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Importance of Strategic Management in Managing Innovation

Just as project management is necessary to successfully manage new product development (NPD) efforts, strategic management is an indispensable tool to manage innovation. Strategic management can hold the reins of innovation to give it a purpose and direction to make the innovation outcome successful and profitable. Innovation is an umbrella term that means it is […]

Digital Strategy, Digital Marketing Strategy, and Tactics

Integrate the digital technology tools into your business strategy and operations in a way to make it difficult for competitors to copy the advantages you create. Digital Strategy In part one “The Nature of Business Strategy,” from the book “The Boston Consulting Group ON Strategy,” the authors describe strategy as “It is probably the business […]

Industry and Market Segmentation for Creating Competitive Advantage

Industries and markets are segmented to develop business and marketing strategies, respectively. Both strategies are equally important to generate and sustain a competitive advantage. Ignoring any of these will not produce effective results. A competitive business strategy focuses on outperforming rivals within the industry or market segment to improve its competitive position. And to prosper […]