Forms of blindness

Question 1

Economic orientation

Answer 1

firms should seek to maximize its self-interest in the marketplace

Question 2

Technology centred

Answer 2

Blind belief in technical excellence as key to long-run success BUT limited and looks at multiple aspects

Question 3

Cost-efficiency centred

Answer 3

Blind belief that exclusive focus on cost reduction is key to long-run success but will affect quality at some point of production, therefore limited

Question 4

Sales centred

Answer 4

Blind belief that selling is the only way of providing long-run success but it’s only one measure of success, therefore narrow-minded

Question 5

Production centred

Answer 5

While a potent source of price for many, an engineering or product-centred focus can blind us to the real drivers of value

Question 6

Technology centred

Answer 6

Tendency for engineers to assume that their definition of quality is right; tendency to over-engineery; the ‘better mousetrap’ syndrome

Question 7

What is the ‘better mousetrap’ syndrome?

Answer 7

The “better mousetrap syndrome” is where a basic, cheap, functional and familiar product is reinvented with something that does the same thing, but is potentially better and costs more. It’s a recognized trap for product designers and companies , and yet it still occurs.

Question 8

Selling

Answer 8

selfishness - the short-term satisfaction of desire, irrespective of the effects upon others. Untenable in the long-run
e.g. Domino Tuesday