What to innovate and when?

If you're from the United Kingdom, you've probably had your fair share of crisps (chips in the United States): Cheesy Onion, Prawn Cocktail, Smokey Bacon etc.

This article about the "crisp wars" in the United Kingdom by John Kay, British economist and author of The truth about Markets (Culture and Prosperity in the United States), is interesting as it highlights the importance of knowing what to innovate during the various stages of a product's life cycle. I love articles like this that consider less well-known industries.