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strategy
 Provides the context, goals, and direction for
1 Strategy product innovation and ongoing product
management
 • a method or plan chosen to bring about a desired
future, such as the achievement of a goal or
solution to a problem
• “It defines and communicates an organization’s
unique position and says how organizational
1.1 What is resources, skills, and competencies should be
strategy? combined to achieve competitive advantage”
(Porter, 2008)
• “An organization’s game plan for achieving its
long-term objectives in light of its industry
position, opportunities, and resources” (Kotler,
2012)
 • overarching strategy that provides goals,
1.1 What is priorities, and focus for the whole organization
• innovation strategy founded on the business
strategy? strategy provides the direction and framework for
innovation across the organization
1.1 What is strategy?

Figure 1 – The hierarchy of strategies

1.1 What is strategy?

Figure 2 – Innovation and the strategic decision hierarchy

 1.2.1 Organizational identity
1.2 “Who are we as an organization?” (Whetten, 2006)

Establishing
Key attributes of an organizational identity
the • Central
organisation’s • Enduring
direction • Distinguishing
 1.2.2 Vision
“An act of imagining, guided by both foresight and
informed discernment, that reveals the possibilities
1.2 as well as the practical limits… It depicts the most
Establishing desirable, future state of… an organization” (Kahn,
2013)
the
organisation’s Amazon Vision
direction “Our vision is to be earth’s most customer-centric
organization; to build a place where people can
come to find and discover anything they might want
to buy online.”
 1.2.3 Mission
1.2 The statement of an organization’s creed,
philosophy, purpose, business principles, and
Establishing corporate beliefs
the The purpose of the mission is to focus the energy
and resources of the organization
organisation’s Starbucks Statement
direction “To inspire and nurture the human spirit – one
person, one cup and one neighbourhood at a time.”
 1.2.4 Values
“Principles to which a person or organization adheres with
some degree of emotion” (Kahn, 2013)

1.2 Fisher&Paykel (F&P) Healthcare

• LIFE: We relentlessly focus on improving patients’ lives and
Establishing strive to provide our employees with a high quality of life
• RELATIONSHIPS: We care for our patients, customers,
the suppliers, shareholders, the environment and each other

organisation’s • INTERNATIONALISM. We are global in people, in thinking

and behaviours
direction • COMMITMENT. We value people who are self-motivated
and have a desire to make a real contribution
• ORIGINALITY. We encourage original thinking, leading to
innovative solutions to create better products, processes
and practices
 1.2.4 Organizational identity and product
innovation
1.2 • The organizational identity forms the foundation
Establishing on which the organization is built

the • The mission, vision, and values have a significant

impact on reinforcing how important product
organisation’s innovation is to the organization

direction • Managers should ensure that the mission, vision

and values provide the appropriate context and
direction for product innovation
1.3 Business • 1.3.1 Business strategy
and • Porter (1996) argues that competitive strategy is
“about being different.”
corporate “It means deliberately choosing a different set of
strategy activities to deliver a unique mix of value.”
 • 1.3.1 Business strategy
1.3 Business
and … is about choosing “a set of activities to deliver a
unique mix of value” where, for most businesses,
corporate the unique mix of value is centred on the product
strategy and/or services the business offers to specific
markets
1.3 Business and corporate strategy

Figure 3 – Business strategy as foundation for product innovation

1.3 Business and corporate strategy
• 1.3.2 Corporate strategy

Figure 4 – An example of a corporate business structure, PepsiCo

 • 1.3.2 Corporate strategy
1.3 Business • The overarching strategy of a diversified
and organization
• “in which businesses should we compete?” and
corporate ” how do these individual businesses create
strategy synergy and/or add to the competitive advantage
of the organization as a whole?”
 • 1.3.2 Corporate strategy
1.3 Business • The role that product innovation plays within a
and large corporation will depend on the structure of
the organisation and particularly the level to
corporate which the organisation seeks to achieve
synergies across its business units, as opposed
strategy to maintaining a high degree of business unit
autonomy
1.4 Preparing a business strategy

