Three Classical Approaches
New product development includes the transformation of a nascent idea into a commercial product or service into a salable product. New products are successfully developed in organizations that understand their strategy and the strategies of their competitors.
Three classical innovations strategies focus on the scope of the market and competency of the business. Each offers benefits but can be threatened by attacks from competitors. In this paper, we define and describe each innovation strategy approach along with well-known examples to illustrate the advantages of each classical innovation strategy.
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Please refer to the thought leadership paper “Making Sense of Innovation Strategy“.
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