Will & Vision: How Latecomers Grow to Dominate Markets

Book Description

Winner of the American Marketing Association Berry Prize for The Best Book in Marketing.

One of the top 10 business books of 2001, Harvard Business Review.

"Engaging stories, empirical analysis, and intelligent commentary make this an impressive book."--excerpt from book review in Harvard Business Review, September 2001

"Engaging stories, empirical analysis, and intelligent commentary make this an impressive book."--Harvard Business Review

Everybody knows that it's the market pioneers who have the best name recognition, the highest market share, and the most enduring market leadership....right? In order to test the truth of the perceived wisdom on being first to market, Gerard Tellis and Peter Golder carried out an in-depth historical analysis of various markets, as they evolved, over the past decade.

Among other things, they found that, not only does being first not guarantee anything, but that the current trend of staking everything on getting there first all too often leads companies to embrace a disastrous strategy of rushing to market with incomplete, inferior, and flawed products. With the help of numerous fascinating case histories chronicling the success and failures at industry giants, including Xerox, Gillette, Microsoft, Matsushita, and Intel, Tellis and Golder explore the ways in which being first to market is often more a curse than a blessing. They isolate the 5 key principles that ensure enduring market leadership--vision of the mass market, managerial persistence, relentless innovation, financial commitment, and asset leverage.

Customer Reviews:

Simply one of the best ever.......2004-06-25

Of all the business books I've read, and I have read a great deal more than most for my job, this is simply one of the best. It is well researched, yet also well written. Its lively, yet detailed, historical analysis brings out the lessons of business that are usually lost to time. This book has more intelligent things to say about the true sources of business success than ten of the best sellers combined, and is just as fun to read as any of them.

POWERFUL THEORY, WELL PROVEN CASE.......2003-03-20

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.

Early birds beware.......2002-05-22

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.

Debunking the First Mover Advantage Myth.......2002-02-23

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.

Absolutely fascinating: One of the finest works on business.......2001-11-30

Few business principles engender as much faith among people as the principle of the pioneer's advantage. For example, Ries and Trout, in their book on the 22 Immutable Laws of Marketing, boldly state the "first immutable law of marketing" to be "It's better to be first, than it is to be better." Brand recognition, brand loyalty, consumer inertia, network effects, experience effects, access to distribution channels - these are all reasons for why the first movers in a market could have an advantage over others in the quest for market domination. Consultants, academics, and managers note the many examples of pioneers who appear to have done very well in their markets. Look, they say, at Gillette (in safety razors), Hewlett-Packard (laser printers), Microsoft (PC operating systems), and Amazon.com (online bookselling). All of these cases appear to prove the pioneer's advantage.

Tellis and Golder argue quite convincingly that these examples prove exactly the opposite: pioneers are much more likely to be cursed to failure than blessed with long term success! The authors show that the real pioneers in the markets listed above are not the current market leaders. Gillette entered the safety razor market in 1903, but a company called Star, they find, had already introduced a safety razor in 1876. H-P entered the laser printer market in 1984, but IBM had one on the market in 1975. Microsoft introduced MS-DOS in 1981, but Digital Research had introduced its CP/M operating system back in 1975. Amazon.com entered the online bookselling business in 1995, but Clbooks.com/books.com was selling books online in 1993. Most of these pioneers are forgotten now - many are long dead. Yet the myth of the pioneer's advantage lives on.

Using new and detailed historical research, Tellis and Golder systematically debunk the myth of the pioneer's advantage. The book refutes much conventional wisdom, and wonderfully weaves together hard data and vivid business stories to argue its thesis. Tellis and Golder are two of the world's leading experts on market entry and long term success. Their prior research has had a major impact on the academic business community. Yet if current and recent business practice is any indicator, few managers seem to be aware of the lessons that emerge from this remarkable stream of research. One only needs to think back at the Internet gold-rush to see this point.