Figure 5 – The context for product innovation

1.4 Preparing SWOT Analysis
PESTLE Analysis
a business Delphi technique
strategy Business Model Canvas (BMC)
 1.4 Preparing a business strategy
S W O T
STRENGTHS WEAKNESSES OPPORTUNITIES THREATS
• What the company does • What the company lacks, • Significant identified gaps • Emerging competitors
well, e.g., technical e.g., specific skills or in product offerings • Changing regulatory
development, market capital • Few or weak competition environment
research • Things that competitors • Market trends supporting • Potential for disruptive
• What separates the do better, e.g., need for the company’s technologies
company from distribution, consumer products • Trends counter to current
competitors, e.g., strong relationships • Availability of specialist product attributes
brand recognition • Resource limitations, e.g., technical knowledge – • Potential loss of valuable
• Company resources such specific skills, access to through licensing or skills
as specialised raw materials acquisition • Potential loss of critical
manufacturing or skilled • Unclear value proposition raw materials
staff
• Tangible assets such as IP
or capital

Figure 6 – SWOT analysis

 1.4 Preparing a business strategy
P E S T L E

• Government • Economic • Population • Technology • Discrimination • Weather

policy growth growth rate incentives laws • Environmental
• Political • Exchange rates • Age distribution • Level of • Antitrust laws politics
stability • Interest rates • Educational innovation • Employment • Climate change
• Foreign trade • Inflation rates levels • Automation laws • Pressure from
policy • Disposable • Safety • R&D activity • Consumer NGOs
• Tax policy income emphasis • Technological protection laws
• Labor law • Unemployment • Lifestyle change • Patent laws
• Trade rates attitudes • Technological • Health and
restrictions • Cultural awareness safety laws
barriers

Figure 7 – Example of PESTLE analysis

 1.4.3 Delphi technique
1.4 Preparing • The Delphi technique is a forecasting method
based on the results of questionnaires sent to a
a business panel of experts

strategy • The Delphi process aims to clarify and expand on

issues, identify areas of agreement or
disagreement, and then begin to seek consensus
 1.4.3 Delphi technique
• Step 1: Choose and appoint a facilitator
• Step 2: Identify the subject-matter experts
1.4 Preparing • Step 3: Define the problem
a business • Step 4: Round one questions

strategy • Step 5: Round two questions

• Step 6: Round three questions
• Step 7: Act on your findings
 1.4.4 Business Model Canvas (BMC)
• Business models, if incorrectly defined and not
supporting the innovation strategy and
management, the technology strategy, and the
1.4 Preparing product strategy, will not achieve the goal of
value creation – which is ultimately what it’s all
a business about for profit-making organizations
• “technological innovation does not guarantee
strategy business success – new product innovation
efforts should be coupled with a business model
defining their ‘go to market’ and ‘capturing value’
strategies.” (Treece, 2010:183)
1.4 Preparing a business strategy
1.4.4 Business Model Canvas (BMC)

Figure 8 – Business Model Canvas (BMC) framework

 • “An innovation strategy is an essential tool for
product innovation and continued growth in
difficult times” (Cooper and Edgett, 2009)
1.5 • ”Managers should articulate an innovation
Innovation strategy stipulating how their firm’s innovation
efforts will support the overall business strategy.
strategy This will help them make trade-off decisions so
that they can choose the most appropriate
practices and a set of overarching innovation
priorities that align all functions” (Pisano, 2015)
 • Innovation within an organisation should be an
integrated and coordinated effort across the
1.5 organisation with clear guidance from, and
connection to, the overall business strategy
Innovation • An overarching innovation strategy will provide
strategy the goals, direction, and framework for innovation
across the organization
 1.5.1 What defines a good innovation strategy?
• The innovation strategy should be tailored to the
1.5 specific organization

Innovation • The innovation strategy must provide a sound

basis for providing alignment across the
strategy organization; establishing priorities; and
evaluating trade-offs
 1.5.1 What defines a good innovation strategy?
• Characteristics of a good innovation strategy include:
1. Innovation is messy and should be embraced as such (a form of art and
science)
2. Innovation is about experiential learning and development
3. Information that is generated and useful during the innovation process is key

