Boardrooms are busy exploring how they anticipate and respond to multiple global trends that are making fundamental changes to the ways in which marketplaces operate.
Globalisation has impacted supply chains and the relationships between competitors. Interdependence characterises many sectors. The scarcity of resources, including the war for talent, has resulted in more co-opetition.
The growth of platform businesses has changed the relationship between supplier and consumer. Consumer aspirations and expectations have changed. The desire for instant satisfaction and the availability of buy now, pay later options have impacted business to customer transactions.
ESG (environmental, social and governance) drivers have reinforced the legitimacy of localisation in the creation of markets. And as with globalisation, interdependence characterises success.
Thought leader, Henry Mintzberg, published the Declaration of our Interdependence in January 2020
As UK PLC explores the implications of Brexit, potential new trade deals and possible responses to Covid-19, we are reminded of this interdependence.
Multiple thought leaders direct us to choose in which markets we wish to operate and to pay as much attention to determining those we do not wish to address. This presupposes that a market exists.
November 2019 was the first time that proponents of market creating strategies, W. Chan Kim and Renée Mauborgne topped the list as #1 Thinkers 50 ranking for their work on blue ocean strategy.
The difficulty of innovating as an incumbent in an existing market had exercised the mind of Clayton Christensen RIP January 2020. His 1997 work ‘The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail’ was developed by Rita Gunther McGrath in February 2020.
Understanding the dynamics of marketplaces is clearly essential for Boards in order to inform their strategic choices. A plethora of academics are available to inform thinking with different perspectives on the subject. As always, we seek to build the rich picture of our small piece of the world.
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