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The Next Global Stage: The Challenges and Opportunities in Our Borderless World
The Next Global Stage: The Challenges and Opportunities in Our Borderless World
by Kenichi Ohmae
Edition: Hardcover

2 of 3 people found the following review helpful
5.0 out of 5 stars Different times require a new script, 29 Jan. 2006
“I have been rehearsing the arguments that from the backbone of ‘The Next Global Stage’ for more than two decades.” K. Ohmae writes, “My previous books, including ‘The Borderless World’ and ‘The Invisible Continent,’ examined many of the issues I am still exploring. Ideas, as I say, do not emerge in a state of perfection. In its genesis, ‘The Next Global Stage’ has been shaped by two forces. First, it bears witness to changing circumstances. Over the last two decades, the world has changed substantially. The economic, political, social, corporate, and personal rules that now apply bear scant relation to those applicable two decades ago. ‘Different times require a new script’…The second defining force behind ‘The Next Global Stage’ is that, over the last 20 years, I have witnessed some of the pioneers of the global economy firsthand. One of the first business leaders to be sympathetic to the notion of the truly global economy was the former CEO of Smith Kline Beecham, Henry Wendt. He saw cross-border alliances as a potential savior for the American pharmaceuticals industry and recognized that internationally based strategic alliances would become important, if not vital…Another early pioneer of the global economy was Walter Wriston, former chairman of Citibank. He saw globalization as an imperative not because of management or business theories, but because of technological breakthroughs. He prophesized that competition between banks would no longer be based on banking services, but on acquiring better technology. Effectively, the company able to make decisions quicker, often in the fraction of a nanosecond, would be the winner…Yet another business leader who was ahead of this time was Akio Morita, co-founder of Sony. The original business was called Tokyo Tsushin Kogyo or Totsuko (TTK). This name, even in its abbreviated form, was too difficult for Western markets. So Morita came up with the four-letter Sony to represent the quality of sound from his transistor radios. For Morita, the world was one big market, with few or no barriers. He thought big but was no megalomaniac. He famously advised companies to ‘Think Globally, Act Locally’…These visionaries shared many of my views about the then-emerging global economy, explained in such books as ‘Triad Power’ and ‘The Borderless World.’ I was fortunate enough to exchange views with all three of them and many others in the mid-1980s and beyond. However, discussions on the importance of the region-state proved more elusive and troublesome. I had to wait until the developments within China post-1998 to gain any sort of useful practical perspective on this issue…’The Next Global Stage’ makes sense of the world as I see it. Twenty years ago, globalization was a term, a theoretical concept. Now it is a reality. ‘The Next Global Stage’ is part of a process of understanding the new rules that apply in this new world – and often, there aren’t rules to adequately explain what we now experience on a daily basis. İt is not an endpoint, nor is it a beginning, but I hope it is an important step forward for companies and individuals, as well as regional and national leaders (from the Introduction).”
In this context, Kenichi Ohmae divides this excellent study into three parts:
I. THE STAGE: This part looks at some of the areas of explosive growth and identifies some of the characteristics of the global economy. It then looks back at the birth point of this new era. This part end with an examination of the failure of traditional economics – and economists – to make sense of the global economy.
II. STAGE DIRECTIONS: In this part, Ohmae examines the major trends emerging on the global stage. He explores the development of the nation-state and the dynamics of what he calls region-state. He goes on to introduce the idea of platforms, such as the use of English, Windows, branding, and the U.S. dollar, as global means of communication, understanding, and commerce. Finally, he explores what parts of business have to change in line with the emerging economy. These include business systems and processes and products, people, and logistics.
III. THE SCRIPT: In this part, he provides analysis of how these changes and trends will impact governments, corporations, and individuals. He looks at some of the regions that might be the economic dynamos shaping the world beyond the global stage. Finally, he revisit his book, ‘The Mind of the Strategist,’ and think through the need for changes in the frameworks used in developing corporate strategy on the global stage.
As a final point, Ohmae says that “I hope this book helps you develop some feel for the new global economy, the coming shape of the geopolitical maps of the future, the key levers corporations can pull, and the dynamic business domains we can tap. Now it is your turn to climb up onto the global stage and perform (p.272).”
I highly recommend this excellent study.


