Innovation & Institutions, Will it Blend?
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Innovation & Institutions, Will it Blend?
Where innovation is happening beyond the stuff of small start-ups & tech companies. For the BEST of the BEST curated news in performance, change, agile learning, innovation, motivation and careers, SUBSCRIBE to REVELN.com/Tools/
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For J.C. Penney, a Tough Lesson in Listening, to Whom and Shopper Psychology

For J.C. Penney, a Tough Lesson in Listening, to Whom and Shopper Psychology | Innovation & Institutions, Will it Blend? | Scoop.it
Because of the quirks of human psychology, simplifying pricing isn’t so simple. J.C. Penney learned that lesson the hard way.


...consumers are conditioned to wait for deals and sales, partly because they do not have a good sense of how much an item should be worth to them and need cues to figure that out.


Just having a generically fair or low price, as Penney did, said Alexander Chernev, a marketing professor at the Kellogg School of Management at Northwestern University, assumes that consumers have some context for how much items should cost. But they don’t.




Via Anita
Deb Nystrom, REVELN's insight:

Connected to the last post regarding when and how to listen to customers, along with innovation.  ~  Deb

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Anita's curator insight, April 16, 2013 8:21 AM

When the numbers don't tell the whole story.

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Why Best Buy is Going out of Business...Gradually - Forbes

Why Best Buy is Going out of Business...Gradually - Forbes | Innovation & Institutions, Will it Blend? | Scoop.it
Consumer electronics retailer Best Buy is doing everything wrong.


Yep, failure to innovate quickly enough in an age of rapid innovation.

Failure to know & implement HOW to innovation


The Wall Street Journal post on this curation site and this Forbes article make a good pair, a good mash-up of why Innovation and Institutions, Will it Blend is a continuing question on survivability.


Here's an excerpt:


....The company remains a ripe target for more nimble competitors.


...To discover the real reasons behind the company’s decline, just take this simple test. Walk into one of the company’s retail locations or shop online. And try, really try, not to lose your temper.


I admit. I can’t do it.


...According to the company’s website, it’s backordered but available for pickup at the store we visited. The item wasn’t there, however, and the sales staff had no information.


...my friend decided to buy some other blu-ray discs. Or at least he tried to, until we were “assisted” by a young, poorly groomed sales clerk from the TV department, who wandered over to interrogate us. What kind of TV do you have? Do you have a cable service, or a satellite service? Do you have a triple play service plan?


My friend politely but firmly told him he was not interested in switching his service...The used car style questions continued.


We left the store, my friend having made his purchase but both of us fuming. 

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A Pulp Innovation & Change Chapter: The Innovation Plan includes the Return of Status Quo

A Pulp Innovation & Change Chapter: The Innovation Plan includes the Return of Status Quo | Innovation & Institutions, Will it Blend? | Scoop.it

"Pushing an innovation plan forward?  Here comes the first major obstacle instead of a much-needed catalyst, for the rapid plummet to the bottom, roller coaster style in this 'pulp innovation' chapter change story."


This innovation series includes a set of chapter pulp fiction stories, complete with cliff hangers, setting up a series of cautionary tales of how to create innovation as a sustainable, repeatable business process.  


This episode of Jeffrey Phillips's series involves the destablization of those leading change to an innovation culture.  Enter the other staff manager with enough “bandwidth” to actively participate, which means those not senior enough to speed the work.


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The annual planning cycle, that recurring monster better known ...as the idea killing process...with no ambiguity and no room for error.

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Excerpts:


After the usual pleasantries, Susan and I set out an ambitious plan to build an innovation team, encourage incremental and disruptive innovation throughout the organization and start building innovation communities...


...it seemed that everyone else had a different perspective or intent for our project.


“Great. Do you think we can have new products in the pipeline so we can get budgets in place during the annual planning cycle?”


The annual planning cycle, that recurring monster better known to innovation experts as the idea killing process. There’s no business process or decision making apparatus less welcoming to innovation than the annual planning process, a place where great ideas go to die.


...A rigid, microscopically managed process with no ambiguity and no room for error. ...While the revenue numbers may be a bit inflated and fanciful, the projects that get approved go under a ROI microscope, which inevitably means that many innovative ideas are rejected.


By the end of our first meeting I’d reached the bottom of the roller coaster. ...Even though we had open channels to Brockwell, I didn’t think it would matter. ...


Perhaps we should recruit Mr. Kasamis.”  “Doug Kasamis, the chairman?” ...if he is willing, he could rally most of the organization to a significant change.”


Read the full post here.

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