By Peter Meyer
Discovering new markets is the foremost to doing away with pageant and maximizing earnings. This name promises particular suggestions for choosing strength new markets, fending off high priced error and coping with the cost of commencing, becoming and preserving new markets. It contains instructive examples.
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Extra info for Creating and Dominating New Markets
Balancing Opportunity Costs— Can VaxGen Create a Market? One way to reduce risk is to spread the investment among many opportunities—a common strategy. With many CEOs, the tendency is to be accidentally or intentionally opportunistic. These executives and owners are willing to jump to the next big thing and quickly change one opportunity for a better one. While this strategy was quite obvious in the dot-com companies in the late 1990s, the tendency to act opportunistically has been with us for decades.
Excellence in manufacturing, distribution, marketing, and delivery gives you critical competence in existing markets. To create new markets, though, you’ll also need to find or build different skills. Hurdle 4: Resisting the Siren Call of the Great Idea The great idea is so very attractive. Gourmet meals delivered to your kitchen, the Apple Newton, movies-on-demand at home— all ideas that held so much promise to create new markets and sell millions. None worked. Just because you have a wonderful idea and can bring it to fruition doesn’t automatically mean that you will succeed in creating a market.
That is the province of a top executive or owner. You have to ask the right questions, determine if you can get market acceptance, and then make that call. As you look at the opportunity and risk from new markets, here are some key questions to ask of users, your team, and yourself: Questions to Ask to Build a New Market To the users: ᮣIf you could do this new function, would you get really excited? What would get you really excited? ᮣWhat problems tend to repeat at the top of your action list?
Creating and Dominating New Markets by Peter Meyer