Innovative strategies in business management

Abstract

Every business, brand, company or organization innovates in one way or another in pursuit of various goals. The main reason most businesses fail to innovate is that they lack a clear innovation strategy. An effective innovation strategy makes the innovation process measurable. Innovative strategy promotes the development of innovative culture. Innovation greatly affects the development of new products or services, companies use different strategies to achieve this goal. Strategic thinking means the ability to make optimal business decisions based on available information. Without an innovation strategy, different parts of the enterprise can easily pursue conflicting goals, even if there is a clear business strategy. Understanding different innovation strategies can help determine which innovation strategy will be most effective. Therefore, the innovation strategy consists in making the right choice between several alternatives and strategies. To succeed in developing the best innovation strategy, the enterprise needs to identify the best innovation tools and develop the innovation infrastructure. In the process of developing an enterprise's innovative strategy, the following main stages can be distinguished. Formulating a clear goal and using the principles of a strategic approach. Conducting research on the target audience and leading competitors. Defining the value proposition. Evaluation and development of the main advantages. Creation of innovative systems and methods. Different types of innovative strategies used by enterprises can be distinguished. Product, service, process, technological, business model, marketing, architectural innovation, etc. The article formulates the main advantages of strategic innovation management, defines the stages of innovation strategy implementation, highlights the main types of innovation strategies.