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1. THE BUSINESS BOOK

S 預訂 SMALL, THINK BIG which was launched ⅲ 1949. At products or services tO that market, foothold in the market. But as the time, disposable nappies were and its ability t0 deliver on brand research ShOWS, second-movers, promises. BOth these factors can and their followers, may sometimes a new innovation, and customers were wary Of their use. Procter & have a profound imp act on long- be in an advantageous position. term viability and business success. Gamble waited until customers had Learning from the mistakes Of early come tO accept the product before Amazon may have enjoyed entrants, they frequently offer entering the market. Moreover, they lasting first-mover advantage, sup erior pro ducts at lower prices. but that alone is insufficient to spent nearly five years researchmg With the aid of skillful marketing, account for itS phenomenal success. these benefits can be leveraged tO and addressmg each 0f the major 、 Amazon leverages itS first-mover offset the advantages enjoyed by problems with Chux and developed a product that was more absorbent, advantage intO a sustainable first-movers. TO become a market competitive edge; its website leader, a business needs either had lower leakage, was more iS continually made easier tO use, tO be first, and impressive, or it comfortable for the baby, offered it Offers a range Of complimentary tWO sizes, and could be produced at needs tO be better. The firms we a significantly lower cost. T0day, products, and it continues tO drive remember, the Amazons and the down costs, enabling it tO Offer Googles, are those that were either Forbes magazine liStS Pampers as one 0f the world's most powerful market-beating prices. MOSt first or better ー the ones we forget brands, valued at over $ 8.5 billion, notably, Amazon did not return are those that had no edge at all. ー a profit until 2001 ー the firm spent with the nappies being purchased by 25 million consumers in over IOO its earlier years building a better product. The foundations Of success countries. By contrast, Chux was may have been laid by first-mover phased out by J0hnson & J0hnson advantage, but Amazon's edge in the 1970S due t0 shrinking sales. has been built on long-term good business practice. First-movers undoubtedly have a ln reality, then, while it is readily natural competitive edge. Whether assumed that speed is good when entering a market, gaining an edge it iS a lasting impression on customers, strong brand recognition, might depend less on timing than it high switching costs, control Of does on appropriateness. Whether a scarce resources, or the advantages firm is first, second, or last tO market Of expenence, that edge can help tO is important; but it is less important secure a strong, and long-term, than the suitability Of a firm's Born on 12 January 1964 in AS with many lnternet start- AIbuquerque, New Mexico, ups, Bezos, with just a handful USA, Jeff Bezos had an early Of employees, created the new love Of science and computers. business in hiS garage,• but as He studied computer science and operations grew, they moved electrical engineering at Princeton intO a small house. The Amazon. University, and graduated summa com site was launched officially 0 れ 16 JuIy 1995. Amazon cum laude in 1986. Bezos started hiS career became a public limited working on Wall Street, and by company in 1997 ; the firm's first 1990 had become the youngest year Of profit was 2001. Today, senior vice-president at Bezos is listed by Forbes magazine as one Of the wealthiest investment firm D E Shaw. Four people in the USA; and Amazon years later, in 1994 , he quit his stands as one 0f the biggest lucrative jOb tO open Amazon.com/ global success stories in the the online book retailer ー he was history Of the lnternet. barely 30 years 01d at the time. 39 To suffer the penalty of tOO much haste, which is tOO little speed. Plato Greek philosopher ( 429 ー 347BCE ) Securing a foothold Jeff Bezos 1

