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Facebook used core product innovations to optimize its original platform by introducing new features and tools. These included the creation of groups and pages, which allowed users to form communities and businesses to establish their presence. Facebook also integrated third-party applications, enhancing the user experience by allowing them to access various services without leaving the platform. Additionally, Facebook developed advertiser tools to attract businesses and monetize the platform, thereby optimizing its original service.
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Core innovations are any changes a company undertakes to optimize what it already offers. These would be adjustments to core services, customers and products. For example, Facebook started out with core product innovations as it attempted to optimize its original platform with groups and pages, third-party integrations and advertiser tools.
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Without adequate innovation, you risk falling behind in even what you do well. So how can an organization ensure its business transformation endeavors...
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