Number of pages: 256
Publisher: Simon & Schuster
BBB Library: Sales and Marketing, Communication
ISBN: 9781451686579
One reason some products and ideas become popular is that they are just plain better. We tend to prefer websites that are easier to use, drugs that are more effective, and scientific theories that are true rather than false. So when something comes along that offers better functionality or does a better job, people tend to switch to it. Remember how bulky computer monitors used to be? One reason flat screens took off was that they were better: not only did they offer larger screens, but they weighed less. No wonder they became popular. Another reason products catch on is attractive pricing. More people prefer paying less rather than more. Advertising also plays a role. Consumers need to know about something before they can buy it. But although quality, price, and advertising contribute to products and ideas being successful, they don’t explain the whole story.
A new market might cannibalize some of the old, but it also expands overall consumption—cars significantly hurt the makers of buggy whips, but they greatly expanded the use of transportation. If fighting competitors for share is a zero-sum game, new markets are about positive sums that create economic growth. New markets are
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