2. THE BUSINESS BOOK

SUCCESSFUL SELLING 281 ・ The marketing model 232-33 ■ product portfolio 250 ー 51 ・ Promotions and incentives 271 See a 0. Fulfilling demand 294 一 95 ■ QualitY sells 318 一 23 (Y). organization decides tO launch a new or marketing mix place, price, promotion) in the the elements (such as product, calculate the proportions Of They must carefully work out the selling strategy updated product, marketers must They must aISO consider the external market forces that affect the marketing mix. The marketer must weigh the forces and juggle the elements within the constraints Of the resources available Harvard Business Sch001 professor Neil Borden first coined the term ・ marketing mix" in 1950 , using it in 1953 in his presidential address t0 the American Marketing Association. Borden credited fellow professor James Culliton as being the first to introduce the idea Of the marketer as a lmxer Of ingredients' in 1948. lnspired by Culliton's ideas, Borden began using the term tO describe what Culliton's "mixer 0f ingredients" should design. ln an article in 1964 entitled "The Concept Of the Marketing Mix" Borden advised that when marketing managers build a each can be adjusted by the marketer tO influence the reaction Of the consumer tO the product or service being sold. The marketer must also take intO account external market forces, such as customer behaviour or competltion, which will have an impact on the marketing 1 iX. BuiIding the mix make two lists: the first one itemizes the important elements or "ingredients" that make up marketing programmes; the second outlines the external forces that may have a bearing on the first list. The first list includes ingredients deemed essential if the firm is tO win sales ー product planning, pricing, branding, distribution, promotion, and SO on. The second list includes market forces, such The marketing manager, as head chef, must creatively marshal all his marketing activities tO advance the short and long term interests Of his firm. Ne Borden as the behaviour Of consumers, retailers , C ompetitors , government policy, and Other external factors. ln Borden's model, the m arketing manager should weigh up the effect 0f external forces, then j uggle the marketing elements from the first list tO achieve the best posslble programme t0 fit the resources Of the firm. Borden advocated that t0 really get a grasp Of all the marketing considerations, the manager should draw up a the marketing mix. Both Culliton and Borden inspired further development Of the concept within the academic community. ln 1960 , a marketing professor at Michigan State University, Edmund Jerome McCarthy, set out what would become the definitive word on the marketing mix. He condensed the miX ingredients intO an easily remembered mnemonic, the Four Ps: Product, Place, Price, Promotion. ln his classic text, Basic Marketing

3. THE BUSINESS BOOK

損 0 C 引 0 ↑ 0 ~ 0 and that they have the skills and a profitable niche ー tO succeed, Ⅱ businesses start from the knowledge t0 turn the original firms need tO dO something same point: an idea. lt is different in order tO stand out in concept intO a successful business. what happens t0 that idea the market. The strategy for most lt follows that the idea must that determines business success. firms is tO differentiate; this means be profitable. Sometimes, an idea According t0 月な e. て e 月 eu て demonstrating tO customers that may 100k great on paper, but turn magazine, nearly half 0f all new they 0ffer something that is not out tO be uncommercial when put start-ups fail within the first three intO practice. Determining whether available from competitors ー years. Beating the Odds at start-up a Unique or Em0tional Selling an idea has potential requires a is tough. First and foremost an idea, Proposition (USP or ESP). study 0f the c omp etition and the no matter hOW good, must be Such attempts tO stand out are relevant market. WhO is competing combined with entrepreneurial everywhere. Every business, and for customers' time and money? spirit, defined as the willingness at every stage Of production, from Are these competitors selling tO take risk. Without entrepreneurial raw-material extraction tO after- directly competitive products or spirit a great idea might never be sales service, tries tO distinguish possible substitutes? HOW are pursued. N0t all ideas are good itS products or services from all competitors perceived in the ones though; it would be a foolish others. WaIk int0 any bookshop, market? HOW big is the market? entrepreneur whO rushed a product for instance, and you Will see MOSt markets are increasingly tO market without careful thought, countless examples Of books, Often global, crowded, and competitive. research, and detailed planning. Few firms are lucky enough t0 find on the same topic, using design, Risk might be inherent in business style, and even size (large or small) enterprise, but successful tO stand out from the competition. entrepreneurs are those WhO are Gaining an edge 0ften depends not only willing tO take risks, but on one Of tWO things: being first are aISO able tO manage risk. intO a new market niche, or being Realistic ー 0 ositio 取 s different from the competition. For example, in 1995 eBay was first Having an idea is the first step ー intO the online auction market, the next hurdle is finance. Some and has dominated it ever since. start-ups require very little capital, Similarly, VOIVO was first t0 identify and a few require none at all. However, many require significant the opportunity for luxury bus sales backing, and most will need t0 seek ⅲ lndia, and has enjoyed healthy sales. ln contrast, Facebook was by funding at some stage in the growth process. An entrepreneur no means the first social network, but it is the most successful; its m11St be able tO convince financial backers that the c oncept is valid edge was having a better product. The only thing worse than starting s omething and failing ... is not starting something. Seth Godin US entrepreneur ( 1960 ー )

