The term “Foollowing is the combination or two common words:
“Fool” and “Following”. It primary usage is to refer to dumb things
companies do just because their competitor does.
Consider the practice of doubling consumer coupons. Kroger,
Hollywood Markets, and Spartan Stores doubled coupons in the
Detroit area throughout the 80s and 90s. None of these grocers like
doing it – but none wanted to be the first to stop the practice.
Nobody remembers who started this practice but they agree there
will be a consumer revolt when someone is first to stop it.
However Walmart Super Centers did not practice following when
they entered the Detroit market. Instead they relied successfully on
their image of no-gimmick low prices. By not foollowing they
escaped the unknown impact of manufacturer’s coupons.
There are plenty of other examples.in the business world. When
Kmart saw the success of the dollar store they decided to foollow
the concept by adding dollar sections to many of their larger stores.
However the failed to fully capture the spirit of the greenback
pricing. Customers did not relate to the consistency of a planogram
driven area as opposed to the spontaneity of one-time offerings that
dollar consumers enjoyed. On the other hand, Target did not engage
in foollowing. They took the concept and went entirely with special
one-time purchases. Their dollar sections were highly successful
while the dollar aisle at Kmart lived a short life.
Use this term for developing skills in these areas:
A Bizerm™ is a new business term combining two
descriptive words into a single word or phrase whose
definition is often only known by those using it. To
see more terminology in the workplace, click here.
©2007, 2017 Max Impact, Rochester Hills, Michigan, USA