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

In market disruption, an 'innovation strategy' involves introducing breakthrough products or services that change industry standards. An entrepreneur might proclaim, 'Our innovation strategy is aimed at disrupting the traditional markets with our revolutionary platform.'

Practice Scenarios

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.

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.