HBR On Strategy cover image

HBR On Strategy

Innovating Around an Existing Core Product or Service

Jul 24, 2024
25:23
Snipd AI
Wharton professor David Robertson discusses innovating around a core product by building a family of complementary innovations. Examples include LEGO, GoPro, and CarMax. Key topics: growth strategy, leveraging customer feedback, challenges in innovation, and successful strategies by companies like Victoria's Secret and Gatorade.
Read more

Podcast summary created with Snipd AI

Quick takeaways

  • Innovative strategy involves building families of complementary innovations around core products.
  • Customer feedback can help identify anchoring products for families of complementary innovations.

Deep dives

The Third Way of Innovation

Companies like Lego, GoPro, and CarMax have utilized a strategy that involves creating families of complementary innovations around a core product/service. This innovative approach lies between disruptive and incremental strategies and enhances the value for customers by diversifying offerings.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode