For decades our understanding of economic production has been that
individuals order their productive activities in one of two ways:
either as employees in firms, following the directions of managers, or
as individuals in markets, following price signals. This dichotomy was
first identified in the early work of Nobel laureate Ronald Coase, and
was developed most explicitly in the work of neo-institutional
economist Oliver Williamson. In the past three or four years, public
attention has focused on a fifteen-year-old social-economic phenomenon
in the software development world. This phenomenon, called free
software or open source software, involves thousands or even tens of
thousands of programmers contributing to large and small scale project,
where the central organizing principle is that the software remains
free of most constraints on copying and use common to proprietary
materials. No one "owns" the software in the traditional sense of being
able to command how it is used or developed, or to control its
disposition. The result is the emergence of a vibrant, innovative and
productive collaboration, whose participants are not organized in firms
and do not choose their projects in response to price signals.
Irene V. on 26 May 12Marketing trends in 2012 25 January, 2012 Madeleine Ross comments "Opportunities go begging in a market ripe for the brave," says Deloitte chief marketing officer David Redhill, and that's certainly the attitude of many marketers looking at the next 12 months. In this year's tough economic climate, with financial trouble plaguing most of Europe and the USA, Australian marketers will be cautious, but that doesn't mean they'll stop spending. Local consumers have grown accustomed to being circumspect and are now looking to do business with reliable institutions. According to Commonwealth Bank's chief marketing and online officer, Andy Lark: "if you're trusted and you've got a good brand, you're in a good position." Reports of flailing foreign economies won't wreak the same havoc they used to on the industry, with agencies and clients now looking towards the potential downturn as an opportunity to cleverly and cost-effectively win over customers at their most vulnerable. "There is a lot of caution in the market and we are as circumspect as the next business," says Redhill. "But at the same time marketers who invest in brands in downtime are usually the winners because they will emerge stronger as competitors shrink their budgets and reel in their more expansive plans." The Tontine Group's product development and marketing manager, Lucinda Kew, agrees: "It is actually the brands that invest through difficult times which end up getting the best results because… you're resonating with people and when they get through those difficult times, hopefully you're their brand of choice." More for the same The Commonwealth Bank, bedding manufacturer Tontine and financial advisory firm, Deloitte all plan to maintain their marketing spends this year. That's a relief for agencies, especially in the midst of rumours about a 'race to the bottom' where agencies are fighting for clients and remuneration offers are slumping. But that's not to say brands or agencies can r