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Marketing Strategies Uk Us Enterprises
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Book Synopsis Marketing Strategies UK & Us Enterprises by : Johnny Ch Lok
Download or read book Marketing Strategies UK & Us Enterprises written by Johnny Ch Lok and published by Independently Published. This book was released on 2019-01-16 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 5Marketing research methods 1.Critically evaluate the relative merits of quantitative and qualitative approaches to data collection for a large retailer.The marketing research process needs to follow these steps: defining the problem and research objectives, developing the research plan, collecting the data, analyzing the data, then presenting the findings. In general, the specific marketing research major activities include: Research into customer needs and expectation and a variety of qualitative techniques are used to study the often complex sets of expectations that customers have with respect to a purchase. For example, when buying a personal computer, what are customers' expectation with respect to reliability, after -sales support, design etc? Customer satisfaction surveys indicate customer areas of satisfaction or dissatisfaction; how spending money on various forms of communication, such as advertising, sales promotion, and public relations; researching similar industry studies about competitors in completely unrelated business sectors how to improve own marketing effectiveness; researching key client studies about number of customers how to make special efforts to ensure that these customers are satisfied with its standards of service and prices; researching into intermediaries, such as agents dealers are close to consumers to gather information about consumers' needs and expectation. For example in relation to reliability, delivery times and after sales services; researching front line employees their attitude towards the company and researching environmental scanning changing on trends to influence the company development in the future. Structure of market research includes spending on market research, types of market research and potential problem. Market research means researching the the immediate competitive environment of the marketplace, including customers, competitors, suppliers, distributors and retailer. Otherwise, marketing research includes all the above and companies and their strategies and markets of whose products sale or services provision and the wider environment within which operates ( e.g. political, social, economic etc factor influences). Hence, marketing research means the systematic design, collection, analysis and reporting of data and finding relevant to a specific marketing situation facing the organization. In general, the ten most common market research activities for a large retailer data collection, include determination of market characteristics, measurement of market potential, market share analysis, sales analysis, studies of business trends, short range forecasting, competitive product studies, long range forecasting, pricing studies and testing existing products.The reasons why a large retailer needs to conduct that research in new product development include the product must appeal to the customer, timely market research can help the large retailer to predict its client's needs/wants, market research tends to point out success and failure before its product is launched for real and it can save its money and time. A large retailer's market research can be sources by either primary or secondary or both and it can use either qualitative or quantitative or both methodologies and it can achieve objectives either exploratory or descriptive or causal experimental.The primary source is
Book Synopsis Marketing Strategies UK and US Enterprises Development SWOT Analysis Comparision by : Johnny Ch LOK
Download or read book Marketing Strategies UK and US Enterprises Development SWOT Analysis Comparision written by Johnny Ch LOK and published by . This book was released on 2019-01-11 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: In terms of a new product development process, how could the development and launch of Tele point services have been improved in order to avoid the problems that were experienced ? What lessons can be learnt for the development of 3G ( or 4G services)? Adrian, P.( 2012) showed that Hutchison is not new to taking big risks in the mobile phone market. It was behind the Rabbit network of semi-mobile Tele point phones launches in the UK in the 1980 years. These allowed callers to use a compact handset to make outgoing calls only, when they were within 150 meters of a base station, these being located in public places such as railway stations, shops, petrol stations, etc. As in the case of many new markets that suddenly emerge, operators saw advantages of having an early market share lead. Customers who perceived that one network was more readily available than any other would all other things being equal be more likely to subscribe to that network. Operators saw that a bandwagon effect could be set up to gain entry to the market at a later stage could become a much more expensive market challenger exercise. Such was the speed of development that the Tele point concept was not test marketed. To many, the development was too much product led, with insufficient understanding of buyer behavior and competitive pressures. Each of the four companies forced through their own technologies, with litter inclination or time available to discuss industry standard handsets which could eventually have caused the market to grow at a faster rate and allowed the operations to cut their costs. The Rabbit network came with the announcement by the UK government of its proposal to issue licenses for a new generation of personal communication networks, these would have the additional benefits of allowing both incoming and outgoing calls, and would not be tied to a limited base station range. By 2006 year, the next generation of mobile phone services were under development, with Japanese trials of 4G faster than 3G telecommunication service. 3G phones were also challenged by the development of alternative wireless access services, notably Wi Fi. Many companies, such as T-Mobile had began offering mobile Wi Fi services, which allow users to log on a local access points and gain access to their email and browse internet. Subscribers to VOIP telephone services could also effectively make the free phone calls from a Wi Fi access point. For many business travelers, using their laptop, Wi Fi access seemed a more attractive and less expensive option than using a 3G phone connection to check for email. It was likely to become even more attractive, with development of longer range Wi Max services that extended beyond the very limited 50 meter or so range of Wi Fi. The pressure of 3G telecommunication services was intensified when the UK government announced in 2006 year that it would license the development of a national Wi Fi network.
