What is Myth-based Marketing? Crafting the Ideal Tale

By James D. Roumeliotis

Myth-based marketing refers to the practice of using mythological elements, stories, and archetypes in marketing and branding to create a sense of mystique, emotional connection, and shared cultural identity with consumers. The key points about myth-based marketing are:

1. Brands are drawing inspiration from various mythologies and using mythical figures, symbols, and narratives to craft their marketing and branding. 
2. Incorporating mythology into packaging, advertising, and brand messaging helps create a sense of mystery, belonging, and emotional resonance with the target audience. 
3. Myths have deep cultural and psychological connotations that can be leveraged by brands to position their products or services as meaningful, timeless, and connected to a shared human experience. 
4. Myth-based marketing allows brands to differentiate themselves, build brand loyalty, and tap into the power of storytelling to connect with consumers on a deeper level. 
5. Sectors such as functional beverages, luxury goods, and skincare are identified as industries that can particularly benefit from leveraging mythology in their branding and marketing efforts. 

In essence, myth-based marketing is a strategic approach that harnesses the universal appeal and emotional resonance of myths to create compelling, memorable, and impactful brand narratives. By tapping into the shared cultural and psychological archetypes embedded in myths, brands can forge stronger connections with their target audience.

How to Create Myth-based Marketing

Here’s how myth-based marketing can be used to create a sense of exclusivity around a product:

1. Leverage Mythological Archetypes and Symbolism 
   By incorporating mythological figures, symbols, and narratives into the branding and marketing of a product, brands can imbue it with a sense of mystery, prestige, and exclusivity. This taps into the deep cultural and psychological connotations that myths hold for consumers.
2. Craft Captivating Brand Narratives 
   Weaving a compelling brand story rooted in mythology can make a product feel like it’s part of a larger, exclusive narrative. Consumers may feel they are participating in or connecting with something greater than just a transactional purchase.
3. Emphasize Limited Availability or Scarcity
   Brands can leverage the exclusivity of mythological elements by positioning a product as a limited-edition offering or something only available to a select group of consumers. This scarcity can heighten the perceived value and desirability of the product.
4. Collaborate with Influential Mythological Figures or Ambassadors 
   Partnering with influential individuals or entities associated with the mythology being leveraged can further reinforce the exclusivity of a product. This could involve celebrity endorsements, influencer collaborations, or even partnerships with cultural institutions.
5. Utilize Exclusive Packaging and Presentation
   The physical design and packaging of a product can also contribute to a sense of exclusivity. Brands can draw inspiration from mythological aesthetics, using premium materials, unique shapes, and limited-edition packaging to make the product feel like a rare, collectible item.

In the End

By tapping into the universal appeal and emotional resonance of myths, brands can craft a sense of mystique, prestige, and exclusivity around their products. This can help differentiate the offering, build brand loyalty, and create a perceived value that goes beyond the functional benefits of the product itself.

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How to Create a Great Customer Experience

By James D. Roumeliotis

Creating a great customer experience is essential for building customer loyalty, satisfaction, and positive word-of-mouth. Here are key strategies to ensure a memorable and positive customer experience:

1] Understand Your Customers: Invest time in understanding your customers’ needs, preferences, and pain points. Conduct surveys, gather feedback, and use analytics to gain insights into their behaviors.

2] Define a Clear Customer Journey: Map out the customer journey from awareness to post-purchase. Identify touchpoints and ensure consistency in communication and service at each stage.

3] Personalization: Tailor your interactions based on customer preferences and behaviors. Personalized experiences make customers feel valued and understood.

4] Effective Communication: Communicate clearly and transparently. Keep customers informed about their orders, services, or any changes. Use multiple channels to reach out, including email, social media, and phone.

5] Train Your Customer-Facing Staff: Equip your customer service and sales teams with the necessary skills and knowledge to provide excellent service. Customer-facing staff should be empathetic, knowledgeable, and solution-oriented.

6] Quick Response and Resolution: Respond promptly to customer inquiries, whether through email, phone, or social media. Resolve issues efficiently and make the customer feel heard and valued.

7] Consistency Across Channels: Maintain consistency in your brand messaging and service quality across all channels, including in-store, online, and social media. This builds a unified and reliable brand image.

8] User-Friendly Website and Apps: Ensure your digital platforms are user-friendly, intuitive, and provide a seamless experience. A well-designed website and easy-to-use apps contribute to a positive customer experience.

9] Proactive Problem Solving: Anticipate potential issues and address them proactively. This can involve providing FAQs, troubleshooting guides, or reaching out to customers before problems arise.

10] Reward Loyalty: Implement a loyalty program to reward customers for their repeat business. Offer discounts, exclusive access, or personalized perks to show appreciation.

11] Solicit and Act on Feedback: Encourage customers to provide feedback and actively use that feedback to improve your products or services. Demonstrating that you value customer opinions fosters trust.

12] Surprise and Delight: Occasionally go above and beyond by surprising customers with unexpected perks, discounts, or personalized gestures. This creates a positive emotional connection.

13] Community Engagement: Build a sense of community around your brand. Engage with customers on social media, respond to comments, and create opportunities for customers to connect with each other.

14] Empower and Train Employees: Empower your employees to make decisions that benefit the customer. Provide ongoing training to ensure they are equipped to handle various situations.

15] Measure and Analyze: Use key performance indicators (KPIs) and customer satisfaction metrics to measure the effectiveness of your customer experience initiatives. Analyze data to identify areas for improvement.

By incorporating these strategies into your business practices, you can create a positive and memorable customer experience that fosters loyalty and contributes to the overall success of your brand.

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What Sets the Price a Consumer is Willing to Pay?

By James D. Roumeliotis

In general, people are willing to pay what they perceive is the value is. However, the price a consumer is willing to pay for a product or service is influenced by a combination of psychological, economic, and contextual factors. Understanding these factors is essential for businesses to effectively set prices and optimize their pricing strategies.

Here are 10 key elements that contribute to the price a consumer is willing to pay:

1] Perceived Value:

Consumers assess the perceived value of a product or service based on their individual needs, preferences, and expectations.

2] Quality Perception:

Consumers often associate price with quality. If they perceive a product or service as high-quality, they may be more willing to pay a premium.

3] Brand Reputation:

Brand reputation and brand image play a significant role in influencing consumer willingness to pay. Established and trusted brands often command higher prices due to the perceived reliability and consistency associated with the brand.

