Business Daily from THE HINDU group of publications
Saturday, Apr 19, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Apr 19, 2008 ePaper | Mobile/PDA Version | Audio |
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Marketing
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Trends Web Extras - Books ‘Understanding consumer key to success’ 
Prof C.K. Prahalad Our Bureau New Delhi, April 18 Globalisation, connectivity, digitalisation and social networking is leading to a new approach to innovation, where individual consumer experiences are co-created. Resources and talent are delivered from multiple sources, said strategy guru Prof C.K. Prahalad. “This is a 180-degree change in the concept developed by Model T, where the focus was on products for undifferentiated consumers,” he said at the launch of his new book The New Age Innovation. The book has been co-authored by Prof M.S. Krishnan. He provided a glimpse of this future through two examples from India: health insurance for diabetics, where pricing is based on compliance to a healthy lifestyle and there are many players instead of a single firm; and Emergency management in several Indian States. The latter example shows how every emergency is a unique situation but the new approach could potentially save one million lives a day. He said that understanding the consumer and value based pricing, were the key.
He also said that India has the advantage in the new approach to business strategy with centrality of IT and human resources and insisted that “India must seize the opportunity”. Among those present on the occasion included the Minister of Science and Technology and Earth Science, Mr Kapil Sibal, the Chief Mentor CII, Mr Tarun Das, and Sundaram Clayton Managing Diretor, Mr Venu Srinivasan. Mr Venu Srinivasan praised the book as “a mastery of lucidity, weaving IT and strategy in a seamless way”. He spoke also of the need to focus on building Indian manufacturing. More Stories on : Trends | Books
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