4. THE BUSINESS BOOK

216 団 冖 夏 CONTEXT FOCUS Mobile commerce KEY DATES 1983 US inventor Charles Walton p atents the first rad iO frequency identification (RFID) device, paving the way for 1 ー commerce and ne ar field communication (NFC). 1997 The first m-commerce transaction takes place in Helsinki , Finland , with the installation Of two Coca-Cola vending machines that accept payment via SMS. 1999 The first national commercial platforms for m-commerce are launched: i-Mode ⅲ Japan and Smart Money in the Philippines. 2007 Nokia launches its first commercial NFC-enable d mobile phone. 2011 The GoogIe Wallet app enables stored credit card data tO be used for purchases via a mobile phone. E-COMMERCEIS BECOMING MOBILE COMMERCE M-COMMERCE Buying and selling on the lnternet e-commerce has grown enormously. E-commerce iS becoming mobile commerce. he term e-commerce (electronic commerce) refers t0 all buying and selling carried out on the lnternet. M-commerce (mobile commerce) specifically involves transactions that are made through a mobile telecommunications network. These transactions can range from the small, such as making an eBay purchase, t0 the potentially huge, such as trading stocks and shares. . but SO has the market for web-enabled smartphones The lnternet is now accessed by mobile devices more often than by desktop devices. M-commerce works in a similar way tO e-commerce, With websites and apps adapted or originated for mobile and handheld devices. lt can also include direct carrier billing, when purchases can be added t0 a mobile phone bill. Another function is tap-to-pay, where a customer makes payments using a mobile device that has been installed with credit card information via a program such as Google Wallet.

5. THE BUSINESS BOOK

212 夏 CONTEXT FOCUS adS iS released. able tO track and manage a year later the first server first website tO sell banner ads; 1994 HotWired becomes the cancer tO smoking. research that links lung hugely successful, despite Man ad is launched and is 1955 The iconic Marlboro figure SO well known tOday. helping tO create the rotund Claus in its ad campaign, 1939 Coca-Cola uses Santa ⅲ PhiIadeIphia , USA. advertising agency is founded 1840 The world's first the Pennsylvania Gazette. hiS company S inventions in Of the United States, advertises scientist and Founding Father 1729 Benjamin FrankIin, KEY DATES Advertising 聞側 TIMES PEOPLE WANT 靤 DV 田第 S BAD TIMES THEY HAVE WHY ADVERTISE? recession begms, consumers cut back Makers of Brand A cut advertising spend to bolster profit. Profit may be maximized in the short term but customers forget about the brand. Makers of Brand B maintain or increase advertising spend risking profit shrinkage. Profit may suffer in the short term but customers stay aware 0f the brand. ー取 bad times peo have to advertise. n the corporate landscape advertising iS sometimes seen as a waste Of money, and expenditure on it is Often the first part 0f the budget t0 be cut back during a recession. The point that advertising executive Bruce Barton ( 1886-1967 ) was making with his much-quoted statement "ln good times people want tO advertise; in bad times they have tO" is that advertis ing should b e employe d as part 0f an ongoing effort t0 build relationships with existing and prospective customers. Barton, whO was responsible for some 0f the key American advertising campaigns 0f the 1920S

