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
Mass Customization refers to the concept of allowing each consumer to customize or adapt products' features according to his or her needs within a standardized platform with an acceptable price premium. (Hameide 222) This helps customers customize their own product which is what everyone wants but it also becomes difficult for the company to accomdate everyones needs and wants.
2. Compare the way luxury and mass-market brands adopted the new technologies. What are the opportunities and challenges that each segment may encounter?
Luxury products and the whole experience that comes with owning one has always been about exclusivity and the feeling of being unique, special, and different from the crowd. And if you desire an exclusive made-to-measure item (or service), you expect it to come with a large price premium. (Hameide 227) This is normal for a luxury brand but mass market brands can not charge their customers as much because that is not their target market so I think that is their biggest challenge.
3. Based on the chapter arguments
and your personal analysis, how would you interpret the term iBrand?
Interactive branding refers to a
situation whereby the consumer interacts directly with the brand or the process
of creating and developing it. It is through the help of new technologies that
it has become possible for consumers to play a direct and interactive role in
shaping a brand as he or she likes. (Hameide 222) I think this just simply
means that the consumer can directly work with the brand on the products they
wish to have.
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