As an economist my self I’ve been schooled in statistics for years. It’s definitely not the strongest site of my character, but still….:-)
Chris Anderson has made a big deal out of describing how there is a market for every thing – at least in the long tail.
I’ve been wondering how that effect’s design and innovation strategies. On the one site companies want to innovate, pushing new products out in the market. On the other site it looks like there is a lot of money to be earned on the “old” portfolio.
How to cope with “product-innovation-portfolio-management”? When do you dare to cut a productline, well knowing that there is a lot of money to be earned in “The Long Tail”?
Wikipedia has a great explanation on “The Long Tail” – you could also visit the weblog of Chris Anderson himself. Or maybe just listen to the recent podcast from Itconversations…