Book Synopsis Marketing Strategies UK & Us Enterprises Development Swot Analysis by : Johnny Ch Lok
Download or read book Marketing Strategies UK & Us Enterprises Development Swot Analysis written by Johnny Ch Lok and published by Independently Published. This book was released on 2019-01-10 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: An university looks to areas where which can make cuts and achieves efficiencies, an university should start farthest from the core of teaching and research ancillary services. Cutting from the outside in and building from the inside out. Growth in programs and research, increasing faculty and student demands and increasingly compliance requirements have all contributed to the growth of administrative costs. The reasons are often very legitimate. But as new programs are added, old programs often are closed down in some university ancillary services, e.g. unimportant administration internal service . The resulting breadth of campus activities creates too much complex it for staffs to manage with any efficiencies of scale in university. Units don't trust one another or the center to provide ancillary services. Data center management is a good example of fragmentation on campus. At the university, the central information technology group managed fewer than half of the servers on campus in its data center. For the servers located in the colleges, fewer than half were managed by college information technology groups, the rest were considered hidden at the department or faculty level. Despite the internet data and security risk of having too many unmanaged serves on campus in the university's central information technology department. In similar cases, outsourcing data centers would be a good solution. Third party data centers could provide more solutions, higher levels of securing, greater flexibility in capacity and lower cost than internal solution. Redundancy, an university is an many other campuses, it was managed at the department level, there were no product standards and each department negotiated its own vendor contracts. A sample of purchase order showed that the same item was being bought for as much as e.g. 36% more in some departments than in others. By centralizing end, standardizing more if its procurement to expect to save more expenditure. An university hierarchy, most campuses have too many middle managers. Before it reorganized, an university has average spans of control (the number of employment). Campuses engage to save cost. An university campuses engage in too many activities that require to broad a skill set to effectively deliver in house. Take information technology application management for example, not only does it need to support classrooms and research needs across a diverse set of disciplines ( history, music, law, engineering, biomedical science etc. different subjects), it also has to cover functions ( finance, human resource, research, administration, student registrar, libraries and student services etc. functions). It weren't enough, information technology also has to serve industries beyond the core academics, including bookstores, retail food, debt cards, total museums, publishing houses. A single IT group would have a hard time managing all it that well, given the expertise required, leading to either poor service delivery, sub scale and costly delivery.Outsourcing more of non core activities would reduce campus complexity and cost. Third party provides have greater scale capability and skill because the outsourced service is their core business, enabling them to deliver the same or better service at a lower cost. In order to reduce aministrative costs without diminishing service and perhaps even enhancing it's campuses will need to subscale operations by creating shared service or outsourcing improve processes by eliminating low value work and automating much. Better manage university assets to whether it is real estate, physical assets or intellectual property, a number of activities where partnership with third party providers would allow for financial relief and improved performance. Hence, an university can also invest its intellectual property to build its build to raise its market value for long term to raise its sale price for long term.
