3. Innovation Strategy
The goal of innovation strategy, is to provide new and different products/services, added features, and new ways of producing the product. An example is Citibank, which introduced ATM machines saving the company excessive amounts of money and provided them with a competitive advantage.
Read more about this topic: Competitive Advantage
Famous quotes containing the words innovation and/or strategy:
“Both cultures encourage innovation and experimentation, but are likely to reject the innovator if his innovation is not accepted by audiences. High culture experiments that are rejected by audiences in the creator’s lifetime may, however, become classics in another era, whereas popular culture experiments are forgotten if not immediately successful. Even so, in both cultures innovation is rare, although in high culture it is celebrated and in popular culture it is taken for granted.”
—Herbert J. Gans (b. 1927)
“The best strategy in life is diligence.”
—Chinese proverb.