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Companies must strike a balance between competing effectively in their current market while strategically innovating to capitalize on future opportunities. This article begins by examining the concepts of “competitive strategy” and “strategic innovation.” It details the Competitive Strategy Framework (5 C’s) of customers, competitors, channel configurations, cost structure, and core capabilities. It also unpacks the four archetypes of strategic innovation: attacking the mass market by designing a new value configuration; opening a new market by maximizing economies of scope through horizontal integration, value bundles, and enhanced customer experience; opening a new market by maximizing economies of scale through vertical and virtual integration; and pursuing the unserved, under-served, or non-consumers by tailoring products and business models to them. Managers should consider an organizational design that can both manage stability and handle change. The ability to continually adapt strategic moves as a function of strategic ambitions and new consumer behaviour will inspire new business models and innovations, which is the ultimate sustainable competitive advantage.

Innovation is a While the introduction of an innovative product or service may be highly publicized or glamorous, the process of innovation is driven less by creative brainstorming or strategic planning than by carefully managed and highly sophisticated cross-disciplinary thinking and research. This article explains how to manage the “fuzzy front end” of innovation, which refers to the insight-driven, prototype-powered search for innovation in the 21st century. It details seven phases of this strategic innovation process, including collecting customer insights, sense making and opportunity mapping, rapid concept prototyping, and customer cocreation.