Category Archives for "Competitive Strategy"

The Fear of Being Different

Being different is one of the keys to profitability, however, it is also one of the most feared strategies. Clearly, there are very few success stories about companies that behaved just like their competitors.  This may be because managers feel unusually vulnerable when considering a strategy that builds true distinction for their brand.  In so […]

Continue reading

Creating an Environment for Innovation: Innovation Process

Innovation Process In addition to creating an encouraging atmosphere, management must create some procedures to channel the innovation process. Although unstructured thoughts are necessary for brainstorming, they can lead to missed opportunities and wasted resources in the innovation process. The innovation process must be reasonably well structured First, management must create an environment to encourage […]

Continue reading

Creating an Environment for Innovation – Part Four: Sources of Ideas

Sources of Ideas First of all, earlier we have discussed how brainstorming sessions can be sources of ideas for the innovation process. However, where do the ideas that are brought out in the brainstorming session come from? One area is inside the company. Your fellow employees are often good sources of ideas for improvements in […]

Continue reading

Creating an Environment for Innovation – Part Three: Challenge

Challenge By setting forth a challenge to the appropriate people, top management will encourage innovation. Furthermore, without a challenge, there may be no drive to innovate and nothing to provide the impetus. For example, President John F. Kennedy challenged the nation to land on the moon by the end of the decade.  Consequently, that one […]

Continue reading

Beat the Competition with Process Technology

Beat the Competition Aircraft engines:  how did GE beat the competition?  Mohammad Ehteshami was faced with a seemingly impossible task.  He needed to significantly increase the value of the next generation of GE jet engines.  Mr. Ehteshami had years of industry expertise and he and his team set up to achieve the objective.  After failing […]

Continue reading

Creating an Environment for Innovation – Part Two: Internal Communication

Internal communication is a key component of innovation The innovation process will be better when everyone understands the company goals and objectives.  Additionally, internal communication based on openness and trust helps to set this atmosphere. Internal communication, however, is a weakness in many companies For example, a recent article profiled a well-known company. In the […]

Continue reading