Book Synopsis Marketing Strategies UK and US Enterprises by : Johnny Ch LOK
Download or read book Marketing Strategies UK and US Enterprises written by Johnny Ch LOK and published by . This book was released on 2019-03-27 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 11A national chain of restaurant mobile advertising strategy1.Critically assess the likely opportunities and problemsof mobile advertising for a national chain of restaurants.A global crisis in the advertising industry largely linked to the impact of the internet is transforming the business models of media industries, the content they create and distribute, and the audiences who consume that contents. Such as consumers can use whose mobiles to find where the chain of restaurants are located and meal and drink prices and meal and drink types and restaurant opening and closing time etc. information for the national chain of restaurants from internet advertising when who leave at home conveniently. The opportunity to mobile advertising for a national chain of restaurants, it can expand its national chain of restaurants brand to different countries visitors and instead of its self country visitors to let them to know whether where its chain of restaurants can provide what kinds of food or drink to serve to them to eat before they prepare to go to any one of the national chain of restaurants immediately. Hence, when visitors travel to its country, it will be more easy to let them to remember where any one of the national chain restaurants are located in the nation when who enter the national chain restaurants website or enter yahoo website to type" national chain restaurants" word, then who can seek any one of the national chain restaurants from whose mobiles easily.In fact, if a national chain of restaurants chose to use television advertising, due to the national chain of restaurants which locate at itself country locally. It is only concentrate on promoting it's country's domestic eating consumers target to know it's existence when its country's domestic eating consumers are watching television at homes. Usually, working people need to work and students need to go to school to study from morning 9:00am to 6:00 pm at night. Hence, the national chain of restaurants can only advertise at night time. Furthermore, the overseas travelers watch the nation's television when who are staying in the nation's hotels at night time. Hence, the national chain of restaurants can only use television to advertise to attract the largest numbers of local and foreign visitors to watch its advertisement at night time possibly. Due to mobileadvertising exists, television advertising is more difficult to attract the durability of audience segmentation models to build upon demographic and it also lacks new opportunities to implement psychographic and behavioral models for understanding audiences. Such as, many young people who accept to use mobile to communicate, so it implies every family usually has a mobile to use and mobile advertising will also have much opportunity to help any businesses to promote whose services or products to let many families to know whose advertising. In fact, mobile users can use mobile to watch movies or news, so who ought to link internet to watch during who are sitting on any transportations or walking, so when the nation's people who feel hungry, who can use their mobiles to link to internet to seek any restaurants to decide which restaurants are the most close to their locations to choose.
Book Synopsis UK Investment and Business Guide Volume 1 Strategic and Practical Information by : IBP, Inc.
Download or read book UK Investment and Business Guide Volume 1 Strategic and Practical Information written by IBP, Inc. and published by Lulu.com. This book was released on 2015-09-11 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: United Kingdom Investment and Business Guide Volume 1 Strategic and Practical Information
Book Synopsis Marketing Strategy Masterclass by : Paul Fifield
Download or read book Marketing Strategy Masterclass written by Paul Fifield and published by Routledge. This book was released on 2008-09-10 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt: The very best business isn’t born out of hunches, macho tactical skirmishing or simply ‘being busy’, but is the product of careful calculation and understanding customers’ needs, wants and aspirations. Marketing Strategy Masterclass is a ‘how to’ book of marketing strategy focused on doing what our customers want us to do, how they want it done. Included throughout are the wise words of a choice selection of history’s masters, depicted on the book’s front cover. Aimed at professional marketing managers, business development managers and students, this real and practical masterclass is an indispensable reference for use on its own or alongside Marketing Strategy, 3rd edition, also published by Butterworth-Heinemann. ABOUT THE AUTHOR Paul Fifield has been extensively involved in strategic marketing training and education since 1980. His professional assignments have ranged from marketing strategy development for some of the UK’s largest companies through to projects in market segmentation and branding to top level in-company strategy development programmes and workshops. He has advised clients in a wide range of industries including aviation, banking, brewing, business services, computing and software, construction, economic development, housing, hotels and catering, insurance, publishing, retailing, household appliances, telecommunications, tourism and utilities. Paul is also Visiting Professor of Marketing at the University of Southampton and at the Collège des Ingénieurs in Paris.
