Evita Štrausa, Enno Ence, Elīna Gaile-Sarkane

Proceedings of the 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022, Vol. II, pp. 136-141 (2022); https://doi.org/10.54808/WMSCI2022.02.136

Evita Štrausa
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Enno Ence
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Elīna Gaile-Sarkane
Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia

Cite this paper as:
Štrausa, E., Ence, E., Gaile-Sarkane, E. (2022). Values Based Innovation – New Strategic Approach. In N. Callaos, E. Gaile-Sarkane, S. Hashimoto, B. Sánchez (Eds.), Proceedings of the 26th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2022, Vol. II, pp. 136-141. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/WMSCI2022.02.136

Innovation ensures differentiation in highly competitive market, and it drives economic development. However, values-based decisions determine our actions in any situation, and from the business perspective values correlation with the target audience is important basic criteria for sustainable business. Within the research, the authors study values-based innovation - the role of values in the development and implementation of innovations as a strategic approach. Needs-based innovation is demand driven, while values- based innovations will reach target audience more precisely and will build confidence. Authors offer to develop positioning and implementation of innovations using values detection, analysis and values-driven strategy approach.
Scientific aim of the research is to analyse the practical example of values-based innovation implementation strategy in food business.
Findings: The values-based innovation method as a new strategic approach complements the innovation field. By focusing more on this approach to innovation, the business environment and priorities are changing.
Conclusions: Values as unifying elements in brand positioning play a key role in sustainable interaction with the target audience. Innovation provides differentiation, thus increasing export opportunities and profit potential. Values-based innovation research within case study provides practical example on the impact of innovations on business development.