Markets are vector quantities with magnitude (size) and direction (customer preferences). Unless your products evolve and adapt, you will remain a scalar quantity (only magnitude with no antenna to pick the directional patterns customers are moving to). Without adaptability, business missions struggle.
Every business model begins with “assumptions” on what the customers want. With those assumptions, products are created to serve customers. But most of the time, those assumptions must evolve because hit or strike rate is never 100% – and customers’ frictions keep changing.
The implication is that the greatest companies are those that have mastered the art of adaptability because in this world even the customers are changing. How do you do that? You have a product development continuum which means your products keep improving within the finite space. It is like an asymptote, and you must keep pushing to give customers better value, continuously.
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Comment 1: I agree with this statement. In today’s fast-paced and ever-changing business environment, companies need to be adaptable and continuously evolve their products and services to meet their customers’ changing needs and preferences. If a company fails to adapt, it risks becoming obsolete and losing its competitive advantage.
By viewing markets as vector quantities with both magnitude and direction, companies can better understand their customer’s preferences and identify emerging trends. This understanding allows companies to tailor their products and services to meet the evolving needs of their customers and stay ahead of the competition.
To remain relevant and successful, companies need to embrace a culture of adaptability and innovation, continuously seeking out new opportunities and staying attuned to the changing needs of their customers. By doing so, they can remain a vector quantity in the marketplace, with both magnitude and direction and position themselves for long-term success.
Comment 2: Product deployed to the market should be flexible so as to adapt easily with dynamic nature of customer. Taste and fashion of customers changes. Innovation is vital and company must constantly add values to their existing products to be relevant in the market if not new entrants or existing rivals might push them out of the market.
Comment 3: Thank you Ndubuisi Ekekwe for highlighting the importance of adaptability in business and the need for companies to continuously improve their products in response to ever-changing customer preferences.
Your analogy of markets as vector quantities with both magnitude and direction provides a clear visualization of how businesses must align with customer preferences to remain relevant and successful.
I agree with your point about assumptions is well taken. Businesses often make assumptions about what customers want, but these assumptions must be constantly re-evaluated as customer frictions and preferences change.
I believe that the most successful companies are those that have mastered the art of adaptability and can quickly adjust their assumptions and products to meet changing customer needs.
This serves as a reminder that adaptability is not simply an advantage, but rather, is critical for businesses to remain relevant and competitive in today’s rapidly changing market.
There is a clear need for a product development continuum that continuously improves and provides better value to customers.
Comment 4: No product goes into the market to satisfy itself, rather to satisfy the customers it’s meant to serve, because they are the ones that supply the oxygen that guarantees its continuous existence in the marketplace.
Companies release products, and customers validate them, and once the latter hold off validation, the former cease to exist.
Customers give life and meaning to your products, and without them, the products become worthless.
Comment 5: Product innovation plays a critical role in the success of any business. It is the key to staying relevant and meeting the changing needs of customers. Innovation can take many forms, including new products, features, or services. On the other hand, the ROI of product innovation is often difficult to measure, but it can be significant if done correctly.
Comment 6: In today’s competitive market, it’s not enough to just create a good product. It’s equally important to ensure that the product is adaptable to the changing needs and preferences of the consumers.
To stay ahead of the game and ensure the success of products in the long run, market adaptability must be prioritized. Adaptability should actually be a core value of current business strategy.
My Response: Indeed, markets move and products must adapt: “It’s equally important to ensure that the product is adaptable to the changing needs and preferences of the consumers.”
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No product goes into the market to satisfy itself, rather to satisfy the customers it’s meant to serve, because they are the ones that supply the oxygen that guarantees its continuous existence in the marketplace.
Companies release products, and customers validate them, and once the latter hold off validation, the former cease to exist.
Customers give life and meaning to your products, and without them, the products become worthless.