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New markets require a new way of doing business, says Stephen Wunker, founder of New Markets Advisors and author of a new book out this month called Capturing New Markets. In this Process Perspectives podcast, Wunker argues that capturing new markets requires a different approach than winning in established ones how companies need to adopt a flexible approach because of the rapidity of change, and cautions against the "cutting and pasting" of business and operating models into new markets.
He also discusses strategies for reducing risk when launching into new markets - whether it's a new product category or a georgraphical region - and identifies ways that companies can approach "retooling" for a new market.