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Lecture

Wk. 3 - Lecture.docx

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Department
Marketing
Course
MKT 702
Professor
Rob Wilson
Semester
Fall

Description
MKT702 – Wk. 3 – Lecture September 17, 2013 Total quality management  “Excellence” became part of the business lingo in the 80s  N.A. business suffering at hands of imports – especially Japanese and German  Competitiveness badly eroded  Many US firms lost market leadership position  Researchers studied successful US and foreign CO’s to discover/identify traits  “Search for excellence” based on CO’s that had consistent financial success in the long haul – then attempted to uncover common traits i.s. management practices – strategies  Most common trait – financial commitment to planning and the planning process  Characterized by: o Planning framework  Cuts across whole organization – facilitates decision making o Planning process  Stimulates entrepreneurial thinking o Corporate value stem  Reinforces management commitment to strategy Excellent companies  Numerous different studies – some general, some industry specific  Best known – “Search for Excellence” – Peters and Walters  Studied 62 CO’s that displayed superior performance – consistently from 1961-80  “Excellence” measured on 6 criteria for long term financial success o Compound asset growth o Average return on capital o Compound equity growth o Average return on equity o Average ratio market/book value o Average return on sales  Excellent CEO’s met all 6 criteria  These CO’s shared 8 characteristics o Basis for action –get on with it!  A do it, try it, fix it, mentality  Solve problems quickly o Closeness to customers  Committed to customer service – superior product quality – reliability o Encourage autonomy and entrepreneurship  Encourage leaders – innovators – product champions o Productivity through people  Emphasis on motivation  Rank and file = source of quality and productivity gains o Hands on, value driven leadership  Senior manager’s involved MBWA [management by walking around] o Simple organization/lean staff  Small corporate headquarters o Loose-tight properties
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