Management: The creative process
Commoditised consumer and business legal services are now very keenly priced, due to competitive pressures, but the winners in the long term are those who can use technology to drive the cost base right down, says Mary Friel
How would you feel if Pfizer, who spent years and millions of pounds researching the wonder drug Viagra, charged the first customer all the R&D costs? Well you might think how nice for all the other chaps in the queue who surely only have to pay rock bottom prices. Well, what if Pfizer then hand built each batch of drugs from scratch using casual labour and charged on a time and materials basis? Suddenly those prices for everyone else have sky rocketed. A ludicrous scenario, isn’t it? And Pfizer certainly did not get where they are today by adopting that kind of business and pricing model.
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