Developing an Innovational Strategy - Lecture No. 3 - Tools for Innovation Management

Asalam o Alaikum Dear Friends, In this post I am going to share a lecture no. 3 Developing an Innovational Strategy of Tools for Innovation Management which  we have been taught by Mam, Iffat Naqvi. This Lecture is also provided by Mam. Iffat Naqvi. Here I am going write some points regard this lecture and complete lecture could be downloaded below given

What is Rational Strategy?

Rational Strategy describes, understand and analyse the environment, Rational Strategy Determine course of action in the light of the analysis and to carry out decided action of those courses of action.

Rationalist Strategy Inlcudes

Large scale corporation R&D operating in multi-division, multi-product, multi-market context.

It inlcudes strategic choices or tradeoffs along a variety of dimensions like types of technological innovation, The specific technologies to develope and the timing or positioning of technology to introduce into the marketplace.

There are a number of complex internal strategic activities include allocation of technological resources, and monitoring and evaluation of technological undertakings.

Rational Strategy Process

To create Design first then start developing that design, adjust the design and test, retest the design and then in finally operate it.

Incremental Strategy Process

Symptoms, Diagonosis, Treatment, Diagnosis, Adjust Treatment, Cure.

Leadership & Followership

Leadership: The process of guiding & directing the behavior of people in the work environment.
Formal Leadership: The officialy sanctioned leadership based on the authority of formal position.
Informal Leadership: The unofficial leadership accorded to a person by other members of the organization.

Followership: The process of being guided & directing by a leader in the work environment.

According to Porter, Firm must also decided between two market strategies:

Leadership:
Where the firms aim at being first to market (this requires a strong corporate commitment to creativity and risk taking)

Followership: Where the firms aim at being late to market, based on imitating from leaders (this requires a strong commitment to competitor analysis and intelligence, to reverse engineerign).

Technological Leadership:

Porter suggested four generic business model that could be followed in order to gain competitive advantage.
The Differentiation Leadership and Cost Leadership strategies seek competitive advantage in a broad range of market industry segment.
By Contrast, The differentiation Focus and Cost Focus strategies are best used in narrow market or industry.

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