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Part 2, Chapter 2
Developing an innovation strategy 2.2.4 Unification - the combined innovation strategy
In developing the company's innovation strategy, aspects of innovation in the product, technology and marketing strategies are combined with the innovation possibilities. The company has to decide which is the 'lead' innovation and then choose the other strategies to complement it.
One company may decide that the critical innovation is to change from providing food for people to providing health to people. This will need to be combined with a major raw material and processing technology change from general food technology to pharmaceutical technology. The knowledge, safety and ethical standards in selecting raw materials and in controlling processes will need to be higher. The company may need to acquire or merge with a pharmaceutical company to gain the knowledge and the facilities. The marketing strategy will also change - communication through the medical profession instead of TV advertising around general viewing programmes; selling through specialist health boutiques in the supermarket and through pharmacies; a different brand. Another company may aim to stay as an energy food supplier for children, teenagers and young adults, and to increase their market size have decided to enter the international market. This will lead to a standard processing line (or kitchen facilities if they are in the food service industry) easily adapted to different national infrastructures; strong raw material and ingredients specifications; understanding of cultural needs as a basis of the advertising and public relations; building of an international brand. This interrelationship of the various strategies is mapped out in Fig. 2.1, so that an interlocking overall business strategy can be built up. . |
2.3 Building up the innovation strategy Back to the top |
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