Markets are increasingly complex, turbulent, and interrelated, creating challenges for managers in understanding market structure and identifying opportunities for growth. Consider, for example, the pervasive impact of digital technology on computer, telecommunications, photography, and office equipment markets and competitive space.
There is perhaps no better example of the importance of understanding markets and developing a vision of how they are likely to change in the future than the market for cell phones.
Markets and Strategies
Market knowledge is essential in guiding business and marketing strategies.
Markets and Strategies Are Interlinked
Market changes often require altering business and marketing strategies. Managers that do not understand their markets, and how they will change in the future, may find their strategies inadequate as buyers’ value requirements change and new products become available that better satisfy buyers’ requirements.
Value Migration
Value migration describes the process of customers shifting their purchases away from the products generated by outmoded business designs to new ones that offer superior value.
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