Time-Zero Events and Reset

This paper discusses the impact of time-zero events on various industries, including banking, retail, and beauty. It explores the changing marketing perspectives and challenges faced by these industries in adapting to the evolving business environment.

Running head: TIME-ZERO EVENTS AND RESET
TIME-ZERO EVENTS AND RESET
Name of the Student
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Author Note

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Table of Contents
Introduction:...............................................................................................................................2
Discussion:.................................................................................................................................2
Part 1:.....................................................................................................................................2
Part 2:.....................................................................................................................................3
Part 3:.....................................................................................................................................4
Conclusion:................................................................................................................................5

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Introduction:
Zero-probability event is an event, which plays a vital role in the statistics and
probability theory by depicting the context of almost assured event. The purpose of the paper
is to assess the impact of time-zero events on various industries, which leads to different
marketing perspectives.
Discussion:
Part 1:
With the changing business environment and consumer preferences, the strategies of
business approach are changing. Consumer perspectives towards the traditional banking
services have become irrelevant as the preferences pattern are shifting towards the
convenience, fast and transparent approach (outthinker.com, 2019). The world is becoming
digital so for addressing this aspect, the time-zero event, which will be relevant is the
irrelevancy of traditional consumer banking system for half of the target customer. Banking
services without the hassle and long waiting lines can bring transformation in the manner in
which the financial life operates. The banking services with the facility of convenience-based
accessibility is the new age effect on the banking industry. The changing customer
perspective influences the strategic approach of every industry. A service like personal
financial advisory will become a quick and transparent aspect of life with the factor of
convenience. Technological implications in the banking services will address the consumer
needs and will enable the online shopping websites to offer services, which can make human
life simpler and efficient (Cuesta et al., 2015). The current banking service providers are
offering the consumer banking solutions in the physical branches, which requires a
designated amount of time resulting in customer dissatisfaction. The current banking system

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is restricted to a set of offerings, which can be developed by a technologically advanced
approach.
Part 2:
The industry that can be affected by time-zero events is the retail industry. The
identification of the changes and preparing to respond by the use of resources and
competencies is what define the time-zero event. With the changing business environment
and increasing technological advancements in the market, the existing business have to
mould their business models accordingly. The introduction of the online shopping facility and
implementation of big data system will require the industry to respond to these changes by
altering the competencies of available resources. Physical retail stores needs to improve the
skills of the staff by proper training programmes and will have to coordinate the business
operations in order to complement the presence of technological implications (Pantano et al.,
2017). The marketing perspective of communicating the business values and offerings needs
to be changed by incorporating various promotional tools like social media marketing. The
time-zero events analysis will need the operational strategies of the retail industry to change
the old marketing perspective about the consumer needs and preferences.
Part 3:
The documentary presented the challenges and hurdles, which were ignored and not
addressed by the beauty industry. The challenges like price stagnancy, improper education
system in beauty salons and the resistance to changes have become the key reasons for the
steady growth of the industry. Price associated with a haircut has barely grown in the last 40
years, which indicates the ‘fear’ element of business strategy. Fear of losing client base and
market presence results in the steady price increase in the beauty industry. However, price is
not the major factor of consumer buying decision in the beauty industry as it was being
evident even at the time of depression. Grooming and salon services will always treated as

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the requirement for all type of consumer base. The beauty industry should be focussing on the
improvements of the skills, offerings and the medium of communication rather than
considering price as the major factor. Another challenge faced by this industry in the
educational system, improper structure with the only motive of making money of the beauty
institutes could affect the skills adaptability, confidence of becoming a stylist and the
governmental decision of offering financial aids. The system needs to be based on the process
of teaching required skills within a stipulated period. Beauty industry faces a challenge from
the changing patterns of business in millennium age. The industry needs to be ready for the
‘change’, the changing perspective of the consumers, the changing business environment as
well as the changing market requirements. The hairstylist and the salon owner for improving
the business model should embrace the technological changes. Traditional business should be
learning from the new generation for understanding the role of social media as the
communicating strategy. Social media marketing have become the solution for enhancing the
reach. It is also contributing in constructing and maintaining a client base. The decision of
growing a business with the support of various social media marketing tools can be beneficial
for the industry (Guesalaga, 2016). The decision of addressing the concerns and adopting
changes by implementing technological advancement is one of the best decision the industry
could have taken.
Conclusion:
Therefore, it can be concluded from the paper that the changing environment and the
consideration of the time-zero event is necessary for the sustainability of a business. The
businesses needs to embrace a changing environment and technological implementations in
order to grow and contribute in the industry.

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References:
Cuesta, C., Ruesta, M., Tuesta, D., & Urbiola, P. (2015). The digital transformation of the
banking industry. BBVA Research (available at https://www. bbvaresearch. com/wp-
content/uploads/2015/08/EN_Observatorio_Banca_Digital_vf3. pdf).
Guesalaga, R. (2016). The use of social media in sales: Individual and organizational
antecedents, and the role of customer engagement in social media. Industrial
Marketing Management, 54, 71-79.
outthinker.com (2019). Preparing for Time Zero Events in Banking [Online] Retrieved from
https://outthinker.com/2019/02/05/preparing-for-time-zero-events-in-banking/
Pantano, E., Priporas, C. V., Sorace, S., & Iazzolino, G. (2017). Does innovation-orientation
lead to retail industry growth? Empirical evidence from patent analysis. Journal of
Retailing and Consumer Services, 34, 88-94.