Understanding Arbitrage: An Intuitive Approach to Financial Analysis
Understanding Arbitrage: An Intuitive Approach to Financial Analysis
by Randall Billingsley
Edition: Hardcover

3 of 3 people found the following review helpful
5.0 out of 5 stars Well-known financial concepts, 26 Jan. 2006
“This book traces the common thread binding together much of financial thought – arbitrage. Distilled to its essence, arbitrage is about identifying mispricing and developing strategies to exploit it. An inherently simple concept – the act of exploiting different prices for the same asset or portfolio – arbitrage is as important as it is commonly misunderstood. This is because arbitrage is so often presented in financial arguments that are long on technical detail but short on economic intuition. Many business professionals’ exposure to the concept is limited to the media occasionally associating arbitrage with high-profile financiers, like foreign currency speculator George Soros, or former Secretary of the U.S. Treasury Robert Rubin, once head of arbitrage at Goldman Sachs. Yet such casual mentions do not convey the pervasive importance and usefulness of arbitrage in the world economy or in financial thought. Hence, the goal of this book is to emphasize the intuition of arbitrage and explain how it functions as a common thread in financial analysis. In so doing, I’ll provide concrete examples that illustrate arbitrage in action (from the Preface).”
In this context, Randall S. Billingsley divides this invaluable book into following seven chapters:
1. Arbitrage, Hedging, and the Law of One Price: This chapter explores the relationship between arbitrage, hedging, the Law of One Price, the Law of One Expected Return, and the structure of asset prices.
2. Arbitrage in Action: This chapter illustrates the nature of the Law of One Price, the Law of One Expected Return, arbitrage, and hedging using several examples. These concepts are first illustrated using the example of a discrepancy in the price of gold in two locations.
3. Cost of Carry Pricing: This chapter presents the cost of carry approach to identifying and exploiting mispriced positions. This useful, simple framework portrays the appropriate relationship between spot and forward or future prices. Properly priced forward/futures contracts reflect the cost and benefits of carrying a spot market commodity or security over time. The cost of carry model is illustrated in this chapter using the examples of a commodity, silver, and interest rates.
4. International Arbitrage: This chapter shows how arbitrage influences the relationship among currency exchange rates in light of international interest rate and inflation differences. Foreign exchange rates are structured by arbitrage pressures through international parity relations. Furthermore, this chapter describes various arbitrage strategies involving international interest rates and exchange rates.
5. Put-Call Parity and Arbitrage: This chapter presents the put-call parity relation, which relies on arbitrage to portray the relationship between call and put prices, the underlying stock price, the exercise price, the risk-free rate, and the time to expiration for European options. This chapter also shows how put-call parity lends insight into basic option/stock combination strategies such as the covered call and protective put.
6. Option Pricing: This chapter explains how arbitrage forms the backbone of modern option pricing.
7. Arbitrage and the (Ir)Relevance of Capital Structure: This chapter explains the role of arbitrage in assessing the relevance of capital structure decisions in the context of the Nobel Prize-winning Modigliani-Miller (M&M) theory. The chapter also shows how the firm may be viewed as put and call options and used the put-call parity framework to explain how a firm is valued from the distinct though linked perspectives of bondholders and stockholders.
Highly recommended


Powerful Times: Rising to the Challenge of Our Uncertain World
Powerful Times: Rising to the Challenge of Our Uncertain World
by Eamonn Kelly
Edition: Hardcover

