preview

How Can Disrupt The Norm? Essay

Decent Essays

How to Disrupt the Norm

If you look around at the businesses which you encounter each day, you will notice most of them are based on one of those five models, or are a hybrid of one or two of those models combined. After combining or utilizing them individually to form new ideas for potential business concepts, you must begin to think of how to compete with the established incumbents. This section is designed to help you think about how to do so, and develop your idea selection to its fullest potential. Even if you have the most exciting idea ever, it is often difficult to enter a new market or industry and compete directly with established incumbents. You have certainly noticed how I have repeated Michael Porter’s three basic competitive strategies in every chapter. Implementing, cost leadership, differentiation, and strategic focus alone, or a blend of these three things can help any business increase its competitive advantage. For this reason I will dedicate the next few paragraphs to these three concepts. As I mentioned earlier, if you are selling a product that is required by law or is a necessity (inelastic) no matter how much the price changes, the demand stays the same. If you are selling a product that is not a necessity (elastic) a change in price will influence demand. Unless you have an exceptional advantage, your pricing will likely mirror your competitors. Obviously, there are exceptions with this as economic theory is just that. Reducing

Get Access