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Collabonomics

by on January 20, 2010

My emerging issue paper discusses the concept of ‘Collabonomics’ which means portmanteau of collaboration and economics. After global finance crisis, world economy is getting depressed and the business environment gets worse. It is not rare in these days that competitors join forces to release products. But even though each company has their own strength in its field, combining different strength in one product is still difficult. In a real life, one plus one is very hard to be two. Even in some cases, one plus one could be less than one in the overall view.

But if we can figure out that collaboration problem, there are a lot of advantages. The best advantages of ‘Collabonomics’ is that companies can extend their network size by partnership. It means more than extending customer field. It leads companies to enter new market. Through this step, ultimately, companies can get a chance to changing their brand images.

‘Collabonomics’ was first used to describe cooperation by makers of luxury electronics and automobiles. But now, the range of meaning is extended so it is spreading to food and fashion. Here are some examples; the most representative case is ‘LG-Prada Phone’ and ‘Illy issimo’. Through ‘LG-Prada Phone’, LG extend their customer filed from early adapter to fashion people and it can be a trigger to other companies to enter the business in collaboration. ‘Illy Issimo’ a canned coffee at local stores is manufactured by Coca-Cola. It is a win-win for both companies with Coca-Cola tapping the coffee addict market and Illy taking advantage of Coca-Cola’s distribution channels. ‘Collabonomics’ marketing is helpful to companies to promote items at a lower cost by sharing each other’s brand values.

Through this examples and concept, this article let us know the importance of innovation.

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