Strategy lies at the very heart of an organization's sustenance and growth. It lays the foundation and provides the framework for all of the organization's functions and activities. In this chapter, strategy is described as it is applied at various levels of the organization. In particular, emphasis is placed on the innovation strategy, providing frameworks for analysis and development of the innovation strategy together with guidance on its implementation throughout the organization.
THE CHAPTER ROADMAP
2.1 WHAT IS STRATEGY?
A strategy is broadly defined as a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem.
When applied within the business context:
“It defines and communicates an organization's unique position and says how organizational resources, skills, and competencies should be combined to achieve competitive advantage” (Porter, 2008), or “An organization's game plan for achieving its long‐term objectives in light of its industry position, opportunities, and resources” (Kotler, 2012).
Key components of these definitions that stand out ...
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