ABSTRACT
Seeing where the future is headed in combination with customers’ changing wants and needs helps companies identify expansion opportunities and white space. Chapter 4 examines seven socioeconomic megatrends: (1) healthcare expansion, (2) changing demographics, (3) global power shifts, (4) ubiquitous connectivity, (5) increasing energy demands, (6) climate change, and (7) automation/digitalization. The chapter then recommends a series of questions executives should ask themselves, including geographic questions (e.g. where are the best opportunities for expansion?), corporate white space questions (e.g. do any megatrends signal new opportunities and emerging technologies for your company?), and market shift questions (e.g. how might these trends change your target market or impact your current customer base?). Finally, it suggests a process for narrowing down potential areas of interest.