6. THE BUSINESS BOOK

304 KAIZEN IN CONTEXT FOCUS lmproving efficiency KEY DATES 1882 S cottish shipbuilders WiIIiam Denny and Brothers Ltd becomes the first firm to use a suggestion bOX tO garner ideas from itS workforce. 1859 English naturalist CharIes Darwin publishes 〇月 the 〇ⅱ g 加 e Species, and outlines his theory Of evolution as a process Of gradual changes. 1990 ln "Re-engineering work: don't automate, obliterate" in the Harvard Business Review, MIT professor MichaeI Hammer argues that tO stay ahead, firms need tO periodically redesign production methods. 1997 Japanese founder of the Kaizen lnstitute, Masaaki lmai, writes Gemba Kaizen, stressing that kaizen works best when shop-floor workers provide ideas for continuous improvement. idea that has become part 0f the culture. ln its everyday usage, the word means an enhancement or a change for the better. ln a business context, kaizen is more Of a philosophy; according tO the kaizen way Of thinking, firms should strive t0 increase efficiency through a process Of continuous improvement. The majority of kaizen advances are built around people and their ideas, rather than investment in nevv machinery. Employees use kaizen tO produce hundreds Of new ideas every year, aimed at improving the efficiency 0f the business. ln isolation, each kaizen idea might only have a marginal effect on productivity and general efficiency, but together these changes add up, creating a critical competitive advantage. ldeas for continuous improvement should come from all quarters ー from managers and employees alike. Before you say you can't dO something, try it. Sakichi Toyoda System (TPS). This system was designed t0 reduce muda ー the Japanese word for waste. One Of the forms 0f muda identified by Toyota wa s wasted employee talent; Eiji Toyoda wanted more from his workforce than just blind obedience and hard work. At Toyota employees were valued and trusted ー SO much SO that the firm expected their shop -floor workers tO fix problems associated with quality, and come up with ideas tO improve efficiency. According t0 the Kaizen lnstitute, founded by Masaaki lmai t0 implement the philosophy, the aim Of any kaizen plan should be tO persuade all workers that they have The Toyota Way Kaizen was first deployed on an industrial scale by car manufacturer Toyota in the 1950S , as part 0f the now famous Toyota Pro duction 0 Toyota the principles Of kaizen. This, along with its principles Of The Toyota Motor Company "customer first" and "quality (TMC) was established ⅲ 1937. lt first", helped the firm to thrive, and they began exporting their produced several models 0f saloon first cars to the USA ⅲ 1957. cars at its Honsha production plant ln 1962 management and f0Ⅱ0ーⅣ・ ing business precepts set down by founder Sakichi Toyoda, Uni011S signed a jOint declaration which included, "Always strive t0 stating that their relationship should be based on "mutual build a homelike atmosphere at work that is warm and friendly' trust and respect' By 1999 production in Japan FoIIowing ル AJO て ld War Ⅱ , the had reached 100 million firm faced a financial criSlS and, 丿 vehicles. Today the firm for the first time in its history, had continues tO be guided by the to make staff redundant. ln 1951 , twin pillars Of continuous Toyota implemented a creative improvement and teamvvork. ideas suggestion system based 0 Ⅱ

