2. Contents Past modals Vocabulary related to marketing Expressions used to product development and marketing Objectives By the end of this lesson you: Will be able to use the different forms of past modals. Will be able to express your point of view on product development and innovation processes.
3. Innovation As you know, there are companies that have been in the market for a long time. Procter and Gamble, for example, has had a history of at least 100 years old, and they have endured many different changes, not only in its infrastructure but also in the way the manage to develop their new products. From producing cheap soaps and candles in a little factory, they are now one of the most recognized companies around the world. How is it that some companies manage to survive the change of times? According to Peter Drucker, a famous management consultant, successful innovation is a necessary step into the life of any business, no matter if it is big or small. However, the innovation process does not come as if by magic. In some situations it requires more than the good will of the employees because, most of the times, the innovation process is hidden under a critical situation. Lesson 10
4. Past Modals If you remember your lessons of history surely you will remember stories about people who made a wrong decision. For example, read the following extract taken from the website http://www.mgmtstories.com/category/innovation/ : Failing to see the road to the future. Examples of those who fail to see the road to the future are often cited with hilarity. Take Harry Warner of Warner Brothers Studios, who commented in 1927 on the advent of soundtracks for moving pictures: “Who the hell wants to hear actors talk?“ Or take the senior management at Procter & Gamble when the disposable diaper was first suggested. According to diaper business folklore, P&G was conducting market research to find out what housewives liked about their cleaning products for soiled diapers. Inspired by comments of the form, “We don’t like anything about washing diapers,“ a P&G team came up with the idea for the disposable diaper. The team set about assessing the opportunity, estimating market volumes, projecting cash flows and profit margins, and preparing a presentation for P&G top management. The latter sat patiently through all the material, reviewed the market projections, and made it clear that they were impressed with all the work the team had done in analyzing the opportunity. “Just one question,“ they asked finally, “Where’s the soap?“ Lesson 10