Eager sellers stony buyers by Nitin Boratwar

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Eager sellers stony buyers by Nitin Boratwar

Transcript of Eager sellers stony buyers by Nitin Boratwar

  • 1. EAGER SELLERS STONY BUYERSMany innovations fail because consumers irrationally overvalue the old and companies irrationally overvalue the new By JOHN T. GOURVILLENISHID VILAS LAD 2013176 NITESH BERIWAL 2013177 NITESH SINGH PATEL 2013178 NITIN BORATWAR 2013179 NITIN KUMAR SHUKLA 2013180 NOOPUR MANDHYAN - 2013181

2. Potentially Successful? Webvan Online Grocery business Segway Scooters Colgates kitchen entrees DIVX 3. Questions Consumers perspective Producers perspective 4. The Psychology of Gains and Losses Subjective or perceived value rather thanobjective Evaluation relative to a reference point Improvement as gains and shortcomings as losses Loss aversion 5. Building a behavioral framework It is built around 3 entities:BUILDING A BEHAVIOURAL FRAMEWORKNEW PRODUCT OR TECHNOLOGY CHANGECONSUMER WHO MUST ADOPT ITCOMPANY THAT DESIGNS IT 6. Innovation and behaviour change 7. BALANCING PRODUCT AND BEHAVIOR CHANGES1.Easy Sells 2.Sure Failures3.Long hauls 4.Smash hits 8. BALANCING PRODUCT AND BEHAVIOR CHANGES 9. Accepting Resistance Be Patient: Strive for 10x Improvement: 10. Contd. Eliminate the Old: Seek out the Unendowed: 11. MINIMIZING RESISTANCE Difficult to get 10X Improvements Make behaviorally compatible products Find believers 12. The Toyota Way of Minimizing Resistance 13. Apache RTR 180 & Its Mudguard Innovation 14. Conclusion Businesses need to understand the psyche ofconsumers Quick response to consumer behavior Without it, the innovations will continue to fail