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- Herausgeber: Business Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of Michael Silverstein's book: "Treasure Hunt: Inside the Mind of the New Consumer".
This complete summary of the ideas from Michael Silverstein's book "Treasure Hunt" shows how middle-class consumers now have far more tools available to help them make decisions about the products and services they choose to buy. Many are embarking on a personal “treasure hunt” to come up with just the right combination of products and services to fit their needs and preferences like a glove. In his book, the author also explains that another phenomenon is the fact that consumers are trading up and are willing to pay a premium for high-quality products and services which are emotionally rich for them. To fund those purchases, consumers are also relentlessly trading down in other categories. This summary demonstrates that the challenge for every business is to find practical ways to align their products and services with either the trading-up or trading-down trends.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge
To learn more, read "Treasure Hunt" and find out what challenges your business faces in the 21st century and how to deal with them.
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Seitenzahl: 36
Veröffentlichungsjahr: 2014
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Book Presentation: Treasure Huntby Michael Silverstein
Book Abstract
About the Author
Important Note About This Ebook
Summary of Treasure Hunt(Michael Silverstein)
1. The treasure hunt phenomenon
2. How companies can take advantage of the treasure hunt phenomena
Book Presentation: Treasure Huntby Michael Silverstein
Book Abstract
Main Idea
Middle-class consumers now have far more tools available to help them make decisions about the products and services they choose to buy. As a result, they are becoming much more savvy. Many are embarking on a personal “treasure hunt” to come up with just the right combination of products and services which fits their needs and preferences like a glove.
More particularly, this treasure hunt phenomenon is arising at the combination of two prevailing trends in consumer spending:
The fastest growing pools of consumer spending lie at the two ends of the product spectrum. In some product categories, consumers are trading up and are willing to pay a premium for high-quality products and services which are emotionally rich for them. To fund those purchases, consumers are also relentlessly trading down in other categories. They are buying basic, low-cost goods which still deliver acceptable levels of quality, reliability and elements of fashion. In between the trading-up and trading-down products lies a number of mediocre goods which offer neither distinctive emotional appeal nor better value. These goods are locked in a death zone which consumers steer clear of whenever possible.
The challenge for every business in the 21st century is to find practical ways to move their products and services out of the mid-market death zone and to align them with either the trading-up or trading-down trends. Companies that succeed in this increasingly polarized marketplace will do so on the strength of their understanding of the attitudes, behaviors and values of the middle-market consumers who are driving this transformation. This is not easy to do but it must be done.
About the Author
MICHAEL SILVERSTEIN is a senior vice president at The Boston Consulting Group. He specializes in consumer behavior, spending patterns and innovation. He is co-author of Trading Up. Mr. Silverstein has worked with a large number of consumer goods companies and is reputed to have generated in excess of $10 billion in new consumer products and services during his 25-year consulting career. Prior to joining The Boston Consulting Group on graduation from Harvard Business School, Mr. Silverstein worked as a reporter for United Press International.
The Web site for this book is atwww.bcg.com/treasurehunt.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of Treasure Hunt(Michael Silverstein)
1. The treasure hunt phenomenon
There are now so many goods available, in so many different configurations and so many different price points consumers look at the marketplace like some huge kind of bazaar filled with amazing finds and secret delights. With this in mind, it’s becoming almost impossible to characterize people by their demographics as in times past. Instead, middle-class consumers are becoming highly individualized in their expenditure patterns. They trade up in a few product categories of their choice, trade down in most and avoid some types of products altogether. Consumers freely mix upscale products with downscale goods to create customized lifestyles which are uniquely their own.
Overall, consumers are now developing their own personalized and ever-changing “value calculus” by which their purchasing decisions are made. Today’s consumers are using the tools of the information age to become shopping experts. They view the purchase and consumption of goods not as a simple life-sustaining activity but as an experience, a skill, a pastime and a duty. They care about the decisions they make as consumers – for better or for worse.
Several different factors have combined and connected to make middle-class consumers become the most powerful market force in the world. Some of these key factors include:
