This chapter seemed to talk about how successful companies in today’s world are the ones that best understand triple convergence. With this understanding, they have developed their own strategies for coping with it. He gives 7 rules to businesses on how to do this. I will just touch on my 2 favorites.Rule #1: When the world goes flat-and you are feeling flattened-reach for a shovel and dig inside you. Don’t try to build walls.
This was my favorite rule as it’s self explanatory and makes sense. If you see competitors in your industry globalizing and using technology to their advantage, just don’t sit there. Be proactive and do a SWOT Analysis on your company and look at what strengths you have to offer, and what opportunities are available. This is the first step in creating your competitive advantages.
For this rule, Friedman used Greer & Associates as example. The CEO said, “Our competition is not only those firms we always used to compete with. Now we have to deal with giant firms, who have capabilities to handle small, medium, and large jobs.” In this day of age, we have to not only look at our competitors in America, but also across the world.
Rule #3: To flourish in the world, companies must act mall, while acting companies act big.
This was another important rule. Remember back in the day when companies decided every aspect of how make the product. Well now in this flat world, customers are making these decisions. Starbucks is a good example of this. When the popular coffee shop first opened, they only had a handful of flavors and mixes. However, now after customer input they are including coffee mixes that include soy milk. Also, customers can make their own unique blend of a latte or cappuccino or whatever they want. Customers are BIG, while companies are SMALL.
I’m not a big coffee fan at all. I’m actually scared to go to Starbucks because its too confusing and wouldn’t know what to order.
2 comments:
That's funny, I'm afraid of Starbucks too. There's so much to choose from, and so many variables I feel like you need a book to order. I don't really drink coffee either, but they make it look so good. I think its awesome what they did as acting small and having the customer big. I don't ever remember them promoting or surveyng for what customers want though. Or looking for the"Prosumer" if you will. One thing I didn't like about this chapter is when Friedman says "I am not a business writer and this is not a how-to-succeed-in-business book". So what was the point in writing this chapter than, to break the page number record?
Finding out what you are competitve on is important in putting your company at a competitive advantage. You can see what you can do effectively, and what areas can be improved. It may be also possible to draw a strategy canvas, as we did in marketing class with Dr. Hartline. SWOTs are good too. You can actually do this on yourself and see what you have to offer companies as opposed to others and use this on your next interview. But I do not want to see another SWOT again after I have had enough of them in that class and my internship. Oh, and as far as starbucks, I reccomend the Carmel frozen Latte'. It's amazing. And yes I realize I do not know how to spell, blogger should come with a spell check..
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