HBR’s 10 Must Reads on Strategic Marketing

HBR’s 10 Must Reads on Strategic Marketing
HBR Editors and various contributors
Harvard Busxiness Review Press (2013)

How the right strategy can help create or increase demand for whatever is offered

This is one in a series of volumes that anthologizes what the editors of the Harvard Business Review consider to be the “must reads” in a given business subject area, in this instance strategic marketing. I have no quarrel with any of their selections, each of which is eminently deserving of inclusion. Were all of these ten article purchased separately as reprints, the total cost would be $60 and the value of any one of them exceeds that. Given the fact that Amazon now sells this one for only $16.16, that’s quite a bargain. The same is true of volumes in other series such as “Harvard Business Review on….” and “Harvard Business Essentials.” I also think there is great benefit derived from the convenience of having a variety of perspectives and insights gathered in a single volume

In all of the volumes in the “10 Must Read” series that I have read thus far, the authors and HBR editors make skillful use of several reader-friendly devices that include “Idea in Brief” and “Idea in Action” sections, checklists with and without bullet points, boxed mini-commentaries (some of which are “guest” contributions from other sources), and graphic charts and diagrams that consolidate especially valuable information. These and other devices facilitate, indeed accelerate frequent review later of key points later.

Those who read this volume will gain valuable information, insights, and counsel that will help them to determine which business they are really in, how to create products and services that people need to get their work done and done right, how to get a bird’s eye view of their brand’s strengths and weaknesses, how to tap a market that’s larger than China and India combined , how to deliver superior value to their B2B customers, and how to resolve all issues between and among departments, especially between sales and marketing

Here are three brief passages that are representative of the quality of the articles from which they are excerpted as well as the quality of the other seven articles in this volume.

From Marketing Myopia, Theodore Levitt, Pages 29-56: “In short, the organization must learn to think of itself not as producing goods of services but as buying customers, of doing the things that make people want to do business with it. And the chief executive officer has the inescapable responsibility for creating this environment, this viewpoint, this attitude, this aspiration. The chief executive must set the company’s style, its direction, and its goals.”

From Marketing Malpractice: The Cause and the Cure, Clayton M. Christensen, Scott Cook, and Taddy Hall, Pages 57-76: “Thirty thousand new consumer products hit store shelves each year. Ninety percent of them fail. Why? We’re using misguided practices…Here’s a better way: Instead of trying to understand the ‘typical’ customer, find out what jobs people want to get done. Then develop [begin bold face] purpose brands [end bold face]: products or services customers can ‘hire’ to perform those jobs.”

From The One Number You Need to Grow, Frederick F. Reichheld, Pages 151-170: “Based on information from 4,000 consumers, we ranked a variety of survey questions according to their ability to predict this desirable behavior. (interestingly. Creating a weighted index – based on responses to multiple questions and taking into account the relative effectiveness of those questions – provided significant [predictive advantage.)

“The top-ranking question was far and away the most effective across industries [what Reichheld characterizes as "The Ultimate Question"]:

o ‘How likely is it that you would recommend [company X] to a friend or colleague?’

“Two questions were especially effective predictors in certain industries:

o ‘How strongly do you agree that [company X] deserves your loyalty?
o ‘How likely is it that you will continue to purchase products/services from [company X]?’

“Other questions, while useful in a particular industry, had little general applicability.” Reichheld then provides a list. The “number” to which the title of this article refers is generated by the Net Promoter® Score System, devised by Reichheld, discussed in this article and thoroughly explained in two of his books, The Ultimate Question: Driving Good Profits and True Growth (2006) and The Ultimate Question 2.0 (Revised and Expanded Edition): How Net Promoter Companies Thrive in a Customer-Driven World, with Bob Markey.

* * *

If you read nothing else on strategic marketing, read these ten classic articles from Harvard Business Review.