4] Consumer Income:

The income level of consumers directly affects their purchasing power. Consumers with higher incomes may be more willing to pay premium prices for products or services that align with their preferences or lifestyle.

5] Competitive Pricing:

The prices set by competitors in the market can influence consumer expectations, except for authentic luxury products which have no equal.

6] Scarcity and Demand:

Scarcity and high demand for a product or service can drive up its perceived value, influencing consumers to be willing to pay more. This is where artificial scarcity is quite effective in keeping prices artificially high.

7] Promotions and Discounts:

Temporary promotions, discounts, or special offers can influence consumer behavior. The perception of getting a good deal or saving money may impact their willingness to pay.

8] Personalization and Customization:

Products or services that offer personalized or customized features may command higher prices. Consumers may be willing to pay more for products tailored to their specific needs.

9] Economic Conditions:

Economic factors, such as inflation, interest rates, and overall economic stability, can impact consumer confidence and influence their willingness to pay certain prices.

10] Cultural and Social Influences:

Cultural and social factors can affect consumer preferences and perceptions of value. Trends, societal norms, and cultural attitudes may shape what consumers are willing to pay for certain products or services.

In the end

Understanding the interplay of these factors and conducting market research can help businesses tailor their pricing strategies to align with consumer expectations and maximize value perception. It’s important for businesses to regularly reassess their pricing strategies in response to changes in market conditions and consumer behavior.

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The Best Strategy For a Luxury Business to Attract and Sell to the 1% ─ Also Known As The Ultra-High Net Worth Individuals

James D. Roumeliotis

Attracting and selling to the ultra-high net worth individuals (UHNWIs), often referred to as the 1%, requires a strategic and personalized approach given their distinct preferences, expectations, and purchasing behaviors. Here are some effective strategies for a luxury business targeting this exclusive market:

1. Personalization and Customization:
   • UHNWIs appreciate personalized and bespoke experiences. Tailor your products and services to meet individual preferences and offer exclusive customization options.
2. Exclusivity and Limited Editions:
   • Create limited edition products or services that are exclusive to UHNWIs. Limited availability enhances the allure of your brand and products.
3. VIP Services and Privileges:
   • Offer VIP services such as priority access, private viewings, and exclusive events. UHNWIs value unique experiences and providing them with privileged treatment enhances their connection to your brand.
4. Private Consultations:
   • Provide private consultations or concierge services where UHNWIs can receive personalized attention and guidance. This can include private shopping experiences or dedicated advisors.
5. Exceptional Quality and Craftsmanship:
   • UHNWIs seek the highest quality and craftsmanship. Ensure that your products or services are of unparalleled quality, using the finest materials and skilled artisans.
6. Brand Heritage and Legacy:
   • Highlight your brand’s heritage and legacy. UHNWIs often appreciate the history and traditions associated with luxury brands.
7. Collaborations with Influencers:
   • Partner with influential personalities or celebrities who resonate with the tastes and lifestyles of UHNWIs. Their endorsement can enhance your brand’s desirability.
8. Exclusive Membership Programs:
   • Introduce exclusive membership programs that offer unique benefits, such as access to limited editions, private events, and personalized services.
9. Art and Cultural Connections:
   • Align your brand with art, culture, and philanthropy. UHNWIs often have a keen interest in supporting and engaging with cultural and charitable initiatives.
10. Digital Presence with Discretion:
    • Maintain a sophisticated and discreet digital presence. UHNWIs value privacy, so ensure that your online interactions and communications respect their need for confidentiality.
11. White Glove Service:
    • Implement a white glove service approach, going above and beyond to meet the expectations of UHNWIs. This includes seamless and personalized customer service.
12. Networking Opportunities:
    • Create exclusive networking events where UHNWIs can connect with like-minded individuals. Building a community around your brand enhances its appeal.
13. Tailored Marketing and Communication:
    • Craft marketing messages and communication materials that resonate with the aspirations and lifestyle of UHNWIs. Use high-end publications and targeted platforms.
14. Innovative Technology Integration:
    • Incorporate innovative technologies or cutting-edge features into your products or services to demonstrate a commitment to staying at the forefront of luxury trends.

In the end, building trust, maintaining discretion, and consistently delivering exceptional experiences are key elements in attracting and retaining UHNWIs. It’s not just about selling a product; it’s about creating a lifestyle and a sense of exclusivity that aligns with their values and aspirations.

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This Blog’s Top Five Most Read Business Articles in 2023

By James D. Roumeliotis

The five most-read/popular articles in this blog have been rounded-up for 2023.

Thank you for your readership! Much health and triumph to you this year.

1] Diffusion of Innovation: Getting past the first wave of innovators and early adopters to reach the tipping point

2] The Art of Selling Luxury Products: Brand Story Telling & Persuasion

3] Genuine Luxury vs Accessible Luxury: Two Distinct Yet Opposing Categories

4] 12 Tell-tale Signs That a Person Will Be Successful: What to Look for in a High-Value Person

5] Evergreen Businesses to Launch: Enterprises Which Thrive Regardless of Economic Conditions

10 Things We Learned About Business Trends in 2023

By James D. Roumeliotis

Pleased to share my final take for the year in a brief video presentation. Your thoughts are encouraged.

Much health and progress in 2024.

Branding Strategies for Professional Practices-Firms

James D. Roumeliotis

Branding is essential for professional practices such as dentists/orthodontists, law firms, architect offices, and specialty physician practices such as Plastic Surgeons, to distinguish themselves in competitive markets and build a positive reputation. Here are branding strategies tailored for each:

Dentists & Orthodontists:

1. Distinctive Logo and Colors:
   • Create a professional and memorable logo that reflects the dental practice’s values and expertise.
   • Choose a color scheme that conveys cleanliness, trust, and professionalism.
2. Patient-Centric Messaging:
   • Craft messaging that emphasizes patient comfort, care, and overall oral health.
   • Highlight modern technologies and techniques to showcase the practice’s commitment to quality.
3. Online Presence:
   • Develop a user-friendly website with information about services, staff profiles, and patient testimonials.
   • Leverage social media platforms to share oral health tips, showcase before-and-after cases, and engage with the community.
4. Community Engagement:
   • Sponsor local events, participate in health fairs, and collaborate with schools to promote oral health education.
   • Offer promotions or discounts for community members to encourage new patient referrals.
5. Professional Referral Networks:
   • Build relationships with local healthcare professionals for referrals.
   • Ensure a seamless and positive experience for patients referred by other healthcare providers.

