An innovative strategy introduces new products, services, marketing methods, and processes to meet the needs of consumers who may not already be able to meet them. Innovative strategies outline the processes and structures needed to create innovation. It is advisable to involve representatives from different divisions of the company when developing an innovative strategy. The research, financial, and trade perspectives allow for a consistent and comprehensive view of the future. Innovating is intended to maximize the value of the company's assets and gain a competitive advantage.

An innovation strategy is the foundation for a company’s success. Innovation strategies include encouragement of creative thinking, adopting new ideas, and staying ahead of the competition