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A proactive strategy anticipates customers’ needs and creates innovative solutions, while a reactive strategy develops around customer requests. There are 5 main types of product development strategies: market expansion, product improvement, product extension , disruptive innovation, and diversification.
We wanted partners that were on the cutting edge of innovation,” Justin explained. “If And so I did early stints at Zillow, Tumblr and a company called Fiscal Note, all in different markets, doing different things in different marketsegments. It starts with self service. And so I believe in buyer empowerment.
These initiatives can take many forms, like introducing new products, expanding into new markets, or increasing investment in innovation to gain a technological edge over the competition or expand the product range. It involves selling more of a business’s existing products or services to its current market.
If you spend much time in the startup and tech ecosystem, you’ve probably heard the term “disruptive innovation” more times than you can count. Our culture is fascinated with underdogs and overnight successes— companies, products, or services that seem to rise out of nowhere and completely change their respective industries.
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