It requires real ingenuity to do some innovative thinking, for recording growth of a company, even in the adverse situations.
For ascertaining growth opportunities, a company should organize a survey, to find out where the customers spend the money and time, in areas related to its products and services, and what the company can do to improve the situation. In five parts, this book has eighteen Chapters. Chapter 1 states that, businesses have to address the issues surrounding the products. This is demand
innovation, in which new growth is created, by doing new things for the customers. As per Chapter 2, Cardinal Health provided machines to control timely and correct medication, to the patients to avoid medical errors. Later they customized surgical supply kits, and considered the pharmaceutical manufacturers also, as potential customers. As per Chapter 3, once a product is sold, the value chain at
customer’s end starts, with activities like installing and using the product, maintaining, financing, display, training etc. The company must help the customers for their problems. Chapter 4 discusses about a company using hidden assets, for turning marginal opportunities into great ones. Eighteen primary hidden assets in five major categories have been identified. As per Chapter 5, General Motors observed large opportunities on the softer needs of driver. A mobile hardware system and service package called Onstar was developed. It focuses on issues of safety and security and makes car travel more convenient. They thought of installing it directly at the factory and then on non-General Motors cars also. It has also started new services like Personal calling and Virtual Advisor. As per Chapter 6, Clarke American started providing of customer management solutions, for the partners of its financial institutions. They started a strategic account program, created a database linking with many contact centers, and started serving the customers of their partners directly, which helped customer retention. Chapter 7 takes up the case of Deere and company, which started as a plow manufacturer for agriculture. They found distribution as one of the opportunities, and later providing credit to the customer.
As per Chapter 8, Johnson Controls Inc. started acquiring companies, and also starting joint ventures. They started with car seat as the strategic platform, moved to seat testing, designed a TV & VCR unit built into the overhead panel, and started a core customer research program. Chapter 9 discusses about Air Liquide. They started gas production, in smaller plants located at customer’s own factory, and then solving customers other needs also. It became exclusive supplier of all packaged gases at BASF Company. Also they took responsibility for the output of gas-based production processes, and managing customer’s all chemical needs and operations. As per Chapter 10, the hidden assets and liabilities of a company are listed, and they came to “customer access through M/S Acme”, to resolve its problems. Chapter11 discusses about the middle manager, becoming a growth catalyst. Kathy of Magnum Manufacturing, having the idea of an innovative service business, succeeded with its clearance by the company board. As per Chapter 12, the CEO’s should ensure that the systems in their company are friendly for new growth. Six key principles can be applied for developing initiatives for new growth. Chapter 13 talks about meeting higher-order needs of the customers and companies. The assessor of the Progressive Insurance co. came to the site of a car accident in USA, within one hour and after ascertaining the extent of damage, approving the necessary repairs, gave a cheque on the spot. The company DeWolfe provided all the required services for purchase of a house. After a survey Exxon Mobil Company found that the customers were unhappy with the long time taken at the pump, so a tiny electronic transponder Speedpass, was created.
As per Chapter 14 Virgin Company used the emotional attachment of customers to brand names, for a new business of cell phone. Kodak thought creatively about digital images and purchased M/S Ofoto. M/S Intuit making financial management software shifted its focus to small and medium-sized business. Chapter 15 discusses cases of 3 companies in Information Technology. M/S Tsutaya used its customer data to guide sales and marketing, provide tailor made items to customers, and arrange information packages for sale to other companies. This company built profiles of customers and used it, to reduce its inventory of unsold items. It created Tsutaya on line website, serving as a communication channel. Medical Systems Company, had improved the flow of clinical & administrative information across hospital networks, and revolutionized management of information for taking decisions in hospitals. Chapter 16 talks about, short-term moves for growth with practical and tactical ideas, in which seven short-term moves, are given. Chapter 17 says that, a company should assess status of its growth and plan for it. We have to analyze and categorize the moves for growth. We have to make our own growth action plan, and re-examine it by asking likely questions of the employees, members of the board and investors. Chapter 18, gives the website www.DemandInnovation.com, and the tools, frameworks and analyses for thinking in the organization and some more case studies. Summing up, this book provides as a guide, powerful and practical strategies for generating new growth. It is considered very useful for managers, executives, academicians, students and consumer organizations etc.