SEVENTEEN
Create New Markets
Here’s a risky strategy that can lead to great rewards: creating a new market. The best way to create a new market is to find the problem first. There are problems for which there are no solutions. Your solution is the new market. Minivans fill our roads today, but it wasn’t so long ago that the market for minivans didn’t exist. Chrysler, recognizing that its gas-guzzling full-size vans were becoming less popular, saw the need for a scaled-down version of vans. A new and very profitable market was born.
Four Paths
In his book Creating and Dominating New Markets, Peter Meyer gives four paths for creating and dominating new markets.
Path 1. Create a new product for an unknown customer set. This is the riskiest of the ...
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