Role does innovation play developing strategic business plan
From: Tony C.
Category: thesis publication
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An innovation strategy is a collection of business initiatives that seek the creation of new sources of earnings to maximize the value of an organization within a given period of time. Innovation is very important when it comes to strategy. It can create superior business growth , reduce costs, eliminate competition and even create entirely new markets, but the term innovation has been so overused that it has lost its meaning. Based on this idea, an innovation strategy can only help an organization in one of the following four ways:. Innovation is a universe in itself, especially when it comes to the creation of new products and services, but in this article we will dive deep into the structure of an innovation strategy, its main components and the underlying processes involved. By the end of this article, you will have a very good understanding of the components of an innovation strategy and its management process, so you will be ready to create one for your organization.
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