ABSTRACT
This chapter addresses the need for the management of organisations to take a strategic approach to innovation if they wish to obtain and sustain a 'market edge' in the contemporary business context. It explains what is wrong with the conventional approach to strategic management. The chapter reviews the business, markets and market offerings, and creation of customer perceived value. It explores the basic processes of strategic innovation and characteristics of strategically innovative companies. The chapter presents the 13 step strategic innovation model such as: checking the now before thinking about the how, conventional approach to strategic innovation, basic processes of strategic innovation, innovation action plan, and reviewing the business. It also includes reviewing the market offering, creating customer-perceived value, characteristics of strategically innovative organisations, purpose of strategic innovation, transformation through strategic innovation, holistic approach to strategic innovation management, and key issues of intent.
