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Creating New Market Space

Subject: Consumer Behavior

Paper Model: APA

Paper Type: Assignment

Total Words: 2719

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Looking across substitute products

Looking Across Strategic Groups within Industries

Looking Across the Chain of Buyers


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  • It is difficult to compete in slowly growing markets.
  • In order to remain competitive, an organization needs to create new market space.
  • Innovation is significantly important to grow in slowly growing markets.
  • Innovation is crucial for creating new market space.
  • In order to create new market space, an organization needs to
    • Adopt a different way of strategic thinking
    • Look beyond the traditional boundaries of market and they have to think out of the box.
    • Achieve a breakthrough using innovation and improvement
  • In order to create a new market space, an organization needs to
    • Look across substitute industries
    • Look across Strategic Groups within industries
    • Look across the chain of buyers
    • Look across complementary Products and Service Offerings
    • Look across functional or emotional appeal to buyers
    • Look across time

 

Looking across substitute products

  • Most of the organizations focus solely on their competitors and competing products that limits the strategic thinking of an organization.
  • Substitute products are in direct competition with an organization’s products because they impact the purchase decision making of target markets.
  • Consumers weigh an organization’s products relative to its substitutes while making a purchase decision.
  • By taking substitutes as competing products, an organization can devise an effective business strategy.
  • Most of the companies significantly focus on changes in their competing products like changes in price, demand, design, and quality but they ignore the similar changes in substitute industries.
  • Changes in price, quality, design, and demand of substitute products have the same effect like competing products.

In order to create new market space, an organization needs to focus on substitute industries as well as competing industries equally


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