Session began in an awkward fashion today.
We began the class about 45 minutes later but still managed to make up for lost time and end the session at 3.15pm. Maybe we should do this more often:) Anyways getting back to the main topic proper, we started the session with a movie on the once highly publicized motivational book “Who moved my cheese?” In short, the book illustrates the lives of 4 characters, 2 mice and 2 little people. Their mindsets towards being aware of the inevitable changes occurring in their environment and attitudes towards embracing these changes. What i felt the key takeaway of the video is the need for us to constantly be aware of our surroundings borrowing from the quote used “Smell the cheese often so that you will know when it is getting old!” Remember to always let go of old beliefs and practices because they would only hamper you down and make you reminisce of the old traditional ways of doing things. The sooner you adopt the mentioned mindset with an open mind, the sooner you’ll be able to embrace change and reap the rewards of adopting the new shift. Again borrowing from the quote in the video “The quicker you can let go of old cheese. The sooner you can enjoy new cheese!” & “Savor the adventure and enjoy the taste of new cheese!”
Moving on, after the very insightful video, Prof shared with us the possible drivers change such as environmental drivers like the causes of global warming which causes us to consider the possibilities of green technologies and green power, Competition – capitalism vs communism, Changing expectations and “Tastes” with changing times……. Having mentioned some of the major impetus for changes, i feel that the one that i can relate to most is “Changing expectations and tastes with changing times”. The reason for selecting this even though there are more “pressing” changes like environmental and scientific discovery is because changing expectations is more of a gradual “soft” social change and one that has no immediate impetus for change. For example environmental one may be stimulated by climate change and competition by competitors…. However changing expectations being more of a social change(with evolutionary change at the heart of this driver) means that businesses would really need to observe their surroundings in the long term and adapt to it.
The graph included above was also mentioned in class as an indicator to the type of consumers who are likely to “buy” into a new idea/product/service. Basically it just means that for die-heart enthusiasts, it doesn’t matter what price the product is. just as long as it satisfies their need for a new type of technology and performance, they would be willing to try it out. However for most marketers or most businessmen, they would be interested in capturing the market of the early&late majority. For that however, they would then have to provide not only new technologies, but also products that are convenient aka easy to use and helps solves problems that customers are looking for. This sort of ties in with last week’s lecture where Prof was talking about the different opportunities – valley, summit and cloud. So if a marketer wants to successfully capture a large slice of the market they would have to attack the summit opportunities – problem solve a pressing need in the market and at the same time make it convenient for consumers to adopt this new product.
During the individual presentations for this section, what interested me was the change in media or to be more specific the end of mass media. It really tied in with the prevalence of social media and how channels like twitter, personal blogs, Facebook, etc.. have transformed the way we view and disseminate information. We are no longer confined to the contains of traditional views of media journalists who may sometimes not be objective and be partisan towards certain issues. However there is still the question of reliability of information when it comes to accepting opinions and views on people’s personal blogs or posts on twitter. Therefore my view is to take in as much as possible on the current issue and then sieve out the common opinions which would be an indicator of facts of the topic.
For the next part of the session, we touched on change management and leadership. Basically i found the readings rather insightful. But in particular, i agreed with reading 5. The one about the identifying a disruptive change. About how it is not wise to look at the future through the eyes of the past. As stated in the article, how fallen HP CEO Carly Fiorina clearly adopted this short sighted view of the future when HP acquired Compaq in 2002. And she was subsequently asked to leave. The indicator which help companies identify whether there has been /going to be a disruptive shift in an industry when situations such as: Specialities becoming a commodity, consolidation of vendors, increase in customer dissatisfaction, government pronouncements, a tipping public sentiment about the industry also helps make it clear to industry watchers that that should there be a fulfillment of 3-4 of these options, there they would have to keep their eyes peeled as a disruptive change is on the horizon.
Sharing session for this part was particularly intriguing and interactive. Maybe it was because of the presenters, maybe it is due to the topics of choice, but for the 3 presenters, kudos for doing a great job. Seeing that there are 3 presenters, i will choose to go through 1 sharing session. That will be the topic on change management. The article of discussion was Germany’s management shift of dependence from nuclear power to green energy. On how despite the problems with nuclear energy, the germans chose to completely transform and shift their reliance from nuclear to green energy.
Just like what is stated in Murphy’s Law – “Every new solution breeds new problems”
I felt that it was a simple discussion topic however a strong message that was being brought over was innovative solutions – nuclear energy would only bring about even more problems. Hence the solution to these problems would only mean more innovative solutions and not trying to fix the current innovative solution.
Overall a fruitful session, albeit the rushed seminar. I’ll rate this week’s session, 7.5/10