Companies marketing a new innovation or a new technology are rarely interested in older consumers, and for good reason. Past research shows that older consumers are much less likely to adopt new technologies or innovative products than younger consumers. The most common reasons given for this reticence are that older consumers have a psychological barrier […]
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The best companies are forward-looking. They are not only concerned with what customers want to buy today, but what they will want to buy in the future. A company’s ability to project future customer needs is usually tied to factors such as how much a company knows about its customer and the extent of customer […]
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The amount of data we generate today boggles the mind. As much as 90% of all data in the world today was created in the past 2 years, writes Keith Carter, adjunct associate professor in the Department of Decision Sciences at National University Singapore Business School and author of the book "Actionable Intelligence: A Guide to […]
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Before going to a store, consumers have an expectation in their minds about how much the product they want to buy will cost at that store, and at other stores. Once they see the actual price in the store, they will update their expectations about the prices they might find for the product at other […]
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Internet-based sales have been growing steadily — companies report a 25% increase in the past year alone, according to a survey of 351 marketing executives. Not surprisingly, investment in digital marketing has also been increasing — companies expect to increase their spending on digital marketing by nearly 11% in the next year while, in contrast, […]
Read More… from Social Media Grabbing a Major Share of the Marketing Budget
Crowdsourcing and social media channels have largely replaced the private channels between a lone individual and an organization with a public debate in which external contributors not only submit suggestions but also vote for and comment on suggestions made by others. In the best cases, these interactions evolve into a vibrant initiative, granting the host […]
Özalp Özer of The University of Texas at Dallas and Yanchong Zheng of MIT Sloan researched the role of regret and availability misperception in shaping a retailer's pricing and inventory strategies. They found that forward-looking consumers who see a product they want to buy will hesitate: should they buy it now, or wait till later when […]
Using the movie exhibition industry as its central case study, a team of researchers studied how the entry of a new movie theatre impacts an incumbent’s theatre movie choices. From the perspective of movie theatres, the movies that bring in more patrons (for example, the big-budget blockbusters or highly popular, recently released movies) are more […]
Read More… from Why Increasing Demand Is Not Always the Answer to New Competition
Entrepreneurs innovating in the technology space often lack the know-how or “specialized complementary assets” within their companies to successfully commercialize their innovations. Consequently, to date, the academic literature on this subject has advised them to contract with or license the commercialization to incumbent companies that already have an established market presence. In the short term […]
Read More… from Should Technology Innovators Participate in the Commercialization Process?
For most consumers, waiting in a long queue is a frustrating experience. There is nothing to be gained from standing in a slow line at the grocery store or waiting endlessly on the phone as a call centre automated voice intones again and again that “your call is important to us.” Most consumers don’t realize, […]
Read More… from The Surprising Benefit of Long Queues for Customers and Business
