Creating and Dominating New Markets

Book excerpt: Creating and dominating a brand new market is the Holy Grail for business owners and managers. Having no competition means that you can make and survive mistakes, attract and keep top talent, and price to market rather than to competitive pressure. What's more, when you prove that your're a market visionary, you can expect increased profits and higher stock prices to reward your efforts. And you'll enjoy the excitement and satisfaction -- the sheer fun -- of creating something new. But for every new market success, there are countless enterprises that burn millions of dollars trying and failing to create a viable market. How can companies avoid such failures? Creating and Dominating New Markets gives you a blueprint for doing just that. Packed with specific applications and ideas, this breakthrough book shows you how to emulate the remarkable triumphs of savvy companies like Microsoft, FedEx, and Palm. It recounts the fascinating stories behind market-creating companies like Daimler at the turn of the century and America Online at the dawn of the Internet age. The book explains how to formulate a plan for market domination, first by tackling basics -- like what factors all successful new market ventures have in common -- and then by exploring how to determine the right niche to target.