Innovation strategy Essay Plan

Question 1

Introduction

Answer 1

Define innovation strategy - touch on blue ocean strategy - why is it essential?

Compare to red oceans - give example - touch on how a company can use both - ambidextrous - however this usually doesn’t work (2% stat from Haanaes et al 2017)

Introduce the methodology - explore blue ocean strategy’s and the tools around them

Question 2

Blue Ocean Strategy - P1

Answer 2

Explain why it’s beneficial for a company to run a innovation strategy

Critically compare to red ocean strategy

Radical innovation vs incremental (chandy and tellIs 2004) - give gojek example

Explain how company’s need to have a healthy balance of exploration and exploitation

Question 3

Touch on relevant strats - P2

Answer 3

Pricing strategy - Robson et al (2022) - needs to be proper, as if not it can be detrimental, lead to market perception of low value, leads to reduction in acceptance of it does not align with consumer view of value

Ambidexterous strategy - good but can be tough to balance 2% stat (Haanaes et al 2017)

Companies can use new product process (Hooley et al, 2004)

Give example of VR glasses

Question 4

P3 - structured process for innovations

Answer 4

Some tools compliment eachother
Stage gates (cooper 2008) and new product planning process (Hooley et al 2004)

Highlight the importance of continuous innovation and value delivery- mention strategic entrepreneurship - always got to look for new ways to create value - Apple with the iPhone