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Should businesses refine or innovate?

Large firms, such as Nokia and Blockbuster, initially saw great success applying the ‘inside-out’ approach to business, which had them looking inwards to optimize resources and refine existing products. Yet, this approach also limited these titans’ abilities to adapt to evolving consumer needs, leading to their untimely demise.

To overcome this limitation, Anthony Di Benedetto reminds companies of the ‘outside-in’ approach, which asks businesses to immerse themselves in the mind of their consumers. By doing so, businesses can shape the market environment by predicting future consumer needs and developing internal resources to meet those needs.

As success with outside-in must consider internal resources, Di Benedetto recommends integrating and balancing both approaches to attain a competitive advantage.