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Related Experiment Videos

Creating new market space.

W C Kim1, R Mauborgne

  • 1INSEAD, Fontainebleau, France.

Harvard Business Review
|May 27, 1999
PubMed
Summary
This summary is machine-generated.

Innovative companies achieve value innovation by creating new market space, avoiding direct competition. They systematically explore opportunities beyond industry boundaries, looking across substitutes, buyer groups, and complementary offerings.

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Area of Science:

  • Business Strategy
  • Innovation Management
  • Market Dynamics

Background:

  • Most companies engage in head-to-head competition, focusing on incremental improvements.
  • This often leads to similar strategies and limited market differentiation.

Purpose of the Study:

  • To explore how innovative companies create new market space and achieve value innovation.
  • To provide a systematic approach for identifying unoccupied market territory.

Main Methods:

  • Analysis of innovative companies that have created products/services without direct competitors.
  • Methodical examination of opportunities by looking across conventional industry boundaries.
  • Utilizing the 'value curve' tool to visualize value propositions.

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Main Results:

  • Companies can break free from competitive packs by staking out fundamentally new market space.
  • Looking across substitutes, strategic groups, buyer groups, complementary offerings, and time yields powerful insights.
  • This approach leads to value innovation by identifying unoccupied market territory.

Conclusions:

  • A shift in competitive mindset is required to move beyond incremental improvements.
  • Systematically looking across industry boundaries offers a path to creating uncontested market space.
  • The value curve serves as a practical tool for exploring and visualizing new value propositions.