Assignment 7
Last 30th day of July, we had our an extended communication dealing with some particular topic about the Marketing Convergence undergoing development or evolution in the community today. We also had the chance to dig deeper the essence of the prosumer through the in-depth lectures of it.
Without dissimulation or pretentions, the term convergence gives me no definition in my mind. I just perceived of the term but I really don’t have the idea as to what is the idea of significance of it. What is meant by convergence? Convergence is an instance of something occurring of two or more things coming together. It is the act of joining together as one of such technologies to give innovation and suitability in the present world. Convergence alters the way we breathed and lived. Thus, convergence conveys importance and progress and also convergence is a great word packed with lots of marketing value attached to it. With subtraction of going into the specifics like what should be included and what should not, we stretch a definition here which is fairly broad, all embracing, and so naturally not very helpful for those who want to jump to examples. Convergence implies to the blurring of dividing lines among conventionally and traditionally distinct products and services, technologies, markets, industries, and regulatory structures to new innovations.
As I remembered during the discussion last week, the thought of newly build business with sophisticated innovations and traditional or conventional business can come together to create something new and different to create and produce – and consumers are combining them to suit their tastes. Many notions form the different people primarily treated newly e-business as just another contributing taste in the food court. Some organizations or firms saw it as a standalone restaurant. But the thing is, the most powerful new models may not be those based on a food court concept, but rather on a deeper fusion. This is like boundless fusion in cuisine, wherein Asian and French are compatible or Spanish and American influences are joined into creative and tasty new dishes. E-business and traditional business can be brought together to create something new and different, and individual consumers are combining the two in ways that suit their individual tastes. However, not all these collection of things that have been combined work, and the key is to have thorough experiment with different combinations. In e-business, the dot-com revolution led to a furious era of experimentation, as companies quickly tested what worked and did not. As investors poured capital into these markets, depicted one of the most massive experiments in new business models — some virtuous, some fatally flawed according to the book “The 5 C's of Convergence Marketing” of Yoram (Jerry) Wind, Vijay Mahajan, and Robert E. Gunther.
According to Yoram (Jerry) Wind, Vijay Mahajan, and Robert E. Gunther, we have to explore the five specific areas in which this convergence seems to lead to very powerful combinations. These are also areas where the interactions are complex and important to business success. These “five C’s” are areas in which some of the most interesting new “fusion” concepts can be developed:
Powerful new technologies allow customers to become co-producers in developing customized products and services. New technologies also allow customers to customize messages that they receive and permit companies to personalize the messages that they deliver. While such tailoring was once offered only to the elite for a very high cost, the technology makes such customization much cheaper and easier. From jeans to coffee, to bicycles, to eyewear, to cosmetics, to vitamins, to breakfast cereals, companies have used this technology to create customized offerings. The pioneers of this technology saw it as a nearly certain win. If customers could get exactly what they want, why would they settle for some less-than-perfect standardized offering or message? And if companies could manufacture to order, the inventory reduction would go directly to the bottom line. In fact, however, standardized products have not gone away. There are reasons why people like off-the-shelf offerings, at least in certain areas of their lives. The product or service may not be important enough to warrant the time and energy of customization, and customers may have an unarticulated need, so they may not know what they want until they see it. They also might like to fit into a crowd, with popular music or a global brand. They might like to engage in an experience that they don’t need to design themselves. Companies can use a variety of strategies to combine standardization and "customerization" (the customization of both offerings and messages). Companies can keep their standardized offerings a click away from their customized programs. They can offer superficial customization, such as different faceplates and ring tones for cellular phones, without fundamentally transforming the underlying offering. They can invite the customer into the lab to actively engage in creating the new product.
On the other hand, we also had the chance to tackle what is a prosumer. Prosumers are those people who produce many of their own goods and services. It came from the root words Producer and Consumer. Producer defined as the one who is produce products to the consumer, denoting an active role as the individual gets more involved in the business. While Consumer simply mean as the one that consumes, one that acquires goods or services for direct use or ownership” or put another way.
