Developing a Product Innovation and Technology Strategy for Your Business

A framework for developing a product innovation strategy includes defining innovation goals and objectives, selecting strategic arenas, developing a strategic map, and allocating resources.

Many companies lack a clearly articulated and well-communicated product innovation and technology strategy. Such a strategy is essential and is strongly linked to positive performance in product innovation. A framework for developing a product innovation strategy is presented, and the various steps of strategy development are described, from bestpractice ways to define innovation goals and objectives through to the selection of strategic arenas and the development of the strategic map. Defining attack plans and entry strategies are also described. Finally, methods for resource allocation and deployment using strategic buckets and strategic roadmaps are outlined.

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