Product Description

Discover why being a "fast second" is often more financially rewarding than being at the cutting edge.

If you get there first, you'll lead the pack, right? Not necessarily! The skill-sets of most established companies, say strategy experts Constantinos Markides and Paul Geroski, are far better suited to scaling up newly created markets pioneered by others (in other words, being "fast seconds") than to creating these markets from scratch. In Fast Second, they explore the characteristics of new markets, describe the skills needed to create and compete in them, and show how these skills match up with different types of companies. Drawing on examples of successful fast-second firms such as Microsoft, Amazon, Canon, JVC, Heinz, and many others, they illustrate how to determine which new markets have the potential to be successful and how to move into them before the competition does, when to make a move into a new market, how to scale up a market, where to position a company in the market, and whether to be a colonizer or a consolidator.

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Product Details

• Amazon Sales Rank: #235296 in Books
• Published on: 2004-10-29
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 208 pages

Review
“A bold challenge to conventional thinking with plenty of examples to support the authors’ hypothesis.” (Voyager (BMI Inflight), February 2006)

"...a ring of real wisdom..." (Financial Times, 21^st September 2005)

“This interesting book examines types of innovation and how these can help companies succeed in creating and colonising new markets.” (Brand Strategy, May 2007)

Review
“This is more than just an interesting new business book. It is a bold challenge of the pervasive conventional wisdom of building breakthrough, innovative capability as a foundation stone of competitive advantage. Through their strong and clear argument and their richly detailed examples, these leading strategic thinkers present a provocative set of ideas that no manager (or management teacher) can afford to ignore.”
--Christopher A. Bartlett, Thomas D. Casserly, Jr. Professor of Business Administration, Harvard Business School

"Fast Second will force cutting-edge leaders of big, established companies to totally rethink radical innovation. Conquering radical new markets is about timing and a smart strategy for scaling them up, not creating them."
--Kathleen M. Eisenhardt, Stanford W. Ascherman M.D. Professor, Stanford University, and coauthor, Competing on the Edge: Strategy as Structured Chaos

Download Description
Why being a "fast second" is often more financially rewarding than being at the cutting edge
If you get there first, you'll lead the pack, right? Not necessarily! The skill-sets of most established companies, say strategy experts Constantinos Markides and Paul Geroski, are far better suited to scaling up newly created markets pioneered by others (in other words, being "fast seconds") than to creating these markets from scratch. In Fast Second, they explore the characteristics of new markets, describe the skills needed to create and compete in them, and show how these skills match up with different types of companies. Drawing on examples of successful fast-second firms such as Microsoft, Amazon, Canon, JVC, Heinz, and many others, they illustrate how to determine which new markets have the potential to be successful and how to move into them before the competition does, when to make a move into a new market, how to scale up a market, where to position a company in the market, and whether to be a colonizer or a consolidator.
Constantinos Markides (London, UK) is author of the bestselling strategy book All the Right Moves (23,000 copies sold) and Professor of Strategic and International Management at London Business School and Harvard Business School. Paul A. Geroski (London, UK) is Professor of Economics at London Business School whose specialties include competitive strategy and market structure.

Customer Reviews

Positioning innovation strategies for maximum profit
Constantinos C. Markides and Paul A. Geroski face a curious challenge: They have a lot of data to support their claim that the way to make big profits, if you're quick enough, is to be the second company to take an innovation to market. However, the myth of the first mover - the idea that being first to market is the way to make money - is pervasive enough that they have to spend a lot of time convincingly debunking it. They also show the challenges and risks of trying to become a successful "fast second." The authors explain the complicated, almost organic, interaction among innovators, competitors, markets and consumer demands that tug at the marketplace. They do a fine job of documenting the collective act of creation. getAbstract recommends this book to those who want to rethink their strategies for innovating or entering new markets. The possibilities of being a second mover will appeal to anyone who is interested in innovation, planning, new product marketing, or social and economic change.

Easy read for someone who want to get into new markets
This book primarily focuses on the concept of Radical Innovation. As mentioned in the book, the questions that get answered are:
- should the companies create these radical markets or get them created
- when to enter radical new market
- how to scale it and how to position.

Chapter about where do radical innovations come from is quite interesting.

Another concept that I come to learn is the difference between Colonists and Consolidators.

The section "Further Reading" is a good chapter-by-chapter breakdown of various sources that the authors tapped into. Lot of good stuff in here.

It is one of the required readings for MBA capstone project at Babson College.

In short, recommend this book.

Analytical. Good academic support for the relevant strategy
The main theme of the book is:- "Established corporations should subcontract the creation of new, radical products to start up firms and concentrate their efforts on consolidating the markets because the skills, mindsets, and attitudes required for creating a radically new market not only differ from those needed to grow and consolidate the market but also conflict with one another." If you buy in the above, you will be satisfied with the tons of well written samples and analysis which can be helpful to support any relevant strategic proposals to the board in real life. However, I am obliged to warn passionate readers of the need to remain skeptical of the suggestions of the authors to put their strategy into real practice. No matter what, recommended as a good business read!