Audio available in app
Established companies focus on current customer needs from "summary" of The Innovator's Dilemma by Clayton M. Christensen
Established companies are driven to satisfy the needs of their existing customers. This is a natural inclination, as these customers are the source of their current revenue and profitability. By focusing on current customer needs, these companies are able to maintain customer satisfaction and loyalty, which in turn helps to sustain their business operations. The problem, however, lies in the fact that established companies tend to overlook the needs of potential future customers. These customers may have different requirements or preferences that are not being addressed by the company's current offerings. This oversight can be detrimental in the long run, as it leaves the company vulnerable to disruptive innovations that cater to these unmet needs. Disruptive innovations often emerge from smaller, more agile competitors who are able to identify and target niche markets that are underserved by established companies. These innovators are not burdened by the same constraints and commit...Similar Posts
Start with a clear vision
Having a clear vision is crucial when starting a new venture. It serves as a guiding light, helping you stay focused on your go...
Embrace uncertainty and ambiguity
Uncertainty and ambiguity are two key ingredients in the innovation process. They can be uncomfortable and unsettling, but they...
Develop a clear financial plan with specific goals and timelines for achieving them
In the world of finance, it is crucial to have a well-thought-out plan with clear objectives and a timeline for achieving them....
Strive for operational efficiency and effectiveness
Strive for operational efficiency and effectiveness is a fundamental concept that every entrepreneur must grasp in order to bui...
Seek feedback and learn from both successes and failures
It is crucial for entrepreneurs to seek feedback and reflect on both successes and failures throughout their journey. Feedback ...
Authenticity builds credibility
Authenticity is a powerful force for good in the world. When we are true to ourselves, when we are honest and transparent in ou...
Cultivate relationships over time
Building strong relationships with your audience is a crucial aspect of successful marketing in today's digital age. Instead of...
Analyze competitor strategies
To effectively position your own business in the market, it is essential to understand and analyze the strategies of your compe...
Stay informed about industry developments
It is crucial for individuals in the business world to keep themselves updated about the latest trends and advancements in thei...
Adaptability is crucial in the age of automation
In a world where machines are increasingly taking over tasks that were once performed by humans, the ability to adapt becomes m...