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Title: Will & Vision: How Latecomers Grow to Dominate Markets by Gerard J. Tellis, Peter N. Golder, Clayton M. Christensen ISBN: 0-07-137549-X Publisher: McGraw-Hill Trade Pub. Date: 06 September, 2001 Format: Hardcover Volumes: 1 List Price(USD): $27.95 |
Average Customer Rating: 5 (7 reviews)
Rating: 5
Summary: POWERFUL THEORY, WELL PROVEN CASE
Comment: In Will and Vision, the authors refute the theory that first-movers have an overwhelming advantage, and replace it with the idea that seven factors, that can be summarized as will and vision (hence the title of the book) are instead the factors that permit companies to dominate markets.
First, the author performed an in depth empirical study that included 43 different industries at different times in order to show that the original entrants in many markets were not in fact the current leaders. Instead, the authors offer the following seven factors as the main ones in determining whether firms became leaders in their markets:
Envisioning the Mass Market - Examples include P&G with Pampers disposable diapers for everyone instead of for travelers only and Kodak with photographs for the non-professional.
Uniqueness of Vision - Examples include Tim Berners-Lee and the development of the WorldWideWeb and King Gillette's view of the razor market.
Persisting Against All Odds - Examples include Bill Gates' persistence that landed him the operating system contract with IBM and Haloid's persistence over a decade that created Xerox.
The Need for Relentless Innovation - Examples include Moore and Noyce leaving Fairchild Semiconductor to found Intel and the relentless pace of innovation there, and Gillette's close brush for lack of innovation in the 1960s and its ensuing fast pace since.
Organizing for Innovation - Examples include HP's organization beating Xerox and IBM at the laser printer market, and Netscape beating Mosaic by taking talent and rewarding it.
Raising and Committing Financial Resources - Examples include Fred Smith's almost bankruptcy to keep FedEx alive and Amazon sacrificing profits for a long period in order to achieve its envisioned mass market level of service.
Leveraging Assets Despite Uncertainty - Examples include IBM losing the PC battle because it did not want to hurt its mainframe sales, and Charles Schwab's leadership in web trading after it chose to focus on it and sacrifice off line higher margins.
Overall, I found it a very good entertaining book, with anecdotes that help support the ideas the authors suggest. I strongly recommend it.
Rating: 5
Summary: Early birds beware
Comment: This book comes out with a hypothesis challenging conventional thinking which assumes that pioneers dominate markets. Collecting and analyzing historical data from over 66 industry segments the conclusions by the authors is baffling. This is not a case where statistics is used conveniently to support untested theories using available tools to prove a point. The approach to understanding market dominance and the role of pioneers and followers is path breaking. Contrary to common belief, data shows that in many cases the pioneers have as little as 9 % market share. The ingredients for success are therefore not being there first, but doing the right things.
Five factors that emerge as key to ensuring long term success and market dominance are Vision, Persistence, Financial Commitment, Innovation and Asset leverage- factors that are structurally related in a causal chain starting with a clear vision for a mass market. There are innumerable examples and detailed cases where the inability to see a mass market for innovative products has resulted in late comers grabbing the market from incumbents. Fear of cannibalization of existing products, bureaucracy, complacency, are some other causes that stifle growth.
After explaining the hypothesis, a good and crisp summary of the conclusions from the historical data, every chapter proceeds sequentially to substantiate the findings. This is a rare combination of business history, statistical analysis and strategy. It is this unique combination and the unconventional wisdom that is bound to make this book a classic in its own right. The range of products covered varies from diapers to couriers and computers. IBM, Microsoft, Fed Ex, Xerox, Gillette are some companies that are discussed in detail.
Comparing it with other books on similar research, my prescription for business would be:
Innovators Dilemma + Will and Vision + Built to Last + Good to Great = Road to Market dominance.
Highly recommended.
Rating: 5
Summary: Debunking the First Mover Advantage Myth
Comment: Gerard J. Tellis and Peter N. Golder methodically and empirically demonstrate that pioneers are rarely rewarded for their efforts at the end of the day. The confusion between pioneers and current market leaders lies in the exclusion of failures (survival bias), tendency for managers to refer to their own firm as the pioneer (social desirability or self-reports bias), and self-serving market definitions (self-serving bias). For example, the Gillette Company is the oldest surviving firm in the disposable razor market. However, the Gillette Company was not the firm that first commercialized the razor. Similarly, Intel was not the firm that first brought the microprocessor or CPU to the market, even it has been perceived as the pioneer in that industry.
Tellis and Golder brilliantly build on over a decade of in-depth research to show that vision, persistence, relentless innovation, financial commitment, and asset leverage are the real factors that drive the superior performance of enduring leaders like the Gillette Company and Intel.
