EOC Chapt 7 Questions

1. Given the discussion on mass customization, the model seems to hold new opportunities for young entrepreneurs considered to establish a new business. Highlight the advantages and challenges of the model from an entrepreneurial perspective

"Accordingto this definition, mass customization gives consumers an option to customizefeatures of a product, given that it is based on a mass-produced structure or frame". An advantage would be being able to customize any product to your liking. An example would be Nike and their customization system on their website. A Disadvantage would be producing many different products in one day which can possibly take time to get that product out.

2. Compare the way luxury and mass-market brands adopted the new technologies. What are the opportunities and challenges that each segment may encounter?

A luxury product is more about being exclusive and having one product that no one else has and cannot have and usually has a service and time period. "This service differs from the previous two services by including a designing stage that takes two to four weeks to create a design based on the customer's requests. Italso comes with a much higher cost and could take up to 12 months forcompletion". A mass market brand is targeted towards many people in department stores or high end boutiques. It is accessible to anyone at any time.

3. Based on the chapter arguments and your personal analysis, how would you interpret the term iBrand?

Reading the book it said “the iBrand name we created for this chapter is inspiredby the trend of terms prefixed with the letter “i' that was initiated bycomputer guru Apple and adopted by others (Apple's iPod, iPhone, ImaginePublishing's iCreate, and CNN's iReport, among others)” It my understanding the ibrand would be working together with technology to provide a new service and product. An example would be using an app that a retail store has provided their services and products. Usually they will offer exclusive discounts and coupons through the apps that will get a consumer to come shop. It can also be interacting with the brand or the brand process which can also be like the Nike System.