Home Depot substituted not one, but two industries at the same time and created an entirely new way of home improvement. The key questions to focus on are: A) What are we really selling? B) What product/service loses when you win and vice versa? C) Who is the buyer, consumer, influencer? Home Depot Source: Google Images But it is nonobvious and much harder to build a product that solves unarticulated needs of the consumer.

It is easy to mirror features and benefits of competition products. When asked about the size of his competition, the CEO said his competition is not other pain balms, but the ability of millions of Indians to withstand pain.īy defining his market as ‘ability to withstand pain’, this CEO magnified his opportunity manifold. There is a famous anecdote about an Indian CEO who built a large pain relief balm brand. In doing so, they redefined the market for a “basic need” as opposed to a “product description”.įocus shifted from the narrow goal of winning a share of a small pie from archrival Pepsi Cola, to play a larger game in the larger all beverages market – water, juices, sports drinks, milk-based drinks.Īn expanded definition of the market expanded the mindset of opportunity for Coca Cola employees and leaders and catapulted growth to become the No.1 beverages giant globally.Īn expanded market definition also expanded the opportunity mindset for Coca Cola employees and catapulted it to become the No.1 beverages giant globally. Coca Cola defined its market not as Share of Cola Beverages, but as Share of Throat.

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