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Jack welch, the legendary business head of GE had once spoken about how market leadership must be the long-term corporate strategy of every company. While business practices have now evolved and technology has exponentially got upgraded, this basic maxim will never change. Conditions often exist for innovations to emerge which will have a substantial impact. In order to face up to disruptions, companies will need to create certain structural changes within their hierarchy. Even many who are successful at developing business innovations do not know how to leverage the situation for deriving benefits. Three specific scenarios can exist where such ground-breaking innovations emerge. One is when market is static, but no one has conducted any study to understand requirements of customers. Another is when the market is in flux, things are changing and the existing scenario is in upheaval. The third is where the market is about to change for the foreseeable future. Apple is a case in point where instead of communicating to its customers in the language of technology, they started to speak in the way the customers best understood. For this the offering and experience need to be altered. The business model similarly needs to evolve. The message to be communicated also needs to change with time with social and emotional markers attached.

Source:http://innovationexcellence.com/blog/2017/09/12/the-secret-formula-for-achieving-market-leadership/

Uploaded Date:24 November 2017

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