3) Innovation, lack of communication, Devel
the objective
pment of market , Determing the objectives.
Answers
Explanation:
Strategy is about making choices between a number of feasible options to have the best chance at “winning”, and innovation is just one of the means to achieve your strategic goals.
Without a good one, it’s actually quite difficult to achieve long-term success and orient your business for speed in order to secure competitive advantage.
What’s interesting is that according to statistics, 96% of executives have defined innovation as a strategic priority. However, the lack of clear innovation strategy is a fundamental problem especially for established companies when optimization of existing business becomes a priority.
While developing an innovation strategy isn’t necessarily difficult in itself, aligning it with your overall business goals and ways of working is what takes most of the time and effort.
This time, we’ve decided to try to make sense of the broad topic by introducing five steps for developing your own innovation strategy. In addition, we’ll introduce a few tools that can be used when mapping your strategic goals in order to make the best choices for long-term success.