1.5 to success
4. Constant intentional curiosity is required to search for the desired designs,

Innovation outcomes, processes, systems, or products

5. Innovation boils down to creating value, not necessarily new ideas and or
inventions
strategy 6. Being first to market does not guarantee the intended success
7. Involving customers as best, and as early, as possible is advisable
8. Innovation requires the ability to integrate seemingly disparate (and
unobvious) components into one
9. Innovation is ongoing, so organizations need to design and implement support
structures and systems that enable it to be continual
 1.5.1 What defines a good innovation strategy?
• Reeves et al. (2017) offer the information-
advantage innovation strategy:
1. Deciding where to compete
1.5 2. How to deal with complexity
Innovation 3. Understanding what the competition is doing
and offering
strategy 4. Other information about execution timelines,
customer-related insights, and organizational
capabilities and gaps, are useful sources of
information
 1.5.1 What defines a good innovation strategy?
1.5 1. Manage uncertainties by planning how to
Innovation identify and respond to them
2. Innovation concepts need to be commercialized
strategy 3. Embrace the creatives in the organisation
1.6 Innovation strategy frameworks
• 1.6.1 Porter’s strategic framework

Figure 9 – Porter’s three competitive strategies

 Porter’s cost leadership strategy
The features of the cost leadership strategy are:
• It grows the organization’s market share by
appealing to “cost-conscious” customers
1.6 • It is often adopted by commodity product
companies
Innovation • It can be achieved through:
strategy • Economies of scale: higher manufacturing
throughput to reduce manufacturing cost per
frameworks unit
• Offering “no frills” or “value” products that
reduce overall manufacturing cost
• Optimizing the supply chain: standardized
components/materials and packaging and
just-in-time delivery
 Porter’s cost leadership strategy
• The level of product innovation funding is low –
often below 0.3% of sales revenue
1.6 • The major emphasis is on minor product
changes, often centred on cost reductions
Innovation through manufacturing process changes and
strategy changes in raw materials
• There is little to no focus on long-term research
frameworks or development
• Technology will often play an important role but
mainly in improving manufacturing systems –
automation, robotics, etc.
 Porter’s differentiation strategy
The features of the differentiation strategy are:
• A focus on a broad product base
• Gaining market share through delivering unique and
superior products and establishing a loyal customer
1.6 base

Innovation • Customers are generally more concerned with the

product’s quality and its features
strategy
frameworks Advantages of a differentiation strategy include:
• Providing a strong potential for establishing customer
loyalty
• Providing potential for higher profit margins based on
differentiated product features
 Disadvantages of a differentiation strategy include:
1.6 • Constant innovation is necessary to deliver new
product features that continue to be attractive to
Innovation the customer

strategy • Failure to deliver the desired features with an

appropriate value proposition can lead to a
frameworks significant reduction in market share
 A differentiation strategy focuses on product
innovation in the following ways:
• A significantly higher level of investment in
1.6 product innovation than in cost leadership
• Intimacy with customers, to fully understand
Innovation current and future needs
strategy • Depending on the specific product category and
its margins, a relatively strong emphasis on
frameworks research and longer-term development
• Technology often plays an important role but
mainly focuses on product features and
functionality
 1.6.1 Porter’s segmentation strategy
Advantages of a segmentation strategy include:
1.6 • Providing a strong focus for the organization’s
Innovation marketing and product innovation effort
• Allowing the organization to drive for an in-depth
strategy understanding of, and relationship with, its
frameworks customers
• Providing the opportunity for higher margins and,
therefore, product innovation investment
 Disadvantages of a segmentation strategy include:
• The danger of being dependent on a single, narrow
market (putting the eggs in one basket)

A segmentation strategy focuses on product innovation

1.6 in the following ways:

