Principles of Marketing

The first two questions coorelate and the last three coorelate: Great innovations ALWAYS begin with solving someones problem in a new or unique way. Given that our economy is increasingly dominated by services more and more innovations are service innovations which may change how the company interacts with its customers or in how it delivers its service. This is particularly true in the COVID-19 era. Lets see if we can brainstorm a little and come up with some great service innovation ideas. If any of you make millions of dollars on any of these ideas I hope you will remember your Principles of Marketing professor!

1) Pick a mundane task that most of us do at least once every other week or so. For instance something like going to the gas station to fuel up your car or buying groceries.

2) What is YOUR problem? What problems issues or inconveniences do you as a consumer commonly experience when performing this task (this might be as a result of COVID-19 OR have existed before the pandemic even began)?

3) Think of how an existing company that you are familiar with might take advantage of emerging technologies (e.g. AI drones) to introduce new innovations that solve the problem you previously identified? The time value of money (TVM) has many applications. Lets see how many ways we can think of that TVM affects us as individuals. These examples can be good or bad. Please provide an example. Consider the statement: “It is not necessary for a person in business to understand any detailed mathematical calculations because these days computers make all those calculation for us. Spending time on math calculations is therefore a waste of time.” What do you think?’ The time value of money (TVM) has many applications. Lets see how many ways we can think of that TVM affects us as individuals. These examples can be good or bad. Please provide an example. Consider the statement: “It is not necessary for a person in business to understand any detailed mathematical calculations because these days computers make all those calculation for us. Spending time on math calculations is therefore a waste of time.” What do you think?’

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