As we all know that an organization is likely to spend too much money and time attempting to create new products and services that may not succeed. Worse, the new products or services generated may not align well with organizational strategic objectives. Thus the time and energy invested in the innovative process ends up wasted.And results in Costs rise.
The best way to prevent this from happening is to develop an innovation strategy.
An effective innovation strategy can help you to move beyond trying to extend old products to old markets, it can help you to create new markets and news uses for old products, create new products altogether, create new categories and even have a possible industry shifting breakthrough.