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Clock time is a theory that started in biology and it can easily be defined as
copycat theory. The reason it is called Clocktime is because some markets and
businesses move faster than others. A company engaging in Clocktime looks at other
companies to see what they have adopted and have been successful with. They then
take this strategy and apply it to their own business. Companies sometimes do not
have the necessary resources to create their own strategy so they need to engage in
Clocktime to pick the perfect one for their company. Companies cannot just take a
strategy and assume that it is going to be successful. They need to modify these
strategies to their company’s needs and wants. Companies often need to use caution
when modifying their strategies because the further you go from the root source, the
more trouble you could get into. Essentially, this means that the more you change an
already successful strategy; you could be weakening its effectiveness. In order to
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remain relevant in the marketplace companies need to look into the future to see
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how the industry is changing and conform to these practices. Two examples can be
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provided to illustrate Clocktime in the business world. Rent is a popular Broadway
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musical. When creating the concept, they took an old play idea and put a new spin
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on it. This created a new product for the Broadway play market. They took an old
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strategy with the common goal of filling up a theater and tailored it towards their
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own needs. Another example of the use of Clocktime can be exemplified in the case
of Charles Schwab and online trading. Charles Schwab did not invent computers or
the Internet but he created online trading. Companies began to adopt the online
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trading practice and this lead to a common industry standard. Companies now
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needed to decide if they wanted to use a successful online trading strategies or not.
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Companies deciding this would look at other successful company’s strategies and
pick the best one for their firm.
When working with market segmentation and penetration one must ask
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themselves, how is the market segregated and how are products being penetrated
and introduced into the market? Market segmentation involves breaking the market
down into different demographics. Demographics could include, age, location,
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gender, income, and etc. We are penetrating the market when we sell a specific
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fit into these markets. The car manufacturing industry consistently uses market
segmentation and penetration. For example, Honda segments the market by
individual wealth. They segregate it by individuals who can only afford an
economical option and individuals who can afford to buy a luxury version. Honda
sells the Honda Fit at around $14,000 (the economical option) and the Honda
Accord at around $30,000 (the luxury option). Honda effectively segregated the
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market by determining what their customers could afford and then sold this product
to them.
In the past, goods and services used to be tailored for a particular country
and then for a specific demographic. However, branding and globalization has
greatly changed due to widespread of information technology available. Large
brands do not break the world apart, they assume that you either have western
values or non-western values. If you do not have western values then their
marketing not work on you, but if you are western, then their tricks work quite
effectively. Using branding and globalization, they make the same product for that
whole demographic, regardless of what country you are in. This allows them to
source cheap raw materials and labour. Once you find your source, you then try to
sell your product in the countries where you can apply the largest profit margin.
Typically, you start with the United States because they are the largest consumers in
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the world. Globalization involves only one product for the entire world. In order to
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sell in other countries, it may be necessary to make a few changes such as price and
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language. By selling the same product, around the world, we save on research and
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development costs because we don’t need to come up with new product ideas. We
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only need to manufacturer more products for these other countries. Overall, a global
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branding strategy allows you maximize your return for that particular product.
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Several clothing companies use globalization and branding. One example would be
Abercrombie and Fitch. They make the same clothes and sell it around the world.
They also use the same marketing strategy worldwide. In order to make it a global
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people in other foreign countries can understand the product’s information. For
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example, a pair of Abercrombie and Fitch shorts will have a washing instructions
label that is translated into English, French, Spanish, Japanese, and etc. By tapping
into the global market, companies have a much wider range of profits and customers
available.
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