Law Firms:

1. Logo and Brand Identity:
   • Design a logo that reflects the law firm’s values and specialization.
   • Use consistent branding elements across all communication channels, including letterheads, business cards, and the firm’s website.
2. Specialization Showcase:
   • Clearly define the firm’s areas of expertise and specialization.
   • Showcase successful cases or client testimonials to build credibility.
3. Website Optimization:
   • Develop an informative and user-friendly website with a professional design.
   • Include lawyer profiles, case studies, and legal resources to establish the firm as an authority in its field.
4. Thought Leadership:
   • Establish lawyers as thought leaders by writing articles, blog posts, or whitepapers on legal topics.
   • Leverage social media and guest appearances in legal forums to share insights and expertise.
5. Client-Centric Approach:
   • Emphasize client satisfaction and a client-centric approach.
   • Provide transparent communication, set realistic expectations, and offer personalized services.

Architect Offices:

1. Portfolio Presentation:
   • Showcase a diverse and visually appealing portfolio of completed projects on the website and other marketing materials.
   • Highlight the unique design elements and problem-solving approaches in each project.
2. Design-Centric Branding:
   • Reflect the firm’s design philosophy in its branding, using clean lines, modern fonts, and visually appealing color schemes.
   • Incorporate architectural sketches or blueprints into the branding to convey creativity and innovation.
3. Collaboration and Innovation:
   • Emphasize a collaborative approach to projects, showcasing the team’s ability to work closely with clients.
   • Highlight innovative design solutions and the use of sustainable or cutting-edge materials.
4. Digital Presence:
   • Utilize digital platforms like Instagram, Pinterest, and Houzz to visually showcase completed projects and design inspiration.
   • Maintain an up-to-date and visually engaging website that reflects the firm’s design sensibilities.
5. Networking and Industry Involvement:
   • Attend industry events, join architectural associations, and participate in design competitions to enhance visibility.
   • Network with other professionals in the construction and design industry for collaboration opportunities.

Specialty Physician Practices:

1. Define Your Unique Value Proposition (UVP):

• Clearly articulate what sets your specialty practice apart from others.
• Highlight your unique expertise, cutting-edge technology, patient-centric approach, or any specific services that distinguish your practice.

2. Create a Professional and Recognizable Brand Identity:

• Develop a distinctive logo and use a consistent color palette and design elements.
• Ensure your visual identity reflects the professionalism and trustworthiness associated with healthcare.

3. Optimize Online Presence:

• Design a user-friendly and informative website that includes details about your specialty, services offered, physician profiles, and patient testimonials.
• Utilize search engine optimization (SEO) to ensure your practice appears in relevant online searches.

4. Educational Content Marketing:

• Establish your practice as an authority in your specialty by creating and sharing educational content.
• Maintain a blog on your website covering relevant health topics, treatment options, and the latest advancements in your field.

5. Patient-Centric Branding:

• Emphasize your commitment to patient care and satisfaction in your branding.
• Use patient testimonials, success stories, and case studies to showcase positive outcomes and patient experiences.

6. Utilize Social Media for Engagement:

• Engage with your audience on social media platforms like Facebook, Instagram, or Twitter.
• Share relevant health tips, success stories, and updates about your practice. Respond promptly to patient inquiries and feedback.

7. Community Involvement and Partnerships:

• Participate in local health fairs, events, or community initiatives to increase your practice’s visibility.
• Establish partnerships with local healthcare organizations or community groups to enhance your community presence.

8. Professional Referral Networks:

• Develop strong relationships with referring physicians and specialists.
• Ensure seamless communication and coordination between your practice and others involved in a patient’s care.

9. Online Reviews and Reputation Management:

• Encourage satisfied patients to leave positive reviews on platforms like Google, Healthgrades, or Yelp.
• Manage and respond to reviews professionally, demonstrating your commitment to patient satisfaction.

10. Telemedicine Services:

• If applicable, highlight your practice’s use of telemedicine for remote consultations.
• Emphasize the convenience and accessibility of virtual appointments.

11. Consistent Communication:

• Establish a regular communication strategy to keep patients informed about practice updates, new services, or relevant health information.
• Utilize newsletters, email campaigns, and social media for consistent outreach.

12. Crisis Communication Plan:

• Develop a crisis communication plan to address any unforeseen challenges or crises promptly.
• Be transparent, provide accurate information, and maintain open communication with patients and the community.

13. Continued Education and Training:

• Showcase the ongoing education and training of your physicians and staff to highlight your commitment to staying at the forefront of your specialty.

14. Innovative Technology Integration:

• Highlight any advanced or innovative technologies used in your practice.
• Showcase how these technologies contribute to better patient outcomes and experiences.

By implementing these branding strategies, professional practices can build a strong and positive image, attract clients, and differentiate themselves in their respective industries.

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How to Create a Customer-Centric Strategy for Your Business

By James D. Roumeliotis

Building a customer-centric business is essential for long-term success and sustainable growth. A customer-centric way of doing business is focused on providing a positive customer experience before, during, and after the sale.

According to CX solutions at SAP, 72% of customers will share a positive experience with 6 or more people. On the other hand, if a customer is not happy, 13% of them will share their experience with 15 or even more. Most customers don’t tell you they’re unhappy. In fact, only 1 in 26 unhappy customers actually complain. The rest simply stop doing business with the organization.

Here are eight steps to help create a customer-centric business:

1] Understand your customers and anticipate their needs: Develop a deep understanding of your target audience by conducting market research, surveys, and customer feedback. Identify their needs, preferences, pain points, and expectations.

2] Offer only quality products and/or services – avoid competing on price and offer value for money: Focus on delivering high-quality products or services that solve customer problems and provide value. Consistently exceed customer expectations.

3] Create a seamless customer journey at every touch point: Ensure a smooth and consistent experience for customers across all touchpoints, whether online, in-store, or through customer support. Eliminate friction points in the customer journey.

4] Empower your team: Empower employees to make decisions that benefit customers. Encourage a customer-centric mindset throughout your organization, from leadership to frontline staff.

5] Reward customer loyalty: Implement a loyalty program that rewards repeat customers. Recognize and appreciate their loyalty with exclusive offers and incentives.

6] Continuous Improvement: Never stop looking for ways to improve the customer experience. Regularly assess and update your processes and services to stay aligned with customer needs (proactive vs. reactive).

