Innovation which utilizes both competitive and co-operative relationships can be defined as the improvement of some new products, services or systems. Generation of an innovation strategy is an essential challenge in today's competitive business world. Innovation provides a sustainable competitive advantage when the related activities become an indispensable element of the management within the company. In line with this issue, after a comprehensive literature review, five characteristic parameters of innovation are selected to analyze a company's innovation strategy. The determined parameters are the strategic orientation of a firm, the abilities of a firm, the cultural structure, the attributes of products, and the environment of competition. The data belonging to the leading companies of their sector are evaluated by using these parameters and with the help of Fuzzy Analytic Hierarchy Process. Based on both the conceptual and empirical research, organizations are classified according to the Miles & Snow typology.