New Business Concepts for Growth

Canals, Jordi
December 1999
Journal of General Management;Winter99, Vol. 25 Issue 2, p1
Academic Journal
In this article, the author discussed the notion of the business concept and its main elements. The continuous creation of new business concepts is an indispensable prerequisite for corporate growth and long-term survival. The creation of business concepts requires more than a simple reflection. It has to include a credible strategic vision, a perception of customers' future needs, a better way to serve them and the efficient organization of the firm's activities to deliver that superior value. The author have also introduced the concept of growth gaps, a set of dimensions along which the business concept creation process can be viewed. The first gap is the perception of new, emerging needs which could become consolidated if the company is able to offer the right products or services. The second growth gap is the design of new products or services to serve current needs omitted or neglected by the companies operating in an industry. The third growth gap is the potential repositioning of existing products or services to meet customers' expectations and improve the satisfaction of customers' needs. Finally, developing new business concepts is directly related to the ability to operate more efficiently, or to put into practice efficiently certain ideas that shape the company's vision of its industry.


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