Using your understanding of creating new market spaces covered in Kim & Mauborgne's article, outline and critically justify three (3) strategies your client (the new start-up) can use to create new market spaces.

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CREATING A systematic approach to value innovation can help companies break free from the competitive pack. NEW MARKET SPACE by W. Chan Kim and Rene Mauborgne OMPETING HEAD-TO-HEAD CAN BE cutthroat, especially when markets are flat or growing slowly. Managers caught in this kind of competition almost universally say they dislike it and wish they could find a better alternative. They often know instinctively that innovation is the only way they can break free from the pack. But they simply don't know where to begin. Admonitions to develop more creative strategies or to think out- side the box are rarely accompanied by practical advice. For almost a decade, we have researched companies that have created such funda- mentally new and superior value. We have looked for patterns in the way com- panies create new markets and re-create existing ones, and we have found six ba- sic approaches. All come from looking at familiar data from a new perspective; none requires any special vision or fore- sight about the future. Most companies focus on matching and beating their rivals, and as a result their strategies tend to converge along the same basic dimensions of competition. Such companies share an implicit set of beliefs about "how we compete in our in- dustry or in our strategic group." They share a conventional wisdom about who their customers are and what they value, and about the scope of products and ser- vices their industry should be offering. The more that companies share this con- ventional wisdom about how they com- pete, the greater the competitive conver- gence. As rivals try to outdo one another, they end up competing solely on the basis of incremental improvements in cost or quality or both. Creating new market space requires a different pattern of strategic thinking. In- stead of looking within the accepted boundaries that define how we compete, managers can look systematically across them. By doing so, they can find unoccu- pied territory that represents a real break- through in value. This article will de- scribe how companies can systematically W. Chan Kim is the Boston Consulting Group Bruce D. Henderson Chair Professor of Interna- tional Management at INSEAD in Fontainebleau, France. Rene Mauborgne is the INSEAD Distinguished Fellow and Affiliate Professor of Strategy and Management, and president of ITM Research in Fontainebleau. They are the authors of "Value Innovation: The Strategic Logic of High Growth" (HBR January-February 1997). CREATING A systematic approach to value innovation can help companies break free from the competitive pack. NEW MARKET SPACE by W. Chan Kim and Rene Mauborgne OMPETING HEAD-TO-HEAD CAN BE cutthroat, especially when markets are flat or growing slowly. Managers caught in this kind of competition almost universally say they dislike it and wish they could find a better alternative. They often know instinctively that innovation is the only way they can break free from the pack. But they simply don't know where to begin. Admonitions to develop more creative strategies or to think out- side the box are rarely accompanied by practical advice. For almost a decade, we have researched companies that have created such funda- mentally new and superior value. We have looked for patterns in the way com- panies create new markets and re-create existing ones, and we have found six ba- sic approaches. All come from looking at familiar data from a new perspective; none requires any special vision or fore- sight about the future. Most companies focus on matching and beating their rivals, and as a result their strategies tend to converge along the same basic dimensions of competition. Such companies share an implicit set of beliefs about "how we compete in our in- dustry or in our strategic group." They share a conventional wisdom about who their customers are and what they value, and about the scope of products and ser- vices their industry should be offering. The more that companies share this con- ventional wisdom about how they com- pete, the greater the competitive conver- gence. As rivals try to outdo one another, they end up competing solely on the basis of incremental improvements in cost or quality or both. Creating new market space requires a different pattern of strategic thinking. In- stead of looking within the accepted boundaries that define how we compete, managers can look systematically across them. By doing so, they can find unoccu- pied territory that represents a real break- through in value. This article will de- scribe how companies can systematically W. Chan Kim is the Boston Consulting Group Bruce D. Henderson Chair Professor of Interna- tional Management at INSEAD in Fontainebleau, France. Rene Mauborgne is the INSEAD Distinguished Fellow and Affiliate Professor of Strategy and Management, and president of ITM Research in Fontainebleau. They are the authors of "Value Innovation: The Strategic Logic of High Growth" (HBR January-February 1997).