2 of 3 people found the following review helpful
5.0 out of 5 stars What’s Next? Three Scenarios for the Next Decade, 16 Jan. 2006
“This book is for all of the ‘scout bees’ of the human world – those explorers who find it their calling to seek, on behalf of us all, a better future. I hope it makes a modest contribution to strengthening your wings, animating your dance, refreshing your optimism, framing your insights, and, above all, helping you make a difference in the world (from the Preface).”
In this context, Eamonn Kelly divides this invaluable study into four sections.
I. What’s Happening?: Predicting the Present
II. What If ?: Challenges and Changes Ahead
III. What’s Next?: Scenarios for the Next Decade
IV. So What?: Acting in an Age of Transformation
In the third section, he says that “I consider how we might expect a new global order to evolve, offering three very different scenarios that we might see unfold in the coming decade. While we must prepare for all three of these futures, each holds profoundly different implications (p.15).”
Three Scenarios for the Next Decade:
1. New American Century: This is a future in which the United States achieves unparalleled leadership in world affairs, reasserting and strengthening its influence, and essentially establishing the core values and rules - economic, political, and cultural – by which the entire world will play for generations.
A. Global society & culture identities
• Ambitious, progressive, and conservative
• Toward U.S. –centered homogeneity
• “Ownership” not “entitlement”
• Numerous pushback movements (mostly environmental)
B. Global economy & business environment
• Global corporations run mostly by Western rules
• Further liberalization of Chinese, Indian markets
• Outsourcing popular
• Political pressure to “protect” vulnerable domestic industries
• Lighter regulation
• Bilateral trade negotiations
C. Global politics & relationships
• China remains strategically quiet
• Powerful global moral majority, with a dominant sacred worldview
• EU gives more power to Eastern European nations; plans for accession of Turkey
• Liberalization in Middle East states
• Underlying, simmering resentment of U.S. power
2. Patchwork Powers: This is a future in which geopolitical and economic power and influence is distributed and shared between many different international bodies, geographical regions, and nation-states. This is also a future in which influence is projected through a complex and sometimes confusing patchwork of alliances and treaties.
A. Global society & culture identities
• Powerful national and regional
• Ambitious, individualistic, and meritocratic
• Asian cultures more influential around the world
• Society more inter-dependent
• Mature and risk averse
• Belief in the collective, in checks and balances
B. Global economy & business environment
• Tighter regulation
• Solid but sluggish economic growth
• Numerous international alliances and joint ventures
• Importance of cultural competence
• Regional blocs retain influence over trade negotiations
C. Global politics & relationships
• Multipolar; lots of summits and handshakes
• Asian nations more powerful in global agreements
• Middle East, Russia become strategic battlegrounds
• Relative harmony over global problems
• Ambiguity, gamesmanship, and issues of trust
3. Emergence: This is a future in which the established, traditional models of power and leadership prove to be largely unsuited to the challenges of a world of increased interdependence, complexity, uncertainty, and diversity. Instead, change and coherence come from the bottom up, as centralized and hierarchical governments, international institutions, and many large corporations prove slow to adapt to new challenges and opportunities.
A. Global society & culture identities
• Rebellious, youthful, and risk-loving
• Localized
• Connected by issues, not nationalities
• Highly transparent and very confusing
• Increasingly spiritual
B. Global economy & business environment
• Highly turbulent (“booms” and “busts”)
• Networked; big organizations as enablers and small as operators
• Coexistence of different models of capitalism
• Emergent, open standards
• Open source and other radical business models
C. Global politics & relationships
• Crises of confidence for national governments
• Issue-driven political alliances
• City-states win power over nation-states
• Darwinian approaches create real successes and failures; Singapores and Somalias
• Civil society and NGOs more influential
• Governments less controlling, more enabling
Finally, Eamonn Kelly writes, “These three scenarios – New American Century, Patchwork Powers, and Emergence – cannot, of course, encompass the entire range of possibilities regarding the future world order. But they are plausible and important possibilities, and worth considering in turn. What might each of these worlds look like? Here are three snapshots that summarize each (accompanied by short vignettes that provide a glimpse of one person’s life in that world), beginning with the scenario that some might consider the U.S.’s ‘official future’.”
Strongly recommended


Winners Never Cheat: Even in Tough Times: Everyday Values We Learned as Children (But May Have Forgotten)
Winners Never Cheat: Even in Tough Times: Everyday Values We Learned as Children (But May Have Forgotten)
by Jon Huntsman
Edition: Hardcover

