Journal Article | Harvard Business Review | | January 2004
Create - Then Dominate - New Markets
How do you leave rivals behind while sustaining spectacular growth for your company? Invent entirely new markets where no competitor has yet ventured.Consider Sony, which conceived the personal portable stereo market with its Walkman. The Walkman gave consumers the pulse-pounding 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 - and attracted joggers and commuters into the new market.To create new markets, shift your focus from building and selling products to satisfying consumer needs in radical ways. Ask, "What if we forgot everything we know about our industry's existing traditions? How might we combine the advantages of several industries' offerings to provide quantum leaps in value? How can we better serve customers our industry has neglected?"This Harvard Business Review On Point Collection helps you stake out new market spaces, dominate them with unassailable products and services and spur unprecedented growth for your business. HBR On Point Collection include an overview and three full-text HBR articles, each with a synopsis and annotated bibliography.The three articles: "Marketing Myopia" by Theodore Levitt (HBR reprint R0407L), "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).