For this assignment, we have been asked to describe three separate aspects of the Innovation framework. I am choosing to write on brand-driven innovation, business model innovation, and lateral thinking.
Brand-driven Innovation:
- starts by connecting the brand to the people by assimilating it to things they see/use in their everyday lives.
- uses the brand name as a catalyst to communicate the company’s goals for their products.
- design strategy ensures the sustainability of the brand.
- strengthening relationships with customers through “touch points” encourages loyalty to the brand.
Business Model Innovation:
- The adaptation of a business model to better fit clients.
- what works for one group of people won’t always work for another, so there must be a flexible business model that will fit many groups.
- without business model innovation, a company will surely die in time.
Lateral Thinking
- Solving problems in an unorthodox way.
- opposite of critical (vertical) thinking.
- is used to move from one known idea to an uncommon or unheard of solution to a problem.
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