#BusinessEducation Market expansion paths For a truly eff | Trendfactory
#BusinessEducation
Market expansion paths
For a truly effective business, it is not competition that is required, but the creation of a new market where competition simply will not exist.
Consider all the possible alternatives available among other industries, strategic groups, consumer groups, additionally offered goods and services, functional-emotional industry orientations.
There are six universal paths for any area to help you build your market boundaries.
Path 1. Consider alternative industries
If there is competition, there is also a choice between different options. For example, to tidy up your finances, you can install a specialized software package, hire an accountant, or take a pencil and think about everything yourself. These options are substitutes. Alternative options may also exist. When deciding what to do in the evening, you choose between a movie and a restaurant. These options have in common only the opportunity to spend time there with pleasure.
What makes you choose this or that option?
NetJets thought about this and compared commercial and corporate flights. What makes businesses choose commercial flights? Affordable prices make businesses opt for commercial flights. NetJets offered to buy 1/16 of the aircraft and have 50 flight hours a year for a certain amount. Corporate jets are forced to choose time savings and comfort. NetJets has launched flights to over 50 airports to enable direct flights. Also, in the absence of your particular plane, you will be served with another one. This way, you can board the plane four hours after ordering in any circumstance. The company also provided personalized service, giving each client the opportunity to choose their favorite dish.
Thanks to these measures, the airline quickly overtook most of its competitors, showing annual growth of 30% -35%.
Questions to create an idea:
What areas are alternatives to yours? What makes the client choose between them?
You can read about other ways of creating an idea by following the link below.
