Harold L. Sirkin, writing for Businessweek:
Many people — including a lot of senior executives I’ve talked to — think innovation is primarily a research and development function. But innovation should be understood to include the entire value chain: from R&D to engineering, manufacturing, distribution, sales, marketing, and even facility utilization and investment strategy.
An innovative product rarely leads to sustainable competitive advantage. By contrast, a culture of innovation is a sustainable competitive advantage.