Book Synopsis Market-led Strategic Change by : Nigel Piercy
Download or read book Market-led Strategic Change written by Nigel Piercy and published by Routledge. This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: '..the best guide I've seen to creating a market-led company.' Professor Philip Kotler, S C Johnson & Son Distinguished Professor of International Marketing, Northwestern University, USA The second edition of Market-Led Strategic Change builds on the massive success of the first edition, popular with lecturers and students alike, presenting an innovative approach to solving an old problem: making marketing happen! This book will help you get back to basics. You will confront critical questions in the organization of marketing, understanding the nature of the marketplace, how the critical processes of marketing planning and budgeting are managed, and the crucial element of ensuring commitment where it matters most. A wealth of case studies are included showing how marketing strategy is carried out in practice. Includes chapter on the link between market strategy and the sales organization Includes 12 case studies showing how marketing is done Includes worksheets for segmenting markets, making market choices, analysing market mission, developing market sensing, evaluating sales operations and new diagnostics
Book Synopsis Market-Led Strategic Change by : Nigel Piercy
Download or read book Market-Led Strategic Change written by Nigel Piercy and published by Routledge. This book was released on 2008-10-30 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fourth edition of the best seller, Market-Led Strategic Change, confronts the real issues companies face in going to market effectively and profitably, including: * corporate social responsibility * marketing under siege * dominant customers and much else besides. In his witty and direct style, Nigel Piercy takes into account state-of-the-art thinking, including nine new case studies providing invaluable lessons from global firms: * Tata * EMI and the music business * Cloud computing * IBM * BAA * Rover cars * Tesco in the USA * Mittal and global steel * One-Laptop-Per-Child. The book confronts the critical issues now faced in strategic marketing: * escalating customer demands driving the imperative for superior value * totally integrated marketing to deliver customer value * the diffusion of Internet-related issues throughout marketing * managing processes like planning and budgeting to achieve effective implementation At once pragmatic, cutting-edge and thought-provoking, Market-Led Strategic Change is essential reading for all managers, students and lecturers seeking a definitive guide to the demands and challenges of strategic marketing in the 21st century. Tutor Resource pack available at www.textbooks.elsevier.com
Book Synopsis International Marketing by : Colin Gilligan
Download or read book International Marketing written by Colin Gilligan and published by Routledge. This book was released on 2012-11-26 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a basic text for international marketing courses. It introduces the different elements of the international marketing mix and sets these in context. It discusses the firm’s strategic position: how it is orientated at present to take advantage of international marketing opportunities and how its strategy is developing. It: Stresses the wide differences between different overseas markets and the importance of handling sensitively particular local features. Examines the need to structure the whole business organisation in the right way and make international marketing effective Discusses the importance of communication and control Throughout case studies are used to highlight particular issues.
Book Synopsis The Marketer's Handbook by : Laurie Young
Download or read book The Marketer's Handbook written by Laurie Young and published by John Wiley & Sons. This book was released on 2011-04-22 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, written by a senior marketer with over thirty years experience of using marketing techniques and concepts, sets out to describe, contextualize and rate them. Its prime emphasis is on understanding their status so that they can be used to direct the use of shareholder funds effectively. Its conclusion is that seasoned professionals must use their judgement about when and how to use them, but they also need to understand them in depth if they are going to make well-rounded, effective investment decisions. Above all it asks: “how useful and relevant is this concept? Will it improve decision making? Does the damn thing have any credibility and does it work?” “This book combines a rigorous review of a wide range of marketing concepts with many practical examples and case studies. It can be read or dipped into both by seasoned professionals and by those just embarking on their marketing career.” Sir Paul Judge, President, Chartered Institute of Marketing “Laurie Young casts an experienced and skeptical eye on many cherished marketing concepts and techniques. He provides an antidote to the tendency to adopt them without understanding their limitations and possibilities.” Professor George Day, The Wharton School, Chairman of the American Marketing Association “Laurie Young has produced nothing less than the A-Z of marketing. He has journeyed far and wide mapping out hundreds of business, marketing and communications models to produce an extremely useful industry atlas. Certainly it will find a well-thumbed home on my bookshelf.” Hamish Pringle, Director General, Institute of Practitioners in Advertising “This book is much needed by marketing. Its value is in challenging concepts, some of which have been the accepted norm for a long time. But as this book shows, some of these may no longer be relevant and appropriate for marketers in today’s consumer environment.” Mike Johnston, CEO, Dairy Council of Northern Ireland and former Chairman of the Chartered Institute of Marketing “Senior marketers, like those who make up the membership of the Marketing Society, hone the methods and techniques they favour as their career develops. Laurie Young clearly did that and an experienced voice shines through this critique. It is heartening to find that so many concepts have a long history of producing real value for businesses but alarming to find so many of the theorists’ favourites to be so groundless.” Hugh Burkitt, CEO, The Marketing Society
Book Synopsis Business Strategy by : George Stonehouse
Download or read book Business Strategy written by George Stonehouse and published by Routledge. This book was released on 2003-06-11 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Business Strategy: an introduction' is an accessible textbook that provides a straightforward guide for those with little or no knowledge of the subject. It presents complex issues and concepts in a clear and compact manner, so that readers gain a clear understanding of the topics addressed. The following features are included: * A comprehensive introduction to the subjects of business strategy and strategic management * Complex issues explained in a straightforward way for students new to this topic * Student friendly learning features throughout * Case studies of varying lengths with questions included for assignment and seminar work * A discussion of both traditional theory and the most recent research in the field This second edition features new and updated case studies as well as more depth having been added to the material in the book. New chapters on business ethics, types and levels of strategy, and how to use case studies have been incorporated. A range of pedagogical features such as learning objectives, review and discussion questions, chapter summaries and further reading are included in the text resulting in it being a user-friendly, definitive guide for those new to the subject. A web-based Tutor Resource Site accompanies the book.