7. THE BUSINESS BOOK

156 ぎ 0 THE PRIVATE 印 M 側 ome economists believe that "private equity" is nmsnamed, since it iS a model based on debt, not equity (the value Of assets owned outright by an individual or firm). Private equity involves "leveraging' a balance sheet by loading debt onto the business. This is similar to the controversial practice Of "leveraged buy-outs" (LBO), in which a firm is acquired using a high percentage of borrowed funds, loading it with a high level 0f debt. Such levels of debt pose inherent risk, as US politician Jack Reed highlighted. Pressure on managers increases ー good profits are necessary in order tO interest charges on the firm's debt. The theory is that this forces managers tO perform better, but critics claim that a firm run on the private-equity model is likely tO maximize short-term profit at the cost Of long-term business growth. ー CONTEXT FOCUS Profit and risk KEY DATES 1959 Fairchild Semiconductors, the first venture ー capital-funded start-up, is created. 1978 US investment group KKR pays $ 380 million to take manufac turer Houdaille lndustries lnc private; this is probably the first private- equity transaction. 1988 KKR buys conglomorate RJR Nabisco for $ 25 billion in the biggest private-equity purchas e the world has yet seen. 2006—07 A peak year for private equity ーⅲ the USA alone, private equity firms buy 654 firms for a total of around $ 375 billion. At first, private equity came only from large investors wantmg long-term gains. But ⅲ the 1980S , smaller investors used leveraging and debt to buy firms. This type of private equity requires high short-term profit ()o service debts). Long-term opportunities are likely tO be overlooked in favour Of short-term profit. Less pressure, ー第 0 ′ e focus TO its supporters, the main strength Of the private-equity model is in What it removes. First, it rem()\ES the regular profit pressure from shareholders that is faced by bosses 0f a public limited company (plc). As the ー 0 Of private equity has 9 ー 0 取 , SO have the risks it poses.

8. THE BUSINESS BOOK

288 $ 1 . 0 0 M に E 側 S 加 M 田昨羅 F S ー CONTEXT FOCUS Raising quality KEY DATES 1850 Consumer choice theory is developed by UK economist WiIliam Jevons ー according tO this theory buyers seek out products that 0ffer the best value for money. 1915 US businessman Vincent Astor establishes the first supermarket, in Manhattan, New York, USA. 1971 Businessman Rollin King and lawyer Herb Kelleher set up Southwest, the world's first low-cost airline, in Texas, USA. 1995 The Liberal government ⅲ Canada, under the leadership Of Jean Chrétien, manages tO cut public sp ending by nearly IO per cent ⅲ their attempt tO provide taxp ayers with more for less. The customer expects.. But any extra features and benefits included will help tO maximize customer satisfaction. See ho much, 取 ot 0 little, YO can give for a dollar. enry Ford spotted a gap in the engine by hand t0 start it, but the market for a mass- later models had an electric starter. produced car that ordinary Ford did not opt tO make customers Americans could afford. The Model pay more for this better product. ln T Ford was launched in 1908 and fact, he did the opposite. The price was still selling well nearly 20 years of a ModeI T Ford fell every year later. During this period, Ford from 1909 until 1916. Ford saw the regularly lmproved the car. For lmportance Of offering more for less. example, the first version Of the When cost-savings made on M0deI T required the driver to crank the production line , they were

