alexa Corporate imagination and expeditionary marketing.
Business & Management

Business & Management

International Journal of Economics & Management Sciences

Author(s): Hamel G, Prahalad CK

Abstract Share this page

Abstract In the 1980s, competitive success came mostly from achieving cost and quality advantages over rivals in existing markets. In the 1990s, it will come from building and dominating fundamentally new markets. Core competencies are one prerequisite for creating new markets. Corporate imagination and expeditionary marketing are the keys that unlock them. McKinsey Award winners Gary Hamel and C.K. Prahalad argue that corporate imagination quickens when companies escape the tyranny of their served markets. (Motorola, for example, sees itself as a leader in wireless communications, not just as a maker of beepers and mobile phones). Think about needs and functionalities instead of marketing's more conventional customer-product grid. Overturn traditional price/performance assumptions. (Fidelity Investments unlocked a vast new market by packaging sophisticated investment vehicles for middle-income investors.) And lead customers rather than simply follow them. Creating new markets is a risky business, however--a lot like shooting arrows into the mist. Imaginative companies minimize the risk not by being fast followers but through the process the authors call expeditionary marketing: low-cost, fast-paced market incursions designed to bring the target quickly into view. Toshiba introduced laptop computers to the market at such a blistering pace that it could explore every conceivable niche--and afford an occasional failure without compromising its credibility with customers. To stimulate corporate imagination, top management needs to redefine failure and develop new time- and risk-adjusted yardsticks for managerial performance. Managers must be encouraged to stretch their company's opportunity horizon well beyond the boundaries of its current businesses.
This article was published in Harv Bus Rev and referenced in International Journal of Economics & Management Sciences

Relevant Expert PPTs

Relevant Speaker PPTs

Relevant Topics

Peer Reviewed Journals
 
Make the best use of Scientific Research and information from our 700 + peer reviewed, Open Access Journals
International Conferences 2017-18
 
Meet Inspiring Speakers and Experts at our 3000+ Global Annual Meetings

Contact Us

Agri, Food, Aqua and Veterinary Science Journals

Dr. Krish

[email protected]

1-702-714-7001 Extn: 9040

Clinical and Biochemistry Journals

Datta A

[email protected]

1-702-714-7001Extn: 9037

Business & Management Journals

Ronald

[email protected]

1-702-714-7001Extn: 9042

Chemical Engineering and Chemistry Journals

Gabriel Shaw

[email protected]

1-702-714-7001 Extn: 9040

Earth & Environmental Sciences

Katie Wilson

[email protected]

1-702-714-7001Extn: 9042

Engineering Journals

James Franklin

[email protected]

1-702-714-7001Extn: 9042

General Science and Health care Journals

Andrea Jason

[email protected]

1-702-714-7001Extn: 9043

Genetics and Molecular Biology Journals

Anna Melissa

[email protected]

1-702-714-7001 Extn: 9006

Immunology & Microbiology Journals

David Gorantl

[email protected]

1-702-714-7001Extn: 9014

Informatics Journals

Stephanie Skinner

[email protected]

1-702-714-7001Extn: 9039

Material Sciences Journals

Rachle Green

[email protected]

1-702-714-7001Extn: 9039

Mathematics and Physics Journals

Jim Willison

[email protected]

1-702-714-7001 Extn: 9042

Medical Journals

Nimmi Anna

[email protected]

1-702-714-7001 Extn: 9038

Neuroscience & Psychology Journals

Nathan T

[email protected]

1-702-714-7001Extn: 9041

Pharmaceutical Sciences Journals

John Behannon

[email protected]

1-702-714-7001Extn: 9007

Social & Political Science Journals

Steve Harry

[email protected]

1-702-714-7001 Extn: 9042

 
© 2008-2017 OMICS International - Open Access Publisher. Best viewed in Mozilla Firefox | Google Chrome | Above IE 7.0 version
adwords