7] Measure and Analyze Data: Use data analytics to gain insights into customer behavior, preferences, and trends. Data-driven decisions can help you fine-tune your customer-centric strategies.

8] Innovation: Stay ahead of customer expectations by constantly innovating and introducing new features, products, or services that meet evolving customer needs.

Building a customer-centric business is an ongoing process that requires a commitment to putting the customer at the center of all your decisions and actions. It not only enhances customer satisfaction but also drives loyalty, referrals, and long-term success.

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Which Are The Most Memorable Type of Advertisements?

By James D. Roumeliotis

Memorable advertisements often fall into several categories, each with its own unique qualities and strategies. Here are some of the most memorable types of advertisements:

1. Emotional Advertisements: These ads tug at the heartstrings and evoke strong emotions. They often tell a compelling story that resonates with viewers on a personal level. Emotional ads can be heartwarming, inspirational, or thought-provoking. For example, commercials that feature heartwarming family moments, tales of perseverance, or charitable acts can be very memorable.
2. Humorous Advertisements: Humor is a powerful tool in advertising because it makes people laugh and creates a positive association with the brand. Memorable funny ads often use clever wordplay, absurd situations, or relatable humor. Comedic characters or unexpected punchlines can leave a lasting impression.
3. Shock Value Advertisements: These ads use shock or controversy to grab viewers’ attention. They are designed to be provocative and memorable. However, they can be risky, as they may alienate some viewers or lead to backlash if done insensitively. The key is to strike a balance between shock value and relevance to the brand or product.
4. Celebrity-Driven Advertisements: Ads featuring well-known celebrities or influencers can be highly memorable. Celebrities can lend their star power and credibility to a product or cause. Viewers often remember these ads because of the famous faces associated with them.
5. Nostalgic Advertisements: Nostalgia is a powerful emotion that can make advertisements highly memorable. Brands often tap into people’s fond memories of the past, whether it’s through retro music, vintage visuals, or references to pop culture from previous decades.
6. Creative and Unique Concepts: Some memorable ads stand out due to their sheer creativity and uniqueness. These ads push the boundaries of traditional advertising and surprise viewers with unexpected visuals, storytelling techniques, or interactive elements.
7. Catchy Jingles and Slogans: Catchy jingles or memorable slogans can make an advertisement stick in people’s minds. These elements create a memorable audio or verbal association with the brand.
8. Super Bowl Commercials: Super Bowl commercials are known for their creativity, star-studded casts, and high production values. They often become memorable not just because of the content but also because of the anticipation and cultural significance of the Super Bowl itself.
9. Storytelling Advertisements: Ads that tell a compelling and relatable story can be very memorable. These ads often connect with viewers on a personal level, making them more likely to remember the brand or message.
10. User-Generated Content: Some brands encourage user-generated content as part of their advertising campaigns. When consumers create content related to a brand or product, it can become highly memorable, especially when shared on social media.

Ultimately, what makes an advertisement memorable can vary widely depending on the target audience, the product or service being advertised, and the cultural context. Memorable advertisements often succeed in making a strong emotional or intellectual connection with viewers, leaving a lasting impression that goes beyond the ad itself.

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10 Worst Businesses to Start

By James D. Roumeliotis

The “worst” businesses to start can vary depending on several factors, including market conditions, location, personal interests, and skills. However, certain types of businesses are generally considered riskier or more challenging to establish and sustain than others. Here are some examples of businesses that tend to have higher failure rates or face significant challenges:

1. Risky or Speculative Ventures: Businesses based on high-risk or speculative ventures, such as gambling or day trading, can be particularly unpredictable and subject to significant financial losses.
2. Fad or Trend-Dependent Businesses: Starting a business solely based on a passing fad or trend can be risky, as these markets can quickly become saturated and lose popularity.
3. Restaurants and Food Service: Restaurants often have a high failure rate due to intense competition, high operating costs, and challenges in maintaining consistent quality and customer satisfaction.
4. Retail Stores: Traditional brick-and-mortar retail stores can struggle due to online competition and changing consumer habits.
5. Independent Bookstores: While some independent bookstores thrive, they often face challenges from large chain bookstores and online retailers.
6. Travel Agencies: The rise of online booking platforms has significantly impacted the profitability of traditional travel agencies.
7. High-Fashion Retail: The fashion industry can be unpredictable, and high-fashion retail may struggle to appeal to a broad customer base.
8. Transportation and Warehouse: According to the US Department of Labor, only about half of transportation and warehousing businesses survive for five years, and only one-third survive for ten.  There are insurance charges, registration fees, taxes, gasoline, maintenance, and so on, in addition to the vehicles, you must purchase. In addition, according to the NFIB Research Foundation, employment restrictions, environmental standards, and frequency of lawsuits are all issues for this industry. 
9. Print Media Publishing: Print media, such as newspapers and magazines, have faced significant challenges in the digital age, with declining readership and ad revenues.
10. E-Commerce Business: Opening up a retail business online—or an e-commerce site, if you prefer—what could be easier? Just throw together a website and wait for the orders to roll in, right? No, it just isn’t that easy. It is much harder than you might think to get visitors to come to your site. Then, even once you have driven traffic to your website, it can be very hard to convert visitors to sales.

It’s important to note that even businesses considered “risky” or “worst” can succeed with the right planning, market research, and execution. Every business venture carries some level of risk, and success often depends on the entrepreneur’s dedication, adaptability, and ability to identify and address challenges. Before starting any business, conducting thorough market research and seeking expert advice can increase the chances of success. Go for niche and/or service type of businesses especially the ones with high barriers to entry, as well as recession and pandemic resistant (not necessarily recession or pandemic proof).

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How to Create Artificial Scarcity for Exclusivity, Cachet & Stellar Profit Margins

By James D. Roumeliotis

Creating artificial scarcity with products is a shrewd marketing strategy that aims to increase demand and perceived value by limiting the availability of a product or service. It can be used to generate excitement, urgency, and a sense of exclusivity among consumers.