How to Use Your Online Network to Test Ideas

Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

* * *

Most managers today understand the importance of reaching out to colleagues through LinkedIn, following and being followed on Twitter, and actively participating in corporate social media initiatives — but fewer know how to effectively use these networks.

o One way is to gather information by testing proposals and strategies, inside and outside your organization.

o Float an idea and see how many “likes” or retweets it gets.

o Or direct certain groups of people to an online survey.

The feedback might help you persuade a reluctant boss or client to come around to your point of view.

Today’s Management Tip was adapted from the HBR Guide to Networking.

To check out that book and join the discussion, please click here.

Also, you may wish to check out an anthology, Management Tips from Harvard Business Review, by clicking here.

How to Strike the Right Tone in Your Writing

Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

* * *

Getting tone right takes work — but it’s critical to the success of your business documents.

If you sound likable and professional, people will want to work with you and respond to you. If you come off as hyperformal, condescending, or sarcastic, people won’t.

o Find the right tone by writing your message as if you were speaking to the recipient in person.

o Refer to people by name, use personal pronouns as you naturally would, and shun fancy substitutes for everyday words.

o Always use a friendly tone in composing your messages, even if the content isn’t positive.

You’ll get better responses from your recipients and keep yourself — and your company — out of trouble.

Today’s Management Tip was adapted from the HBR Guide to Better Business Writing.

To check out the book and join the discussion, please click here.

Also, you may wish to check out an anthology, Management Tips from Harvard Business Review, by clicking here.

Vijay Govindarajan: An interview by Bob Morris

Vijay Govindarajan (“VG”) is widely regarded as one of the world’s leading experts on strategy and innovation. He is the Earl C. Daum 1924 Professor of International Business at the Tuck School of Business at Dartmouth College. He was the first Professor in Residence and Chief Innovation Consultant at General Electric. He worked with GE’s CEO Jeff Immelt to write “How GE is Disrupting Itself”, the Harvard Business Review article that pioneered the concept of reverse innovation – any innovation that is adopted first in the developing world. Harvard Business Review rated reverse innovation as one of the ten big ideas of the decade. VG works with CEOs and top management teams in Global Fortune 500 firms to discuss, challenge, and escalate their thinking about strategy. VG wrote the NYT and WSJ Best Seller, Reverse Innovation: Create Far From Home, Win Everywhere.

Here is an excerpt from my interview of VG. To read the complete interview, please click here.

* * *

Morris: When and why did you and Chris Trimble decide to write Reverse Innovation? What specific objectives did you have in mind?

Govindarajan: Growing up in India, I knew that the only way to solve our problems is innovation— India has too many problems and the country has too few resources. So I dedicated myself to research and write about innovation. Reverse Innovation brings me full circle back to India.

Morris: Were there any head-snapping revelations while writing it? Please explain.

Govindarajan: The biggest surprise was that innovations for the poor can transform the lives of the rich.

Morris: To what extent (if any) does the book in final form differ significantly from what you and Chris originally envisioned?

Govindarajan: Any book is an evolutionary process. It started with one company experience, GE. As we studies a dozen other companies, our theory evolved.

Morris: You and Chris Trimble have worked closely for several years. Please explain how all that happened.

Govindarajan: We have complementary strengths, yet both are committed to impacting practice. It has therefore been a great partnership.

Morris: In recent years, there has been sometimes severe criticism of M.B.A. programs, even those offered by the most prestigious business schools such as Tuck. In your opinion, in which area is there the greatest need for [begin italics] immediate [end italics] improvement? Why? Any specific suggestions?

Govindarajan: B-Schools need to connect theory with practice. After all we are an applied field. We should look to Medical Schools, Law Schools, and Engineering Schools for inspiration— not look for legitimacy from Pure Sciences like Physics and Chemistry.

Morris: I have read all of your books and then re-read most of them before formulating the questions for this interview. In your opinion, which of these books did you find most challenging to write? Why?

Govindarajan: Reverse Innovation since it brought to closure my life’s dreams.

Morris: Throughout history, which person do you think was the greatest innovative thinker? Please explain your selection.