The bulk of the book is on the question: If pioneering does not explain market dominance, then what does? Again, Tellis and Golder bring fresh, unorthodox insights to this question. They organize the answer to this question along two dimensions: Vision and Will. Their arguments force one to rethink several common precepts. For example, they challenge the very notion "vision" as it's currently understood. Similarly, they point out that dominance is often seen as a function of luck, or being at the right place at the right time. In fact dominance is more a function of small, incremental innovations in design, manufacturing, and marketing over many years. Indeed, it took Procter and Gamble (a latecomer) 10 years of persistent planning and research to find success in the lowly disposable diaper market.

Book Description

A novel about the 50-year friendship of two dissimilar German refugees brought over to England as children from Nazi Germany. Their friendship becomes a funny yet touching model for the ways in which human beings come to terms with the tragedy of living.

Customer Reviews:

A gentle and moving novel.......2007-02-01

Thomas Fibich and Thomas Hartman, now in their late middle age, have been friends since their early childhood when they came to England from Germany. They successfully run a photocopying business although their respective characters are quite different. Hartman is the more dynamic, decisive and ebullient man. Fibich is an abstracted and uncommunicative man but trustworthy and honourable at work. The story tells about Fibich's and Hartman's past, their marriage respectively to Christine and Yvette, the birth and the character of their children, their achievements, failures and hopes now that they are growing old.
A novel of much charm, depth and compassionate understanding. The characters are moving and their treatment imaginative and full of insight.
The novel is read by Andrew Sachs for Chivers Audiobooks. His reading is very pleasant to listen to.

Soulmates.......2004-07-27

When i read Hotel du Lac, by the same author, i dubbed the novel 'Hotel du Lack', because i found it to be short on redeeming qualities. This book, on the other hand, is very satisfying.

The two main characters, Hartmann and Fibich, are children in Nazi Germany when they are smuggled to England. They both arrive at a boarding school, where they endure not just the regular hardships expected in any boarding school situation, but the stigma of being German in post-WWII England. Having no one to turn but each other for support, they form a bond stronger than if they were brothers.

Their personalities are completely opposite. Hartmann does not care to reminisce about the past, and is very successful at banning any negative or depressing memory. Even the woman he chooses to marry is a perfect example of vacuity.

Fibich, on the other hand, is tormented by a past he cannot exactly put together, and toys with the constant idea of a trip to Berlin, to find his roots. At the same time, he is terrified of the future, and cannot seem to enjoy anything. His wife is melancholy personified.

The book relates the two men's beginnings, their youth, and in summary the development of their 50-year friendship. This is not an action-packed novel, and in fact there is very little dialog, so this may not be the best choice for someone looking for a dynamic novel. However, this is a very touching portray of a friendship, where wedding vows were not uttered, but were practiced.

Will and Vision: How Latecomers Grow to Dominate Markets

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Will and Vision: How Latecomers Grow to Dominate Markets
Gerard J. Tellis
Manufacturer: Figueroa Press
ProductGroup: Book
Binding: Paperback
ASIN: 1932800255

Product Description

In the fall of 1990, we began a decade-long investigation into the causes of market dominance, paying special attention to the impact of entry timing on long-term leadership. In particular, we sought a deeper understanding of the importance of pioneering or first-mover advantages. Also we wanted to understand if it was even possible for late entrants to succeed, and, if so, how exactly they could do it. What we've discovered over the last 10 years has surprised and amazed us. Some of our initial findings have been published in academic journals and have already begun to be cited in textbooks and some media reports. However, the majority of media reports about pioneers and later entrants make claims that are diametrically opposed to what we have discovered. We began our study with in-depth research in a limited number of markets. Over the years, we continually increased the number of markets, until now our findings and conclusions are based on in-depth research in 66 different markets and several hundred firms in these markets. We examined each firm's actions over many years and found the impact of these actions on each firm's performance. Now, for the first time we have compiled in this book all of our research on market dominance and long-term leadership. We include the preliminary results from our earlier academic papers as well as the results of our work on this topic over the past 6 years. Our recent work has focused primarily on expanding our investigation to a broader set of markets, including those in digital and high-technology markets. In the end, we have a high degree of confidence in our findings because our fundamental findings and conclusions have remained the same whether we consider markets like photographic film, which started in the nineteenth century, or those like online stock trading, which began just recently. We strongly believe that an understanding of these enduring business principles is vital reading for CEOs, entrepreneurs, financial analysts, business school students, and aspiring managers everywhere. In addition, we have been pleased that much broader audiences have enjoyed learning about the long-forgotten details and surprising twists and turns of the business histories we document. After all, these stories of enduring success are used to illustrate important business principles, but they are also the stories of business heroes who overcame great challenges to achieve great success.

