Women in business: relationships, vision, and that 3:30 p.m. soccer game
Reprinted with permission from Knowledge@Wharton, 11/03.
Issue date: 11/10/03 Section: The Wharton Wire
L'Oreal's internal decision-making process also illustrates enduring cultural differences in the global market, according to Longworth. She noted that in the company's consensus culture, where discussion takes place "ad nauseum," the French think the Americans don't discuss enough, the Americans think the French - with their 35-hour work weeks - don't produce enough, and everybody thinks the British don't know what they're doing.
Marketers have to contend not only with cultural differences but also with new ways of thinking about their markets, Longworth suggested. The traditional market divisions of income, age and gender have been replaced by less-tangible classifications such as optimism, energy and independence. The ageing population, however, presents an additional challenge, she noted: Within the next five years in England, for example, there will be more people over the age of 60 than under the age of 5.
Finding a Chef
While recognizing that consumers everywhere don't want exactly the same product, cosmetics companies seek to establish a brand image that is recognizable anywhere, according to the panelists.
"Globalization is absolutely critical to our success," said Susan Baida, Asia-Pacific regional marketing director for the skincare products manufacturer Clinique Laboratories. "If you have two divisions positioning a brand, it can get watered down. It's critical that the communication of the brand is very consistent."
Outside the corporate environment, those seeking to start their own ventures will need carefully thought-out goals and implementation strategies; an ability to communicate their aims to investors, customers and employees; a willingness to make financial and lifestyle sacrifices, and an appetite for risk that isn't present in the relative security of the corporate environment, speakers said.
"You've got to have a very clear vision of what you want to achieve," stated Ellen Yin, owner of the Fork restaurant and bar in Philadelphia, at the session on entrepreneurship. Yin, who previously worked as a consultant to the healthcare industry, said she had to adjust her own business plan because of a lender's insistence that the business include a chef who was also a partner. She found a chef who was willing to take an ownership position in the business, but that person had no experience cooking the kind of food that Yin had been planning for her restaurant.
Marketers have to contend not only with cultural differences but also with new ways of thinking about their markets, Longworth suggested. The traditional market divisions of income, age and gender have been replaced by less-tangible classifications such as optimism, energy and independence. The ageing population, however, presents an additional challenge, she noted: Within the next five years in England, for example, there will be more people over the age of 60 than under the age of 5.
Finding a Chef
While recognizing that consumers everywhere don't want exactly the same product, cosmetics companies seek to establish a brand image that is recognizable anywhere, according to the panelists.
"Globalization is absolutely critical to our success," said Susan Baida, Asia-Pacific regional marketing director for the skincare products manufacturer Clinique Laboratories. "If you have two divisions positioning a brand, it can get watered down. It's critical that the communication of the brand is very consistent."
Outside the corporate environment, those seeking to start their own ventures will need carefully thought-out goals and implementation strategies; an ability to communicate their aims to investors, customers and employees; a willingness to make financial and lifestyle sacrifices, and an appetite for risk that isn't present in the relative security of the corporate environment, speakers said.
"You've got to have a very clear vision of what you want to achieve," stated Ellen Yin, owner of the Fork restaurant and bar in Philadelphia, at the session on entrepreneurship. Yin, who previously worked as a consultant to the healthcare industry, said she had to adjust her own business plan because of a lender's insistence that the business include a chef who was also a partner. She found a chef who was willing to take an ownership position in the business, but that person had no experience cooking the kind of food that Yin had been planning for her restaurant.