Abstract
This chapter details a third customer-centric growth strategy firms should consider employing, which is to create new or modified products tailored to new customer markets. The chapter describes that some firms will be forced to employ this growth strategy, some firms will sense an opportunity to employ this growth strategy, and some firms will need to find collaborative partners to employ this growth strategy. Further, the chapter explains why this strategy can provide the greatest rewards if firms can identify an underserved customer market and can create a new or modified product to serve this market. Detailed examples from a non-profit, luxury clothing retailer, multinational computer software company, micro-retailers, toy manufacturer, supermarkets, sports firm, travel insurer, dog supplement firm, and small business lender are also included.
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Mintz, O. (2021). Fourth Quadrant: Diversify Simultaneously into New Markets with New or Modified Products. In: The Post-Pandemic Business Playbook. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-16-5868-6_10
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DOI: https://doi.org/10.1007/978-981-16-5868-6_10
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