The rules of “Fast Moving Consumer Goods” (FMCGs) are changing. Giant brand companies are now losing ground to more agile and innovative players such as Google, Amazon and Facebook. Strategic marketing experts Peter Lorange and Jimmi Rembiszewski present an eye-opening analysis that strips down known marketing approaches and traditional FMCG industry practice. They encourage you to close the “innovation gap” and engage directly with “postmillennium consumers.” Numerous examples, with an emphasis on European businesses and the tobacco industry, exemplify the authors’ concepts. getAbstract recommends this boisterous read to marketers and business leaders who want to challenge the status quo.
In this summary, you will learn
- How “traditional Fast Moving Consumer Goods” (“FMCG”) companies struggle to retain market position,
- How your firm can overcome the “innovation gap,” and
- What strategies you can use to conquer the external and internal barriers to becoming a “Fast Innovating Consumer Goods” (“FICG”) company.
About the Authors
Peter Lorange, former president and professor of strategy at IMD, founded Zurich’s Lorange Institute of Business, where Jimmi Rembiszewski is a faculty member. Formerly, he was a marketing director with Procter & Gamble and British American Tobacco.
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Figure 1, 2017