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1、WINTER2007VOL.48NO.2MichaelSchrageTheMythofCommoditizationPleasenotethatgrayareasreflectartworkthathasbeenintentionallyremoved.Thesubstantivecontentofthearticleappearsasoriginallypublished.REPRINTNUMBER48205CONTRARIATheMythofCommoditization.Executives,Unlikesoftware,si
2、li-dominantmediumforcontrolledinfraredheat-conorrecombinanting.In1909,GeneralElectricCo.’sD-12becameentrepreneursDNA,toastmakesanAmerica’sfirstcommerciallysuccessfultoaster.Itandinvestorsunlikelysymbolofretailedfor$3andcouldtoastonlyonesideofthesustainableinnova-breada
3、tatime;becausewalloutletswereuncom-aretooreadytion.Heatedbreadmon,thepowercordwasdesignedtobescrewedlacksthehigh-techintoalightsocket.tobelievethatcachetofmulticoreAdecadelater,CharlesStriterevolutionizedcommoditymicroprocessorsortoastingtechnologywithhis1919inventiono
4、fthepolymerasechainre-pop-uptoaster.Heinitiallysoldittorestaurants.isdestiny.actions.ButtheBy1926,theToastmaster—aconsumerversiontechnologicalhistory—hittheshelveswithadvertisementsproclaiming,Theresultisoftoast,infact,persuasivelyunderminesoneof“Perfecttoasteverytime!
5、Withoutturning!With-adullingofthetruismsthatprofoundlydistortinnovationin-outburning!”vestmentworldwide.ToastersalesintheUnitedStatesalonegrewfromstrategicfocusThatflawedconventionalwisdomiscrisplyde-400,000unitsin1922to1.2millionby1930.Theirandanarrowingscribedinarece
6、ntFinancialTimescolumnbearishrisepromptedbakeriestoinnovatetothetechnol-ontechnology:ogybysellingpreslicedloavesofbread.Wonderofthebusiness“BruceGreenwald,theColumbiaBusinessSchoolBread,forexample,wasoriginallyWonder-Cutprofessorwhosecourseonvalueinvestingisrecom-Bread
7、.mind.mendedevenbyWarrenBuffett,nailsthisFullyautomatictoastersappearedinthe1940s.phenomenonmemorably.‘Inthelongrun,’hesays,GeneralElectrictransformedboththeapplianceMICHAELSCHRAGE‘everythingisatoaster.’Inotherwords,allgreatinno-andkitchencountertopsin1956withitsintrod
8、uc-vationseventuallybecomecommodities,boughtontionofthetoasteroven.Toasterinnovationeventhebasisofpriceandnothingelse
