Product market strategies and innovation types: finding the fit!

Abstract

Purpose – This paper reviews an underexplored dimension in strategic management namely, the strategic fit between various types of innovation and their corresponding product-market strategies. Design/methodology/approach – The article is prepared by reviewing the relevant literatures on innovation and product market strategies and comparing and contrasting the common characteristics to attain a fit. Findings – The paper presents the criteria for distinguishing the different types of innovation vis-a-vis the product market strategies, along with a tabular frame of reference that fits a particular type of innovation with its corresponding product market strategy. Practical implications – Further the article provides an action framework that characterises the product market strategies along with the benefits that accrue on adopting a particular type of innovation for the corresponding product market strategy. That way, the probability of firms, failing due to the launch of an inappropriate innovation in an inappropriate market, will be less. Originality/value – This brief article presents an original framework, with significant practical applications, in a succinct manner. The frameworks will provide a guide to the top management on market or domain identification, resource allocation and launching and fitting an appropriate innovation in an appropriate market.