Podcast
Questions and Answers
What is the primary focus of strategic innovation?
What is the primary focus of strategic innovation?
How does strategic innovation differ from 'me-too' business models?
How does strategic innovation differ from 'me-too' business models?
What is the approach of strategic innovation towards predicting the future?
What is the approach of strategic innovation towards predicting the future?
How does strategic innovation blend non-traditional and traditional approaches to business strategy?
How does strategic innovation blend non-traditional and traditional approaches to business strategy?
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What differentiated Canon from Xerox in the copier market?
What differentiated Canon from Xerox in the copier market?
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What was the main element of Apple's strategy in the computer business?
What was the main element of Apple's strategy in the computer business?
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How did Deli Computer sell its products to the end consumer?
How did Deli Computer sell its products to the end consumer?
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What was the new distribution outlet created by Hanes Corp for women’s pantyhose?
What was the new distribution outlet created by Hanes Corp for women’s pantyhose?
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What is the purpose of the 'Crazy 8s' exercise?
What is the purpose of the 'Crazy 8s' exercise?
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What is the purpose of the 'Heat Map' step in making a decision for the best solution to prototype?
What is the purpose of the 'Heat Map' step in making a decision for the best solution to prototype?
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What is the purpose of Lightning Demos in the ideation process?
What is the purpose of Lightning Demos in the ideation process?
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What is the purpose of the 'Art Museum' step in making a decision for the best solution to prototype?
What is the purpose of the 'Art Museum' step in making a decision for the best solution to prototype?
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What makes an innovation 'strategic'?
What makes an innovation 'strategic'?
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What led to significant shifts in market share according to the text?
What led to significant shifts in market share according to the text?
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What differentiated Canon from Xerox, IBM, and Kodak in the copier market?
What differentiated Canon from Xerox, IBM, and Kodak in the copier market?
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What characterized Xerox's strategy in the copier market?
What characterized Xerox's strategy in the copier market?
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Study Notes
Strategic Innovation
- The primary focus of strategic innovation is to create unique business models that differentiate a company from its competitors.
- Strategic innovation differs from 'me-too' business models by introducing new and innovative solutions to the market, rather than simply copying existing ones.
Predicting the Future
- Strategic innovation involves predicting the future by anticipating and planning for future changes in the market, customer needs, and technology.
Blending Approaches
- Strategic innovation blends non-traditional and traditional approaches to business strategy by combining analytical tools with creative and innovative thinking.
Company Examples
- Canon differentiated itself from Xerox in the copier market by introducing a smaller, more affordable copier that was more suitable for individual use.
- Apple's strategy in the computer business focused on creating a user-friendly and aesthetically pleasing product that appealed to a wider range of consumers.
- Deli Computer sold its products directly to the end consumer, bypassing traditional distribution channels.
- Hanes Corp created a new distribution outlet for women's pantyhose, selling them through vending machines in shopping malls.
Innovation Tools
- The 'Crazy 8s' exercise is a tool used in strategic innovation to generate a large number of ideas quickly and efficiently.
- The 'Heat Map' step is used to identify the most promising solutions to prototype by evaluating them based on their potential impact and feasibility.
- Lightning Demos are a tool used in the ideation process to quickly and effectively communicate ideas and gather feedback.
- The 'Art Museum' step is used to evaluate and refine solutions by creating a visual representation of the ideas and gathering feedback from stakeholders.
Strategic Innovation Characteristics
- An innovation is considered 'strategic' if it has a significant impact on the company's competitive position and market share.
Market Shifts
- Significant shifts in market share are often the result of strategic innovation, where companies anticipate and respond to changing market conditions and customer needs.
Company Comparisons
- Canon differentiated itself from Xerox, IBM, and Kodak in the copier market by introducing innovative and affordable products that appealed to a wider range of customers.
- Xerox's strategy in the copier market was characterized by a focus on high-quality, high-end products that were often too expensive for individual users.
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Description
Test your knowledge about strategic innovation, including its systematic approach, intentional and repeatable process, and the creation of significant value for consumers and corporations.
