Good companies will meet needs. Great companies will create markets- PHILIP KOTLER

Philip Kotler (b. 1931) is an American Management author and consultant who has written over 50 +  books on marketing. He is also Professor of International Marketing at the Kellogg School of Management at Northwestern University, Illinois.

He says that " Good companies will meet needs. Great companies will create markets."

•  Identify new or improved products which may develop into a new market.
• When thinking about new markets you must decide which industry-wide standards:
•  can be ignored/eliminated;
• should be reduced below the current accepted norm in the industry;
• should be raised above the current accepted norm in the industry;
• can be created in the industry for the first time and offered to customers.
• When considering the above questions, it’s essential that customer value drives the discussion not how the competition is going to react. In your blue ocean, there will be no competitors if you get it right (at least initially).
• Start by identifying potential blue oceans in which the risks are minimised. What you are doing is risky enough without operating in a risky sector.
• Think in big-picture terms
• Focus on building a strong business model that will ensure a long-term profit. Work up the costs and cash flows of everything in as much detail as possible.
• To minimise opposition, involve staff when planning and ensure that you maintain great communication with them at all time.