However, to earn respect and steadfast clientele as a “prestigious” brand, it’s essential to approach this strategy ethically and transparently. Here are some methods to create artificial scarcity with products:

1. Limited Editions: Offer limited editions of your products, making it clear that there will only be a fixed number available. This can create a sense of urgency among customers who want to own something unique and exclusive.
2. Time-Limited Offers: Implement time-limited offers or flash sales, where the product is available at a discounted price for a short period. This encourages customers to make quick decisions to avoid missing out on the deal.
3. Pre-Orders and Waitlists: Launch products with pre-order or waitlist options. By allowing customers to reserve a product before it’s officially released, you can create anticipation and interest in the item.
4. Seasonal or Holiday Releases: Introduce products that are specifically tied to certain seasons or holidays. This creates a sense of urgency as customers know the product will only be available for a limited time.
5. Controlled Distribution: Control the distribution of your product to specific regions or stores, making it harder for customers to access it, and thus creating a perception of scarcity.
6. VIP Access: Offer exclusive access or early release to a select group of customers, such as loyal customers, members of a loyalty program, or influencers. This can make others desire the product even more.
7. Limited Time/Quantity Promotions: Run promotions where a specific number of units are available with added benefits (avoiding discounts). Clearly communicate the limited quantity or time frame to create urgency.
8. One-Time Reissues: If you have an older product that was well-received but discontinued, consider reissuing it for a limited time. This could create a surge in demand from customers who missed out on the initial release.

Building cachet

Building cachet in a product or service is a strategic approach used by businesses to create a perception of prestige, exclusivity, and desirability. It involves enhancing the brand image and reputation to attract a select target audience willing to pay a premium for the perceived value and status associated with the offering. It requires consistent messaging, attention to product quality, and a clear understanding of the target audience’s desires and values.

Cases in point: Nike vs. Hermès; Diamond industry; Prime energy drink

Hermès is not the world’s biggest fashion label ─ it’s Nike, followed by Louis Vuitton (LVMH group), Gucci (owned by Kering), Chanel, Adidas and finally Hermès. But Hermès appears to be the most desirable brand. Recently, the stock price of the French leather goods company, founded by harness-maker Thierry Hermès in 1837, soar to more than €2,000 per share. It raised Hermès’s market cap to €210 billion, even surpassing that of Nike. Hermès is primarily owned by the Hermès family, which through its holding company, H51, holds the majority of the company’s stake, and one of the few luxury brands that remained independent.

Much of Hermès’s magnetism comes from positioning itself as an exclusive brand by creating scarcity over its two priciest best-sellers ─ the Birkin, starting at €15,000 and produced in small numbers (artificial scarcity, thus waitlists) and the Kelly bags. These two alone accounts for €2 billion in annual sales.

A notable industry which in its entire history has created artificial scarcity is the diamond sector. It controls supply to manipulate prices. On top of extreme ethical violations, leaders in the diamond industry are extremely clever in limiting the supply of the clear and glitzy rocks. Despite diamonds being numerous, fake scarcity keeps prices extremely high. The estimates on markups are broad, but most of the reliable sources indicate that at least 300% is the usual markup. 

Prime Hydration is a line of fruit-flavoured sports drinks fortified with vitamins and minerals. It was launched by rapper and boxer KSI and YouTube content creator Logan Paul in January 2022.  It’s so popular worldwide that in places, such as the United Kingdom, grocery stores have had to ration it. In the U.S. and Canada, it retails online for about $10 per 500 ml (16.9 oz.) bottle. So, what gives with this particular product?

• FOMO (Fear of Missing Out): Scarcity triggers the fear of missing out, and consumers may be more motivated to purchase an energy drink if they believe it won’t be available for long.
• Collectability: Limited-edition or rare energy drinks can become collectibles, appealing to enthusiasts who want to own and preserve unique products.
• Social Media Buzz: Artificial scarcity can generate buzz on social media platforms as consumers share their excitement about the limited availability of the product.

In the final analysis

Remember that while creating artificial scarcity can be an effective marketing tactic, it’s essential to maintain transparency with your customers. Be clear about the limited nature of the offer and avoid deceptive practices that may undermine trust in your brand. Additionally, be mindful of potential backlash if customers feel manipulated or misled. Artificial scarcity should be used ethically and as part of a well-rounded marketing strategy.

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The Total Holistic Customer Experience: What Is It All About?

James D. Roumeliotis

A holistic customer experience refers to the comprehensive and integrated approach a business takes to address the entirety of a customer’s journey, interactions, and perceptions across all touchpoints and channels. It emphasizes the need to understand and cater to the customer’s needs, desires, and expectations at every stage of their relationship with the business, from initial awareness to post-purchase support.

A holistic customer experience recognizes that customers interact with a business through various channels, such as in-person interactions, websites, mobile apps, social media, phone calls, and more. It aims to create a seamless and consistent experience across these channels, ensuring that the customer feels valued and supported regardless of how they choose to engage with the business.

Key elements of a holistic customer experience include:

1. Customer-Centric Approach: Placing the customer at the center of all business decisions and strategies. This involves understanding their needs, preferences, and pain points, and aligning the organization’s efforts to meet and exceed their expectations.
2. Omni-channel Integration: Providing a consistent experience across multiple channels and touchpoints. This involves ensuring that customers can seamlessly transition between different channels without losing information or experiencing disjointed interactions.
3. Personalization: Tailoring the customer experience based on individual preferences and characteristics. This can include personalized product recommendations, targeted marketing messages, and customized support based on customer data and insights.
4. End-to-End Journey Mapping: Understanding the customer’s journey from the initial point of contact to post-purchase interactions. This involves identifying and addressing pain points, optimizing each stage of the journey, and ensuring a positive overall experience.
5. Employee Engagement: Recognizing that employees play a crucial role in delivering a holistic customer experience. Engaged and empowered employees are more likely to provide excellent service and create meaningful connections with customers.
6. Continuous Improvement: Regularly analyzing customer feedback and data to identify areas for improvement and implement changes. This involves monitoring key metrics, conducting surveys, and actively seeking customer input to refine and enhance the customer experience over time.

By focusing on a holistic customer experience, businesses can cultivate customer loyalty, increase satisfaction and advocacy, and differentiate themselves in a competitive market by delivering a superior end-to-end experience that meets and exceeds customer expectations.

