Renovate%20Before%20You%20Innovate - Concentrated Knowledge...

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Published by Soundview Executive Book Summaries, P.O. Box 1053, Concordville, Pennsylvania 19331 USA © 2005 Soundview Executive Book Summaries • All rights reserved. Reproduction in whole or part is prohibited. Why Doing the New Thing Might Not Be the Right Thing RENOVATE BEFORE YOU INNOVATE THE SUMMARY IN BRIEF Obsession with innovation is a current business fad. Many companies rely too heavily on innovation to solve their problems, and they attempt to start over with something fresh to revive old and tired businesses. Innovation sounds great. But it is often the lazy approach to marketing, and it typically doesn’t work. So what’s the solution? Sergio Zyman preaches the power of renovation to accelerate and sustain top-line growth. It starts with recapturing the essence of your existing brands, products and core competencies and doing more of the things that made your business great in the first place. It includes redefining your competitive space and creating preference for your business. In the end, it provides the most compelling customer experience. Renovate Before You Innovate will challenge conventional business wisdom, facilitate smarter business decisions, and help companies “sell more stuff to more people more often for more money more efficiently .” Concentrated Knowledge for the Busy Executive • www .summar y .com Vol. 27, No. 3 (3 parts), Part 2, March 2005 • Order # 27-07 CONTENTS Obsession With Innovation Pages 2, 3 New Coke: A Failed Innovation Page 3 Renovate Instead Pages 3, 4 Nike Leverages Its Expertise Page 4 Renovate Your Thinking Pages 4, 5 When Leaders Are Forced to Follow Page 5 Renovate Your Business Destination Pages 5, 6 Renovate Your Competitive Frame Page 6 Renovate Your Segmentation Pages 7, 8 Renovate Your Customers’ Brand Experience Page 8 By Sergio Zyman with Armin A. Brott FILE: MARKETING What You’ll Learn In This Summary How an obsession with innovation has caused companies to lose track of what has made them successful. Why renovation is a better alternative to innovation in driving top-line growth. How renovators can leverage their organizations’ core essence to grow their business organically. How market leaders can renovate the way they think, the way they mar- ket, and the way they price their goods and services. How to clearly articulate where your company is, and where you want it to be in the short and long term. How to define your competitive space and create preference for your brand. How to more precisely segment your customers in ways that lead to actionable intelligence. What you must do to create a meaningful experience for your customers. ®
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Obsession With Innovation While innovation and risk taking can be critically impor- tant elements of some companies’ strategy, for most com- panies, it simply isn’t the right way to drive organic growth. What should you do instead? In a word, renovate. This means no longer doing
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This note was uploaded on 11/03/2010 for the course MKT 1100 taught by Professor Johndoe during the Spring '10 term at Stanford.

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Renovate%20Before%20You%20Innovate - Concentrated Knowledge...

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