Creating and Dominating New Markets
15min reading
/
23min listening time
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About the Summary
New markets (markets that did not exist before you created them) are exciting, profitable and forgiving. They provide the thrill of creating something no one has done before. They also lack the competitive pressure that reduces prices in mature markets. You do not find new markets. You create them by finding the solution to a problem that people want resolved. In other words, a new market exists at the convergence of a high level of perceived need with a solution that didnot previously exist. In this summary, you will learn how to create new markets (and thus avoid battling for a place in established markets that already exist) while reducing your risk.
In This Summary, You Will Learn:
- The most important resources you need to create and dominate new markets.
- The role of customers in creating new markets.
- How to identify potential new markets that might be available to you.
- Strategies for minimizing the risk associated with entering a new market.
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