1 of 2 people found the following review helpful
5.0 out of 5 stars A Donation from Jon M. Huntsman, 13 Jan. 2006
Jon M. Huntsman writes, “Donations don’t always have to be money. In many ways, time is more precious than dollars. Giving of one’s time, lending one’s stature, and providing one’s expertise can be as meaningful as money (p.163).” Really, his excellent study is donation for me. I would like to share this donation to everybody with the following notes from this invaluable book:
• “The principles we learned as children were simple and fair. They remain simple and fair. With moral compasses programmed in the sandboxes of long ago, we can navigate career courses with values that guarantee successful lives, a path that is good for one’s mental and moral well-being, not to mention long-term material success (p.15).”
• “Values provide us with ethical water wings whose deployment is as critical in today’s wave tossed corporate boardrooms as they were in yesterday’s classrooms (p.29).”
• “Courage may be the single most important factor in identifying leadership. Individuals may know well what is right and what is wrong but fail to act decisively because they lack the courage their values require (p.66).”
• “As captains of our own character, it is essential we understand the great legacy of trust and integrity. We will be remembered for truthful disclosures and promises kept (p.85).”
• “Your word is your greatest asset; honesty is your best virtue (p.85).”
• “Life is not a game of solitaire; people depend on one another. When one does well, the others are lifted. When one stumbles, others also impacted. There are no one-man teams – either by definition or natural law. Success is a cooperative effort; it’s dependent upon those who stand beside you (pp.90-91).”
• “Some people earn admiration and respect. If you must choose one, however, go for respect every time (p.93).”
• “There is no book written, no guideline crafted or class devised that explain how to activate courage. Courage comes from deep within one’s being. Courage is not the understanding of what is right or wrong. Rather, it is the strength to choose the right course (pp.95-96).”
• “Most companies and individuals seek success and respect. To reach these goals requires a sense of compassion for others and desire to make others happy. Happiness is so meaningful to our lives. It often comes to us when we try to make others happy. Graciousness is catching (pp.127-128).”
• “In a family business, check your ego at the door. There is no room for self-aggrandizement or self-promotion. In a family business, everyone knows the abilities and shortcomings of the others. There are no secrets. The success of family business relies on trust, respect, and love (pp.144-145).”
• “Be a cheerleader for each other. Seek good fortune for the other person first. Most family businesses end up in disarray because of the selfish interests of one or another sibling (p.145).”
• “All companies – public or private – must create a culture in which employees come first and are treated royally. Believe me, they always return the favor (p.150).”
• “It is of little consequence where or how or to whom we give. What really matters is our attitude (p.162).”
• “True giving is doing something for somebody who can never repay you (p.169).”
• “The elders of any society frequently view the younger generation as possessing fewer values than they have, but the fact is we all start out the same. Each generation has unique challenges; no generation has a monopoly on values (p.174).”
Strongly recommended


The Power of Impossible Thinking: Transform the Business of Your Life and the Life of Your Business
The Power of Impossible Thinking: Transform the Business of Your Life and the Life of Your Business
by Yoram (Jerry) R. Wind
Edition: Hardcover

5.0 out of 5 stars Overcome the barriers to change, 12 Jan. 2006
“A fundamental message of this book is that what you see in any situation depends in very large part upon what you bring to the table. What you see in this book is no exception. You are involved as much as we are in the process of making sense of the ideas presented. More than what we have written here, your own experiences and mindsets will shape what you get out of this process… How do we engage in impossible thinking? The parts of the book that follow provide an overview of a process...”
In this context, Yoram (Jerry) Wind and Colin Crook with Robert Gunther write,
1. First, we need to recognize the importance of models and the way they create limits and opportunities, as discussed in Part I.
• RECOGNIZE THE POWER AND LIMITS OF MENTAL MODELS
• Understand how models shape your world
• Recognize how models limit or expand your scope of actions
2. Then we have to find ways to keep our mental models relevant, deciding when to change to a new model (while adding the old to our portfolio of models), where to find ways of seeing, how to zoom in and out to make sense of a complex environment, and how to conduct continuous experimentation, as considered in Part II.
• KEEP YOUR MENTAL MODELS RELEVANT
• Know when to shift horses
• Recognize that paradigm shifts are a two-way street
• See a new way of seeing
• Zoom in and out to make sense from complexity
• Engage in experiments
3. Even if we are willing to change our thinking, we also need to recognize the walls that keep us in the old models, the confining influence both of the infrastructure and processes of our lives and of the slowly adapting models of around us. In Part III we consider these obstacles to change and strategies for addressing them.
• OVERCOME INHIBITORS TO CHANGE
• Dismantle the old order
• Find common ground to bridge adaptive disconnects
4. Finally, we recognize that models are used in order to act quickly, and in the last part of the book we explore ways to access models quickly through intuition to transform our world.
• TRANSFORM YOUR WORLD
• Develop and refine your intuition
• Transform your actions
Yoram (Jerry) Wind and Colin Crook with Robert Gunther say that transforming your mental models can help you think impossible thoughts and overcome the barriers to change in your life, work and society. This book will show you how.
Highly recommended.