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Business Newsflash: A fine product or service will only succeed with clever branding and marketing

James D. Roumeliotis

Clever branding and marketing can certainly play a crucial role in the success of a product or service. While it’s not the sole determining factor, effective branding and marketing strategies can significantly impact a brand’s visibility, customer perception, and overall sales. Here’s why branding and marketing are important:

1. Differentiation: In a competitive marketplace, branding and marketing help distinguish a product or service from its competitors. Clever branding allows a brand to develop a unique identity, positioning it as distinct and memorable in the minds of consumers. Effective marketing communicates these unique selling propositions, highlighting the benefits and value the product or service offers compared to others in the market.
2. Building Awareness: Branding and marketing are essential for creating awareness and generating interest in a product or service. Through strategic marketing efforts, such as advertising, public relations, social media, and content marketing, a brand can reach its target audience, educate them about the offering, and generate buzz. This increased visibility helps to attract potential customers and generate leads.
3. Consumer Trust and Perception: Strong branding and marketing can enhance consumer trust and perception. A well-crafted brand identity, including a compelling brand story, logo, and consistent messaging, can create a sense of authenticity and reliability. Effective marketing campaigns that communicate the brand’s values, quality, and customer benefits can build trust with consumers, encouraging them to choose the product or service over competitors.
4. Customer Loyalty and Advocacy: Clever branding and marketing can foster customer loyalty and advocacy. A well-established brand with a positive reputation and strong brand affinity is more likely to retain customers and encourage repeat purchases. Engaging marketing campaigns and strategies that prioritize customer satisfaction can turn customers into brand advocates who willingly promote the product or service to others, leading to organic growth.
5. Adaptability and Innovation: Branding and marketing also allow a brand to stay relevant in a dynamic market by adapting to changing consumer preferences and trends. Through continuous market research, branding can evolve to meet consumer needs and expectations. Effective marketing strategies can showcase product updates, innovations, or new offerings, ensuring that the brand remains competitive and appealing to its target audience.

While branding and marketing are important, it’s essential to note that they should be supported by a quality product or service. Clever branding and marketing alone may attract initial attention, but the ultimate success of a product or service relies on delivering value, quality, and meeting customer expectations.

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How to Build a Dream Team in Your Business

By James D. Roumeliotis

Building a dream team requires careful planning and execution. Here are some steps you can take to build a successful team:

1. Define your goals: Start by clearly defining your objectives and what you hope to achieve as a team. This will help you identify the skills and expertise you need in your team members.
2. Hire for cultural fit: It’s important to ensure that the individuals you select for your team share the same values, work ethic, and goals. This will promote a positive and productive work environment.
3. Assess skills: Look for individuals who have a strong skill set that complements the rest of the team. Ideally, each member should bring unique strengths and talents to the table.
4. Encourage diversity: Diversity of background, experience, and perspective can bring new ideas and approaches to the team. It’s important to create an inclusive environment where everyone feels valued and respected.
5. Foster communication: Open communication is essential to any successful team. Encourage regular check-ins, team meetings, and opportunities for feedback and collaboration.
6. Empower team members: Give team members the tools and resources they need to succeed. Encourage autonomy and provide opportunities for growth and development.
7. Celebrate successes: Finally, celebrate the team’s successes and achievements. This will foster a positive culture and motivate team members to continue working towards their goals. Success also breeds success which makes it easier to attract better talent.

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The Controversy Surrounding Union Busting: How to Prevent a Union from Being Organized in Your Shop in the First Place

James D. Roumeliotis

Organized labour associations are also known as unions. Besides the “for profit” aspect, unions exist to (supposedly) provide important benefits to employees, such as improved working conditions, job security, and fair compensation. However, as a business, if you are concerned about the possibility of unions forming within your organization, here are some steps you can take to help prevent it:

1. Address Employee Concerns: Ensure that your employees feel heard and respected. Conduct regular surveys and feedback sessions to understand their concerns and take action to address them.
2. Offer Competitive Compensation: Providing your employees with fair and competitive compensation can help minimize their incentive to join a union.
3. Provide Opportunities for Growth: Offer opportunities for career growth, training, and development within your company. Providing a clear path for advancement can help employees feel valued and invested in the company.
4. Maintain Positive Workplace Culture: Encourage a positive work environment by promoting open communication, transparency, and accountability. Make sure your company policies and practices align with your values.
5. Create an Employee-Oriented Company: Show your employees that you value their input and feedback by creating an employee-oriented culture. This includes fostering a sense of community, promoting work-life balance, and providing benefits that improve their quality of life.
6. Consult with Professionals: Consult with labor relations professionals, such as attorneys or consultants, to help ensure that your company’s policies and practices comply with labor laws and regulations.

The National Labor Relations Board (NLRB), the federal agency that polices labor-management relations, has accused Starbucks and Amazon of a slew of illegal anti-union practices, among them firing many workers in retaliation for backing a union. The NLRB had stated that Starbucks committed “egregious and widespread misconduct” in its dealings with employees involved in efforts to unionize Buffalo, New York, stores. 

Remember that the best way to prevent unions from forming is to treat your employees fairly, with respect and dignity. By creating a positive and supportive work environment, you can help reduce the likelihood of unions forming in your business. Keeping unions at bay should not be the prime reason why employees’ working conditions and wages, among other circumstances, ought to be taken seriously. Staff are a crucial business element…and considered the fifth “P” in the modern marketing mix. Thus, they should be treated with respect and well taken care of. Common sense dictates that this should not even be a reminder to employers.

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The Distinction Between CPG Brand Management and Luxury Brand Management

By James D. Roumeliotis

Brand management is the process of creating, developing, and maintaining a brand in order to achieve business goals. It involves establishing a brand identity, building brand equity, and ensuring that the brand remains relevant and competitive in the market. However, brand management strategies can vary depending on the type of brand being managed. In this article, we will explore the differences between managing a consumer-packaged goods (CPG) brand and a luxury brand.

What is CPG brand management?

CPG brands are typically everyday products that consumers use on a regular basis, such as food, beverages, personal care products, and household items. CPG brand management is all about creating a brand that appeals to a broad range of consumers and maintaining that brand in a highly competitive market. CPG brand managers need to focus on product innovation, pricing, packaging, distribution, and marketing in order to succeed.

The focus of CPG brand management is on creating a consistent and reliable product that consumers can trust. CPG brands often have lower profit margins than luxury brands, which means that cost control is critical to their success. CPG brand managers need to carefully balance the cost of producing their products with the price they charge consumers in order to maximize profits. Additionally, CPG brands need to be marketed in a way that appeals to a broad audience and drives sales volume.

What is luxury brand management?

Luxury brands, on the other hand, are products or services that are associated with high levels of quality, exclusivity, and status. Luxury brand management is all about creating a brand that conveys a sense of prestige and luxury to consumers. Luxury brand managers need to focus on product design, craftsmanship, exclusivity, and marketing in order to succeed.

