Eager Sellers Stony Buyers Case Study

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NISHID VILAS LAD – 2013176 NITESH BERIWAL – 2013177 NITESH SINGH PATEL – 2013178 NITIN BORATWAR – 2013179 NITIN KUMAR SHUKLA – EAGER SELLERS STONY BUYERS Many innovations fail because consumers irrationally overvalue the old and companies irrationally overvalue the new By JOHN T.
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    01-Sep-2014
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A case presentation on Case Study of "Eager Sellers Stony Buyers" by Nitesh Singh Patel, IMT nagpur

Transcript of Eager Sellers Stony Buyers Case Study

  • NISHID VILAS LAD 2013176 NITESH BERIWAL 2013177 NITESH SINGH PATEL 2013178 NITIN BORATWAR 2013179 NITIN KUMAR SHUKLA 2013180 NOOPUR MANDHYAN - 2013181 EAGER SELLERS STONY BUYERS Many innovations fail because consumers irrationally overvalue the old and companies irrationally overvalue the new By JOHNT. GOURVILLE
  • Potentially Successful? Webvan Online Grocery business Segway Scooters Colgates kitchen entrees DIVX
  • Questions Consumers perspective Producers perspective
  • The Psychology of Gains and Losses Subjective or perceived value rather than objective Evaluation relative to a reference point Improvement as gains and shortcomings as losses Loss aversion
  • Building a behavioral framework It is built around 3 entities: BUILDING A BEHAVIOURAL FRAMEWORK NEW PRODUCTOR TECHNOLOGY CHANGE CONSUMER WHO MUST ADOPT IT COMPANY THAT DESIGNS IT
  • Innovation and behaviour change
  • BALANCING PRODUCT AND BEHAVIOR CHANGES 1.Easy Sells 2.Sure Failures 3.Long hauls 4.Smash hits
  • BALANCING PRODUCT AND BEHAVIOR CHANGES
  • Accepting Resistance Be Patient: Strive for 10x Improvement:
  • Contd. Eliminate the Old: Seek out the Unendowed:
  • MINIMIZING RESISTANCE Difficult to get 10X Improvements Make behaviorally compatible products Find believers
  • The Toyota Way of Minimizing Resistance
  • Apache RTR 180 & Its Mudguard Innovation
  • Conclusion Businesses need to understand the psyche of consumers Quick response to consumer behavior Without it, the innovations will continue to fail