Big Winners and Big Losers: The 4 Secrets of Long-Term Business Success and Failure
Big Winners and Big Losers: The 4 Secrets of Long-Term Business Success and Failure
by Alfred A. Marcus
Edition: Hardcover

5.0 out of 5 stars Winning and Losing Practices, 1 Jan. 2006
“This book reveals the secrets of the long-term better-than-industry performance of the winners. It shows distinct patterns in the 1992 to 2002 results. The differences in outcome are not random or a matter of mere chance. The circumstances that the big winners and big losers faced were similar. What explains the differences in performance is that the winners pursued and executed different strategies than the losers. In this book, I reveal how the traits of the big winners came together into larger patterns made up of a sweet spot, agility, discipline, and focus. Firms that achieved advantage wove together these elements into larger wholes. The positive aspects of the separate components supported and reinforced each other. Similarly, the negative traits of the losing firms supported and reinforced each other…Most of the insights in this book derive from the reports that the managers wrote. Their names and the companies they analyzed are listed in the Acknowledgments. The reports pointed me in certain directions, but I take full responsibility for where I ended up. The conclusions are my own. I presented the results and obtained feedback at a number of venues…All long, lessons are learned and specific advice is given on what a company can do to become a big winner and avoid being a big loser. This advice is concrete, specific, and actionable. It is among the most important takeaways you will get from this book (from the Preface).”
In this context, Alfred A. Marcus divides this invaluable book into fourteen chapters. At the end of each chapter, he summarizes these chapters as following:
1. Persistent Winning and Losing – Achieving sustained competitive advantage is not easy. You cannot dismiss any element. A sweet spot, agility, discipline, and focus are essential. Although managers might able to identify future opportunities, few have the agility to move into them, the discipline to protect them, and the focus to take full advantage of them…