Innovation • The level of product innovation funding is generally

higher than for cost leadership or differentiation
strategy • A major emphasis is on customer intimacy: fully
understanding the needs of the current target market
frameworks and predicting future needs
• Often working with lead user groups in the market to
identify new opportunities and co-develop new
products
• Technology often plays an important role in the
development of new product features or functionality
 1.6.2 Sustaining vs. disruptive product
innovation
“A disruptive technology or disruptive innovation is
an innovation that helps create a new market and
1.6 value network, and eventually goes on to become
disruptive innovation seems a more useful concept
Innovation in many contexts since few technologies are
intrinsically disruptive. It is rather the business
strategy model than the technology that enables and
creates the disruptive effect. In contrast to
frameworks disruptive innovation, a sustaining innovation does
not create new markets or value networks but only
develops existing ones with better value, allowing
the companies to compete against each other’s
sustaining improvements.” (Christensen, 1997)
1.6 Innovation strategy frameworks
1.6.2 Sustaining vs. disruptive product innovation

Figure 10 – Sustaining vs. disruptive innovation

 1.6.2 Sustaining vs. disruptive product
innovation
Features of disruptive innovation
• The new product or service targets the specific
1.6 needs of a segment of an existing product or
market
Innovation • Although the new product may be inferior in
strategy some ways to the existing product, it offers
special features that are truly valued by a small
frameworks segment of the market with users who are
leaders or influential to the market as a whole
• In time, the overall features of the new product
are improved to the point where more customers
are “converted”
 1.6.2 Sustaining vs. disruptive product
innovation
Examples of disruptive product innovation
Digital cameras: disrupting traditional film cameras
1.6 Uber: disrupting traditional taxi services
Innovation TripAdvisor: disrupting traditional travel agencies
Mobile phones: disrupting traditional landlines
strategy 3D printing: disrupting traditional manufacturing in
frameworks the future
Artificial intelligence: disrupting human-incumbent
jobs
Cryptocurrency: the potential to disrupt payment
services systems and banking
 1.6.3 The innovation landscape map (Pisano,
2015)
1.6 • Although new technology is often the source of
Innovation innovation, this is by no means always the case
• A key decision in defining an organization’s
strategy innovation strategy is the relative effort and
resources allocated to technological and
frameworks business model innovation
1.6 Innovation strategy frameworks
1.6.3 The innovation landscape map (Pisano, 2015)

Figure 11 – The innovation landscape map

1.7
Strategies • Platform

that support • Technology

• Marketing
the • Intellectual property
innovation • Capability

strategy
1.7 1.7.1 Product platform strategy
Strategies “A product platform technology is not a product. It
that support is a collection of common elements, especially the
underlying core technology, implemented across a
the range of products. It is the foundation of product
strategy, especially in high-tech companies where
innovation many products are built from a core technology.”
(McGrath, 1995)
strategy
 1.7.1 Product platform strategy
Benefits of platform strategy
1.7 • It enables products to be deployed rapidly and
consistently
Strategies • It encourages a longer-term view of product
that support strategy
• It can leverage significant operational
the efficiencies
innovation • It ensures that the underlying elements of the
product platform are clearly understood by the
strategy organization and the market
• It can provide a significant point of differentiation
from competing products
 1.7.1 Product platform strategy
Benefits of platform strategy

1.7 • Example: Platform strategy in the Internet

industry
Strategies • Google, Facebook, Apple, and Amazon are all
examples of companies that have evolved from
that support single products to entire ecosystems (Simon,
the 2011)
• In the Internet Industry, a platform can be a
innovation structure made up of integrated features

strategy • For example, Google started with a very good

search engine in 1998
• By adding Gmail, Maps, Docs, Voice, and
YouTube it has developed a true platform
 1.7.1 Product platform strategy
Benefits of platform strategy
1.7 • Example: Platform strategy in the software
Strategies industry
• A software environment that is used to write
that support applications and run them is a product platform

