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    Fast Second (Review and Analysis of Markrides and Geroski's Book)
    Fast Second (Review and Analysis of Markrides and Geroski's Book)
    Fast Second (Review and Analysis of Markrides and Geroski's Book)
    Ebook41 pages25 minutes

    Fast Second (Review and Analysis of Markrides and Geroski's Book)

    By BusinessNews Publishing

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    About this ebook

    The must-read summary of Constantinos Markides and Paul Geroski's book: "Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets".

    This complete summary of the ideas from Constantinos Markides and Paul Geroski's book "Fast Second" demonstrates that the firms which develop and pioneer radical innovations are rarely the ones that ultimately end up dominating the markets they create. In their book, the authors explain how the major profits in any markets actually tend to accrue to the established corporations which have the skills, resources and the mind-set to take niche products and scale them up into mass markets. By reading this summary, you will learn from the examples of successful fast-second companies and apply the advice on how to conquer the new markets in today's competitive environment.

    Added-value of this summary:
    • Save time
    • Understand key concepts
    • Expand your business knowledge

    To learn more, read "Fast Second" and discover how you can learn from the innovation of others and conquer mass markets.
    LanguageEnglish
    PublisherBusiness Book Summaries
    Release dateFeb 15, 2013
    ISBN9782806242723
    Fast Second (Review and Analysis of Markrides and Geroski's Book)

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      Book preview

      Fast Second (Review and Analysis of Markrides and Geroski's Book) - BusinessNews Publishing

      Book Presentation: Fast Second by Constantinos Markides and Paul Geroski

      Book Abstract

      About the Author

      Important Note About This Ebook

      Summary of Fast Second (Constantinos Markides and Paul Geroski)

      1. Understand how radical markets come about in the first place

      2. Anticipate the most likely ways radical markets will evolve over time

      3. Employ the optimum commercial structure

      Book Abstract

      The economic benefits of the first-mover advantage have been grossly exaggerated. The companies which develop and pioneer radical innovations are rarely the ones which ultimately end up dominating the markets they create. Instead, the major profits in any market tend to accrue to the established corporations which have the skills, resources and mind-set to take niche products and scale them up into mass markets.

      With this in mind, established corporations should not even try to develop radical innovations. Instead, corporations should subcontract the creation of new and radical products to start-up firms, and concentrate instead on consolidating the results generated by these start-ups. This is the strategic model already widely used in creative industries to great effect. This same business model should also be picked up on and used in many more industries.

      Henry Ford did not create the car market but the Ford company ended up capturing a lot of the value in that market in its first hundred years of existence; Procter & Gamble did not create the market for disposable diapers but it is P&G that ended up harvesting most of the value out of the mass market for disposable diapers that blossomed in the last fifty years; and General Electric did not create the CAT scanner market, yet it was GE that made most of the money out of this market. It turns out that when it comes to radical, new-to-the-world markets, the pioneers almost always lose out to latecomers.

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