Student

Professor

Course                              

Date

Ted-talk

Ted.com Video: What Customers Want

Author’s Name: Joseph Pine.

Website Link: https://www.ted.com/talks/joseph_pine_on_what_consumers_want

Length of Video: 14:16 Minutes

In the video, “What Customers Want," Joseph Pine discusses the concept of dealing with the customers. To elaborate on the modern business environment, the speaker looks at the tradition aspect of business and argue that it was comprised of commodities which were the basis of a growing economy. However, this phase of the human way of doing business did not last for long, the industrial economy revolutionized the commodity market by introducing the principle of production of goods and food processing. This transitional phase was followed by the idea of customization; making goods for a particular market segment. Joseph continues to argue that currently, the concept of service has been commoditized and people are selling services. For example, the increased trends towards telephone service, internets, and even hotel services.

The speaker raises a question regarding what can happen if services are customized. In this case, the author believes the economy show development as a result of offering experienced-based services. The speakers give examples of experience-driven economies such as Disney, Las Vega, and the TED itself. He believes that experience is the most robust human way of life and emanates from within a human being. As a result, consumers are concerned with the nature of authenticity which buyers use to decide what to acquire and from whom. Therefore, the aspect of authenticity determines the growth of an economy. He attributes the idea of the existence of commodities to supply and availability. Secondly, the concept of goods is perceived as an ideal of control and costing which are relevant in commercial growth. Third, services have to adjust continually in terms of quality to enhance customer satisfaction. Finally, the most modern paradigm of a marketplace, experience, encompasses rendering authenticity.

The speaker explains the concept of two dimensions approach of determining the position of business performance concerning the customers' services. Joseph divides the matric into four quadrants guided by two key questions; is a business true to itself? Is the company what it says it is? Under these specific classifications, the speaker argues that, in dealing with...