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Strategy
The steps: -
Creating value for the customers
Capturing a share of the values
Choosing the correct type of innovation
Resource allocation
Value Creation
For an innovation to create value, it must cause the customer to pay more,
save the customer money or provide some larger societal benefit.
Choosing the right kind of value and then sticking to that is critical, because
the capabilities required for each are quite different and take time to
accumulate
It is better if a the company chooses a value that is consistent with its core
competencies.
Capturing the value