54. Innovation Strategies
This category of strategy development will not focus on one particular type of innovation, but several examples that are intended to challenge you to think about how your business can become more innovative in satisfying customer needs and growing into new markets. Every company—whether it is small or large, new or established, in a new growth market or a mature market—must consider how innovation will help them compete and thrive in the new economy. Innovation may create market differentiation, take costs out of the business, streamline processes, increase customer stickiness, and create new revenue streams. The following are a few models to evaluate as you consider strategies for innovation.