Book Synopsis Convergence Marketing by : Yoram Wind
Download or read book Convergence Marketing written by Yoram Wind and published by Ft Press. This book was released on 2002-01 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface: Running with the Centaur "A businessman is a hybrid of a dancer and a calculator." —Paul Valery, French Poet and Philosopher The Internet revolution didn't turn out to be anything like we thought it would be. At the end of the 1990s, the discussion of many observers, we among them, focused on the rise of the "cyberconsumer" and the emergence of "Internet marketing." At the extreme, the image of this cyberconsumer was humorously caricatured in a series of Sprint commercials introducing its wireless web, in which people hunched over their computers in dark rooms were invited at long last to step out into the sunlit world. The business model designed for the cyberconsumer was the "pure play" Internet firm, either a separate dot-com or a stand-alone division of a larger company. But the cyberconsumer was largely a myth. Consumers didn't behave anything like we thought they would. Today, we are entering the age of the centaur. Consumers act across multiple channels. They combine timeless human needs and behaviors with new online activities. They are like the centaur of Greek mythology--half human and half horse—running with the rapid feet of new technology, yet carrying the same ancient and unpredictable human heart. This consumer is a combination of traditional and cyber, rational and emotional, wired and physical. This consumer is not either/or, but both. The authors came to this center from opposite directions. Jerry Wind was an early champion of digital marketing, highlighting the revolutionary changes of the Internet on consumer behavior, marketing and business strategy. He urged executives to consider the potential of this new technology to transform their businesses. Vijay Mahajan pointed out that not everything had changed, and that many aspects of consumer behavior and marketing remained the same. He urged executives to consider the enduring human characteristics that would continue to shape marketing and business strategy. As we discussed the issue from these two viewpoints, working on a series of projects that led to this book, we came to the conclusion that we were both right: the reality was the hybrid consumer. This is not to suggest that there are three separate segments (traditional, cyberconsumer and centaur). The reality is convergence. The entire market is becoming centaurs, either directly or indirectly (even if someone is not online, their behavior will still be affected by new technologies, channels and products, and service offerings). This is why we focus so much on the centaur. The centaurs, in turn, are heterogeneous, so there will be many segments among these hybrid consumers. Even the most tech savvy of U.S. consumers—the 18 to 25 year olds of Generation Y—are not strictly cyberconsumers. A recent survey of more than 600 Gen-Y respondents (51 percent of whom had made online purchases in the past year) found that nearly 40 percent learned about the product online, but bought at a physical store, whereas only 9.3 percent began and ended their search online. When asked where they would prefer to shop, nearly three-quarters chose a store rather than online. Across the spectrum, consumers are combining various channels and approaches, searching online to buy offline, searching offline to buy online—and everything in between. Charles Schwab found that while about 90 percent of all trades are handled online, 60-70 percent of new accounts are set up in branch offices. People want to be able to see whom they are working with when they turn over their money. Benefits of Convergence The power of hybrid models can be seen in the success of Tesco, which raced past pioneers such as Peapod and Webvan to become the largest online grocer in the world. Tesco, using its century-old platform of retail stores in the U.K. as the launching pad for its online service, created a profitable online business that was handling 70,000 orders per week by mid 2001 and had racked up more than $400 million in sales the year before. Tesco could set up its online grocery business for a fraction of the investment of Webvan because it was able to build off its existing infrastructure. Tesco has moved into the U.S. market, purchasing a 35 percent investment in Safeway's online grocery service in June 2001, and announcing plans for expansion into South Korea. The power and profit of the hybrid model can also be seen in the success of Staples.com, which expected to grow online revenues to $1 billion in 2001, nearly 10 percent of company sales. Even more significant, Staples found that the addition of the new channel is not cannibalistic, but synergistic. Overall, customers who shop in the store and catalog spend twice as much as those who shop in the store alone, and customers that shop using the store, catalog, and online channels spend an average of $2,500, nearly four times as much as store shoppers. The results achieved by Staples and other firms offer a sense of the potential return on investment from meeting the centaur. Convergence strategies offer a variety of opportunities for generating new revenues, reducing costs and creating valuable options for the future. Changing Mind Sets There is emerging evidence of the immediate benefits of convergence strategies, if