Capturing New Markets
How Smart Companies Create Opportunities Others Don't
By: Stephen Wunker
Published: June 10, 2011
Format: Hardcover, 272 pages
ISBN-10: 0071767444
ISBN-13: 978-0071767446
Publisher: McGraw-Hill
"New products, services, or technologies do not necessarily lead to new markets. The key distinction is whether they ultimately lead to new consumption", writes business strategist, new market specialist, and founder of New Markets Advisors, Stephen Wunker, in his insightful and very real world oriented book Capturing New Markets: How Smart Companies Create Opportunities Others Don't. The author describes, in an often very counter-intuitive manner, why new markets really matter, what those new markets really mean, and how to capture those opportunities for creating growth and new consumption patterns.
Stephen Wunker understands that creating and developing new markets is a difficult process, especially for long established and large companies. New market discovery usually runs counter to the strategies employed by older, larger firms. Stephen Wunker points out that the very techniques that build new and industry transformational markets, including targeting non-consumers, entering a narrow niche, and avoiding the usual sales channels, are not part of the large organization playbook. The entrepreneurial dynamic, very often dormant in these major corporations, can be brought to the forefront with a clear understanding of the new market differences and essential strategies.
Stephen Wunker (photo left) provides the fundamentals for identifying and acting upon the new market development patterns, giving large companies a powerful opportunity in these potential markets. Stephen Wunker worked with legendary Harvard Business School expert on disruptive innovation, and that collaboration is evident in the author's approach to the subject of new market creation. The disruption premise is evident in the steps needed to create and develop previously non-existent or underexploited markets:
* Identify market triggering events and features
* Entering markets that haven't been discovered
* Measure the monetary value of the potential market
* Create a market exclusivity to prevent competition
* Establish the market slowly to dominate it gradually
* Create the proper sales channels for that market
* Time entry into the marketplace correctly
* Add underdeveloped countries to the search
* Understand the advantages and drawbacks of government policy
For me, the power of the book is how Stephen Wunker combines a strong theoretical framework for finding, developing, and dominating new markets, with the practical means to put an effective strategy in place to exploit the new market profitably and effectively. The author buttresses these pillars with a series of case studies describing how large companies were and are able to discover and develop new markets. The emphasis on disruptive innovation can be utilized effectively by large firms, and even fits well into their strategies of approaching market problems. Disruptive innovation provides a fresh way of thinking about problems, and this book is about considering and using counter-intuitive methods for solving new market challenges.
I highly recommend the very timely and idea packed book Capturing New Markets: How Smart Companies Create Opportunities Others Don't by Stephen Wunker, to anyone seeking a powerful alternative toolkit for finding, building, and dominating new and previously untapped markets. This book teaches businesses of all sizes how to locate and recognize the signs of a profitable new market, and how to exploit it fully, including the application of strategies not usually associated with traditional corporate market development.
Read the very user friendly and essential book Capturing New Markets: How Smart Companies Create Opportunities Others Don't by Stephen Wunker, and discover how to locate and develop new markets through niches, collaboration with competitors, well timed market entry, and other disruptive techniques. This book provides the tools and methods to achieve success in new markets, as well as sharing secrets to avoid the most common missteps along the way to new market profitability.
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