the • It includes software tools such as GUI builders,

compilers, class libraries, and utilities for
innovation developing the applications, as well as a run time
engine for executing the applications because
strategy they are not able to run on their own
• Sun’s Java and Microsoft’s NET Framework are
examples of major software platforms
 1.7.1 Product platform strategy
Benefits of platform strategy
• Example: Platform strategy in the automobile
1.7 industry
• Key mechanical components that define an
Strategies automobile platform include:
that support • The floor plan, which serves as the foundation for
the chassis and other structural and mechanical
the components

innovation • Front and rear axles and the distance between

them (the wheelbase)
strategy • Steering mechanism and type of power steering
• Type of front and rear suspension
• Placement and choice of engine and power train
components
1.7
Strategies 1.7.2 Technology strategy
that support A technology strategy is a plan for the maintenance
and development of technologies that support the
the future growth of the organisation and aid the
innovation achievement of its strategic goals

strategy
1.7 Strategies that support the innovation
strategy
1.7.2 Technology strategy
Technology foresighting

Figure 12 – A basic technology foresight framework

 1.7.2 Technology strategy
Technology strategy: link to the business and
1.7 innovation strategies
• Technology-driven companies are highly
Strategies dependent on achieving a competitive edge
through new and innovative technologies
that support • Market-driven companies are heavily focused on
the meeting customer needs, where technology may
or may not be a significant component
innovation • Most companies will fall somewhere in the
strategy middle ground, with a strong focus on meeting
customer needs but where technology is an
important consideration in achieving a
competitive edge
1.7 Strategies that support the innovation
strategy
1.7.2 Technology strategy
Technology S-Curve

Figure 13 – The technology S-Curve

 1.7.3 Intellectual Property Strategy
1.7 • Intellectual property (IP) refers to creations of the
Strategies mind, such as inventions, literary and artistic
works, designs, symbols, names and images
that support used in commerce
• Just like other forms of property (land, buildings,
the etc.), IP can be sold, licensed, exchanged, or
given away by its owner
innovation • IP is particularly important in product innovation
strategy because it defines the potential for an
organization to capture value from new products
1.7 1.7.3 Intellectual property strategy
Strategies Types of IP rights

that support • Patent

• Copyright
the • Trademarks
innovation • Plant variety rights

strategy • Trade secrets

 1.7.3 Intellectual property strategy
1.7 Approaches to IP management
• As an organisation progresses in its maturity in
Strategies the application of intellectual property as a
that support business strategy, it moves from a reactive state,
where the emphasis is simply on tracking IP
the developments, to a focus on utilizing IP to drive
competitive advantage
innovation • The decision on what emphasis is placed on IP as
strategy a driver of overall business strategy will depend
on overall organisation goals and the
environment in which it is operating
1.7 Strategies that support the innovation
strategy
1.7.3 Intellectual property strategy
Approaches to IP management

Figure 14 – An optimized approach to IP strategy

1.7 Strategies that support the innovation
strategy
1.7.4 Marketing strategy

Figure 15 – Business goals to marketing plans

 1.7.4 Marketing strategy
1.7 • What products will be offered? Includes
determining the breadth and depth of the product
Strategies line

that support • Who are the target customers? Consider market

boundaries, segments to be served
the • How will the customers be informed of the
product's availability and its benefits?
innovation • How will the products reach the customers?
strategy Specifies the distribution channels to be used.
1.7 Strategies that support the innovation
strategy
1.7.4 Marketing strategy
The marketing mix

Figure 16 – The marketing mix

1.7 Strategies that support the innovation
strategy
1.7.4 Marketing strategy
What is a product?

Figure 17 – The three levels of a product

1.7 1.7.4 Marketing strategy
The value proposition
Strategies • The value proposition is defined as "a short, clear
that support and simple statement of how and on what
dimensions of a product concept will deliver
the value to prospective customers
• The essence of ‘value' is embedded in the trade-
innovation off between the benefits a customer receives
strategy from a new product and the price the customer
pays for it."
1.7 1.7.4 Marketing strategy
Strategies The value proposition
that support • Appropriate market research to establish
customer needs lays the foundation for the
the product’s value proposition
innovation • This in turn can be developed into a clear concept
description and product design specifications
strategy
1.7 Strategies that support the innovation
strategy
1.7.4 Marketing strategy
Analysing the current product portfolio

