There is a lot of buzz about innovation and the need for companies to relevant to constant industry changes. How do you manage innovation? There are several approaches out there. The Strategyzer team came up with a concept to plan out an innovation portfolio which can be done continuously to stay on top of the market. This captured in the book The Invincible Company. Below is an example of the portfolio map used in this process.
Another approach that is also useful is the 3-Box Solution. Where products are grouped into Past, current and future buckets. The concept is captured in the book - 3 Box Solution.
There are many other books and articles on this topic but these are two options to start with.