investments are made strategically, but these short-term gains are not the only opportunity. Our focus is to look at the opportunities, both short- and long-term, created by the emergence of the hybrid consumer and how companies can capitalize on these opportunities. The last category may be the most important: the options that convergence strategies create for the future. This book takes a broader view of the strategic impact of the centaur for marketing and business strategy, and the architecture of the organization. If you believe, as we do, that the centaur is the future of our markets, then the ability to succeed in the future depends on understanding and "running with" the centaur. Failure to understand these changes creates the risk of significant lost opportunities. What can the integration of the offline marketplace and the online marketspace do for consumers that neither can do alone? What business principles will guide the integration? How is marketing changing? How do these shifts affect short-term and long-term profitability and growth? What Is Converging Convergence, as we discuss it here, means more than the fusion of different technologies (television, computers, wireless, PDAs) or the combination of channels (such as Tesco's or Staple's bricks-and-clicks model). We focus on a more basic convergence within the consumer—the new possibilities created by the technology and the enduring behaviors of human beings. This convergence will shape how the Internet and other new technologies unfold, and the opportunities created for companies. What can consumers do with the technology that they could not do in the past? When will they continue to do things in the way they always have? Although most of the focus in this book is on business-to-consumer interactions, many of the insights apply equally to business-to-business strategy. The line between B2B and B2C is already blurring. In an environment in which Sun Microsystems is selling products on eBay, is this B2B or B2C? In an environment in which a customer may soon be able to click an order button for an automobile and set in motion a global supply chain to deliver that car, where does B2C end and B2B begin? Lessons from the Dot-Coms This book examines the practices of a variety of companies, but we must stress at the outset that these firms are not held up as ultimate models. They all have something to teach us, but many of the successful companies of a year or two ago are now fighting for their lives. And some companies that were all but written off are back in force. We suspect the same unpredictable dynamic will be seen in the future. This is a particularly dangerous time to engage in benchmarking or to search for excellence. It is not a time for simple recipes. Instead, it is far more important to gain a deeper understanding of how consumers are changing and how they are remaining the same. The actions of these hybrid consumers will shape the way technology is adopted and, ultimately, the future of your markets. We should take a balanced view of dot-com failures. Mark Twain once said, "We should be careful to get out of an experience only the wisdom that is in it." Twain gives the example of a cat who sits on a hot stove, and learns not to sit on a hot stove again—but also won't sit on a cold stove. The failures of the first wave of dot-coms offer many lessons about what to do, and what not to do, but we need to be careful in taking lessons from them. Although some of the companies that failed had weak business models, some actually had brilliant marketing strategies and business models. The failure of the business is not necessarily an indictment of the idea. Some may have arrived slightly ahead of their time. Some may have suffered from poor execution. It may be that the time is now right for these ideas to flourish. During the Internet bubble, we have engaged in one of the most extensive, investor-financed experiments in new business models and paradigms. There has been an explosion of experimentation. Although many of these experiments proved to be unprofitable, many new ideas were developed and tested. Incumbent companies and startups that are still alive can benefit greatly from the acceleration of knowledge from this dot-com "school of hard knocks." Pick through the wreckage and look carefully at what happened. Then take away the lessons that you can use. The Implications of the Centaur In this book, we offer insights to top executives and key organizational change agents on the characteristics and behavior of these hybrid centaurs and how we need to reshape our marketing and business strategy to meet them. The book explores different intersections between the consumer, technology and company and their implications for marketing and business strategy and organizational design. We examine the emergence of the centaur, and the marketing, business and organizational challenges and opportunities created. Part I offers a portrait of this centaur, what has changed and what remains the same. We also discuss how the focus on the customer has often been lost in the emphasis on technology. These centaurs are complex beings, with a love-hate relationship with the technology, buying books from Amazon.com one day and relaxing in an armchair sipping cappuccino at Barnes & Noble the next. Part II explores issues at the intersection between the consumer and technology. We consider five key issues at the core of addressing these