List price: $27.95 (that's 30% off!)
Five factors that emerge as key to ensuring long term success and market dominance are Vision, Persistence, Financial Commitment, Innovation and Asset leverage- factors that are structurally related in a causal chain starting with a clear vision for a mass market. There are innumerable examples and detailed cases where the inability to see a mass market for innovative products has resulted in late comers grabbing the market from incumbents. Fear of cannibalization of existing products, bureaucracy, complacency, are some other causes that stifle growth.
After explaining the hypothesis, a good and crisp summary of the conclusions from the historical data, every chapter proceeds sequentially to substantiate the findings. This is a rare combination of business history, statistical analysis and strategy. It is this unique combination and the unconventional wisdom that is bound to make this book a classic in its own right. The range of products covered varies from diapers to couriers and computers. IBM, Microsoft, Fed Ex, Xerox, Gillette are some companies that are discussed in detail.
Comparing it with other books on similar research, my prescription for business would be:
Innovators Dilemma + Will and Vision + Built to Last + Good to Great = Road to Market dominance.
Highly recommended.
Tellis and Golder brilliantly build on over a decade of in-depth research to show that vision, persistence, relentless innovation, financial commitment, and asset leverage are the real factors that drive the superior performance of enduring leaders like the Gillette Company and Intel.
1. In their examination of "Vision", Tellis and Golder take their distance from the traditional definition of that much abused business term. Often, vision is indeed synonymous with broad mission statements used to excite and inspire stakeholders of an organization. In Counter-intuitive Marketing, Kevin J. Clancy and Peter C. Krieg concurred that most companies do not have much of a vision (See especially pg. 74 - 86). Vision has two key components according to Tellis and Golder: 1. A focus on the often-decried mass market with its dynamic and evolving needs and 2. A unique perspective of serving that mass market. For example, in contrast to its top competitors, AOL has stressed from the beginning convenience, ease to use, community, and ubiquity. Similarly, McDonald's has stressed from the onset quality, service, cleanliness, and value to build a worldwide network of mainly franchisees for bringing fast food to the masses. In Product Strategy for High Technology Companies, Michael E. McGrath gives a good complement to Tellis and Golder's definition of vision by explaining it as an answer to three key questions: 1.Where does a firm want to go? 2. How will the firm get there? And most critical 3. Why will the firm be successful? (See especially pg. 12, 306, and 317).
2. In their analysis of "Persistence", Tellis and Golder debunk the myth that enduring market leaders usually achieve their success through luck or sudden breakthroughs. In fact, visionaries have the will to persist in their efforts through seemingly insurmountable obstacles, slow progress, and long time efforts. The origin, early struggles, and ultimate success of Federal Express showed how important the vision and persistence of Fred Smith, its founder, made the difference at the end of the day. Similarly, the ultimate success of xerography after 13 years of research was due to the unwavering faith of former Xerox (Haloid)'s CEO, Joseph Watson in the underlying technology.
3. In their approach to "Relentless Innovation", Tellis and Golder remind their audience about the importance of firms not resting on their laurels. Technology and consumer tastes constantly change. Tellis and Golder rightly identify complacency with past successes, bureaucracy, managerial occupation with current customers and competitors, and fear of cannibalizing existing products as the four enemies of the relentless pursuit of innovation. For example, the earlier history of the Gillette Company clearly indicated that its success led to complacency and arrogance detrimental to its market leadership several times. Quoting Andy Grove, one of the founders of Intel, "Only the paranoid survives." In Product Strategy for High Technology Companies, Michael E. McGrath gives a good complement to Tellis and Golder's examination of both time-based and cannibalization strategies (See especially pg. 219 - 234 and 257 - 271).
4. In their study of "Financial Commitment", Tellis and Golder demonstrate that visionaries show persistence in their ability and willingness to raise and commit financial resources whatever the obstacles in their way. For example, Federal Express was on the brink of bankruptcy for years before it finally took off. Similarly, King C. Gillette, one of the co-founders of the Gillette Company, struggled not only to launch the eponymous company but also to raise the capital necessary to commercialize his disposable razor for years.
5. In their dissection of "Asset Leverage", Tellis and Golder look at how generalized and specialized assets can be mobilized for dominating a product category. Tellis and Golder rightly identify the extent to which the new product category does or appears to threaten the old product category, a strict focus on costs, myopic view of markets, and bureaucracy as the four major hindrances to leveraging assets. Xerox squandered more than one opportunity to leverage its assets to adopt and commercialize the revolutionary discoveries of its Palo Alto Research Center for years. In contrast, Microsoft showed sacrificing several products in development as the way to catch up with the competition after it had initially misjudged the potential of the Internet revolution.
