Today I will sharing with you all about which is a better formula for success. The two formulas are keeping up and staying relevant or taking risks and striking out into new frontiers. In my opinion, i think that there are pros and cons to both formulas.
Let me elaborate on the first formula--keeping up and staying relevant.
To keep up and stay relevant, people have to stick to a limited set of products in a narrow market domain. Their success will come from competitive pricing and high quality products. They do not spend too much on new product development.They should focus on their core products and their strength and serve their existing customers well.
Now let me elaborate on the second formula--taking risks and striking out into new frontier.
In order to strike out into new frontiers, people have to continuously expand the market domain and have the capability to consistently innovate and develop new product and exploit new market opportunities. They must constantly monitoring and making surveillance of market trends and environmental conditions. Of course there is higher risk as compared to the first formula. However, this gives them the competitive advantage of being first mover advantage over their competitors.
All in all, I believe it would be better to operate in a two product-market domain, a stable one and a relatively turbulent one.
Please leave your comments if you have any.
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