Strategic Innovation Process Quiz

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.

Test your knowledge about strategic innovation, including its systematic approach, intentional and repeatable process, and the creation of significant value for consumers and corporations.