![]() Starbucks, for example, has established a unique position by offering a third place, a place to relax that is different from home or work. This concept is particularly important in market creation in marketing and can be viewed as part of branding activities. It can also be achieved by changing customer norms and forming new habits. When you hear the term “market creation,” you may think of Apple’s iPod or iPhone, but market creation does not necessarily require the development of new products. You can now understand how important the creation of new markets is to the development of a company. ![]() Some studies suggest that half of MIPs can maintain their market share leadership for more than 10 years, while only about 0.5% of latecomers can achieve market share leadership. ![]() Products that create new markets and change the lives of customers are sometimes called Market Initiating Products (MIP). Successful market creation can get out of competition for existing demand and significantly increase sales in an undeveloped market without competition. To achieve this, it is necessary to create and provide value that differentiates the company from its competitors, but it will be difficult to create attractive value if it only considers existing markets. ![]() Corporate development cannot be realized without continuing to be chosen by customers. This is also known as the Blue Ocean Strategy. And by providing that value, we are creating new demand and creating a market. Market creation means creating new value by creating new customer needs. ![]()
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