Govindarajan: Thomas Edison because he understood that innovation is 1% inspiration and 99% perspiration. Most people miss this point. Bulk of the innovation challenge is in the 99% perspiration— innovation execution. This is my central research area and this is what Reverse Innovation is all about.

Morris: There are several people whom both you and I hold in high regard. Please share your thoughts and feelings about each. First, Peter Drucker

Govindarajan: Great role model.

Morris: Next, the two Thomas Watsons, father and son

Govindarajan: Created new markets

Morris: Finally, C.K. Prahalad

Govindarajan: Friend, philosopher, and guide

Morris: In your opinion, what will be the single greatest challenge that CEOs will face during the next 3-5 years? Any advice?

Govindarajan: How to grow in a slow growth world? The key is innovation.

* * *

To read the complete interview, please click here.

To read my review of Reverse Innovation, please click here.

VG cordially invites you to check out the resources at these websites:

His faculty page

His blog

Reverse Discrimination page

To Innovate, Find What’s Hiding in Plain Sight

Here is an excerpt from an article written by Vijay Govindarajan and Srikanth Srinivas for Harvard Business Review and the HBR Blog Network. To read the complete article, check out the wealth of free resources, and sign up for a subscription to HBR email alerts, please click here.

* * *

In our last post, we asked the question, “What’s the connection between counting squares and innovation?” In order to come up with the answer, we presented you with the following figure and asked you how many squares you could find. It turns out, the answer isn’t so simple.

It was clear that this was a fun, engaging exercise, as we had 400 comments in the HBR blog post, an additional 312 comments in Facebook, and about 40 individual email responses. We enjoyed reading the comments and seeing the enthusiasm with which you wrote them. Given the number of good responses, we could not choose the top five; instead, we will be giving a copy of Reverse Innovation to 20 winners.

How you arrive at the answer can make a big difference in what you find. In the first “systematic” analysis, we can find 30 squares.

16 (1×1 squares) + 9 (2×2 squares) + 4 (3×3 squares) + 1 (4×4 square) = 30 squares.

The squares were always there, but you didn’t find them until you look for them. At first glance, you can easily see 16 squares. But the reality as it appears to be is often different from the reality as it is — 30 squares. You need to spend time and dig deeper to understand the reality as it is. Innovative solutions are always there for the problems we face, but you won’t find them unless you look for them.

There is a method to the madness (systematically going through 1×1, 2×2, 3×3, and 4×4 squares in this case). It takes time to find the method, but when you do, it opens up many more solutions and opportunities for any innovation problem. To quote one of the commenters, “We need to look beyond what meets the eye and what we are told, for more innovative perspectives both on the problem as well as the solutions born out of detachment to either.”

But can we do even better than a systematic analysis? On a more creative note, there are 30 squares with black edges and 30 squares with white edges. We’ve now discovered 60 squares. Out-of-the-box thinking can open up even more solutions. The foundation of systematic method, combined with out-of-the-box thinking, can result in order-of-magnitude change in performance. There were several creative replies with many more squares, all the way to infinity. Thank you for stretching our thinking. There are no limits to out-of-the box thinking. Only our own imagination is the limiting factor. To quote on of the commenters, “Don’t think it’s impossible, stretch the limits, bend the rules without breaking them — be curious — seek something new — have fun!”

* * *

To read the complete article, please click here.

Vijay Govindarajan is the Earl C. Daum 1924 Professor of International Business at the Tuck School of Business at Dartmouth. He is coauthor of Reverse Innovation (HBR Press, 2012). Srikanth Srinivas is a retired management consultant. He is the author of Shocking Velocity.

The Rise of Executive Feminism

Here is an excerpt from an article written by Joan C. Williams and Rachel W. Dempsey for Harvard Business Review and the HBR Blog Network. To read the complete article, check out the wealth of free resources, and sign up for a subscription to HBR email alerts, please click here.

* * *

In the aftermath of the publication of Sheryl Sandberg’s Lean In, two things are becoming clear. One: we are in the midst of a powerful new feminist movement. And two: the backlash has already begun.

