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WHY DO GOOD COMPANIES GO BAD? 1 DIGITAL 3 IBM 8 INTEL 13 MICROSOFT 16 IT?S ALL ABOUT LEADERSHIP 20 DENIAL: THE COCOON OF MYTH, RITUAL, AND ORTHODOXY 25 BEING THERE 25 DENIAL OF EMERGING TECHNOLOGIES 30 Xerox: Trying to Copy Its Own Success 31 DENIAL OF CHANGING CONSUMER TASTES 36 A&P and Sears: Retail Pioneers in Peril 37 DENIAL OF THE NEW GLOBAL ENVIRONMENT 42 General Motors: Auto Giant in the (Gas) Tank 43 THE WARNING SIGNS OF DENIAL 53 The ?I am different? syndrome. 53 The ?not invented here? syndrome. 54 The ?looking for answers in all the wrong places? syndrome. 55 HOW TO BREAK THE HABIT OF DENIAL 55 Look for it. 56 Admit it. 56 Assess it. 56 Change it. 57 ARROGANCE: PRIDE BEFORE THE FALL 59 WHEN EXCEPTIONAL ACHIEVEMENT IN THE PAST WARPS YOUR PERCEPTION OF PRESENT REALITY 59 General Motors 60 Boeing 64 WHEN DAVID CONQUERS GOLIATH 69 Microsoft 69 Enron, WorldCom, & AIG 73 WHEN YOU PIONEER A PRODUCT OR SERVICE NOBODY CAN DUPLICATE 78 Sony 78 WHEN YOU?RE SMARTER THAN THE OTHER GUYS 82 Merck 82 Motorola 88 THE WARNING SIGNS OF ARROGANCE 91 You stop listening 91 You flaunt it. 91 You browbeat others. 91 You?re high-handed. 91 You curry approval. 92 You exhibit the NIH syndrome. 92 HOW TO BREAK THE ARROGANCE HABIT 92 Rotate management to new challenges. 92 Implement non-traditional succession planning. 92 Diversify the talent pool by recruiting from a variety of educational institutions, countries, and demographics. 93 Encourage outside perspectives through Leadership Institutes. 93 Change your leadership. 94 COMPLACENCY: SUCCESS BREEDS FAILURE 97 WHEN YOUR PAST SUCCESS CAME VIA A REGULATED MONOPOLY 98 AT&T 98 Airlines in Freefall 106 WHEN YOUR PAST SUCCESS WAS BASED ON A DISTRIBUTION MONOPOLY 109 De Beers: Ice King 110 Coca-Cola 114 WHEN YOU HAVE BEEN ?CHOSEN? FOR SUCCESS BY THE GOVERNMENT 117 Japan, Inc. 118 Japan, Jr. (Korea) 120 Fiat: the European Version 121 WHEN THE GOVERNMENT OWNS OR CONTROLS THE BUSINESS 125 Modern Foods 126 Air India 129 THE WARNING SIGNS OF COMPLACENCY 131 You are in no hurry to make decisions. 131 Your processes are overly bureaucratic. 132 You have a bottom-up, decentralized, consensus-based culture. 132 Your cost structure is high. 133 Your company structure is complete vertical integration. 133 You have enormous cross-subsidies by functions, by products, by markets, and by customers. 134 HOW TO BREAK THE COMPLACENCY HABIT 135 Reengineer. 135 Reorganize. 135 Divest non-core businesses. 136 Outsource non-core functions. 137 Reenergize the company. 137 COMPETENCY DEPENDENCE: THE CURSE OF INCUMBENCY 139 Singer Sewing Machines 140 Encyclopaedia Britannica 141 Marks and Spencer 142 R&D DEPENDENCE 145 Tempest in a Sugar Bowl 146 DESIGN DEPENDENCE 150 Lego 151 SALES DEPENDENCE 153 Avon 154 SERVICE DEPENDENCE 157 Travel Agents 158 Bank Tellers 159 THE WARNING SIGNS OF COMPETENCY DEPENDENCE 162 Your efforts to transform the company have been futile. 163 The thrill is gone. 163 Stakeholders are jumping ship. 163 HOW TO BREAK THE HABIT OF COMPETENCY DEPENDENCE 165 New Applications. 165 New Markets. 