The focus of luxury brand management is on creating a sense of exclusivity and rarity that appeals to a select group of consumers. Luxury brands often have higher profit margins than CPG brands, which means that their pricing strategy can be more flexible. Luxury brand managers can charge premium prices for their products, and they often use scarcity and limited availability to create a sense of exclusivity.

Luxury brands are also marketed in a way that is different from CPG brands. Instead of appealing to a broad audience, luxury brands target a niche market of high-net-worth individuals who are willing to pay a premium for quality and exclusivity. Luxury brand managers often use celebrity endorsements, event sponsorships, and other high-end marketing techniques to build brand awareness and create a sense of exclusivity.

Key differences between CPG brand management and luxury brand management:

• Target market: CPG brands target a broad audience, while luxury brands target a niche market of high-net-worth individuals.
• Product features: CPG brands focus on creating a reliable and consistent product, while luxury brands focus on exclusivity and rarity.
• Pricing strategy: CPG brands typically have lower profit margins and need to balance the cost of production with the price they charge consumers, while luxury brands can charge premium prices and use scarcity to create a sense of exclusivity.
• Marketing strategy: CPG brands are marketed in a way that appeals to a broad audience, while luxury brands use high-end marketing techniques to build brand awareness and create a sense of exclusivity.

In conclusion

While both CPG brand management and luxury brand management involve creating and maintaining a brand, the strategies used to achieve these goals can be very different. CPG brands focus on creating a consistent and reliable product that appeals to a broad audience, while luxury brands focus on exclusivity and rarity to appeal to a select group of high-net-worth consumers. Understanding these key differences is essential for developing effective brand management strategies in either context.

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Can a business have vision, an excellent customer experience and be greedy at the same time?

By James D. Roumeliotis

Can a business have a vision, an excellent customer experience and still be greedy? Perhaps! Is it acceptable? It depends on who you ask. This author does not condone it. One can earn an abundance of money without necessarily being greedy. We ought to be mindful of this: a vision is a statement that outlines the purpose, values, and aspirations of a business, it does not necessarily reflect the business’ ethical or moral principles. A business can have a vision for growth and success, yet also prioritize profit over the well-being of its customers and society.

Having an excellent customer experience can also be a tactic that a business uses to increase revenue and profit, without necessarily caring about the customers’ needs and satisfaction. A business can make efforts to improve the customer experience, but still prioritize its own financial gain over the customers’ well-being.

Being greedy means that a business prioritizes profit over other values, such as ethical behavior, social responsibility, and fairness. A business can be greedy and still have a vision, an excellent customer experience, and even be successful, however, it is important to note that greed can lead to unethical or illegal behavior, and can damage a company’s reputation and its relationship with customers, employees, and society in general.

It’s important for businesses to strike a balance between profitability and ethical behavior, and to consider the impact of their actions on all stakeholders, including customers, employees, suppliers, and the community.

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This Blog’s Top Five Most Read Business Articles in 2022

By James D. Roumeliotis

The five most-read/popular articles in this blog have been rounded-up for 2022.

Thank you for your readership! Much health and triumph to you this year.

1] Diffusion of Innovation: Getting past the first wave of innovators and early adopters to reach the tipping point

2] The Four T’s of Leadership: Truth, Trust, Transparency & Teamwork

3] Genuine Luxury vs Accessible Luxury: Two Distinct Yet Opposing Categories

4] 12 Tell-tale Signs That a Person Will Be Successful: What to Look for in a High-Value Person

5] Why do Rolex Watches Retain Their Value? Quality, Savvy Marketing and Cachet are the Core Motives

Keep moving forward!

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The Cult Brand: Providing an exceptional experience to the point of total customer devotion

by James D. Roumeliotis

There are brands that tout the virtues of their products and/or services with a religious fervor. A “cult” brand is a product or service with a strong loyal customer following, whereby their clients are fanatical about their products or services to the point where their lifestyle revolves around those popular brands. This level of fanaticism also makes those devout followers unsolicited brand ambassadors.

Cult brand examples with customer aficionados include Apple, BMW, Porsche, Fox News, Lulumemon, Zappos, Oprah, Harley Davidson and Starbucks to name a few. As for Starbucks, it offers a superior product and experience that some people would go out of their way, by driving by less expensive alternative coffee shops, to pay for Starbucks’s pricier cup of coffee.

More than just a product or service, it is a lifestyle

Generally speaking, brands that are designed for a lifestyle should have a much higher emotional value to consumers than ones based on features like cost or benefits alone.

Call it “hype” or give it any other label, cult brands are a unique breed that create and are given plenty of attention. Their brand value is also much higher than their closest competitors. They have achieved a special connection with consumers through their distinctive appeal.

Unlike religious or similar type cult following, the cult brand is considered “benign” or a “benign cult” since it satisfies a need and desire in a positive and harmless manner. Some brand loyalists have gone as far as having their beloved brand tattooed on their body.

A brand is considered as a “cult” brand if the following aspects are present:

1. Customers receive more than a product and/or service ─ they experience a lifestyle;
2. Brand devotees firmly believe there are no substitutes for their beloved brand;
3. Customers feel a sense of ownership with the brand;
4. Loyalty is prolonged over time compared to brands which are considered fads and unsustainable in the long-term;
5. An extraordinary degree of customer loyalty exists.

Ingredients of a cult brand: using psychology, identity and a sense of belonging

It is not enough for brands to spend plenty of money on glorified advertising. Any company with an adequate budget can do that. The essential challenge is to utilize an approach that makes people want to embrace a product and/or service that people would enjoy making it part of their life, as well as identity and belonging.

Brand cult status is an emotional component of the brand but it is not as simple to achieve. As per The Cult Branding Company, a brand consultancy firm, there are seven rules of cult brands this author stands behind ─ and are as follows:

Rule #1 – Differentiate: To achieve a special connection with consumers, the brand should have a distinctive allure and be unconventional in a good sense.

Rule #2 – Be Courageous: Cult Brands are successful because they are unlike their competitors. They possess their own personality, DNA and rules. They are also passionate about their offerings and their customers for whom they exist in the first place.

Rule #3 – Promote a Lifestyle: The goal of a lifestyle brand is to get people to relate to one another through a “concept brand.” These brands successfully sell an identity, image and status rather than merely a “product-service” in the traditional sense of the term.

Rule #4 – Listen to Your Customers: Focus on serving your customers’ desires by being customer-centric. Encourage feedback and utilize it as an opportunity to form ideas, and provide solutions that establish and retain loyalty.

