Trend: Evolution of Eco-systems
According to Wharton management professor Harbir Singh, “most businesses today understand that they need to exist in an ‘eco-system’ that includes other companies, some of their competitors.”
What we see developing is a “Plug and Play” eco-system framework that enables delivery of services to support consumers’ needs. The framework is designed to accommodate multi-company and multi-vendor services. The eco-system framework is consumer-centric facilitating messages and offers based on the consumers’ terms for relevancy.
In this way, companies and vendors simply manage what they offer and provide basic information to the eco-system. Then they and their consumers would benefit from the eco-system by being syndicated with among other progressive, global entities. This allows a simple but effective way to scope trends, create personalized offers and develop new relationships with the multiple companies and vendors via marketing programs.
Harbir Singh, Mack Professor of Management; Co-Director, Mack Institute for Innovation Management; Vice Dean, Global Initiatives at The Wharton School, University of Pennsylvania