Constructive Destruction, Make Way for the New
We ain’t talking about innovation here. We are discussing outdoing self achievements. Yes, innovation is an inherent part of it but this is a much more elaborate notion. The concept of constructive destruction is being researched since the past 150 years and has successfully covered more than 150 concepts how obliteration of a market can help winning competition.
Those of you who have all those marketing terms on your fingers must be thinking about the concept of product cannibalization by now. Even though on the similar lines, the concept of constructive destruction with the difference that is meant to eat up into markets to prevent competition to evolve and grow.
The concept of constructive destruction is a miniscule element used in the blue ocean strategy. BOS as it is more often known as is a breakthrough for marketers. As coined and defined by economist Joseph Schumpeter, BOS or constructive discussion is, “A way of describing the endless cycle of innovation, which results in established goods, services, or organizations being replaced by new models.”
In a true sense blue ocean strategy focuses on breaking free. It cuts through the shackles of old markets to create new ones, old competition to build new one and old markets to capture new ones. It would not be astonishment then that great marketers someday builds on this concept to create “The phoenix” strategy that destroys itself to be born afresh again.