Corporate Imagination and Expeditionary Marketing

1
Corporate Imagination and Expeditionary Marketing

• Written by
• Gary Hamel and
• C.K. Prahalad
• Presented by Jake Jensen, Autumn Christensen
  Jeff Orton

2
Introduction

• Keys to unlock new markets
• The imaginative company
• Elements to quicken imagination
• Expeditionary marketing
• Rethinking the meaning of failure

3
Keys to unlock new markets

• Corporate imagination and Expeditionary Marketing
• Realizing the potential that core competencies
  create
• Opportunity horizon

4
The Imaginative Company

• Managements time and effort shifts
• Corporate imagination is stifled
• Xerox
• Small copier business
• Defensive attitude v. attractive new
  opportunities
• Four elements to quicken a companys imagination

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Escaping the Tyranny of the Served Market

• Conception of a companys portfolio
• Core competencies v. products
• Exploration of white spaces
• Kodak
• Areas between or across traditional areas of
  competence
• Electronic Shoebox

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Searching for Innovative Product Concepts

• Forms of Innovations
• New function for a well-known product
• Novel form for delivering a well-known
  functionality
• New functionality for a new product
• Understanding what the current product concept
  doesnt do for customers

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Overturning Traditional Price/Performance
assumptions

• Thinking in linear terms limits potential
• JVC
• Understanding how emerging technologies satisfy
  customer needs
• Yamaha

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Getting out in Front of Customers

• Being customer-led is not enough
• Three kinds of companies
• Those who ask customers what they want and end up
  followers
• Those that push customers in directions they do
  not want to go
• Those that lead customers before they know where
  they want to go
• Senior officers in one Japanese company

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Expeditionary Marketing

• Goal
• To determine the precise direction in which to
  aim and the distance to the target
• Two ways to increase the number of hits
• Improve the hit rate
• Attempt many small hits in quick succession and
  hope to hit the jackpot

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Expeditionary Marketing

• Increases the number of hits by increasing the
  number of market opportunities it explores
• Speed of iteration
• Cost is equally as crucial as speed

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Expeditionary Marketing

• What can be done to increase the speed and reduce
  the cost of market experimentation?
• Simultaneous development
• Borrowing resources
• Creatively reusing off-the-shelf technologies
• Fuse distinct competencies from different parts
  of the company itself in new ways.
• Develop the capability to redeploy human
  resources quickly

12
Rethinking the Meaning of Failure

• Biggest impediment to discovering new competitive
  space
• The way many large companies define and punish
  failure
• Verdicts of corporate failure rarely distinguish
  between aim at the wrong target and a small
  shortfall
• New yardstick for managerial performance

13
If managers spend more time looking at their
feet than at the horizon, they will find
themselves stumbling along in the footsteps of
their competitors.