2. Companies That Hit and Missed the Mark – This chapter has shown that firms that are big winners and firms that are big losers are hard to find. Being a big winner is harder than being a big loser. Some industries have no firms that are big winners or big losers. Firms that are big winners are concentrated in large industries; in large industries, there is more open space for finding a sweep spot. Big winners are smaller than big losers. Small firms are more agile than large firms. Their smallness makes it easier for them to escape detection. They are more likely to avoid competitive retaliation. Big winners and big losers are in industries with higher market returns. The potential profits are greater. There is more risk and more opportunity…
3. Companies That Keep Winning – This chapter has described the nine big winners that are the subject of further analysis in this book. Several points stand out. The nine winning companies succeeded despite being in small industries that did not have good returns. These industries were not ones where they could easily find sweet spots no other firms occupied. The big winners succeeded despite low overall returns in the industries in which they competed. These firms were survivors of a poor overall stock market in the first six months of 2002. The fact that their sales tended to be spread out helped them do well in this period. When the tech market collapsed, they had alternative customers to which they could turn…
4. Sweet Spots – This chapter has provided examples of the sweet spots that the big winners occupied. These sweet spots depend on gaining control over the classical five forces in strategy starting with customers. Big winners gained control of the five forces through the following measures: (1) co-designing products and services with their customers, (2) embedding themselves in their customers’ central processes and infrastructure, and (3) being a broker between themselves, their customers, and their suppliers. The sweet spots that the big winners occupied increased their alignment with their customers…
5. Agility – This chapter has shown the moves that the big winners made. They were agile. There was no single formula they followed, but a general pattern to their agility. They responded swiftly to threats and opportunities. Their small size gave them great flexibility. They grew their business in accord with their customers’ changing needs. They moved toward new and promising markets where their customers had specialized needs that only they could meet…
6. Discipline – This chapter has shown the discipline that the sweet spot companies displayed. They maintained ongoing, effective programs that reduced costs and raised quality. They took control of distribution. They smoothly managed their acquisition. They created special cultures that got their employees involved. They monitored and influenced regulatory changes and promptly complied with government laws and requirements. They not only put themselves in sweet spots, but they also developed the capabilities to protect them…
7. Focus – This chapter has shown the type of focus that sweet spot companies exhibited. They concentrated on their core strengths. They did not chase opportunities that were too risky. They had plans for product enhancements, extensions, and sequels. Their dedication to their customers was near total. Extensive collaboration led them to meeting the cutting-edge needs of customers for solutions. They were not in the business of providing mere isolated products, no matter how technically superior the products might be. With great care, they applied these principles to their global expansion. They identified markets with growth potential. They developed and extended the reach of their high-growth, application-specific products and deepened their penetration of global markets…
8. Companies That Keep Losing – This chapter provides information about the industries in which the big losers competed, the products they sold, and their competitors. This analysis parallels that of Chapter 3, “Companies That Keep Winning.”
9. Sour Spots – Companies find themselves in sour spots when they lose control over the classic five industry forces, the most important of which is customers. You can avoid losing control by doing the following: (i) make sure that you are able to sell your products and services at prices that your customers can afford; (ii) price these products and services at levels that enable you to make a profit; and (iii) have business models that are simple enough that you can carry out tasks and activities well. Being in a sour spot means distance and misalignment with customers. It means that you are unable to sell them sufficient quantities of goods and services to be consistently profitable. Your customers’ switching costs are low, and it’s easy for them to abandon you. This chapter has provided examples of sour spots you should avoid…
10. Rigidity – This chapter has shown the failed moves of the big losers. They tended to rely exclusively on the expansion of their core products for growth. These products were hard-to-differentiate commodity products sold on the basis of price. Big losers accumulated additional product capacity at high prices even though there was insufficient demand for their product. They did not respond vigorously when they experienced a decline in their core business. Their size took away from their flexibility. Because they were rigid, they inhabited sour spots.
11. Ineptness – This chapter has shown the ineptness of the big losers. They did not develop capabilities to defend the positions they occupied. They lacked skills to provide customers best-in-class service and customizable offerings at low cost. Also, these losing companies did not gain mastery over the supply chain and were ineffective in managing their acquisitions. They neither motivated their employees to ensure that their moves were well-executed, nor did they adhere to high ethical standards and have the capabilities to manage regulation. They were in sour spots not only because of rigidity and ineptness, but also because of a lack of focus.
12. Diffuseness – This chapter has shown the lack of focus that the big losers showed. They spread themselves thin and failed to maintain clear strategic direction. They were unable to identify and emphasize markets with future promise. They tended to rely on global business to try to fix domestic problems. None of what they did worked quite as intended.
13. Winning and Losing Practices – This chapter has explained what it takes to be a consistent long-term winner. It takes finding a niche that no one else occupies, but that is not enough. You need the agility to move that space, the discipline to protect it, and the focus to fully exploit. You must do it all. Anything less, and being a big winner will be beyond your reach.
14. Turnarounds – The lessons in this chapter have special relevance if you are trying to manage yourself out of decline or trying to keep your company’s strengths intact. The key to being a big winner is to find a sweet spot. Focus on it. Have the discipline to protect it. Have the agility to move it. The key to being a big loser is the opposite. Be diffuse, inept, and rigid, and you will find yourself in a sour position.
Strongly recommended


Built for Growth: Expanding Your Business Around the Corner or Across the Globe
Built for Growth: Expanding Your Business Around the Corner or Across the Globe
by Collins Hemingway
Edition: Hardcover

5.0 out of 5 stars A roadmap for retail strategy, 24 Dec. 2005
“Who doesn’t want to run his own business? Who doesn’t want to have her own store? If you’re young, you think about it from time to time. If you’re older, you wish you had opened that little shop before the kids came – or you plan to open it when you retire. We all want to control our destiny. We all want to express our creativity. We all want to build something that will last. But how do you start a retail operation? That’s the question I am most often asked. How do you create a going concern, one that will grow and build long-term value? That is another common query. ‘Built for Growth: Expanding Your Business Around the Corner or Across the Globe’ answers these and related questions (from the Introduction).”
Arthur Rubinfeld, the architect behind Starbucks’ expansion, helped build Starbucks into one of the world’s top brands, says that ‘Build for Growth’ distills what I have learned into a comprehensive view of what it takes to develop a winning retail concept. This shows you:
• How to combine core personal and company values with your business expertise to create a meaningful brand.
• How to creatively craft your on-the-street retail presence to capture the essence of your brand and develop customer loyalty.
• Hot to identify the best locations for your concept.
• How to build your management team, organization, and systems – whether you want to have one store or 1,000.
• How to systematically and aggressively execute your plans.
• How to successfully operate your business to keep customers coming back.
• How to innovate and renew your brand.
In addition, he says, “Other books deal with one or two of these topics, but none has taken a holistic approach to retail development, combining theory and practical ideas to cover the entire scope of what it takes to succeed in retail.”
In this context, this invaluable book has been organized into sections based on four fundamental principles: (1) Make No Little Plans, (2) Go Long, (3) Own Main & Main, and (4) Push the Envelope. Each of these sections has covered a major aspect of retail strategy, in order in which you will normally experience them as you grow your business.
I highly recommend.


