Spur Market-Busting Growth
- Topics:
- Business Models,
- Competitive Strategy,
- Innovation
- Tags:
- Advertising & Promotion,
- Hardware,
- Harvard Business Review,
- Industry,
- Management,
- Marketing,
- Semiconductors,
- Sony Walkman,
- Strategy
- Source:
- Harvard Business Review OnPoint
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Overview: To spur new growth, stop competing the way your rivals do. Instead, rewrite the rules of the game and stake out new market spaces. Focus on satisfying consumers' most pressing needs in radical ways, asking what your customers really value. Then ask, "How would we provide that value if we forgot everything we know about our industry's traditions?" Combine the advantages of several industries' offerings to provide quantum leaps in value. And serve customers your industry has neglected. Consider Sony, whose Walkman birthed the personal portable stereo market. The Walkman gave consumers the acoustics and "cool" image of boom boxes, plus the low prices and handy proportions of transistor radios. Sony grabbed market share from the boom box and transistor radio markets--then expanded its market by attracting joggers and commuters. The three Harvard Business Review articles in this collection: "MarketBusting: Strategies for Exceptional Business Growth (HBR reprint R0503E); "Value Innovation: The Strategic Logic of High Growth" by W. Chan Kim and Renee Mauborgne (HBR reprint R0407P); and "Creating New Market Space" by W. Chan Kim and Renee Mauborgne (HBR reprint 99105).
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Format: PDF | Date: Mar 2005 | Pages: 43