167 Move Upstream, Move Downstream. 169 Develop a New Competency. 170 Refocus Your Resources. 173 COMPETITIVE MYOPIA: A NEARSIGHTED VIEW OF COMPETITION 177 THE NATURAL EVOLUTION OF THE INDUSTRY. 178 Firestone: When the Rubber Left the Road 179 From Zenith to Nadir 182 THE CLUSTERING PHENOMENON 184 WHEN NO. 1 IS ALSO THE PIONEER 185 Burger Wars 185 Coke v. Pepsi 190 THE OPPOSITE SCENARIO: WHEN NO. 2 CHASES NO. 1. 194 Trying Harder 194 THE WARNING SIGNS OF COMPETITIVE MYOPIA 197 When you allow small niche players to coexist with you. 197 When your supplier?s loyalty is won by a non-traditional competitor. 201 When your customer?s (or channel partner?s) strategy shifts from buy to make. 204 When you underestimate new entrants, especially from emerging economies. 207 When you have become helpless against a substitute technology. 210 HOW TO BREAK THE COMPETITIVE MYOPIA HABIT 211 Redefine the competitive landscape. 212 Broaden the scope of your product or market. 213 Consolidate to squeeze out excess capacity. 215 Counterattack the non-traditional competitors. 215 Refocus on the core business. 217 VOLUME OBSESSION: RISING COSTS AND FALLING MARGINS 221 THE HIGH-MARGIN PIONEER 222 IBM v. Lenovo 223 THE FAST-GROWTH PHENOM 229 Glazed and Dazed 230 THE PARADOX OF SCALE 236 THE BALL AND CHAIN OF UNINTENDED OBLIGATIONS 238 UNCLE SAM?S CUT 242 THE WARNING SIGNS OF VOLUME OBSESSION 246 Guideline-free, ad-hoc spending. 246 Functional-level cost centers. 247 A culture of cross-subsidies. 249 Truth in numbers. 250 HOW TO BREAK THE VOLUME OBSESSION HABIT 251 Identify where your costs are. 251 Convert cost centers into revenue centers or profit centers. 252 Decentralize profit-and-loss to more and smaller business units. 255 Move from vertical integration to ?virtual integration.? 256 Outsource non-core functions. 257 Downsize (or rightsize) the company?s management. 258 Reengineer your processes. 259 Move toward ?mass customization.? 260 Implement target costing. 261 Become a world-class customer. 263 THE TERRITORIAL IMPULSE: CULTURE CONFLICTS AND TURF WARS 267 THE CORPORATE IVORY TOWER 268 WHEN GROWTH REQUIRES THE INSTITUTION OF FORMAL POLICIES AND PROCEDURES. 273 WHEN THE FOUNDER?S CULTURE IS SUBSUMED WITHIN A LARGER CORPORATE CULTURE 275 Wire and Plastic Products 276 Turbulence at USAir 280 WHEN A COMPANY?S CULTURE IS DOMINATED BY ONE FUNCTIONAL SPECIALTY 285 Brainy Motorola 287 THE WARNING SIGNS OF THE TERRITORIAL IMPULSE 290 Dissension. 290 Indecision. 290 Confusion. 291 Malaise. 291 HOW TO BREAK THE TERRITORIAL HABIT 292 Engage in effective internal marketing. 292 Push your managers out of the ivory tower. 296 Create permanent cross-functional teams. 297 Reorganize around customers or products, rather than around function or geography. 300 Automate and integrate. 306 THE BEST CURE IS NO CURE AT ALL 313 DENIAL 316 ARROGANCE 319 COMPLACENCY 321 COMPETENCY DEPENDENCE 322 COMPETITIVE MYOPIA 326 VOLUME OBSESSION 328 TERRITORIAL IMPULSE 329 FINAL THOUGHTS 331 ENDNOTES 335
Library of Congress Subject Headings for this publication:
Success in business.
Business failures -- Case studies.
Industrial management.