Showing posts with label product development. Show all posts
Showing posts with label product development. Show all posts

Tuesday, February 3, 2015

Advanced Industries Power Exports

Advanced industries are those that develop innovative solutions to market problems. When matched with labor skills, education, business clusters and progressive policies spur exports and employment at a levels unseen in other industries. A report by the Brookings Institution finds that advanced industries only account for 9% of employment but accounts for 60% of exports and 17% of Gross Domestic Product.

The development of products requires a level of innovation where research, skill, investment, and industry come together to create an exportable product. Many of the county's strongest industries are clustered in metro areas which make it possible to rejuvenate these areas while still strengthening the nation. We can see this example in places like Detroit and San Jose California.

As to date national economic policy has not been focused on developing hubs and clusters that are better able to meet market needs and push the nation even further ahead of the competition. There have been some movement in that direction but not enough pro cluster policies have made their way into public debate and government policy. 

America's strength relies on its ability to lead the market with new products. Without offering a competitive advantage such as a highly innovative industries there is less reason to invest in the U.S. when production costs are cheaper in emerging nations. Market leaders are not as influenced by costs as copy cat market followers. 

It would be wise to consider other supporting literature that confirms Brookings Institution's findings and consider incorporating such ideas into policy making. Focusing on advanced clusters in cities that have appropriate core competencies and infrastructure can raise the U.S. from a net importer to a net export. Doing so across multiple hubs and clusters can create sustainable growth.

Brookings Institution (Februrary 3rd, 2015). Americas Advanced Industries. Retrieved from

Tuesday, January 27, 2015

Intuition and Science that Lead to Solutions

Science and Intuition seem like they have been at odds with each other but the more we learn about intuition the more we understand its knowledge base. There are two ways to gain insight into particular problems that can lead to a path of discovery and knowledge. Science and intuition are not opposed to each other and are based in some of the very same methodologies. 

Intuition is a blend of logic, experience and subconscious (Robinson, 2007). It is a fast paced analysis that leads to a better understanding of the environment as well as those “awe” inspiring moments that create insight. As a logic, experience and subconscious process it cannot be discounted as a valid method of understanding the world. 

The process of intuition offers a way of seeing and experiencing the world that some people call the “sixth sense”. This is not a third eye as common folklore states but is similar to sensing and perceiving the world around us (Hales, 2012). It is an understanding of a solution without having the knowledge of where that solution came from.  

Intuition is seen as a higher form of knowledge through instant cognition. That instant understanding cannot occur unless there has been enough background knowledge to make such insight possible. The subconscious connects the information and puts forward a solution without our conscious awareness. It is quick and many times very accurate.

Immanuel Kant discussed intuition as something derived without direct observation while Benedict Spinoza thought of it as understanding of the world as an interconnected whole. The latter is a knowledge that takes the big truths and breaks them down into individual insight. The greater concept leads to the truth of smaller elements. 

Intuition and science can actually work in tandem. Intuition, like innovation, requires a deeper understanding of product purposes before a new solution can be found. This means that someone must have the education, experience, or skill to create the pieces of information that lead to a new idea. When that initial insight occurs it must be explored and tested to become something tangible. The scientific method can be an enhancement to self-generated knowledge.

Hales, St. (2012). The faculty of intuition. Analytic Philosophy, 53 (2). 

Robinson, L. (2007). Trust your gut. Business Book Summaries, 1 (1).

Wednesday, December 24, 2014

Signs of Scientific and Creative Genius in Business

Genius, previously termed gifted, is a person who excels in one or a number of fields in a manner that contributes something new and unique. Geniuses develop new ideas, concepts, artistic forms, or new scientific breakthroughs in order to advance the field. Businesses are naturally interested in geniuses because they can either solve new problems or create new discoveries. A study by Dr. Keith Simonton helps define the differences in creative and scientific genius and how these are impacted by genetics and life. 

Genius as a Creative Output

Genius is more than being intelligent or ranking high on certain abilities tests. It is also about the actual output marks the individual that creates it. For example, having all the abilities in the world is great but eventually they must be used to create something. A telltale aspect of genius is the advancement of a new artistic piece, a scientific theory, or literary work. 

Genius as Intelligence:

Creative genius and scientific genius may hold some similar traits but ultimately rely on different types of skills. For example, scientific genius typically has intelligence over 140 while creative genius has an IQ over 125. The reason may be more associated with the nature of test taking whereby creative individuals could see multiple answers to problems and may take longer to answer questions.  The higher forms of genius having greater broader skills that applies across multiple spectrums. 

Genius as an Environmental Factor:

Genius is not all biological. Some places and times in the world created more geniuses than others. These are certainly not due to the slow pace of biological development and more likely oriented toward the sociocultural aspects of society at the time. The right atmosphere can help more geniuses come forward with ideas and created golden ages in societies. 

 The Benefits of Applying Genius to Business:

Genius can have many uses and each advancement in knowledge or creative output helps push society forward. When applied to the business world it can have a significant impact on the type of products developed and the amount of profits a business can make. A single invention can change the trajectory of development creating new lines of market solutions and put companies on top of their game.

It may seem like genius in one field cannot be applied easily to business but this is not always the case. Artistic genius can be transferred to media arts and design, scientific genius to product development, and creative genius to solve strategic problems. The transference of skills may not be one to one but the general skills can apply to solve unique problems. Developing the right exploratory environment and applying the skills to a specific task can make a big difference.

Simonton, K. (2012). Creative Genius as a Personality Phenomenon: Definitions, Methods, Findings, and Issues. Social and Personality Psychology Compass, 6 (9).

Saturday, July 12, 2014

Wine Review: Tisdale’s Merlot Serves its Market Segment Well

Enjoy Tisdale’s California Merlot without having to worry about the cost. Black cherry, mixed berries, and undercurrents of spices this medium bodied wine is still full-flavored. The wine may cost less than $5 a bottle but offers a solid product in their core market segment. You won’t get kudos for your wine sophistication but you can come home with something versatile and drinkable. 

Business isn’t always about offering the most expensive product at the highest price. Price sensitive consumers regularly purchase cheaper priced wines with satisfaction. Pricing strategies should consider the consumer segment and the company’s objectives when pricing their products (Duck, 1994). Are you seeking quality or quantity?

Companies will use market segmentation to understand and reach their target market. In the case of wines, this could include multiple bands of prices ranging from the price sensitive shopper to the status oriented shopper. If fewer competitors are in the low price segment it may be the perfect place to introduce a wine product.  

One of the primary goals of business is to increase revenue. New business owners regularly assume status, impression, and image are more important than running the business progressively. When it pertains to commerce it is the successful reach into a market segment that will earn the most revenue and not necessarily the overall exclusivity of the product 

Consider a high status wine that sells for a $100+ per bottle but is limited to a few thousand sales. Is it better than a business that sells 10’s of thousands of bottles for under $10? Pricing strategy, market research, and cost analysis will help the company determine at what price range their product should be sold. Be careful as a branded image in one segment is difficult to rebrand in another. 

Tisdale’s Merlot may not be offered in the finest restaurants and may not fool your friends into thinking you’re a millionaire but it does offer quality within its chosen market. For a few dollars you can throw this in the cart and be satisfied with its taste and consistency. Try it with burgers, pizza, and spicy foods. 

Duke, C. (1994). Matching appropriate pricing strategy with markets and objectives. The Journal of Product and Brand Management, 3 (2).