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Next we come to creativity. This often works well - creating an attention-grapping TV commercial, for example, might lead to increased sales.But it isn’t always a good thing. Some advertising campaigns are remembered for their creativity, without having any effect on sales.
This happened a few years ago with thelaunchof a chocolate bar;subsequentresearch showed that plenty of consumers remembered the advert, but had no idea what was being advertised. The trouble is that the creator derives pleasure from coming up with the idea, and wrongly assumes the audience for the campaign will share that feeling.
A company that brings out thousands of new products may seem more creative than a company that only has a few, but it may be too creative, and make smaller profits. Creativity needs to be targeted to solve a problem that the company has identified. Just coming up with more and more novel products isn’t necessarily a good thing.
And finally, excellence. We all know companies that claim they ‘strive for excellence’, but it takes a long time to achieve excellence. In business, being first with a product is moreprofitablethan having the best product. A major study of company performance compared pioneers - that is, companies bringing out the first version of aparticularproduct- with followers, the companies that copied and improved on that product.
The study found that the pioneers commanded an average market share of 29 percent, while the followers achieved less than half that, only 13 percent - even though their product might have been better.Insisting on excellence in everything we do is time-consuming, wastes energy and leads to losing out on opportunities.