Developing New Opportunities
Within any market, there are two critical dimensions of
successful innovation:
- Solution-Based Innovation -
Redefining the solution to known market needs that are superior to
existing offerings and that offer a high degree of defensibility
against competitor attack
- Need-Based Innovation - Redefining
the market need based on fresh insights into the underlying and more
fundamental needs of the customer
Often,
these two dimensions can be combined to create true game-changing
innovations that focus on more fundamental market needs and address them
with highly innovative and defensible solutions. (Avoiding the Black Hole of Commoditization (.pdf))
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