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Studying...seriously!
Yes you got it right, I did nothing but study this weekend. It's my 3rd weekend in Harvard Business School (HBS) and the caseloads continue to pile. So I did what a true scholar would have done - I studied!
Well, I didn't just study, I also organized my files. I cannot find peace unless my files are properly organized and neatly filed. Hence, my binder count has increased from 8 binders to 12 binders. I realized that I am ultra-diligent at taking copious notes of all the lectures. In fact, a few of my classmates have approached me to ask if I could reproduce some of my lecture notes for them.
Lessons
Marketing
- Product development can often be a baffling process for marketing practitioners and moreso for the uninitiated
- The Ansoff Matrix holds the key and helps businesses decide their product and market growth strategy
- Market penetration - an existing product for an existing customer segment
- Market development - an existing product for a new customer segment
- Product development - a new product for an existing customer segment
- Diversification - a new product for a new customer segment
- The economic meltdown the world is currently experiencing can be traced to lackadaisical management decisions that brought down our global financial institutions, at the heart of these institutions is the Board of Directors
- The Board of Directors, far from being a rubber stamp, has enormous responsibilities
- Oversee and review
- top management
- corporate strategy
- financial reports and plans
- governance
- Decision making
- CEO selection, replacement and compensation
- new board appointments
- select and appoint an external auditor
- large investments and divestments
- To accomplish its role dutifully, the Board of Directors must
- insist on honest and open debate
- conduct regular executive sessions
- demand high standards of management integrity
- empower internal and external auditors
- nominate new members with the needed expertise
- avoid rubber stamp and group think
- ensure that it does not micro-manage the business
- The Board of Directors and senior management must therefore conduct themselves with utmost candor, loyalty and care, in keeping with their fiduciary duty to the organization
- When negotiating be aware of your anchoring strategy and your reservation value
- One of the strategies commonly used in order to brake a negotiation impasse is to agree on contingent contracts, this may however create moral hazard issues, and add complexity
- Be thoughtful of the information you reveal but be mindful that information is required in value creation
- Keep several issues on the table in order to increase value
- Before signing explore post-settlement settlements
I got so carried away, I didn't realize that was quite a data dump that I shared. Anyhow, I hope you enjoyed the read. I will need to hit the sack now so I can be alert and engaged in tomorrow's class.
