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Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets

Fast Second:How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets

Constantinos C. Markides and Paul A. Geroski

Summarized February 2005

Type: [SUMMARY]

SKU: 2052

ISBN: 0787971545

Price: $12.50

Available Formats: pdf mp3 ipad audiobook

Summary Description

It‚Äės widely believed that the first entrant in a new market seizes the competitive advantage. But that‚Äės more myth than reality.

While product or service innovators¬†create¬†markets, countless cases prove that radical innovators generally aren‚Äėt the ones thatscale up¬†the markets -- and¬†dominate¬†them.

The reason? It takes one set of skills and attitudes to create a radically new market. But it takes an entirely different set to consolidate a market.

In our summary of Fast Second, internationally acclaimed strategy experts Constantinos Markides and Paul Geroski offer a radical new innovation model for companies that aspire to create radically new markets. They argue that most established companies should let start-up firms create new products, and concentrate their efforts on consolidating the market for the new offering.

In other words, their goal should be to gain a fast second position -- and to seize market leadership from the innovators who created it. Examples of successful fast-second companies include Microsoft, Procter & Gamble, Amazon, Canon, JVS, and Heinz.

In this summary, we will explore how radical innovation creates new-to-the-world markets, and how established firms can scale them up to mass markets and make big profits by using the fast-second strategy.

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