Innovation Strategy

The video discusses competitive strategy through innovation, emphasizing creating new value propositions. It explores various forms of innovation, such as rapid and incremental, and strategies like proactive, active, reactive, and passive. The video also covers areas where innovation can be applied, including products, processes, marketing, and business models, highlighting the entrepreneurial nature of innovation strategy.

What is a key characteristic of an entrepreneurial approach to competitive strategy?

• Creating new value propositions

• Following industry trends

• Focusing on cost-cutting measures

• Maintaining existing market positions

Which approach involves continuously innovating to react to market opportunities?

• Passive

• Reactive

• Active

• Proactive

In a reactive approach to innovation, what is the primary focus?

• Creating new market opportunities

• Catching up with market changes

• Allowing organic growth

• Maintaining current strategies

Which area of innovation strategy involves finding new ways to exchange value?

• Marketing innovation

• Business model innovation

• Process innovation

• Product innovation

What is a potential outcome of marketing innovations?

• Increased production costs

• Reduced audience reach

• Decreased brand awareness

• Drastically reduced marketing costs