9. THE BUSINESS BOOK

WORKING WITH VISION See a 0 : Stand out in the market 28 ー 31 ■ Gaining an edge 32 ー 39 BaIancing long- versus short-termism 190 ー 91 ・ The value chain 216 ー 17 When a firm introduces a totally new concept it creates a new market and is "first" in consumers' minds. COIÄSl-1merS dO not innovate 一 they are happy with a better version Of an existing product. Henry Ford Henry Ford was born in Michigan, USA, in 1863. He was always fascinated by machines, and as a child built rudimentary steam engmes. He left school at age 15 tO work on his father's farm, but in 1879 he moved to Detroit to work as an apprentice at the Michigan Car Company, which made railroad cars. He moved home for a while, and did several engineering jObS, before returning tO Detroit tO work as an engineer for the Edison llluminating Company. At the same time, Ford began tO make a petrol-driven motor car, Thin Lizzie, in hiS garden shed. He persuaded a group Of businessmen tO back him, but a lack Of experience led tO business failure ー twice. His third business ー the Ford Motor Company ー was formed ⅲ 1903. lts first car, the Model A, was followed by several other models until the firm struck gold with the M0del T: a motorcar for the multitude' By 1925 Ford was producing 10 , 000 cars every 24 hours, producing 60 per cent Of the USA's total output Of cars. His last great innovation ー at the age 0f 69 ー was the V8 engine. He died ⅲ 1947. Even if competition arnves, COIiSl-1merS continue tO associate the first firm with the concept. The firm gains the competitive advantage 0f being first tO market. A firm that leads the way can dominate the market using a moving assembly line tO reduce production costs. BY 1918 , Ford Motor Company was the clear leader in the US automobile market ー the Model T made up half of all cars in the USA. Ford continued to lead the market until the mid-1930s. Henry Ford did not invent the motor Moving ahead Of Others in a car, but he did develop the first market involves risk. By taking the affordable car for middle-class initiative - With an innovative Americans at the start Of the 20th product, new technology, lower century. MOSt people had never prices, better distribution, aspired tO owning a car because promotional offers, or forceful they were seen as a luxury item for advertising campaigns ー a firm the wealthy, and, as Ford said at the creates an opportumty tO seize the time, most people would have been leadership position. Organizations happier with "a faster horse" may seek out such an advantage Ford, like Arkwright, succeeded because their strategy and because Of a technical edge. His approach is always t0 lead int0 》》 idea was that Of mass production, continued tO dominate the market. The knowledge he had gained enabled him tO improve his water- powered spinning frame. MO i 9 ahead

10. THE BUSINESS BOOK

320 0 礪リ TY SELLS 夏 CONTEXT FOCUS Defining quality KEY DATES 1924 German pen-maker MontbIanc launches its luxury Meisterstück ("masterpiece") fountain pen, which is still an icon 0f superior quality t0day. 1970 The Hamilton Watch Company develops the first digital watch. lt succeeds despite its $2,100 price tag. 1985 Management guru Peter Drucker publishes 加月 ova 〇月 and E 月な e 盟肥月 eu るカわ which states that quality is the most important factor tO affect sales. Drucker says that the consumer iS the ultimate arbiter Of a product 's quality. 2005 Entrepreneur Richard Branson announces that he plans t0 offer the first holidays intO space. The price Of $120,000 fails to deter rich and famous potential customers. High-quality components and design.. here is an adage that quality sells, and many firms believe that the best way tO attract buyers is tO produce a superior product. Businesses that put quality first believe that the 0ther factors affecting demand, such as promotion, distribution, and the price, are much less important than the product itself. At first this approach may seem irrational. ln some markets, after all, IOW prices are critical. For example, Ryanair's competitive advantage over itS rivals iS based on itS low-cost business model, which enables the airline tO charge lower fares than its rivals. Yet some low-cost goods or services can represent a false economy for customers, especially if the goods are Of poor quality, necessitating extra costs for the customer to repair or replace them. Another possible way tO boost revenue iS tO increase the VOlume 0f goods sold. Some firms attempt t0 achieve this goal by using advertising campaigns tO steal market share from their rivals. However, the problem with trying tO grow revenue through promotion is that it is usually expensive. ln . plus added value that the customer was not expecting.. the UK, for example, in 2013 a 30-second television commercial cost up t0 E50,OOO. Offering a quality product is an alternative tO these low-cost or high-volume approaches. This strategy can achieve the same goal Of boosting a firm's revenues, improving customer retention by offering clients a product Of a high standard that they will want tO keep or tO buy again and again. What is quality? TO appreciate the role played by quality, it is first necessary tO understand what is meant by this term. ln a manufacturing context, quality is achieved when a firm is able to supply reliable , durable goods that meet or surpass consumer expectations and are free from defects. High-quality products inspire trust. Take, for example, high- quality car tyres. They 0ften have deeper treads than poor-quality tyres, making cars fitted with them less likely tO skid in emergencies or bad conditions. ln this case the quality Of a car tyre could be the difference between life and death. Superior-quality tyres, made from .. results in a product 0 ー service that i 取 sell itself.