Why businesses should never underestimate the power of place.
Today's business leaders are so obsessed with all things global and virtual that they risk neglecting the critical impact of physical place. It's a paradox of the Internet age: now that it's possible for businesses to be everywhere at once, they need to focus on what it means to be one specific place at a time.
The best global brands, from IBM to McDonald's, are by design also the leading local brands. For instance, your decision to patronize Starbucks will depend on whether it's the best local coffee shop in your neighborhood, not on how many thousands of global locations it has.
Marketing experts John Quelch and Katherine Jocz offer a new way to think about place in every strategic decision-from how to leverage consumer associations with locations to where to position products on the shelf. They explore case studies such as Nike and The Apple Store, which use place in creative ways.
Drawing on a blend of hard data and engaging anecdotes, this book will help any business-from global mega-brands to boutique, small town stores- influence customers more effectively.
In this timely new book, Quelch, dean of the China Europe International Business School (CEIBS), and Jocz, a research associate at Harvard Business School, examine the importance of place to the practice of marketing, particularly at the local level. According to the authors, when marketers try to expand brands to achieve a leading global share, they run the risk of being upstaged by local competitors and upstart entrepreneurs. The solution, they suggest, is to strategically use the concept of place, which determines how consumers interact with a product and influences their choice of brands. They examine the primary types of place from the psychological and physical to the virtual and global, showing how place is critical to nearly every marketing planning decision and why it must never be an afterthought. Using examples from Real Madrid to L eggs, they advocate putting forth a new focus on local that treats market areas as places defined by social interrelationships and sets of common tastes and values. Full of wise counsel on how to approach brand extension from the perspective of place, the advice will be invaluable for marketers devising future strategies.