Rule #5 – Support Customer Communities: Cult Brands build effective and sustainable relationships with their customers by developing and supporting a customer community that allows users, partners, and company employees to share information, answer questions, post problems, and discuss ideas about product enhancements and best practices in real-time. Cult brands also gather their loyalists by organizing occasional social events to ignite additional enthusiasm for the brand.

Rule #6 – Be Open, Inviting, and Inclusive: Cult Brands do not discriminate in terms of age, race, or sexual preference. As such, everyone who believes in the brand’s mission is welcome.

Rule #7 – Promote Personal Freedom: For most, the Abraham Maslow hierarchy of needs pyramid includes elements of self-esteem and self-actualization. As such, a well-regarded brand will express this as much by promoting freedom which is essential in expressing one’s own unique identity and worldview without fear of consequences.

In the end: Achieving the highest level of emotional connection via brand advocacy

Cult brands have a fanatical customer base. A culture is created around the brand based on consumers of a niche group. From there, the brand evangelists spread the message and enlist more followers.

When consumers are treated with honesty and delighted by a brand experience, they begin to bond emotionally with the brand. They become brand loyalists and advocates – buying the brand more often and recommending it to others. This behavior serves to build the brand’s reputation. This approach is priceless – even though it may take longer to take a positive effect.

That said, innovative products, exceptional services, the total customer experience and the lifestyle which comes with being associated with the brand are what truly makes a cult brand exceptional from competing brands. The key objective is to create a relationship of trust. The world’s powerful brands establish trust and friendship with their customers. They develop emotional capital, and gain passion. This is what makes them great, thus “cult” brands.

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Toyota Motor Corporation: Could it Become the Next Kodak?

By James D. Roumeliotis

The Eastman Kodak Corporation was founded in the late 1880s. At its peak, by 1988, Kodak employed over 145,000 workers worldwide, and was a giant in the photography industry in the 1970s, dominating 90% of film sales and 85% of camera sales in the U.S., according to a 2005 case study for Harvard Business School. Sadly, it filed for bankruptcy in 2012. For almost a hundred years, Kodak was at the forefront of photography with dozens of innovations and inventions. However, the irony here is that the ignorance of new technology and not adapting to changing market needs initiated Kodak’s downfall. Kodak invested its funds in acquiring many small companies, depleting the money it could have used to promote the sales of digital cameras. Today, it employs approximately 4,500, and its main business segments are Print Systems, Enterprise Inkjet Systems, Micro 3D Printing & Packaging, Software & Solutions, and Consumer & Film.

Looking at Toyota Motor Corporation today, a company founded in 1937 and headquartered in Toyota City, Japan, Toyota and employing nearly 350,000 people globally, a similar story seems to be emerging here in regard to a future possible bankruptcy. Though, unlike Kodak, the Japanese government will probably throw at it a financial lifeline as it’s too important for its economy to allow the carmaker to fail.

The Marketing Myopia of Toyota

Toyota is one of the largest and most well-known brands in the world. The 2022 fiscal year which started in April, shows that Toyota has fallen behind its targets by more than 10%. In addition, profit slumped a worse-than-expected 42% in its first quarter as the Japanese automaker was squeezed between supply constraints and rising costs. It presently also holds the distinction as the global company with the biggest net debt on its books ─ $186 Billion and total liabilities also high at $269 Billion. Toyota has less than $83 Billion in assets. If its debt continues to grow in the next few years, a possible bankruptcy cannot be ruled out.

The main problem today is they can’t make enough cars. If you go to any Toyota dealership, they’re very low with an inventory of new cars. Their management of supply chain issues appears dysfunctional. However, their issue goes beyond that. They are stuck in a conundrum when it comes to the reality of the future of the electric car (EV). The Toyota leadership is in denial while the rest of the world moves on with EVs.

For Toyota, the hybrids were supposed to be the bridge to an electric future. Seems like they are stuck on the bridge and refuse to get off. Furthermore, Toyota has been pushing for hydrogen but neglected to put any effort into building infrastructure for it. In fact, they didn’t even try to lobby to have hydrogen stations built. Their hydrogen plan was really dead-on arrival from the get-go.

China and the Non-Legacy Car Manufacturers

The Chinese EV auto manufacturers such as BYD and Nio, along with the American EV manufacturer, Tesla, are doing to Toyota what it did to GM, Ford and Chrysler in the ‘70s. Toyota struggles with the EV shift and has continued to be highly critical of going all-in in battery-electric vehicles despite announcing its own plan last year to bring 30 battery EV models to market by 2030.

For now, the 2023 Toyota bZ4X is the lone representative of the company’s EV plans — an awkwardly named crossover that raises some questions about what the company really believes to be the future of battery-electric vehicles and just how committed they are to the entire thing. Though, the Toyota bZ4X stumbled out of the starting blocks, with the automaker recalling all of them due to an issue where the wheels could literally fall off the EV. The problem took several months to correct, with Toyota only announcing a fix and the restart of production earlier this month. During the recall, the company even offered to buy back affected vehicles from customers.

Foretelling the Future of Toyota’s EVs

According to a report by Reuters, Toyota has formed a working group to come up with ways to improve its EV strategy. The group reportedly has a deadline of early next year to decide whether to improve its existing EV platform known as e-TNGA, or suggest an entirely new EV architecture, four sources with knowledge of the discussions told Reuters.

Alternatively, Toyota may just rebadge and import Chinese EVs or license another automaker’s EV platform, such as VW’s MEB platform, though outsourced automakers and other 3rd party suppliers can drain Toyota’s margins, leaving Toyota very little funds to invest in developing their own EV platforms.

In the End

Kodak was the very first company whose engineers came up with a digital camera, in 1975. Although the company had an early insight into digital, it lacked the commitment and management support for a huge production shift. Moreover, the business of films and paper was very profitable at that time and those items would no longer be required for photography. As a result, Kodak would be subjected to huge losses and end up shutting down the factories which manufactured those items. Kodak finally went to market with its initial digital camera model (the DC40) in 1995 but was considered a latecomer in the category. Instead, in 1989, its competitor, Fujifilm, released the FUJIX DS-X, the first fully digital camera to be commercially released.

Another example of the industrial cycle. From tiny beginnings to rule the automotive world to self-destruction. From leading innovation to crippling indecision.

At least Kodak had many worthy patents to trade/sell. What about Toyota?

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