1. In their examination of "Vision", Tellis and Golder take their distance from the traditional definition of that much abused business term. Often, vision is indeed synonymous with broad mission statements used to excite and inspire stakeholders of an organization. In Counter-intuitive Marketing, Kevin J. Clancy and Peter C. Krieg concurred that most companies do not have much of a vision (See especially pg. 74 - 86). Vision has two key components according to Tellis and Golder: 1. A focus on the often-decried mass market with its dynamic and evolving needs and 2. A unique perspective of serving that mass market. For example, in contrast to its top competitors, AOL has stressed from the beginning convenience, ease to use, community, and ubiquity. Similarly, McDonald's has stressed from the onset quality, service, cleanliness, and value to build a worldwide network of mainly franchisees for bringing fast food to the masses. In Product Strategy for High Technology Companies, Michael E. McGrath gives a good complement to Tellis and Golder's definition of vision by explaining it as an answer to three key questions: 1.Where does a firm want to go? 2. How will the firm get there? And most critical 3. Why will the firm be successful? (See especially pg. 12, 306, and 317).
2. In their analysis of "Persistence", Tellis and Golder debunk the myth that enduring market leaders usually achieve their success through luck or sudden breakthroughs. In fact, visionaries have the will to persist in their efforts through seemingly insurmountable obstacles, slow progress, and long time efforts. The origin, early struggles, and ultimate success of Federal Express showed how important the vision and persistence of Fred Smith, its founder, made the difference at the end of the day. Similarly, the ultimate success of xerography after 13 years of research was due to the unwavering faith of former Xerox (Haloid)'s CEO, Joseph Watson in the underlying technology.
3. In their approach to "Relentless Innovation", Tellis and Golder remind their audience about the importance of firms not resting on their laurels. Technology and consumer tastes constantly change. Tellis and Golder rightly identify complacency with past successes, bureaucracy, managerial occupation with current customers and competitors, and fear of cannibalizing existing products as the four enemies of the relentless pursuit of innovation. For example, the earlier history of the Gillette Company clearly indicated that its success led to complacency and arrogance detrimental to its market leadership several times. Quoting Andy Grove, one of the founders of Intel, "Only the paranoid survives." In Product Strategy for High Technology Companies, Michael E. McGrath gives a good complement to Tellis and Golder's examination of both time-based and cannibalization strategies (See especially pg. 219 - 234 and 257 - 271).
4. In their study of "Financial Commitment", Tellis and Golder demonstrate that visionaries show persistence in their ability and willingness to raise and commit financial resources whatever the obstacles in their way. For example, Federal Express was on the brink of bankruptcy for years before it finally took off. Similarly, King C. Gillette, one of the co-founders of the Gillette Company, struggled not only to launch the eponymous company but also to raise the capital necessary to commercialize his disposable razor for years.
5. In their dissection of "Asset Leverage", Tellis and Golder look at how generalized and specialized assets can be mobilized for dominating a product category. Tellis and Golder rightly identify the extent to which the new product category does or appears to threaten the old product category, a strict focus on costs, myopic view of markets, and bureaucracy as the four major hindrances to leveraging assets. Xerox squandered more than one opportunity to leverage its assets to adopt and commercialize the revolutionary discoveries of its Palo Alto Research Center for years. In contrast, Microsoft showed sacrificing several products in development as the way to catch up with the competition after it had initially misjudged the potential of the Internet revolution.
Tellis and Golder also remind their audience that the relative importance of the five factors mentioned above varies by firm and market characteristics: new firms, established firms competing in established markets, and established firms entering new, yet unrelated markets (See pg. 265 and 266).
To summarize, Will and Vision by Gerard J. Tellis and Peter N. Golder is like The Innovator's Dilemma by Clayton M. Christensen a major contribution to a better understanding of how markets really work.
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Title: The Innovator's Dilemma by Clayton M. Christensen ISBN: 0060521996 Publisher: HarperBusiness Pub. Date: 07 January, 2003 List Price(USD): $17.95 |
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Title: The Innovator's Solution: Creating and Sustaining Successful Growth by Clayton M. Christensen, Michael E. Raynor ISBN: 1578518520 Publisher: Harvard Business School Press Pub. Date: September, 2003 List Price(USD): $29.95 |
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Title: How Customers Think: Essential Insights into the Mind of the Market by Gerald Zaltman ISBN: 1578518261 Publisher: Harvard Business School Press Pub. Date: 21 February, 2003 List Price(USD): $29.95 |
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Title: Counterintuitive Marketing: Achieve Great Results Using Uncommon Sense by Kevin J. Clancy, Peter C. Krieg ISBN: 0684855550 Publisher: Free Press Pub. Date: December, 2000 List Price(USD): $28.00 |
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Title: Execution: The Discipline of Getting Things Done by Ram Charan, Charles Burck, Larry Bossidy ISBN: 0609610570 Publisher: Crown Business Pub. Date: 04 June, 2002 List Price(USD): $27.50 |
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