McKinsey publishes some thoughts/intuition on management and strategy for the next 50 years. It’s a thorough article first exploring the forces at work - where I find the way they have identified and explained technology as an accelerator is very well put. They also go on to highlight possible inflictions in the collision between the forces at work and the implications when it comes to management.
I have taken the liberty to present some quotes from the article below:
A highly recommended read in the McKinsey Quarterly by Richard Dobbs, Sree Ramaswamy, Elizabeth Stephenson, and S. Patrick Viguerie
McKinsey | Management intuition for the next 50 years: http://bit.ly/1pdDIUK
"The collision of technological disruption, rapid emerging-markets growth, and widespread aging is upending long-held assumptions that underpin strategy setting, decision making, and management."
Forces at work:
1.Dynamism in emerging markets - The shift in the weight of the global economy toward emerging markets, and the emergence of nearly two billion consumers who for the first time will have incomes sufficient to support significant discretionary spending, should create a new breed of powerful companies whose global expansion will take place on the back of strong positions in their home markets.
2. Technology and connectivity – We are in ”the second half of the chessboard” – Ray Kurzweil. Our new intuition must recognize that businesses can start and gain scale with stunning speed while using little capital, that value is shifting between sectors, that entrepreneurs and start-ups often have new advantages over large established businesses, that the life cycle of companies is shortening, and that decision making has never had to be so rapid fire.
3. Aging populations - These trends have profound consequences. Without a boost in productivity, a smaller workforce will mean lower consumption and constrain the rate of economic growth.
Harnessing market momentum in the years ahead will require covering more geographies, more industries, and more types of competitors, prospective partners, and value-chain participants—as well as more governmental and nongovernmental stakeholders. All this will place a premium on agility: both to “zoom out” in the development of a coherent global approach and to “zoom in” on extremely granular product or market segments.
Continue reading McKinsey | Management intuition for the next 50 years: http://bit.ly/1pdDIUK
“ The single most important lesson we learn from the short history of the consumer internet industry is that winning internet business models are engineered around consumers. In fact, consumer internet businesses must be designed, architecturally, to be more consumer centric than their physical world equivalents. This is because, fundamentally, the internet increases transparency and information availability to reduce friction, and thus shifts market power to users relative to physical world models. Therefore, competitors can and will exploit every opportunity to be more consumer centric, a dynamic fuelled by the quasi absence of barriers to entry into the industry. ”
Michael Zeisser (via datainsightsideas)
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“ Jobs was quiet during the pitch, but he seemed intrigued throughout, and now it was time for him to talk. He looked around the room filled with the “Think Different” billboards and said, “This is great, this is really great … but I can’t do this. People already think I’m an egotist, and putting the Apple logo up there with all these geniuses will get me skewered by the press.” The room was totally silent. The “Think Different” campaign was the only campaign we had in our bag of tricks, and I thought for certain we were toast. Steve then paused and looked around the room and said out loud, yet almost as if to his own self, “What am I doing? Screw it. It’s the right thing. It’s great. Let’s talk tomorrow.” In a matter of seconds, right before our very eyes, he had done a complete about-face. ”
Moral: Never do – or not do – something out of fear of what people might think. Not just because they might think different.explore-blog)
Some stores are also piloting technology by ShopperTrak, where your movements might be monitored. This can mean anything from devices using signals from your smartphone tracking your movements around the entire store to whether you go to a specific part of the store where a device will, again, note your presence in the area.High street shops are studying shopper behaviour by tracking their smartphones or movement | News | theguardian.com
"Parent" brands systematize customer engagement
In consumer products, where many brands co-exist under one corporate umbrella, it’s especially critical for marketing and technology to work together to influence customer experience across all brands and channels. Some examples:
Proctor & Gamble. Consolidation in the retail industry has adversely affected P&G’s pricing and profitability. In response, P&G consolidated many of its brands marketing into the “Proud Sponsor of Moms” campaign – leveraging not only their scale, but a common communications platform and positioning. The campaign helps drive consumer preference for P&G brands in jumbo-retailers such as Wal-Mart and Target.
Coca-Cola. Untapped customer information resulted in Coca Cola elevating data and insight into individual customers as a key priority. In partnership with IBM Interactive, Coca Cola is leveraging its My Coke Rewards program to develop one-on-one experiences deepening the relationship with consumers, including its popular “Share a Coke” program that lets customers have their own name in Coke’s iconic script on their Coke cans and bottles.
Hilton Hotels. Self-cannibalization led Hilton into focusing its marketing investment on its parent and HHonors brand. The parent brand wanted to avoid having its 9 individual hotel brands compete for the same marketing dollars to target the same customer. Hilton is now working more collaboratively in a more consolidated messaging and contact strategy.
“ The digital world offers us many advantages, but if we yield to that world too completely we may lose the privacy we need to develop a self. Activities that require time and careful attention, like serious reading, are at risk; we read less and skim more as the Internet occupies more of our lives. And there’s a link between selfhood and reading slowly, rather than scanning for quick information, as the Web encourages us to do. Recent work in sociology and psychology suggests that reading books, a private experience, is an important aspect of coming to know who we are. ”
The New York Times' David Mikics in praise of (offline) slow reading.
Also see 9 books to help you read more intelligently and write better and Francine Prose on how to read like a writer, then take delight in Maurice Sendak’s little-known and lovely posters celebrating the joy of reading.(via explore-blog)
(Source: , via explore-blog)