NAMED ONE OF THE TOP FIVE BUSINESS BOOKS OF 2011
What drives triumph and failure in new markets? How can you use new markets to create opportunities for growth?
Whether you work for a huge corporation or for yourself, Capturing New Markets provides you with strategies to win in a business environment more turbulent than ever, and with practical approaches that can get you started immediately.
Capturing New Markets (McGraw-Hill, 2011) reveals:
Chapter 1: Why new markets matter
Chapter 1 explores what new markets are and why they are critically important for corporate and economic growth. It examines how new markets can become big and renew firms’ growth trajectories. It also delves into how ignoring new markets has led to the decline of some companies inhabiting even seemingly-stable industries.
This chapter looks at:
Chapter 2: Finding New Markets
Chapter 2 focuses on how to find new markets. The chapter explores both how to assess latent demands and what sorts of events can trigger market formation. Drawing on examples including George Eastman’s Kodak camera and Panasonic’s “Mobile Clinical Assistant,” the chapter looks at how to find markets that do not yet exist.
The chapter begins by recounting how George Eastman, the founder of Eastman Kodak, made the right moves through genius, intuition, and a good deal of luck. It then explores how companies can accomplish these tasks through a much more deliberate method. The chapter covers:
Chapter 3: Assessing What doesn't exist
Chapter 3 turns to how firms can assess new markets. Given that there is no reliable data regarding market size, growth rates, and competitor shares for markets in their earliest stages, how can firms gauge the potential of these industries? The chapter concentrates on how to gauge the value at stake in a market, how quickly a market can blossom, and whether a firm can create a defensible position through an innovative business model. The chapter also addresses several pitfalls that can derail companies during market assessment. It draws on several past and present examples, including the entry by the textbook publishing giant Pearson into online tutoring.
In this chapter you will learn:
Chapter 4: the first customers
In Chapter 4, we look at how to enter new markets. Counter-intuitively, the fastest route to winning broad dominance of a market is often to start narrowly, laser-targeting a foothold that can provide fast traction, customer feedback, and reference accounts. The chapter will look at the role footholds play and how firms can quickly iterate their strategy with this approach. It focuses on the ’s experience of starting Africa’s first mobile commerce business.
The chapter explains:
Chapter 5: Paths to market penetration
Sales channels are essential to innovation, yet market pioneers often overlook their importance. Seized by the power of an idea and how customers should grab onto it, the creators of new markets can neglect the power of sales channels to sink or super-charge the proposition. Chapter 5 assesses channels in detail, exploring two distinct strategies for gaining market penetration. Looking at examples that include the creation of the mobile marketing industry, the chapter lays out how to tackle sales channel issues that can matter enormously for new ventures.
The chapter discusses:
CHapter 6: Entering at the right time
In business as in comedy, timing is everything. Chapter 6 assesses when to be the first in a new market versus follow others in. The chapter examines video gaming, where Atari fast established a dominant position only to utterly lose its way, whereas Nintendo twice played the role of the late entrant that revolutionized the industry. We will look at how different business models in an industry can help predict when it is most profitable to enter.
You will read about:
Chapter 7: Fulfilling the potential of emerging markets
Developing countries are a huge source of new markets, yet few Western firms do a large proportion of their business in these environments. Chapter 7 focuses on how companies can profitably tackle the challenge of creating new markets in these contexts.
The chapter focuses on a handful of major strategic issues that frequently make the difference between success and failure. It covers:
Chapter 8: Enabling the corporation
An executive once told the , “Just about everyone here recognizes our problem. A few people think they have the answer. No one knows how to implement it.” Building a corporate capability to tackle new markets is difficult. The task often requires unfamiliar approaches to decision-making and project governance. Chapter 8 looks at these issues and recommends how to change internal processes, structures, and culture when attacking new markets. The chapter also provides advice from leading practitioners in the field, including both corporate executives and venture capitalists.
The chapter details:
Chapter 9: A Catalytic Role for Government
Chapter 9 addresses how public policy can support or hinder the growth of new markets. Drawing from examples including healthcare IT, mobile phones and renewable energy, the chapter illustrates how low-cost and apolitical policies can generate big returns.
The chapter covers:
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