Innovation strategy is about creating unique value for consumers by delivering a great product that satisfies their needs and capturing value back from consumers.
At the core of a successful innovation strategy is a great product concept. Product is an all-encompassing term that includes physical goods, intangible services, and even ideas. There are three pillars to a successful product strategy: a clear understanding of (a) the target customers (WHO), (b) the specific elements of the product offering (WHAT) that satisfies consumer needs and dovetails with company capabilities, and (c) the tactical plans to reach end consumers (HOW). The value proposition has to be embedded in a coherent business model in order to create and capture value. But well-laid innovation plans can go awry without a consideration of the business ecosystem that includes competitors, collaborators, including suppliers, distributors, and retailers, or the contextual environment in which the company operates. In an interdependent world, fostering an integrated ecosystem is critically important for companies interested in maximizing the odds of innovation success. Drawing from many years of research, this course will offer a set of frameworks, tools, and concepts in order to develop innovative strategies in a holistic way so as to achieve leadership positions.