Academic journal article Journal of Applied Management and Entrepreneurship

Creating and Dominating New Markets

Academic journal article Journal of Applied Management and Entrepreneurship

Creating and Dominating New Markets

Article excerpt

Creating and Dominating New Markets Peter Meyer AMACOM (2002) 241 pages, hardcover, $27.95

Reviewed by: Russell Casey, University of Phoenix

Synopsis

This book discusses the details of new market opportunities. Meyer did an excellent job of analyzing new markets as well as the risks involved in entering them. The book begins with a discussion of what new markets are and steps to determining if a company should venture into a new market. Meyer also does a good job of explaining the opportunity costs of new markets, for instance, he explains that companies can't recreate time and that directing managers/employees to work on developing new markets is risky due to the potential of wasted resources on failed efforts. Meyer then delves into the different levels of risk to better help the reader understand how to analyze and judge risky ventures. He suggests calling managers of companies and asking questions such as, "What keeps you up at night?" The goal of these types of inquiries is to help the interviewee determine if the new product or service they are developing is really needed. Meyer cites examples of the fax machine, informing readers that when it was first introduced research indicated that home offices and small businesses would have no use for it. The last part of the book is very well done and focuses on applications of the principles he discusses earlier in the text. Meyer answers questions such as what role does the customer play? What role does information technology have in business? Some of his answers might surprise you.

Readability

The book is very easy reading for anyone familiar with management terms and strategy (Readability Level: 3 on a 1-10 scale, with 10 the most difficult).

Recommended Audience

The recommended audience for this book will be management consultants, entrepreneurs, students, and management/marketing professionals. …

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