In June 2021, the chief executive officer of Hallmark Cards Inc., a leading US greeting cards and gifts company, faced challenges as the digitalization of cards was gaining pace. This growing trend forced the company to overhaul its operations. Although it tried to cope with the changing business environment, the company suffered both in revenue and profit marking. The chief executive officer took efficiency-increasing measures and laid off employees from the greeting cards division, retail business, and corporate support functions. He also invested in greeting card digitalization and innovation efforts, but was wondering if he should focus more on efficiency or innovation measures to achieve turnaround for the company’s operations. What innovation strategies should he pursue to make Hallmark Cards Inc. relevant to changing consumer preferences?
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