In part 2 of The Entrepreneurial Mindset, Rita McGrath, discusses the concept of the entrepreneurial mindset and the power of consumption chain analysis for businesses seeking to differentiate and innovate.
Rita illustrates how understanding each step of a customer’s journey, from need identification to product disposal, can unveil numerous opportunities for innovation and competitive advantage.
She shares insightful examples ranging from grocery shopping to the historical battle between Betamax and VHS, highlighting the importance of aligning each step of the consumption chain to customer needs and preferences.
She also touches on the significance of resegmenting markets and reconfiguring industries to capture new opportunities, using examples from automobile insurance and manufacturing.
The episode offers a deep dive into how companies can apply these concepts to drive growth, challenge assumptions, and transform their competitive landscapes.
00:00 Welcome & Recap of Part One
00:30 Diving Deeper into Consumption Chain Analysis
01:12 Exploring Customer Choices and Consumption Chains
02:30 The Importance of Understanding the Customer Journey
05:41 Learning from Failure and the Power of Networks
08:53 Innovative Case Studies: Progressive Insurance and Beyond
13:18 Resegmenting Markets for Competitive Advantage
19:05 Reconfiguring Markets: Evolutionary to Revolutionary Changes
23:52 The Five Whys Technique and Citibank’s Strategic Move
30:10 Closing Thoughts and Where to Find More
Find Rita: www.RitaMcGrath.com
Find Valize: www.
Find Aidan McCullen for Keynote talks on Innovation, Transformation and Change: www.AidanMcCullen.Com
More on the Innovation Show: www.TheInnovationShow.IO