Each year there are Innovation Strategy Summits around the world. Each country tends to have a summit. There are also worldwide summits for innovation strategy that are held. In both types of summits large corporations get together to discuss new ways of developing research, technology and other economic sectors to fulfill the needs of their people. By getting some of the top businesses together the consumers benefit more. It is a pooling of resources.
Innovation strategy is coming up with a new concept and implementing it with tactics that will make it succeed the most. A recent update regarding innovation strategy has used the term ethnography. For those who do not understand this term it basically means companies are doing observational research of consumers to find out what products they are using. Ethnography is the written results of a study of culture in an unobtrusive manner.
Individuals for innovation strategy are going out to see what consumers are using or what they might need, writing up the results of the study and turning it in to their management team. The idea of an ethnographical study in business is to watch the consumer use the product rather than question them. In this way the person is able to remember more about their thoughts than they otherwise get from a short session of questions. The recorded data can then allow the development team to make the necessary improvements to the design or packaging of the product. Ethnography is just the latest update in innovation strategy, and will not be the last.