The 86 percent solution: How to Succeed in the Biggest Market Opportunity of the Next 50 Years
The 86 percent solution: How to Succeed in the Biggest Market Opportunity of the Next 50 Years
by Vijay Mahajan
Edition: Hardcover

7 of 7 people found the following review helpful
5.0 out of 5 stars Different Market Strategies for the New Lands of Opportunity, 28 Nov. 2005
“Around the same time that we were engaged in this work, C.K. Prahalad and others were focusing attention on the same areas of the world from a different perspective. In his insightful work ‘The Fortune at the Bottom of the Pyramid,’ he points out the potential of the poorest citizens of the world. But the poorest of the poor are just one segment of these markets. Will you know how to meet the needs of the growing middle class or luxury segments? In 2004, a single Rolls Royce was sold in India for more than $700,000, some 1,500 times the average per capita gross national income in that country. This book focuses on the entire spectrum of business opportunities in these emerging markets, for both very poor and more affluent consumers. It also discusses the characteristics of these markets that must be addressed in market strategies. In addition to the specific strategies explored in this book, we hope the examples in the following chapters will encourage you to think more broadly about the approaches that might work in your part of the world (from the Preface).”
In this context, Vijay Mahajan and Kamini Banga divide this excellent study on emerging markets into ten chapters. They define main idea behind the chapters with the following sentences:
• Chapter 1. The Lands of Opportunity: The rapid development of the 86 percent of the world population in countries with a per capita gross national product (GNP) of less than $10,000 has made these areas the new lands of opportunity. But their complexity and distinctive characteristics will require different market strategies to realize these opportunities.
• Chapter 2. Don’t Build A Car When You Need A Bullock Cart: Product design needs to reflect the challenges of the local environment and the demands of the local culture and religion. When you’re looking for creative solutions to these needs, sometimes a bullock cart is better than an automobile.
• Chapter 3. Aim for the Ricochet Economy: With high rates of immigration to the developed world, the 86 percent market is stretched across zigzagging global diasporas. To reach the developing world, companies sometimes need to ‘ricochet’ off social networks of the developed world.
• Chapter 4. Connect Brands to the Market: Global brands often have been humbled by small, local rivals in fragmented, developing markets. Companies need to find the right balance of global and local brands, or reinterpret these brands, to connect with the market.
• Chapter 5. Think Young: While the developed world is facing a crisis of aging, the 86 percent markets are a fountain of youth-although these youth may be different from their peers in developed countries. To understand this opportunity, companies have to think young.
• Chapter 6. Grow Big By Thinking Small: While the developed world may want to be super-sized, big successes in developing markets often come in small packages. Small payments, sachets, and products tailored to small spaces can create big opportunities.
• Chapter 7. Bring Your Own Infrastructure: With unreliable electric grids, undrinkable water, tangled roads, massive informal economies, and other infrastructure gaps in developing markets, companies often need to creatively build or bring their own infrastructure.
• Chapter 8. Look for the Leapfrog: Lack of infrastructure can sometimes represent a greenfield opportunity that allows 86 percent markets to find opportunities by leapfrogging forward to more advanced technological solutions.
• Chapter 9. Take the Market to the People: With many parts of developing markets virtually inaccessible by traditional distribution systems, companies have had to go out to the market with bicycles, hole-in-the-wall stores, and local knowledge to take the market to the people.
• Chapter 10. Develop With the Market: Developing markets are a moving target, so companies need to evolve their strategies with the market.
Finally, V.Mahajan and K.Banga rightly say that “While Samuel Huntington once presented a view of world civilizations as disconnected islands headed toward a ‘clash of civilizations’ (and there are certainly many opportunities for conflict), there is a countervailing force of connections among different countries, cultures, and economies. These connections are facilitating growth and progress for both developing and developed countries. We cannot limit our thinking with preconceived notions about borders between societies or simple views of gaps between the developed and developing world. Opportunities often emerge across these borders. The developing world can be a source of solutions that are tremendously valuable to the developed world, and vice versa. Even terms such as ‘developing’ and ‘developed’ are an oversimplification of this complex interweaving of cultures and economies that is occurring on a global scale (pp. 211-212).”
Strongly recommended.