Led by high-powered women like Sandberg and Princeton professor Anne-Marie Slaughter, a new wave of executive feminism has emerged aimed squarely at the highest levels of the professional world. And it’s becoming increasingly clear that’s sorely needed: Only 21 Fortune 500 CEOs are women. Women make up 15 percent of Fortune 500 executive officers and 15 percent of law firm equity partners. They make up 30 percent of doctors, but comprise barely more than 10 percent of doctors in each of the top five highest-paid medical specialties.

For a while it looked like this problem would fix itself, but at this point we’ve being waiting for top-level women to emerge from the pipeline for forty years. Waiting isn’t working. Women earn more college degrees than men, make up about 46 percent of the labor force, and hold more than half of managerial and professional positions. But men still run the world. (Literally — women make up 18 percent of the United States Congress, and about 20 world leaders out of 193 United Nations recognized states.)

Women leak out of the pipeline well before they reach the top. To take one example, women’s law school enrollment peaked in 1993, at 50.4 percent. Twenty years later, when these women should be reaching the peaks of their careers, they make up barely 15 percent of law firm equity partners.

It’s not your mother’s gender inequality — but it’s no less real. At current rates, it will take nearly three centuries for women to reach parity as CEOs of Fortune 500 companies. Here’s where we stand: Women can get low-paid jobs. They can get middle-management jobs. Very few have jobs at the top.

This is the new frontier of feminism. Quite suddenly, some of the women who have reached the top are speaking out about just how hard it is for women to get there. Executive feminists like Sandberg and Slaughter have eschewed the long-held wisdom that leading an open discussion on gender bias is a bad career move. They follow Mika Brzezinski, who led the way with an impassioned book about gender bias in pay in 2011.

Research shows that women who succeed in jobs dominated by men, not surprisingly, often do so by distancing themselves from other women. What’s impressive is that Sandberg, Slaughter, and Brzezinski aren’t following that conventional wisdom. They are embracing change with the argument that maybe executive feminism is just what we need to jump-start the stalled gender revolution. More women in power might well lead to greater success in other arenas: note that every female GOP senator voted for the recent reauthorization of the Violence Again Women Act. The people in power are the people who shape policy, whether in business or in politics or in the neighborhood garden club. It’s as simple as that.

The conversation these women have started is easy to dismiss. One line of attack is implicit in the gleeful (and exaggerated) coverage of Sandberg and Slaughter’s differences: Typical women, whining and catfighting. The other criticism is that executive feminists are out of touch with regular people — they all have nannies; what do they know about an average woman’s struggles? The backlash against executive feminism gets at the heart of what’s really holding women back: the kind of subtle bias that has stalled women’s progress.

The first major theme, the catfight narrative, has persisted despite the lack of evidence to support it. To hear many people tell it, Slaughter and Sandberg are at each other’s throats; Jodi Kantor in The New York Times claims that they have “quietly developed perhaps the most notable feminist row since Ms. Friedan refused to shake Gloria Steinem’s hand decades ago.” Her evidence? Unnamed sources, and a statement by Slaughter that Sandberg’s book “has made a real contribution, but it’s only half the story.” Since when is “real contribution” an insult?

* * *

To read the complete article, please click here.

Joan C. Williams is a distinguished professor of law, the UC Hastings Foundation chair, and the founding director of the Center for WorkLife Law at the University of California’s Hastings College of the Law. Rachel W. Dempsey is a frequent blogger and a student at Yale Law School. Williams and Dempsey are co-authors of The New Girls’ Network.

HBR’s 10 Must Reads On Making Smart Decisions: A book review by Bob Morris

HBR’s 10 Must Reads on Making Smart Decisions
Various Contributors with Editors of Harvard Business Review
Harvard Business Review Press (2013)

Learn why bad decisions happen to good managers — and how to make better ones

This is one in a series of volumes that anthologizes what the editors of the Harvard Business Review consider to be the “must reads” in a given business subject area, in this instance making smart decisions. I have no quarrel with any of their selections, each of which is eminently deserving of inclusion. Were all of these article purchased separately as reprints, the total cost would be at least $60 and the value of any one of them exceeds that. Given the fact that Amazon now sells this one for only $15.11, that’s quite a bargain. The same is true of volumes in other series such as “Harvard Business Review on….” and “Harvard Business Essentials.” I also think there is great benefit derived from the convenience of having a variety of perspectives and insights gathered in a single volume.

