Strategy
The organization’s vision, mission, values and goals articulate where it wants to go in the future. Strategy provides, at a high level, the approach, investments and initiatives for how to reach the goals. Strategy lies at the very heart of an organization's sustenance and growth. It lays the foundation and provides the framework for all the organization's functions and activities. In this chapter, strategy is described as it applies to various levels of the organization (corporate, business and major functions). Emphasis is placed on the product innovation strategy, providing frameworks for analysis and development of the innovation strategy together with guidance on its implementation throughout the organization. Technology, marketing, platforms, intellectual property and other capabilities and resources support the strategy. Several tools (PESTLE, SWOT, Porter’s Five Forces, Delphi) are included that help provide a more structured approach to developing a strategy.
This section addresses the following questions:
- How do I develop a strategy for my product area?
- What is an innovation strategy and how do I develop one?
- How do I capture innovation opportunities?
- What is an innovation culture and how do I cultivate one?
- How do I develop a long-term strategy in uncertain times?
- How do I do radical product thinking?