Posted on by Judy

2. Extension occurs when product and market competencies are understood sufficiently so that ideas lead to action.

It is a true statement that helps to gauge how the competencies can efficiently help converting the ideas into a more realistic forms in terms of action. Whenever a new product is in the pipeline, the development and marketing of the same depends much upon how well the extension process is designed to make the new product idea feasible one. Extension is further based on the roadmap of what the Company has learnt from its past. This learning forms the basis for the extension. In addition, a firmness and determination in terms of marketing competencies, is also essential to ensure the survival in the new and unexplored markets. Before entering into the new market, it is further necessary to evaluate the area of expertise of the Company in a more elaborated way such that the competitors are dealt in a better way. In this way, with the Product and marketing competencies, the ideas and innovations are given the forms of definite actions.
 
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Despite Intuit controlling 79 percent of the retail software market for tax preparation, there are approximately 20 million people who continue to prepare their taxes without the use of tax software or a professional tax preparer. To continue its growth Intuit must understand the needs of these consumers and find products that will fit their needs. So, it would seem that Intuit’s biggest competitor is the consumers themselves. In order to become more receptive to customers’ needs, the company had to become more tolerant of failure as employees began making what would have at one time been considered outlandish suggestions (such as a tax-preparation product that would adjust to the user’s emotional state) in an attempt to innovate. No one endorsed this movement more than Scott Cook. The defining moment of Cook’s philosophy came when Quicken, a product for assisting individuals manage their personal finances, was starting to take off. Market research revealed that customers were using Quicken to manage their business finances, but Cook wrote the discovery off as an anomaly. After a follow-up survey revealed an increasing number of business Quicken users, Cook realized the market potential for an accounting software product aimed at small businesses. Rather than dismissing his initial mistake of ignoring what the market was trying to tell him, Cook recognized where he went wrong and began to teach his employees to “savor the surprises.” He instilled the notion that employees should not only be open to signs in the market but also actively seek them out. This lesson has translated into the company dispatching employees to visit customers. Those initiatives led to annual revenues for QuickBooks amounting to over $700 million. What makes Intuit’s management philosophy unique? The focus on new ideas for growth. A few years back Cook had concluded that the size of the company, nearly $1 billion with 4,000 employees along with the management’s lack of operational experience, had led to the failure of several of Intuit’s initiatives. Cook believed in his ability to develop new ideas, but wanted the new executives to bring into the company the much needed discipline required for successful execution. Thus the company embarked on a strategy of disciplined innovation in the search for new ideas. Here is one example of the search for good ideas. Based on research conducted by employees meeting with customers, Intuit found that more than half of American small business owners who have computers continue to use simple spreadsheets or pencil and paper to manage their finances. In response, Intuit formed a ten-person team to explore why these people were not using QuickBooks. 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