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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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

Page 1: Eager Sellers Stony Buyers Case Study

NISHID VILAS LAD – 2013176NITESH BERIWAL – 2013177NITESH SINGH PATEL – 2013178NITIN BORATWAR – 2013179NITIN KUMAR SHUKLA – 2013180NOOPUR MANDHYAN - 2013181

EAGER SELLERS STONY BUYERS

Many innovations fail because consumers irrationally overvalue the old and companies irrationally overvalue the new By JOHN T. GOURVILLE

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Potentially Successful?

Webvan Online Grocery business

Segway Scooters

Colgate’s kitchen entrees

DIVX

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Questions

Consumer’s perspective

Producer’s perspective

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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

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Building a behavioral framework It is built around 3 entities:BUILDING A BEHAVIOURAL

FRAMEWORK

NEW PRODUCT

OR TECHNOLOG

YCHANGE

CONSUMER WHO MUST ADOPT IT

COMPANY THAT

DESIGNS IT

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Innovation and behaviour change

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BALANCING PRODUCT AND BEHAVIOR CHANGES

1.Easy Sells

2.Sure Failures

3.Long hauls

4.Smash hits

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BALANCING PRODUCT AND BEHAVIOR CHANGES

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Accepting Resistance

Be Patient:

Strive for 10x Improvement:

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Contd.

Eliminate the Old:

Seek out the Unendowed:

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MINIMIZING RESISTANCE

Difficult to get 10X Improvements

Make behaviorally compatible products

Find believers

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The Toyota Way of Minimizing Resistance

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Apache RTR 180 & It’s Mudguard Innovation

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Conclusion

Businesses need to understand the psyche of consumers

Quick response to consumer behavior

Without it, the innovations will continue to fail

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