The World's Best Book Summaries
What is multiple segmentation? How does splitting your target market increase growth in business? Market segmentation is when you divide your target market into multiple segments with a different product or message. In The Marketing Plan, William M. Luther encourages multiple segmentation because it offsets market decline. Here’s a more in-depth explanation of why Luther is in favor of multiple segmentation.
When hiring, do you look for particular people or particular skills? When leading, do you give everyone a chance to thrive? In What You Do Is Who You Are, Ben Horowitz looks to Genghis Khan for lessons on cultivating intentional culture. He identifies three tips for how to create an inclusive culture: take the lead, look for specific skills rather than specific people, and give everyone the opportunity to succeed. Keep reading for three ways to create an inclusive culture in the workplace.
Why should companies be owned by their employees? Will employee ownership work for any business? In her book Doughnut Economics, Kate Raworth champions more collective forms of corporate governance, such as cooperatives and employee-owned enterprises. She argues that to deny workers an equity stake in the company to which they provide their valuable labor is to deprive them of what is rightfully theirs. Here’s why employee ownership is the way to go.
What is William M. Luther’s book The Marketing Plan about? What should you take away from the book? In The Marketing Plan, management and marketing expert William M. Luther outlines the variables that impact both the immediate and long-term success of your product or service. He encourages analyzing how these variables impact your business so that you can develop an effective business plan. Read on for a brief overview of The Marketing Plan.
What is Toyota’s company history? How did lean manufacturing become popular? In The Toyota Way, Jeffrey Liker recounts Toyota’s history as a car manufacturing company. He explains the beginning of the Toyota Production System, better known as lean manufacturing. Continue reading to learn more about the history of Toyota.
Do people in your organization feel free to air their concerns? Do they trust each other? In What You Do Is Who You Are, Ben Horowitz draws lessons from samurai warriors on how to develop your organizational virtues. While he believes that you should choose virtues that are customized to your company, he argues that all organizations should have these three virtues: trust, freedom to speak freely, and loyalty. Here are the details on these three essential company virtues.
What is the introduction stage of the product life cycle? What happens to products during this stage? In The Marketing Plan, marketing expert William M. Luther gives a brief overview of the first stage in the product life cycle. When products enter this stage, there are very few competitors but rarely any revenue is made. Let’s look at the pros and cons of entering the market during the introduction stage of the product life cycle.
How does Toyota use lean manufacturing at the factory level? How does it make production more efficient? In The Toyota Way, engineering professor and lean manufacturing consultant Jeffrey Liker describes the work practices known as lean manufacturing. Liker uses Toyota’s use of lean manufacturing to show how it works. Below we’ll look at how Toyota’s lean manufacturing is implemented at the modeling stage.
What are the functions of a leader? What are some of the common mistakes leaders make? According to business leaders and specialists Larry Bossidy and Ram Charan, a leader must perform three functions to be successful. A good leader will find and keep talent, set realistic goals, and create tactical plans that work. Here’s an overview of the functions of a business leader.
What was samurai culture like? What aspects of it should be applied to organizational culture? Ben Horowitz believes business leaders should follow the samurai’s example of intentionally defining foundational beliefs coupled with instructions for everyday behavior. We’ll explore Horowitz’s four lessons from the samurai honor code as well as examples from the business world. Keep reading for details on these actionable values from samurai culture.