So why is all this important you ask? What is all this insane jabber-jaw about fortune telling? Well, I'm glad you've asked these questions! If you've payed attention to technology of the late 20th century, it's no surprise that the internet alone is responsible for much of the success and failure of certain businesses. Just this past Thursday, Blockbuster had declared a Chapter 11 bankruptcy! That is a clear sign that the times have changed. Today, since the world is developing so quickly, it's becoming even more important for businesses to be innovative, and stay ahead of that curve!
Just think if Blockbuster's board members had analyzed how the internet could benefit their business instead of which brand of candy to place by their checkouts. Although there are many factors which have and will continue to contribute to the demise of this video-rental pioneer, failure to effectively utilize the internet as a marketing tool clearly peaks above the clouds as the turning point in the company's history. Strategy is very important when it comes to winning. Not only do future business leaders need to think outside the box to achieve there short-term goals, but they must also remain innovative and move with technology so that they ensure their goals in the long-term.
The ability to not only think outside of but create your own box will prove to be highly significant in the immediate future. Right-brained individuals, who, in contrast to those with a dominant left-brain, possess stronger intuitive characteristics, and are generally viewed as creatives. Today, we need creative individuals innovatively driving our businesses to success. We need refreshing solutions to problems both big and small. While it is still a very nebulous field, we are making many advances in the mapping of the brain. In this TED presentation, neuroscientist Sebastian Seung discusses the project of the connectome, in which he and his colleagues will attempt to map the human brain's neurons and synapses. Much like the genome project, the connectome project will open many doors to how we view the mind.
Perhaps, someday we will actually map the human brain, finding out answers to so many of its mysteries. Maybe all of us can be a Miss Cleo someday (Yes, I went there). Until then, remember to keep the mind on its toes, and practice with those Jedi techniques daily!
sketch the moment
Jonathan Small
When you mention how Blockbuster should have thought more on how the Internet could benefit them, I think it was deeper than that. Blockbuster just had an outdated business plan. Although Netflix's delivery was an amazing and hard to compete with idea, there biggest advantage was NO LATE FEES, and for whatever reason, Blockbuster could never do it. They celebrated no late fees for about a minute, and then secretly went back to an EVEN WORSE late fee plan. Instead of charging a fee, they charged you for the entire movie! Where was the big celebratory commercial about that? Blockbuster couldn't survive on the Internet because they couldn't even keep a value-based bricks-and-mortar system.
ReplyDeleteWhen you mention companies having to change with the time, I think of Britannica encyclopedias. They initially were a company whose company definition was to provide paper encyclopedias to their consumer. At first they experienced major growth and then the growth topped off. Consumers were looking to the internet for information as that information could be updated more frequently. After some time of analyzing its position and strategy, Britannica realized it needed to change its definition and adapt as a company. Britannica decided to offer encyclopedias through CD's and to start a Britannica web address which you could subscribe to. These avenues became their primary focus and this kept Britannica above water and a successful company.
ReplyDeleteThe Blockbuster example is the best way to see how internet has flushed out the old way of doing marketing. Blockbuster was very successful because back then they had no competition then Netflix came out, and started taking most of blockbuster customer due to the convenience and efficiency of their services. By the time Blockbuster realized that Internet could be useful for their business, it was already to late. However, they still developed the same system Netflix was using to gain customer, but they were not as efficient.
ReplyDeleteIn this era there is not time to think, yet it is time to act, Internet tools are growing so fast that we either take advantage of them, or we get flushed away.
I seems like you have a good insight as to why blockbuster filed chapter 11. They had an outdated business plan that needed to be tweeked up to todays ever increasing digital society. Hopefully they'll be able to look past this problem and start looking tword the future. Blockbuster does have everything it needs to still be a successful company, they just need to start focusing more on providing things digitally and competing on the same level as Netflix. I see that they are trying, for example Blockbuster now started mailing out video games as well as movies. They combined netflix and game fly all in one for a low low price. Its these kind of ideas that is going to help companies like blockbuster succeed in todays economy.
ReplyDeleteContinuing with the Blockbuster dilemma, I agree with the dated business plan discussion. I mean, how can they compete with the Blockbuster Express machine that only charges $1 for rentals? Yes, the machine might not have all the title but it is a new technology that is still being developed. Besides, Blockbuster Express is doing a great job with promotion marketing. I get coupons every week on free rentals and updates on weekly releases. It definitely keeps the consumers informed on "what's new" and fresh, and it keeps me renting movies.
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