Abstract
Innovation provides many advantages in terms of competitive advantages; however, many firms fail to seize innovation opportunities. There are different types of innovation, namely product innovation, process innovation, architectural innovation, marketing innovation, service innovation, organisational innovation, and transformational innovation. The different types of innovation offer different opportunities across the product life cycle. In this chapter, some interesting questions are posed: (a) is it necessary to invest in all the different types of innovation, (b) can a firm benefit from one or two of the different types of innovation and (c) how important innovation timing is to extract maximum value across the product life cycle. Responses to these questions are explored, and insights are provided. Interesting lessons are provided to firms as these lessons may enable firms to improve innovation opportunities and competitive advantages.
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