Without dissimulation or pretentions, the term convergence gives me no definition in my mind. I just perceived of the term but I really don’t have the idea as to what is the idea of significance of it. What is meant by convergence? Convergence is an instance of something occurring of two or more things coming together. It is the act of joining together as one of such technologies to give innovation and suitability in the present world. Convergence alters the way we breathed and lived. Thus, convergence conveys importance and progress and also convergence is a great word packed with lots of marketing value attached to it. With subtraction of going into the specifics like what should be included and what should not, we stretch a definition here which is fairly broad, all embracing, and so naturally not very helpful for those who want to jump to examples. Convergence implies to the blurring of dividing lines among conventionally and traditionally distinct products and services, technologies, markets, industries, and regulatory structures to new innovations.
As I remembered during the discussion last week, the thought of newly build business with sophisticated innovations and traditional or conventional business can come together to create something new and different to create and produce – and consumers are combining them to suit their tastes. Many notions form the different people primarily treated newly e-business as just another contributing taste in the food court. Some organizations or firms saw it as a standalone restaurant. But the thing is, the most powerful new models may not be those based on a food court concept, but rather on a deeper fusion. This is like boundless fusion in cuisine, wherein Asian and French are compatible or Spanish and American influences are joined into creative and tasty new dishes. E-business and traditional business can be brought together to create something new and different, and individual consumers are combining the two in ways that suit their individual tastes. However, not all these collection of things that have been combined work, and the key is to have thorough experiment with different combinations. In e-business, the dot-com revolution led to a furious era of experimentation, as companies quickly tested what worked and did not. As investors poured capital into these markets, depicted one of the most massive experiments in new business models — some virtuous, some fatally flawed according to the book “The 5 C's of Convergence Marketing” of Yoram (Jerry) Wind, Vijay Mahajan, and Robert E. Gunther.
According to Yoram (Jerry) Wind, Vijay Mahajan, and Robert E. Gunther, we have to explore the five specific areas in which this convergence seems to lead to very powerful combinations. These are also areas where the interactions are complex and important to business success. These “five C’s” are areas in which some of the most interesting new “fusion” concepts can be developed:
- Customerization — Convergence of customized and standardized offerings and messages
- Community — Convergence of virtual and physical communities
- Channels — Seamless convergence of call, click, and visit
- Competitive value — Convergence of new and traditional competitive value equations and pricing models
- Choice tools — Convergence of new search engines and decision tools for consumers and company-provided advice
Powerful new technologies allow customers to become co-producers in developing customized products and services. New technologies also allow customers to customize messages that they receive and permit companies to personalize the messages that they deliver. While such tailoring was once offered only to the elite for a very high cost, the technology makes such customization much cheaper and easier. From jeans to coffee, to bicycles, to eyewear, to cosmetics, to vitamins, to breakfast cereals, companies have used this technology to create customized offerings. The pioneers of this technology saw it as a nearly certain win. If customers could get exactly what they want, why would they settle for some less-than-perfect standardized offering or message? And if companies could manufacture to order, the inventory reduction would go directly to the bottom line. In fact, however, standardized products have not gone away. There are reasons why people like off-the-shelf offerings, at least in certain areas of their lives. The product or service may not be important enough to warrant the time and energy of customization, and customers may have an unarticulated need, so they may not know what they want until they see it. They also might like to fit into a crowd, with popular music or a global brand. They might like to engage in an experience that they don’t need to design themselves. Companies can use a variety of strategies to combine standardization and "customerization" (the customization of both offerings and messages). Companies can keep their standardized offerings a click away from their customized programs. They can offer superficial customization, such as different faceplates and ring tones for cellular phones, without fundamentally transforming the underlying offering. They can invite the customer into the lab to actively engage in creating the new product.
On the other hand, we also had the chance to tackle what is a prosumer. Prosumers are those people who produce many of their own goods and services. It came from the root words Producer and Consumer. Producer defined as the one who is produce products to the consumer, denoting an active role as the individual gets more involved in the business. While Consumer simply mean as the one that consumes, one that acquires goods or services for direct use or ownership” or put another way.
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