Smart Business Concepts
Only some of them make it past the next phase, judgmental screening, during which a group of marketing, product development, and operations people will evaluate ideas based on experience and intuition. Those that make the cut are actually developed and then tested in stores, with well-defined measures and control groups. At that point, executives decide whether to roll out a product systemwide, modify it for retesting, or kill the whole idea. Some companies with rich consumer-transaction data—Toronto-Dominion, CKE Restaurants, eBay, and others—are routinely testing innovations well outside the realm of product R&D. As randomized testing becomes standard procedure in certain settings , firms learn to apply it in other areas as well. Entire organizations that adopt a “test and learn” culture stand to realize the greatest benefits. SmartBUSINESS is a web based offering that epitomizes the dynamism of the Banks e-Banking initiative. Wood says that the company has made testing a part