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Markets are elaborate, evolving ecosystems, argue Suvi Nenonen and Kaj Storbacka in Smash. They are partly socially constructed, and while they cannot be predicted or controlled, they can be influenced.
Rooted in the richness of market systems, Smash traces three resulting shifts in strategic thinking:
• from firm focus to context focus, where the relevant context is our definition of the market;
• from competing and winning to value creation and cooperation; and
• from analysis, prediction, and planning, to non-predictive strategising and experimentation.
Crucially, strategic choices go beyond market selection, entry, and exit, say Nenonen and Storbacka. Firms should actively seek to adapt the market to the firm instead of the other way round, and open up untapped value in the process.
The good news, they say, is that it does not take market power and resources, or intuitive genius, to shape markets for your own benefit. Smash offers tangible strategies that savvy market shapers of any size can implement.
Associate Professor Suvi Nenonen is Director of the University of Auckland Business School's Graduate School of Management, where Professor Kaj Storbacka also teaches. Both work on the boundary between academic and applied research in marketing and strategic management. They have extensive experience as strategy consultants to major European companies and in the design and delivery of executive education and executive MBA programmes in Europe, Asia, and Australia. In addition to their academic writing, they have written several award-winning managerial books.
Smash, by Suvi Nenonen and Kaj Storbacka.
Published by Emerald Publishing. Hardcover, 312 pages.