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Strategic Innovation and Growth: Driving Success Through Innovative Strategies
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Strategic Management ProgrammeVisitMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitIndian School of BusinessISB Venture Capital and Private Equity ProgramVisitIIM LucknowIIML Senior Leadership ProgrammeVisitNorthwestern UniversityKellogg Marketing Leadership Development ProgramVisitIIM KozhikodeIIMK General Management Programme for Business ExcellenceVisitIndian School of BusinessISB Leadership in AIVisitIIM KozhikodeIIMK Financial Analysis & Financial ManagementVisitIIM LucknowIIML Advanced Programme in Human Resource ManagementVisitUnderstanding Strategic Innovation
Strategic innovation involves the deliberate pursuit of new ideas, products, processes, or business models to create and capture value. Unlike incremental innovation, which involves small improvements to existing products or processes, strategic innovation often requires thinking outside the box and taking calculated risks. It is about envisioning the future and proactively shaping it.
The Link Between Innovation and Growth
Innovation and growth are intricately connected. Innovative strategies can fuel growth in several ways:
- New Market Opportunities: Innovation can help businesses identify untapped markets or niches. By developing unique products or services, organizations can create demand and expand their customer base.
- Competitive Advantage: Innovation gives companies a competitive edge. It allows them to offer something distinctive that sets them apart from rivals. This differentiation can lead to increased market share and profitability.
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