innovation-strategy

Vocabulary Word

Definition

Innovation strategy is a plan that a business uses to introduce new products or services, or to improve existing ones. It helps the company stand out and compete.

Examples in Different Contexts

For gaining competitive advantage, an 'innovation strategy' focuses on differentiating a company from its competitors through unique offerings. A CEO might argue, 'Our innovation strategy centers on leveraging technology to offer unmatched customer experiences.'

Practice Scenarios

Tech

Scenario:

The current paradigm of our application has been unable to meet user requirements. Have you considered any possible enhancements?

Response:

The innovation strategy we're considering involves incorporating machine learning algorithms to better understand user patterns.

Business

Scenario:

We’ve been discussing the need to differentiate our product line. Any thoughts on how we might approach this?

Response:

We've been putting a lot of thought into our innovation strategy. One idea was to venture into the renewable energy sector.