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Showing posts with the label product development

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

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 sol

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 scienti

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 pri