marketplace of ideas

Examples of marketplace of ideas in the following topics:

• The Importance of Organizational Diversity

  • In the modern global market, diversity is essential to generating innovative ideas, understanding local markets, and acquiring talent.
  • It is widely noted that diverse teams lead to more innovative and effective ideas and implementation.
  • A group of similar individuals with similar skills are much less likely to stumble across a series of new ideas that may lead to innovative progress.
  • Some theorize that, in a global marketplace, a company that employs a diverse workforce is better able to understand the demographics of the global consumer-marketplace it serves, and is therefore better equipped to thrive in that marketplace than a company that has a more limited range of employee demographics.
  • With the emerging markets across the globe demonstrating substantial GDP and market growth, organizations need local talent to enter the marketplace and communicate effectively.

• Summary and references

  • Competitive intelligence permits the firm to: (1) understand the industry's structure and its potential impact on the firm's performance, and (2) industry competitors' relative position in the marketplace.
  • The judicious use of competitive intelligence allows the firm to anticipate competitors' actions and act to minimize the impact of those actions.
  • Through the use of competitive intelligence the firm will improve its performance in the marketplace.
  • Technology Ventures: From Idea to Enterprise, 2nd edition.
  • "Competitive intelligence revisited: A history, and assessment of its use in marketing".

• Feedback, Concurrent Control, and Feedforward

  • Bureaucratic control is the use of formal systems of rules, roles, records, and rewards to influence, monitor, and assess employee performance.
  • Business leadership may be versatile in some organizations, but it is not possible for a few individuals to generate all possible ideas or plans.
  • This means that bureaucratic control can narrow the scope of possible ideas and plans.
  • Often organizations with strict bureaucratic control find themselves less able to adapt to changes in the marketplace, their industry, or the legal environment.
  • An example of a bureaucratic feedback system is the military, with its strict hierarchy and clear chain of command.

• Idea Generation

  • The success of product-driven companies is directly tied to new product development, which is generated through innovative ideas.
  • Described below are different sources of innovation that lead to the generation of ideas for new products.
  • Good examples of this style of innovation are Wal-mart in China and IKEA in the United States–ideas that proved a big hit outside of the cultures that they were traditionally employed in.
  • Large-retail stores are now achieving success in Asian nations, through importing the idea of economies of scale, which in turn enable one-stop shopping and lower prices.
  • Similarly, IKEA achieved great success in the United States through importing the idea of a warehouse-type retail setting from Europe.

• Defining Diversity

  • Groupthink can occur when group members try to minimize conflict and reach a consensus decision without critical evaluation of alternative ideas or viewpoints.
  • The theory is that a company with a diverse workforce is better able to understand the demographics of the marketplace it serves.
  • It is thus also better equipped to thrive in that marketplace than a company that has a more limited range of employee demographics.
  • This type of organization may have women and marginalized members within the workforce, but not in positions of leadership and power.
  • This type of organization seeks to empower those from a marginalized standpoint to encourage opportunities for promotion and positions of leadership.

• Informative, Persuasive, and Reminder Advertising

  • Informative advertising will tell the consumer and marketplace about the product, explain how it works, provide pricing and product information, and should build awareness for the product as well as the company.
  • The idea is persuade a target audience to change brands, buy their product, and develop customer loyalty.
  • Persuasive advertising is highly competitive when there are similar products in the marketplace, and products are competing for their share of the market.
  • The name of the product, testimonials of past customers, public response, and sales techniques are repeated in the hopes of reminding past customers and garnering new ones.
  • It is used to keep the public interested in, and aware of, a well-established product that is most likely at the end of the product life cycle.

• The Challenge of Globalization

  • Globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology.
  • Though only a simplified and small analysis of a complicated issue, this oversight in corporate management saw each echelon of leadership ignore the core responsibility of ensuring ethical standards in lieu of capital gains.
  • Globalization is a hot topic in the business world today, garnering enormous attention as imports and exports continue to rise with companies expanding across the global marketplace.
  • In general terms, globalization is the international integration of intercultural ideas, perspectives, products/services, culture, and technology.
  • Intercultural marketplaces allow for differing demographics, larger market potential, a more diverse customer base (and therefore more diverse product offering) and a highly valuable human resource potential.

• Getting over the hurdle

  • The notion of cooperative networking often becomes more palatable once it's understood that cooperating is not about giving away trade secrets or merging with another business.
  • The idea is to enhance the competitiveness of members, reduce costs, create new capital bases, increase advantages of scale, scope and speed, and open up new markets.
  • For example, the Recycled Products Purchasing Cooperative operating out of Encinitas, California, works to promote the use of recycled paper in both the public and private sectors by running a purchasing cooperative that offers members information on services, prices, shipping, and the cost benefits of reusing paper waste.
  • It also lowers costs, decreases risk in the marketplace, and ensures a fair outcome for each participant.
  • The reported success and stability of cooperative networks, however, is perhaps the most enticing factor to those that join.

• The Global Economy

  • However, brands must be cognizant of some of the major challenges that come with marketing to a global audience.
  • For example, cost of product development (produced locally or imported), cost of ingredients, cost of delivery (transportation, tariffs, etc.), and other variables will determine product pricing.
  • Placement: Product distribution will also be determined by local and global competition, as well as the product's positioning in the marketplace.
  • The set-up of ancillary industries to cater to the needs of the global player
  • Nevertheless, many companies struggle with meeting the challenge of a larger and more complex marketplace.

• Importance and goals of competitive intelligence

  • Competition is the effort of two or more firms, acting independently, to obtain the business of a buyer by offering the most favorable benefits.
  • Competitive intelligence is the purposeful and coordinated monitoring of competitors, wherever and whoever they may be, within a specific marketplace.
  • Competitive intelligence allows the firm to make informed decisions about the outcomes of its actions in the marketplace.
  • The ability to grow is only limited by the imagination of the decision makers of the company.
  • New ideas turned into patents for new products, buying a competitor in order to increase market share and economies of scale, and establishing a sales force in a neighboring country are just a few of the ways that a company can continue to grow.