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ARE YOU READY FOR THE FUTURE?New markets have powered the greatest business successes in history, from Standard Oil to Facebook. How can you discover and pursue new markets to make your business thrive?
In Capturing New Markets, world-renowned business strategist Stephen Wunker argues that the first step is to stop applying traditional formulas of success and understand the unique dynamics in fast-changing new markets. He guides you through the process of creating counterintuitive strategies, such as treating competitors as collaborators, timing market entry, and targeting narrow niches before big customer segments.
Whether you work for a huge corporation or for yourself, Capturing New Markets helps you find new sources of growth. Based on Wunker's groundbreaking work with Clayton Christensen—the Harvard Business School legend who coinedthe term "disruptive innovation"—plus Wunker's extensive experience in the trenches, this practical and fascinating guide shows how companies:
Identify, create, and dominate new marketsAvoid the pitfalls of commodization and find new ways to growDevelop and sustain new sources of growth into the future
Drawing on dozens of case studies plus data-driven research, this revolutionary approach to business shows you how to turn new markets into the drivers of growth—propelling you and your company into a whole new world of opportunity. You'll learn how to anticipate customer demands and meet emerging needs before anyone else does. You'll discover how to spot ideas ready for explosive growth, and how to lead new markets while your competitors are just waking up tothe opportunity. You'll also see how to make these strategies work in companies that are both small and very large.
Capturing New Markets upends traditional thinking about business strategy, showing what will work in a new economy marked by turbulence and change. This is the resource you need to transform industries and the prospects of companies within them.
Praise for Capturing New Markets:
"Capturing New Markets offers a new and rigorous toolkit that charts a clear path to this business imperative. This is a major new contribution to the field with practical takeaways just when we need them most."
—Vijay Govindarajan, Professor at Tuck School of Business at Dartmouth College, and First Professor in Residence and Chief Innovation Consultant at GE
"Prepare to have your existing concepts of new markets turned upside down. This is not another academic 'thought experiment,' but a practical, experience-driven manual for all who aspire to enhanced growth. New markets are all around us—not just in the developing world. Wunker provides fresh perspectives in an extremely readable how-to manual that will allow the reader to discover unmet need and enter new markets wherever they are. All in all, an essential read for every new market pioneer."
—Dr. Garry Neil, Corporate VP for Science & Technology, Johnson & Johnson
"Capturing New Markets reveals critical patterns underlying why some new ventures become big businesses, and others do not. The journey to creating new markets can be full of uncertainty, and understanding these patterns provides a big advantage to informed entrepreneurs."
—Charles Warden, Managing Director, Versant Ventures
"While new markets fuel business growth, traditional approaches to marketing and strategy can be poorly suited to these super-dynamic environments. Through abundant and engaging examples, Capturing New Markets shows you how to establish priorities and tap growth opportunities with lower cost, lower risk, and higher impact."
—Anish Shah, President & CEO India, GE Capital
"Intensifying competitive environments require that all companies continually think about and explore new growth opportunities. Capturing New Markets provides critical guidance on how to evaluate and build new markets with a creative yet disciplined approach."
—Brad Gambill, Chief Strategy Officer, Singapore Telecom
"Capturing New Markets is a compass for business transformation. The book combines fascinating stories with clear takeaways that enable readers to chart their long-term courses and to begin with concrete steps tomorrow morning."
—Greta Metts, Head of Global Marketing Innovation and Business Transformation, Boehringer-Ingelheim Pharmaceuticals
"Entrepreneurs are barraged with urgent issues, and it is easy to lose sight of strategy. Amidst all the pressing things you have to do in building a business, make it a priority to read Capturing New Markets. This book gives succinct and powerful advice that can save you immense amounts of time and money while substantially boosting your odds of success."
—Suneet Wadhwa, cofounder of Snapfish.com and Serial Entrepreneur
"Wunker has created a valuable tool for anyone seeking to drive meaningful change in a market or an organization. Bridging theory to case studies, he creates effective, practical and actionable advice for those seeking opportunity within change."
—Meredith Baratz, Vice President, Market Solutions, UnitedHealthcare
"In fast-moving markets, leaders can never rest. Capturing New Markets lays out a clear and convincing route for how big companies can act like nimble entrepreneurs in building new sources of growth."
—Ingrid Johnson, CEO Retail and Business Banking, Nedbank
Contents
Chapter 1 WHY NEW MARKETS MATTER
Chapter 2 FINDING NEW MARKETS
Chapter 3 ASSESSING WHAT DOESN'T EXIST
Chapter 4 THE FIRST CUSTOMERS
Chapter 5 PATHS TO MARKET PENETRATION
Chapter 6 ENTERING AT THE RIGHT TIME
Chapter 7 FULFILLING THE POTENTIAL OF EMERGING MARKETS
Chapter 8 ENABLING THE CORPORATION
Chapter 9 A CATALYTIC ROLE FOR GOVERNMENT
AFTERWORD
NOTES
BIBLIOGRAPHY
INDEX
ABOUT THE AUTHOR