new hybrid consumers—customerization, communities, channel options, new competitive value propositions, and choice tools. Although these issues have been discussed in the context of the cyberconsumer, they are quite different from the perspective of the centaur. Sometimes consumers want customerization (customized products and services as well as customized marketing), but other times they want to pull standard products off the shelf and receive mass marketing messages. Consumers are members of both physical and virtual communities. The hybrid consumers want to be able—in the words of Fidelity—to "call, click, or visit." They are redefining the traditional sources of value, buying products by auction or fixed price or name-your-own price depending on their mood and purchase situation, creating a new value equation. Finally, the Internet offers powerful tools to find information, make decisions, and manage one's life. These tools empower consumers, changing the way they interact with the company. How can you create convergence strategies to address these interrelated issues? Part III examines the impact of the centaur on marketing and business strategies. As the consumer connects much more directly to companies, marketing has a deeper role to play. Marketing creates new opportunities for growth and rethinking the company's offering, pricing and market boundaries. The centaur has also transformed the traditional 4 Ps of marketing, along with strategies for segmentation, positioning, customer relationships, branding, and marketing research. As these changes send shockwaves through the organization, another type of convergence is called for—in organizational design. Part IV explores some of the fundamental transformations established organizations need to undergo to meet the centaur. To navigate the whitewater rapids of convergence and change, organizations need new organizational architectures. They need to change their architectures, creating a broader "c-change" to facilitate convergence across the organization and its ecosystem. The overall objective is to suggest a new consumer-centric mental model through which to examine the entire business. The kind of shift we are talking about is what Bill Gates describes in the transformation of Microsoft's original mission of "a PC on every desk" to its current mission to "empower people through great software, any time, any place and on any device." The focus is on the convergence of technology and consumer needs. This book is designed to be an interactive experience. Each chapter begins with a dialogue representing different viewpoints on convergence. Callouts highlight key convergence questions that you can use to challenge yourself and to assess your company's progress. Finally, the close of every chapter offers an "action memo," a set of illustrative hands-on experiments for exploring and applying convergence strategies. We have found the only way to master these new technologies and strategies is to actually experience them and apply them to your own business. These "action memos" are not intended to be exhaustive or to summarize key themes of the chapter, but represent a starting point for your own experiments. We encourage you to share those experiments with us, and other readers, at the Convergence Marketing Forum (convergencemarketingforum.com). The Relentless March of the Centaur As Internet penetration increases—and new technologies emerge—we are seeing a relentless march of these new hybrid centaurs. We cannot judge the potential of the Internet and other technologies by their current primitive level of development. John Hagel, author of Net Gain and Net Worth, says if we compare the Internet to a ballgame, we are still waiting for the national anthem to finish. Michael Nelson, Director of Internet Technology and Strategy at IBM, estimated in 2000 that we were maybe 3 percent of the way into the Internet revolution. He also points out that increased speed of connection, which has been a central focus of attention in the evolution of the Internet, is only a small part of the power of the emerging online world. In addition to raw speed, the fact that the Internet will be always on, everywhere, natural, intelligent, easy, and trusted, will deepen the role of the Internet in our lives. Nelson compares the development of the Internet to the early days of the electric grid. "The Internet right now is at the light bulb stage," Nelson said. "The light bulb is very useful, but it is only one of thousands of uses of electricity. Similarly, when the next-generation Internet is fully deployed, we will use it in thousands of different ways, many of which we can't even imagine now. It will just be part of everyday life—like electricity or plumbing is today. We'll know we've achieved this when we stop talking about 'going on the Internet.' When you blow dry your hair, you don't talk about 'going on' the electric grid." There will be naysayers who will use the limitations of the current state of technology as a reason for inaction. Customization is often neither cheap nor simple. Early interfaces with online sites were clunky at best and many home connections remain slow. Throughout this book, we look at the current and future potential of technology and explore how the consumer will interact with it. We won't waste your time giving you a repair manual for a Model T, but instead explore how motor vehicles (particularly newer, more reliable