Identifying and pursuing new markets requires you to explore and play outside your traditional business boundaries. It calls for learning and decision-making about how to address new competitors, consumers, customers, partners, suppliers and other market dynamics – at high speed, and in unfamiliar territory.
Entering a new market with an existing product or service is hard enough, but introducing a new innovation into a new market is an even greater strategic challenge. Success depends on understanding the specific opportunities that lie at the intersection of consumer/customer needs, industry trends, and your ability to deliver.