The story of Miller Lite being the first company to enter the Lite Beer market in 1973, greatly emphasizes the importance of a brand’s consumer perception. The competitive advantage Miller sustained due to its “Great taste, Less filling!” campaign was that the advertisers at Miller light were working hard to alter the perception that light beer was not as “manly” as regular beer. In order to counteract this negative perception of the brand, Miller introduced a series of commercials featuring retired professional athletes, quintessential “men”, that endorsed the beer. When beer drinker’s nation wide saw respected sports icons like Joe Frazier, George Steinbrenner and Bob Uecker drinking the light beer, it completely eliminated the stigma associated with the drink.

As the marketplace has now become such a vast smorgasbord of very similar products, I would argue that it is more important that consumer’s differentiate their product from others, than actually having “the best product”. Meaning that more emphasis should be placed on marketing strategies that differentiate yourself from the competition. By promoting a memorable stance, as Miller did so well, you are essentially promoting loyalty to your brand and finding yourself a nice parking spot inside the mind of the consumer.

Photo: Classic Kicks

It is said that hindsight is 20/20. For a company that was a dominant presence in the market less less than 6 years ago, we ask ourselves: what could Blackberry have done to their business model to avoid their imminent sale to a group led by Fairfax Financial?

With much attention being paid to Apple and the release of their sleek new IPhone in the past week, The Economist’s It’s Time for Plan Z states that the recent blows to the phone’s popularity has forced the company to write down 960$ million worth of unsold inventory, and to lay off 40% of their employees.

As I study the characteristics of efficient business models, I have come to the conclusion that any given company must always capitalize on their strengths. By implementing a strategy that focused on capitalizing on the innovation Blackberry had over its competitors in 2007, the company would have had a stronger chance of retaining their presence in years to come.With consideration to the ever changing and competitive cell phone market, an updated value proposition, refined customer segments and customer relationships, would have greatly helped the company in maintaining their status and given them a clear direction moving forward.

Photo Credit: Wired.com

Many say that a businessman’s first priority is to seek profit, but is an individuals decision what moral and ethical boundaries will prevent them from achieving their goal.Currently, Premier Christy Clark is advocating for a project to extract liquefied natural gas in parts of British Columbia. She projects that this could become a hundred billion dollar industry in the next decade. The profit generated from the mining of the natural resource would go towards eliminating provincial debt and reducing taxes in the years to come, as well as creating which would substantially alleviate the financial troubles of British Columbia. Despite the seemingly bright future of LNG, an article in Scientific American explains the severe repercussions to the environment that can be engendered by the process of extraction.

For some, the decision to go ahead with the project is obvious, as the projected revenue speaks for itself. But does any amount of money justify the potential contamination of the drinking water in the areas where is extracted? It is imperative to always be in tune with one’s conscience while making decisions in business. Although an unethical decision may often seem easier short term, it will likely have long term repercussions.

Photo Credit: CTV News