This month's featured guest writer, Michael Kallet, discusses two strategic ideas with immediate and long-term benefit.

These are challenging economic times with no apparent bottom, let alone a quick recovery.  Customers will become even more selective, carefully considering from whom they may buy or if they should buy at all.   As a result, there will be heightened competition for fewer dollars.   Additionally, every company will be under pressure to reduce operational and development costs.

So what can you do?  Here are two strategic ideas that will help you now, and be of particular strategic importance when the economy picks up again.

Competing in the MultiPolar World Globalization is no longer a one-way street of multinationals exporting their products. Emerging markets are gaining clout.

Business and political leaders tend to agree on very little, but there is a consensus that we have entered a new, "decentered" world. Some call it a "nonpolar" world. Others hail "the new Asian hemisphere."

Organizations have had varying degrees of success in utilizing consumer research in their innovation processes. My observation is that this is typically due to a misalignment of expectations for how directly the consumer can influence your product development process.

The way consumer research is utilized in your innovation process should depend on the degree to which you are improving an existing offering or trying to develop a breakthrough. Decisions about which tools are used, how they are used, and which consumers should be included are all impacted by the overarching scope of the effort.