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When a New Business Model Is Needed
Manage episode 312576685 series 3238224
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Established companies should not undertake business-model innovation lightly. They can often create new products that disrupt competitors without fundamentally changing their own business model. Procter & Gamble, for example, developed a number of what it calls “disruptive market innovations” with such products as the Swiffer disposable mop and duster and Febreze, a new kind of air freshener. Both innovations built on P&G’s existing business model and its established dominance in household consumables. There are clearly times, however, when creating new growth requires venturing not only into unknown market territory but also into unknown business model territory. When? The short answer is “When significant changes are needed to all four elements of your existing model.” But it’s not always that simple. Management judgment is clearly required. That said, we have observed five strategic circumstances that often require business model change
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