What are the key differences between lateral and vertical thinking?

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In business strategy, understanding the distinctions between lateral and vertical thinking is crucial for unlocking innovative solutions and fostering a creative work environment. Lateral thinking, a term coined by psychologist Edward de Bono, involves looking at problems from new and unique angles, often leading to surprising and non-conventional solutions. Vertical thinking, on the other hand, is a more traditional approach that follows a sequential, logical process, building on existing knowledge and methods to solve problems. Both thinking styles have their place in business strategy, but knowing when and how to apply each can significantly impact your organization's success.

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