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āAt the extreme, renewal by way of breakthrough innovation redefines the nature of competition.ā
āInnovation is all about increasing the net present value of your business. If you are serious about financial and operational sustainability, the argument that it reduces profits does not hold.ā
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Successful small and medium-sized mature enterprises combine four qualities:
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Design thinking involvesĀ a series of concrete activities:
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913 reads
āDesign is a way to build an experience around the user.ā
While it is common to focus on customersāĀ needs, if you want them toĀ wantĀ your product, you have to appeal to their emotions.Ā Products with goodĀ emotional design are understandable and easy to use. They answerĀ the customerās most pressing questions: what, why, where, when, who and how. If you are not appealing to yourĀ customersāĀ emotions, you are left competing strictly on price, forcing you and your competitors to accept narrower and narrower margins.
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To doĀ this, make sure you identify, developĀ and workĀ withĀ the serialĀ innovators in your business:
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631 reads
Your strategy connects your vision to your day-to-day activities.Ā There are, broadly, two types of strategies:
āMarket shareā strategies increase economiesĀ of scale by growing your share of the market. You can do this by differentiatingĀ your product, lowering its cost or entering a new, unoccupied niche.
āSynergyā strategies increaseĀ economiesĀ of scope by expanding into different products or markets with activities that can share resources or expertise.
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Objective-based planning is a strategic planning method that lets you model the relationship of every level of your organization to your organizationās objectives:
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590 reads
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Strategies for Small and Medium-Sized Mature Enterprises
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