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Showing posts with the label products

How Millennials Will Change The Market?

Millennials may just change the nature of business and what type of products and services are likely to be rewarded in the market. Millennials are significantly different than Baby Boomers and have been one of the hardest hit by the recession making them more focused on different aspects of life. This different focus impacts their perception of what they are looking for in the market and what they are likely to spend their money on.  Millennials communicate differently than previous generations and use technology to talk to each other ( 1 ). This means that information spreads quickly among this population and they stay in touch with each other through posting on Facebook, Twitter, and other methods. They are fairly transparent in their communication patterns and how they view particular issues.  According to a study conducted by Harstad Strategic Research, inc. Millenials want things like affordable college, retirement, social equality, healthcare, environmental policy,

Creating National Innovation Through Information Diffusion

National innovation is an all growth proposition that seeks to make maximum market gains by exporting relevant products to excited customers. Charging forward with a barrage of new products and services creates a zeitgeist of growth that is not easy to match. The researchers Change and Cui (2013) analyzed the factors that help encourage higher levels of international competition that led to GNP growth and development.  Countries rely on informal and formal innovation networks to turn good ideas into marketable growth. National innovation systems refer to the innovative network within a country whereby departments and agencies promote innovation through the economic, scientific, and technological organizations (Zheng, 2006). Each of these organizations uses the knowledge of other sectors to enhance their own positions.  Often countries use more of a closed innovation system. Each company works within a silo and doesn’t share information. Even though great ideas do come for

Focusing on Selling Experiences versus Products in the New Economy

Service dominated logic or S-D Logic may be a better viewpoint to train managers and teach college students about the nature of modern business. Considering how much society has changed over the past few decades the movement from tangible goods to service offerings creates a fundamental shift in the economic system. This fundamental shift should be incorporated into training and education so that decision-makers can master new economic conditions. A total of 75% of all business revenue is currently service oriented while 80% of the GNP is service related (Ford & Bowen, 2008). That is a huge number! With this fundamental change from agricultural, products, and commodities to service oriented offerings it is necessary to train managers on the new S-D vantage point of seeing and perceiving their operations in a new light. Such an approach will help decision makers view organizations and problems from a perspective that actually reflects current economic activities. The