Tellis and Golder also remind their audience that the relative importance of the five factors mentioned above varies by firm and market characteristics: new firms, established firms competing in established markets, and established firms entering new, yet unrelated markets (See pg. 265 and 266).
To summarize, Will and Vision by Gerard J. Tellis and Peter N. Golder is like The Innovator's Dilemma by Clayton M. Christensen a major contribution to a better understanding of how markets really work.
List price: $19.95 (that's 30% off!)
In my opinion, Dr. 't Hooft wrote a very honest, competent, sincere, and yet highly readable book. In comparison with those popular but misleading books in the style of "The Elegant Universe" (B. Greene) or "The First Three Minutes" (S. Weinberg), this book is a much better example of a fair popularizing book on fundamental particle physics and its recent history, from a perspective of a personal scientific advanture.
Dr. 't Hooft is evidently well aware about some fundamental intrinsic difficulties in modern theoretical physics, which many other physicists either ignore, or simply cannot recognize. Just one typical quote from t'Hooft's book which many quantum, statistical and string physicists should read as a mantra every morning:
"Probabilities and statistics are mistreated a great deal, even by physicists." (p. 14)
Yes, here is the root of many "paradoxes" of modern physics. As a theoretical physicist (and independently from my personal preferences), I think that Gerard 't Hooft is right also on many other sensitive issues of modern physics and that he wrote a very honest popularizing book. This book is fair to a layman and interesting even to an advanced physicist. (As a rare exception to this rule, I cannot fully support his section on Planck's radiation law (p. 9) where I found some common physical misperceptions and some traces of a historical myth.)
't Hooft has his own prejudices and enthusiams, but in this book he tried scrupulously to stick with the mainstream concensus in the first 21 of 28 chapters. In the last seven chapters, he describes some of the current and more speculative work being done by various people all over the world who are attempting to create a "Grand Theory of Everything". This discussion is cautious and somewhat skeptical, as I believe it should be, but the underlying ideas of the various approaches are clearly described.
I consider 't Hooft to be one of the greatest physicists of the 20th century, and I consider this to be one of the half-dozen best books for laymen on any aspect of modern physics that I have come across. I believe that's because 't Hooft himself thinks so clearly.
List price: $15.95 (that's 30% off!)
Everyone knows that Ranma has more fiancees than any five men, but now it is Ukyo's turn to get an admirer--and it is not Ranma. Tsubasa Kurenai likes to play dress-up; a tree, a mailbox, even a one-eyed mushroom!
And how will Ranma react to getting another admirer?
And we get to meet a very interesting person who has a connection to Ukyo. Who--or what--is this Tsubasa Kurenai? And what is the connection to the okonomiyaki chef?
I liked this book, but I found the story with Tsubasa hard to understand. I can't explain why I was confused without giving away vital secrets..
But don't let my easily confused tendencies keep you from enjoying anotehr fun installment of the Ranmaverse!
Ranma also goes to Ryoga's house under odd situation and pretends to be Ryoga's kid sister. Don't ask, just read it!
List price: $15.95 (that's 30% off!)
List price: $15.95 (that's 30% off!)
List price: $15.95 (that's 30% off!)
First, the author performed an in depth empirical study that included 43 different industries at different times in order to show that the original entrants in many markets were not in fact the current leaders. Instead, the authors offer the following seven factors as the main ones in determining whether firms became leaders in their markets:
Envisioning the Mass Market - Examples include P&G with Pampers disposable diapers for everyone instead of for travelers only and Kodak with photographs for the non-professional.
Uniqueness of Vision - Examples include Tim Berners-Lee and the development of the WorldWideWeb and King Gillette's view of the razor market.
Persisting Against All Odds - Examples include Bill Gates' persistence that landed him the operating system contract with IBM and Haloid's persistence over a decade that created Xerox.
The Need for Relentless Innovation - Examples include Moore and Noyce leaving Fairchild Semiconductor to found Intel and the relentless pace of innovation there, and Gillette's close brush for lack of innovation in the 1960s and its ensuing fast pace since.
Organizing for Innovation - Examples include HP's organization beating Xerox and IBM at the laser printer market, and Netscape beating Mosaic by taking talent and rewarding it.
Raising and Committing Financial Resources - Examples include Fred Smith's almost bankruptcy to keep FedEx alive and Amazon sacrificing profits for a long period in order to achieve its envisioned mass market level of service.
Leveraging Assets Despite Uncertainty - Examples include IBM losing the PC battle because it did not want to hurt its mainframe sales, and Charles Schwab's leadership in web trading after it chose to focus on it and sacrifice off line higher margins.
Overall, I found it a very good entertaining book, with anecdotes that help support the ideas the authors suggest. I strongly recommend it.