Value innovation occurs when a company aligns innovation with utility from "summary" of Blue Ocean Strategy, Expanded Edition by W. Chan Kim,Renée A. Mauborgne
Value innovation is at the heart of blue ocean strategy. It is about pursuing both differentiation and low cost simultaneously. This is contrary to conventional wisdom which advocates a trade-off between the two. Value innovation is created not by technological innovation alone, nor by customer focus alone. Instead, it arises when a company aligns innovation with utility. This means that the innovation must be focused on creating value for both the company and its customers.
When a company aligns innovation with utility, it is able to break the value-cost trade-off. This allows the company to create a leap in value for both itself and its customers. By focusing on utility, companies can uncover new opport...
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