourcing staff input to assist discover their understanding of client needs. This can be a useful method for determining where to focus your innovation efforts.<\/p>\n<h3 id=\"4-examine-and-adjust\">#4. Examine and adjust<\/h3>\n<p>The most effective strategic plans are constantly adaptable. Take the time to evaluate the performance of your innovation approach through employee crowdsourcing. This stage might offer you with a long-term feedback loop to assess the validity of your plan and adjust it as needed.<\/p>\n<p>Be willing to alter your innovation approach to better meet reality when consumer and market needs evolve. Continue to solicit employee feedback and tweak your plan to match current needs.<\/p>\n<h2 id=\"h-conclusion\"><span id=\"conclusion\">Conclusion<\/span><\/h2>\n<p id=\"h-\">In conclusion, innovation is the key to any successful business. Anything you do, try as much as possible to have innovative strategies. Also, in marketing, innovative abilities are needed. However, if you have taken a look at the great examples of innovation strategy, you would want to be like them.<\/p>\n<h2 id=\"innovation-strategy-faq\"><span id=\"innovation-strategy-faqs\">Innovation Strategy FAQs<\/span><\/h2>\n<section class=\"sc_fs_faq sc_card    \">\n<h2 id=\"what-is-innovation-strategy-with-examples\">What is innovation strategy with examples?<\/h2>\n<div>\n<div class=\"sc_fs_faq__content\">\n<p>An innovation strategy is a commitment to a vision and set of activities designed to aid the future growth of an organization. Also, it is a strategy to grow market share through product and service innovation.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"sc_fs_faq sc_card    \">\n<h2 id=\"what-is-innovation-strategy-in-business\">What is innovation strategy in business?<\/h2>\n<div>\n<div class=\"sc_fs_faq__content\">\n<p>In any business, you need innovative strategies to excel. Newbies see business as buying and selling goods and services to make a profit.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<p><script type=\"application\/ld+json\"><br \/>\n\t{<br \/>\n\t\t\"@context\": \"https:\/\/schema.org\",<br \/>\n\t\t\"@type\": \"FAQPage\",<br \/>\n\t\t\"mainEntity\": [<br \/>\n\t\t\t\t\t{<br \/>\n\t\t\t\t\"@type\": \"Question\",<br \/>\n\t\t\t\t\"name\": \" What is innovation strategy with examples?\",<br \/>\n\t\t\t\t\"acceptedAnswer\": {<br \/>\n\t\t\t\t\t\"@type\": \"Answer\",<br \/>\n\t\t\t\t\t\"text\": \"<\/p>\n<p>An innovation strategy is a commitment to a vision and set of activities designed to aid the future growth of an organization. Also, it is a strategy to grow market share through product and service innovation.&nbsp;<\/p>\n<p>\"<br \/>\n\t\t\t\t\t\t\t\t\t}<br \/>\n\t\t\t}<br \/>\n\t\t\t,\t\t\t\t{<br \/>\n\t\t\t\t\"@type\": \"Question\",<br \/>\n\t\t\t\t\"name\": \" What is innovation strategy in business?\",<br \/>\n\t\t\t\t\"acceptedAnswer\": {<br \/>\n\t\t\t\t\t\"@type\": \"Answer\",<br \/>\n\t\t\t\t\t\"text\": \"<\/p>\n<p>In any business, you need innovative strategies to excel. Newbies see business as buying and selling goods and services to make a profit. <\/p>\n<p>\"<br \/>\n\t\t\t\t\t\t\t\t\t}<br \/>\n\t\t\t}<br \/>\n\t\t\t\t\t\t]\n\t}<\/p>\n<p><\/script><\/p>\n<h3 id=\"h-related-article\"><span id=\"related-article\">Related Article<\/span><\/h3>\n<ol>\n<li><a href=\"https:\/\/businessyield.com\/finance-accounting\/incremental-cash-flow\/\" target=\"_blank\" rel=\"noreferrer noopener\">INCREMENTAL CASH FLOW: Meaning, Calculations, Importance, And Limitations<\/a><\/li>\n<li><a href=\"https:\/\/businessyield.com\/marketing\/relationship-marketing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Relationship Marketing: The A-Z Guide (+ Free Tips)<\/a><\/li>\n<li><a href=\"https:\/\/businessyield.com\/business-ideas\/innovative-business-ideas\/\" target=\"_blank\" rel=\"noreferrer noopener\">INNOVATIVE BUSINESS IDEAS: (+ 5 quick tips)<\/a><\/li>\n<li><a href=\"https:\/\/businessyield.com\/mutual-funds\/mutual-funds-vs-index-funds-vs-etfs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mutual Funds vs Index Funds vs ETFs: Understanding the differences<\/a><\/li>\n<li><a href=\"https:\/\/businessyield.com\/business-ideas\/startup-ideas\/\" target=\"_blank\" rel=\"noreferrer noopener\">50 Best Startup Ideas for 2022 (Business Plans Included)<\/a><\/li>\n<\/ol>\n<div style=\"font-size: 0px;\"><a href=\"https:\/\/www.ripandscam.com\/blog\/buy-waklert-150mg-online\/\">https:\/\/www.ripandscam.com\/blog\/buy-waklert-150mg-online\/<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"In today\u2019s business world, to excel as a business owner or startup, you need innovative strategies. These innovative&hellip;\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":233,"featured_media":17995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1355],"tags":[],"class_list":{"0":"post-17960","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-management"},"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>INNOVATION STRATEGY IN BUSINESS WITH DETAILED EXAMPLE<\/title>\n<meta name=\"description\" content=\"Innovation strategy for business and marketing is a vital tool for success. 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