Figure 18 – Adaption of the BCG growth-share matrix

 1.7.5 Digital strategy
Digital business innovation involves the
application of digital technology to improve
1.7 operational efficiency, drive customer engagement,
Strategies or develop innovative products or services for an
organization
that support Digital strategy focuses on using technology to
improve business performance, whether that
the means creating new products or reimagining
current processes
innovation Digital transformation is ‘the integration of digital
strategy technologies into a business resulting in the
reshaping of an organisation that reorients it
around the customer experience, business value,
and constant change”
1.7 1.7.5 Digital strategy
Strategies The impact of digital transformation on product
and service design
that support • Smart devices
the • The Internet of Things (IoT)
innovation • Analytics platforms
• Digital platforms
strategy
1.7 1.7.5 Digital strategy
Product innovation operations and control
Strategies • The operational control of product development
that support is the aspect of the process that does not need to
undergo massive change as a company
the transitions from the Industrial to the Digital Age
• Almost all companies are now developing new
innovation products using cross-functional teams and
strategy managing those teams with a structured control
process
 1.8.1 Foundations of Open Innovation
• Open Innovation (OI) is defined as the strategy
1.8 Open adopted by an organisation whereby it actively
seeks knowledge from external sources through
innovation alliances, partnerships and contractual
arrangements to complement and enhance its
internal capability in pursuit of improved
innovation outcomes
1.8 Open innovation
1.8.2 Open innovation model types

Figure 19 – Open innovation model types

 1.9.1 What is a sustainable business?
• A sustainable business, or a green business, is an
enterprise that has minimal negative impact on
1.9 the global or local environment, community,
society, or economy – a business that strives to
Sustainable meet the triple bottom line
innovation • Sustainability in business generally addresses
two main categories:
üThe effect business has on the environment
üThe effect business has on society
 1.9.1 What is a sustainable business?
1.9 • The goal of a sustainable business strategy is to
Sustainable make a positive impact on either of those areas
• Investors look at factors such as a company's
innovation carbon footprint, water usage, community
development efforts, and board diversity
 1.9.2 Sustainability and strategy
• Organizations develop a formal sustainability plan
• Sustainability is used to drive competitive advantage
• Sustainability is used as a driver for innovation and
developing new products, following the triple bottom
1.9 line (people, planet, profit) concept
• Sustainability is included in the organization's mission
Sustainable statement and values

innovation • Sustainability metrics are tracked at the executive

level!
• A sustainability maturity model is in place and
progress is tracked regularly
• Sustainable innovation is used to be compliant,
market-driven, engaged, or shaping the future, or
compliant, reactive, proactive, purpose
 1.9.2 Sustainability and strategy
The triple bottom line
• It was the key indicator of business performance

1.9 • Over recent years, businesses have sought _to

evaluate their performance from a broader
Sustainable perspective, considering social and
environmental contributions or impact The "triple
innovation bottom line" reports performance against three
dimensions:
• Financial
• Social
• Environmental
 1.9.3 Introduction to sustainable product
innovation
• the bio-economy is gaining strength and visibility
given that sustainability is part of society's
1.9 agenda
Sustainable • the responsibility of corporate organizations to
promote it and engage society and consumers
innovation through a sustainable economy
• new product innovation professionals should
also embrace this new reality by incorporating
sustainability as an integrated part of the new
product innovation strategy and process
 1.9.3 Introduction to sustainable product
innovation
Sustainable development is defined as
"development which meets the needs of current
generations without compromising the ability of
1.9 future generations to meet their own needs.”
Brundtland Commission (1987), Report of the World Commission on Environment and

Sustainable Development: Our Common Future

Sustainable innovation is the process in which
innovation new products or services are developed and
brought to commercialization – the characteristics
of sustainable development are respected from the
economic, environmental, and social perspectives,
in the sourcing, production, use, and end-of-
service stage of the product life cycle
Figure 20 – Sustainability maturity model