The Doctor Is In --Dickeson

Which Way to Go?

Without transaction costs applied to actual performance, we don't have a compass to point the path to our core competence. We've nothing but a packet of anecdotes—war stories that we tell from our selective memories around a hot stove in winter.

If we want to enter a new market, fulfill new or different needs, we first carefully define those needs and all of the nuances and peculiarities. Then we must ask what it takes to develop market competence. Next follows necessary research, development and testing.