Capitalism at the Crossroads: The Unlimited Business Opportunities in Solving the World's Most Difficult Problems
Capitalism at the Crossroads: The Unlimited Business Opportunities in Solving the World's Most Difficult Problems
by Stuart L. Hart
Edition: Hardcover

2 of 2 people found the following review helpful
5.0 out of 5 stars Toward Sustainability, 21 Nov. 2005
“Global capitalism now stands at a crossroads: Without a significant change of course, the future for globalization and multinational corporations appears increasingly bleak. It might be argued, in fact, that global capitalism stands at a juncture similar to the one faced in 1914. Between 1914 and 1945, world war, depression, fascism, and communism almost succeeded in eliminating capitalism from the face of the Earth. The problems global capitalism now faces (international terrorism, the backlash, against globalization, global-scale environmental change) are no less daunting. Constructively engaging these challenges will be the key to ensuring that capitalism continues to thrive in the coming century-to everyone’s benefit (from the Prologue).”
In this context, Stuart L. Hart divides this excellent study into three main parts.
• Part One – Mapping the Terrain: It describes the global situation and establishes the business case for pursuing strategies that aim to solve social and environmental problems. It also outlines the challenges and opportunities that remain to be addressed, particularly those that involve the development of new, more sustainable technologies and the needs of the four billion people who have been largely bypassed thus far by globalization.
• Part Two – Beyond Greening: It develops the logic and content of these ‘beyond greening’ strategies in more depth.
• Part Three – Becoming Indigenous: Stuart L. Hart suggests how corporations might begin to move beyond even these strategies for sustainability by learning to become more embedded in the local context. He argues that learning to become indigenous is the next strategic challenge on the road to building a sustainable global enterprise.
Stuart L. Hart writes, “In this book, I have tried to suggest ‘what’ companies might do to pursue the path of sustainable global enterprise-the strategies, practices, and capabilities that are required. What is less clear is ‘how’ to pursue this path, particularly within the context of large, incumbent, multinational corporations. Indeed, as Raghuram Rajan and Luigi Zingales point out in their book ‘Saving Capitalism from the Capitalists,’ it is precisely the large incumbent corporations that most often stand in the way of fundamental change. I close the book, therefore, with some thoughts on what it will take to make sustainability happen in the real world of budgets, quarterly earning reports, discounted cash-flow analysis, and the discipline of the investor community. Leaders in companies will need to avoid the top-down bias, think as a disrupter, reinvent cost structures, transform the meaning of scale, and align the organization. Most important, to enable employees to build the sustainability cathedral, senior managers will have to step up to the challenge with visible and tangible commitments that far surpass what they have been willing to do to date (pp. 220-221).”
Strongly recommended.


Moral Intelligence: Enhancing Business Performance and Leadership Success
Moral Intelligence: Enhancing Business Performance and Leadership Success
by Doug Lennick
Edition: Hardcover
Price: £18.99

5.0 out of 5 stars A roadmap for leaders, 27 Oct. 2005
"We offer this book as a roadmap for leaders to find and follow their moral compasses." Doug Lennick, and Fred Kiel, Ph.D. write, "This book is not about telling you what is right or wrong. It's not about helping you try to become a moral paragon. We are all imperfect, none more so than your authors. Though we all want to be our best, most ideal selves, we face daily obstacles and temptations that threaten our performance as leaders and our integrity as human beings. In this book, we hope you will find the tools to become the best leader you can be. You - and your organization - deserve nothing less (from the Introduction)."
In this context, Lennick and Kiel argue that "moral competence is a collection of competencies. Each is related to one of the four universal principles that we have found are key to effective leadership." Thus, in the second part of the book, they explore and discuss the competencies associated with each principle as briefly outlined below: . Effective leaders know that letting go of mistakes - their own and others - clears the way for better future performance.
Finally, they say that "though we have discussed each competency in turn, keep in mind that in the real world, individual moral competencies and emotional competencies are interwoven. Like a master artist who simultaneously uses all his talents - including brush technique, composition, color perception - to create a work of art, the best leaders seamlessly blend all of their competencies to create their personal and organizational masterpieces Strongly recommended.


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