Is about whether/when/where to enter the market? Involves tactical decisions about level of r&d, type of innovation or appropriate intellectual property rights to employ.
(Whether) may seem rather drastic, might be appropriate to let another org, that is equipped with expertise and financial resources to carry out the implementation, via external route, form of open innovation.
(When) most crucial, yet timing of innovation is often not questioned, as its often assumed that being first to market is best strategy, however not always the case, for example the first jet airliner, De Havilland Comet. Had a series of crashes, designers underestimated demands of high-speed flights.
(Where) to innovate is not so much a mater of geography as whereabouts,in terms of the market, should one innovate. In particular, is there an alternative to a full scale assault on the market? Are there particular market niches which it might be better to target?