What is the term for any activity a firm pursues to explore and develop new products or processes?

The term for any activity a firm pursues to explore and develop new products or processes is strategic initiative. This concept refers to specific projects or efforts that organizations undertake as part of their strategic planning to foster innovation and growth. By engaging in strategic initiatives, firms aim to leverage their resources to create new offerings that can meet consumer needs or improve operational efficiency.

In contrast, emergent strategy refers to strategies that develop organically over time through the day-to-day actions and decisions of employees, rather than through formal planning processes. Intended strategy involves the plans that an organization sets out to execute based on deliberate management decisions, whereas realized strategy is the actual strategy that is enacted and may differ from the intended one due to various factors like market changes or unexpected challenges. Understanding these distinctions clarifies why strategic initiative is the correct term in this context, as it directly indicates the proactive exploration and development of new opportunities.