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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...