In all of the volumes in the “10 Must Read” series that I have read thus far, the authors and HBR editors make skillful use of several reader-friendly devices that include “Idea in Brief” and “Idea in Action” sections, checklists with and without bullet points, boxed mini-commentaries (some of which are “guest” contributions from other sources, and graphic charts and diagrams that consolidate especially valuable information. These and other devices facilitate, indeed accelerate frequent review later of key points later.

Here are three brief passages that are representative of the quality of the articles from which they are excerpted as well as the quality of the other seven articles in this volume.

From “Before You Make That Big Decision…,” Daniel Kahnerman, Dan Lovallo, and Olivier Sibony: “The real challenge for executives who want to implement decision quality control is not time or cost. It is the need to build awareness that even highly experienced, superbly competent, and well-intentioned managers are fallible. Organizations need to realize that a disciplined decision-making process, not individual genius, is the key to a sound strategy. And they will have to create a culture of open debate in which such processes can flourish.”

From “Conquering a Culture of Indecision,” Ram Charan: “The setting in which h dialogue occurs is as important as the dialogue itself. The social operating mechanisms of decisive corporate cultures feature behaviors marked by four characteristics: openness, candor, informality, and closure. Openness means that the outcome is not predetermined. There’s an honest search for options, alternatives, and new discoveries. Questions like `What are we missing?’ draw people in and signal the discussion leader’s willingness to hear all sides. Leaders create an atmosphere of safety that permits discussion, group learning, and trust.”

From “Make Better Decisions,” Thomas H. Davenport: “Focusing on decisions doesn’t necessarily require a strict focus on the mental processes of managers. (Though, admittedly, the black box deserves some unpacking.) It can mean examining the accessible components of decision-making – which decisions need to be made, what information is supplied, key roles in the process, and so forth. Smart organizations make multifaceted interventions – addressing technology, information, organizational structure, methods, and personnel. They can improve decision making in four steps.” Davenport discusses step in process, then observes: “An organization that has adopted these four steps should also assess the quality of decisions after the fact. The assessment should address not only actual business results – which can involve both politics and luck – but also the decision-making process and whatever information the manager(s) relied on”

If you read nothing else on how to make smart decisions, read these ten classic articles from Harvard Business Review.

Vijay Govindarajan: An interview by Bob Morris

Vijay Govindarajan (“VG”) is widely regarded as one of the world’s leading experts on strategy and innovation. He is the Earl C. Daum 1924 Professor of International Business at the Tuck School of Business at Dartmouth College. He was the first Professor in Residence and Chief Innovation Consultant at General Electric. He worked with GE’s CEO Jeff Immelt to write “How GE is Disrupting Itself,” the Harvard Business Review article that pioneered the concept of reverse innovation – any innovation that is adopted first in the developing world. Harvard Business Review rated reverse innovation as one of the ten big ideas of the decade. VG works with CEOs and top management teams in Global Fortune 500 firms to discuss, challenge, and escalate their thinking about strategy. VG wrote the NYT and WSJ Best Seller, Reverse Innovation: Create Far From Home, Win Everywhere.

Here is an excerpt from my interview of VG. To read the complete interview, please click here.

* * *

Morris: When and why did you and Chris Trimble decide to write Reverse Innovation? What specific objectives did you have in mind?

Govindarajan: Growing up in India, I knew that the only way to solve our problems is innovation— India has too many problems and the country has too few resources. So I dedicated myself to research and write about innovation. Reverse Innovation brings me full circle back to India.

Morris: Were there any head-snapping revelations while writing it? Please explain.

Govindarajan: The biggest surprise was that innovations for the poor can transform the lives of the rich.