versions) create opportunities for activities such as commerce and family vacations by car. While we must be realistic, we cannot become too mired in the past when the future is so rapidly emerging. Children of Centaurs: In the Forests of the North It is clear that we are just getting started with the Internet, and we are even earlier on the learning curve for the new wireless consumers beginning to emerge. Even as businesses are scurrying to absorb the revolution of the Internet, teenagers in Europe and Asia are already shaping the next revolution in mobile communication and commerce. This revolution will play out differently in different parts of the world, and it will probably play out differently than we expect, unless we truly understand the new hybrid consumer. It poses new convergence challenges, but raises the same timeless questions: How will consumers interact with the technology? Again, this interaction between people and technology will not always be as businesses anticipated. Helsinki teenager Lauri Taehtinen, speaking on a panel of Finnish teenagers at the Wharton Fellows in e-Business Program, said that when he goes out on a Friday night, he doesn't make plans anymore. Instead the 19-year-old goes downtown and starts sending short messages on his mobile phone, pinging his friends to see who's out there. They connect by cell phone and then decide where they want to go for the evening. While companies are excited about developing mobile information services that might help customers identify night clubs or order fast food, Taehtinen and his peers are more interested in connection. In an environment in which virtually every teenager carries a mobile phone (Finnish market penetration of 78 percent means almost every citizen above the age of 10 carries at least one mobile phone), the mobile conversation is continuous and ubiquitous. Among U.K. teens, short messages outnumber phone conversations three to one, and the parallel phenomenon of instant messaging is one of the most popular applications of teenagers on the PC in the United States and other parts of the world. The very fact that short messages (SMS) are the top application of mobile phones in Finland is, at first, a surprising thing. The handsets, designed for voice, are not friendly to the process of messaging. Users tap out their 160-word messages on numeric keyboards through complex, rapid-fire keystrokes, smart systems, and creative workarounds. With users paying a charge to send each message on most systems, it would seem unlikely that SMS would be a central part of the mobile phone business. But these young centaurs want to communicate, and they don't let the technology get in their way. It was only in the interaction between consumers and technology that that power of short messages became apparent. Just as email has been the killer application of the Internet, mobile technology is being bent to the human desire to communicate and connect. "People don't want to be entertained," Taehtinen bluntly states. "They don't want information. If you go into Internet cafes, you see people are not reading the news; they are all sending email or chatting online. They are willing to pay for social interaction. People want to belong to something." Enduring Lessons While communications and information technology may be ephemeral and uncertain, there are at least two enduring lessons: The first is that the new technologies, as much as their proponents may want them to, do not replace the old. They live side by side, and they converge. The second is that people are complex, retaining the same enduring human needs even as they adapt to new technologies and behaviors. These may seem like fairly obvious, even simplistic, statements. But they have been overlooked more often than recognized in the mad rush to adopt new technology. These realities have fundamental implications for marketing and business strategy. What they mean is that there needs to be a convergence of the old technology and the new to create a portfolio of technologies and channels. The storefront and catalog don't go away when you add the Internet. And, even more important, there is an interaction between humans and technology that changes both. There is a convergence of old consumer behaviors and new behaviors that affects the trajectory of technology, the strategies for marketing and, ultimately, the design of the business. More Human The wonderful thing about our interactions with machines is not in the ways machines can be made to behave in more human ways, but in the way these interactions make it easier for us to see what distinguishes us as humans. The more we move to machine-mediated interactions, the more we see the fundamental and enduring behaviors that are at the core of marketing and business strategy. It is this interaction between man and machine that is changing us, transforming the practice of marketing and our organizations. In this book, we examine how we need to transform our thinking about the nature of these emerging consumers. We explore how to reach these centaurs and establish long-lasting relationships with them. We look at the ways that they remain the same and the ways that they are fundamentally different in their expectations and behaviors. And we consider how they have irrevocably changed—and continue to change—the theory and practice of marketing, and the design of our organizations.
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