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Innovation, Creativity, and Design for a Competitive Advantage

1. How would you define strategy, process, product, and services? How are strategy, process, product, and services related? What could be the impact of innovation, design, and creativity on strategy?

2. What is disruptive innovation? What is the difference between incremental change and disruptive change? How would a disruptive innovation impact your organization?

Solution Preview

1. How would you define strategy, process, product, and services?

Strategy is a term that refers to integrating the activities of the organization around a distinctive position in the market, which yields a competitive advantage which is hopefully maintained for a certain period of time.
Process is a collection of related, structured activities or tasks that can serve a particular goal of producing a specific service or product for particular customer or customers.
Product is anything that can be offered to the market that might satisfy a want or need. Products are called merchandise in retailing, raw materials in manufacturing which are then sold and these products are called finished goods.
Services are anything that refers to performance of any duty or work for another. It can also mean an act of helpful or professional activity.

How are strategy, process, product, and services related?

Strategy, process product and services are all part of the marketing plan of organizations. At the start, companies need to understand their markets and customers in order for them to develop vision and strategy. A corporate strategy is comprised of the ...

Solution Summary

The solution defines the terms strategy, process, product, and services; how they are related and their impact on strategy is also explained. Disruptive innovation is also defined and the difference between incremental change and disruptive change is discussed. How a disruptive innovation can impact an organization is also explained. 603 words with 10 references included for more information.

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