Morris: To what extent (if any) does the book in final form differ significantly from what you and Chris originally envisioned?

Govindarajan: Any book is an evolutionary process. It started with one company experience, GE. As we studies a dozen other companies, our theory evolved.

Morris: You and Chris Trimble have worked closely for several years. Please explain how all that happened.

Govindarajan: We have complementary strengths, yet both are committed to impacting practice. It has therefore been a great partnership.

Morris: In recent years, there has been sometimes severe criticism of M.B.A. programs, even those offered by the most prestigious business schools such as Tuck. In your opinion, in which area is there the greatest need for [begin italics] immediate [end italics] improvement? Why? Any specific suggestions?

Govindarajan: B-Schools need to connect theory with practice. After all we are an applied field. We should look to Medical Schools, Law Schools, and Engineering Schools for inspiration— not look for legitimacy from Pure Sciences like Physics and Chemistry.

Morris: I have read all of your books and then re-read most of them before formulating the questions for this interview. In your opinion, which of these books did you find most challenging to write? Why?

Govindarajan: Reverse Innovation since it brought to closure my life’s dreams.

Morris: Throughout history, which person do you think was the greatest innovative thinker? Please explain your selection.

Govindarajan: Thomas Edison because he understood that innovation is 1% inspiration and 99% perspiration. Most people miss this point. Bulk of the innovation challenge is in the 99% perspiration— innovation execution. This is my central research area and this is what Reverse Innovation is all about.

Morris: There are several people whom both you and I hold in high regard. Please share your thoughts and feelings about each. First, Peter Drucker

Govindarajan: Great role model.

Morris: Next, the two Thomas Watsons, father and son

Govindarajan: Created new markets

Morris: Finally, C.K. Prahalad

Govindarajan: Friend, philosopher, and guide

Morris: In your opinion, what will be the single greatest challenge that CEOs will face during the next 3-5 years? Any advice?

Govindarajan: How to grow in a slow growth world? The key is innovation.

* * *

To read the complete interview, please click here.

To read my review of Reverse Innovation, please click here.

VG cordially invites you to check out the resources at these websites:

His faculty page

His blog

Reverse Innovation page

Why Persuasion Doesn’t Require Manipulation

Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

* * *

If you’re trying to convince people outside clear reporting lines to collaborate with you, you’ll need to use your powers of persuasion. This doesn’t involve manipulating your colleagues, but rather leading them to a shared solution. Here’s how:

o Establish credibility. If you have a history of well-informed, sound judgment, your colleagues will trust your expertise. If you’ve demonstrated that you can work in the best interest of others, your peers will have confidence in your relationships.

o Frame goals on common ground. Tangibly describe the mutual benefits.

o Vividly reinforce your position. Ordinary evidence won’t do. Make numerical data more compelling with examples, stories, and metaphors that have an emotional impact.
Today’s Management Tip was adapted from the HBR Guide to Managing Up and Across.

To read that book and join the discussion, please click here.

Also, you may wish to check out an anthology, Management Tips from Harvard Business Review by clicking here.

How to Survive Networking Events by Being Generous

Here is another valuable Management Tip of the Day from Harvard Business Review. To sign up for a free subscription to any/all HBR newsletters, please click here.

* * *

You’re not the only one who walks into a networking mixer full of dread. Before you make a run for the door, try a different approach.

o Tell yourself that it isn’t about you.

o Instead of trying to meet potential clients, or making another connection that will advance your career, focus exclusively on what you can do for the other attendees.

o Refrain from telling anyone about your own area of expertise and think about how you can help others in the room.

o Introduce yourself and immediately ask about them — who they are, why they’re there, and what they’re looking to achieve that evening.

o Then think about what connections you can make, what favors you might offer, what introductions you might broker.

Not only will the event be more fun but you’ll learn about new people and ideas, and you might just get something out of it in return.

Today’s Management Tip was adapted from “Confession of a Networking Pro” by Jodi Glickman.

To read that article and join the discussion, please click here.

Also, you may wish to check out Management Tips from Harvard Business Review by clicking here.