In today's business environment, every organization faces pressure to deliver sustained growth and profitability. Yet technological advances shorten product life cycles, business models change, and unanticipated competition surfaces from outside the sector.
Successful innovation opens up new market opportunities for organizations, but it can be challenging to achieve. Winning innovation approaches are tightly aligned with overall corporate strategy, correctly assess the drivers of new product adoption, and accurately analyze demand.
Becoming a strong brand isn't just about expanding into international markets. To prosper, leaders must embed a global mindset in their corporate culture and daily operations. This can be achieved through various approaches, including elevating the importance of international experience among employees and changing organizational design to create roles that are more global in scope.
New markets are created by generating new demand. To open up new markets, companies need to learn why noncustomers do not patronize their current offerings. This insight into noncustomers' unmet needs and offering a solution are key to generating new demand and opening up new markets.
