Innovating in Existing Markets: Reviving Mature Products and Services
Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with Sloan School of Management.Full disclaimer.
There is considerable buzz around disruptive, revolutionary innovation—we’re constantly told we need to do more of it, in every part of our business. But the truth is, most innovation in most companies is focused on mature products in mature markets. What do you do when you have an existing product in an existing market that is being challenged? How do you revive those products and restart growth? This new program is designed to help you innovate around your existing products to make them more compelling, useful, and valuable.
How do you innovate and improve existing products or services? If all you create is incremental improvements, you’ll quickly become a low-cost commodity. But revolutionary, disruptive innovation is often expensive, difficult, and prone to failure. This program focuses on a third type of innovation that is neither incremental nor disruptive. It’s an approach that many successful companies such as USAA, Sherwin-Williams, LEGO, Victoria Secret, Novo Nordisk, Gatorade, and Logitech have used in mature markets to revive challenged products and boost growth. This low-risk, high-reward strategy is an approach to innovation that all company leaders should understand so that they can recognize it when their competitors practice it and apply it when it will give them a competitive advantage. Through lectures, case studies, hands-on activities, and an innovation simulation, you’ll learn a set of tried-and-true tools and techniques for mastering this approach to innovation. Integrated with this approach is MIT’s unique Distributed Leadership Model—an impactful leadership framework based on four capabilities that support leaders who need to be creative and adaptive in new and unexpected ways. This model will help you deliver value-creating innovation and leverage the leadership capacity that exists throughout your organization. This program is designed for executives and senior managers with leadership responsibility as well as teams.
This interactive program will give participants:
- A set of tried-and-true tools and techniques for mastering new approaches to innovation
- A structured framework for applying those tools and techniques
- An orientation to leadership that emphasizes flexible and distributed leadership
- Recommendations on changes in roles, processes, structure, and metrics to enable successful innovation
DAY 1 SAMPLE * 9:00 AM - 10:30 AM Overview of program and definition of “innovation” * 10:30 AM - 12:00 PM The Third Way to Innovate * 12:00 PM - 1:00 PM Networking Lunch * 1:00 PM - 3:00 PM Innovation Leadership: The Four Capabilities Leadership Model * 3:00 PM - 5:00 PM Choosing an application example
DAY 2 SAMPLE
- 8:30 AM - 10:30 AM Innovation in Action: The Innovation Simulation
- 10:30 AM - 12:00 PM Leadership in Action: Applying the Four Capabilities of Leadership
- 12:00 PM - 1:00 PM Networking Lunch
- 1:00 PM - 3:30 PM Implementation and Execution
- 3:30 PM - 5:00 PM Program Summary and Closing
Who should attend
This program has been developed for executives seeking to improve their creative problem-solving skills and deliver value-creating innovation in their organizations. This program is applicable to:
- Executive VPs
- VPs of marketing and business development
- Heads of R&D, engineering, manufacturing, and IT
- Chief technologists
- Corporate planners and strategists
- Other senior managers with leadership responsibility