Average customer rating:

As a latecomer myself, I learned a lot from this book!

Latecomers: Children of Parents over 35
Andrew L. Yarrow
Manufacturer: Free Pr
ProductGroup: Book
Binding: Hardcover

General | Parenting | Parenting & Families | Subjects | Books

General | Parenting & Families | Subjects | Books
Accessories:

ASIN: 0029356857

Customer Reviews:

As a latecomer myself, I learned a lot from this book!.......1999-11-19

This is a great summary of issues that a latecomer faces. It recognizes various types of latecomers, whether they're only children or the youngest member of a family (I fall in the latter category) and describes their different situations.

I sought out reading material about this issue, when I faced doing Eldercare in my mid-thirties when many of my friends were becoming parents. My biggest revelation from the book came when I realized that the probable reason for my lifelong death obsession came from the shear quantity of funerals I attended before the age of 16 (my grandparents alough long lived, were all dead by the time I was 11).

Book Description

Is late industrialization an advantage? This book examines the case of South Korea and compares it with the experiences of Germany at the turn of the century and Japan this century.

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The Latecomer
Polly Walshe
Manufacturer: Minerva
ProductGroup: Book
Binding: Paperback

Contemporary | General | Literature & Fiction | Subjects | Books
ASIN: 0749386444

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Wonderful read - could not put it down until the last page

The latecomer
Sarah Aldridge
Manufacturer: Distributed by The Ladder
ProductGroup: Book
Binding: Unknown Binding

ASIN: B0006EJB8M

Product Description

Philippa, returning by ship from Europe, finds her life unexpectedly changed by the woman who shares her cabin an entertainer whose career contrasts vividly with Philippas own existence. From Washington DC to New York City, the women keep encountering one another until they recognize their love for one another.

Customer Reviews:

Wonderful read - could not put it down until the last page.......2005-06-02

I loved this novel. I was greatly moved by Philippa, she was completely believable to me. I've read the book twice - the most powerful scene for me was in the last few pages. The last sentence was perfect.

I thought about the two main characters for days and I love to imagine what the years ahead held for them.

from the publishers web site - Philippa, returning by ship from a European vacation to her post in a women's college, finds her life unexpectedly changed by the woman who shares her cabin, whose career as an entertainer contrasts vividly with her own. This novel was the first publication of the Naiad Press.

Latecomer's Guide to the New Europe: Doing Business in Central Europe (Ama Management Briefing)

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Latecomer's Guide to the New Europe: Doing Business in Central Europe (Ama Management Briefing)
Lynne Hall
Manufacturer: Presidents Assn
ProductGroup: Book
Binding: Paperback

General | Business & Investing | Subjects | Books

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Latecomers
Anita Brookner
Manufacturer: Random House
ProductGroup: Book
Binding: Hardcover
ASIN: B000NV1XRA

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The Latecomers
E. M. Nathanson
Manufacturer: Pocket Books
ProductGroup: Book
Binding: Paperback

Contemporary | General | Literature & Fiction | Subjects | Books
ASIN: 067178238X

Book Description

The homeworld Acorna has never known was horribly scarred in the brutal attack by the cold-blooded Khleevi, but the Linyaari -- the unicorn girl's gentle, spiritual race -- live on. Now is the time for healing and rebuilding, for restoring the natural beauty corrupted by the savage insectile oppressors. But Acorna's Linyaari friends and colleagues begin mysteriously disappearing soon after work gets under way, among them her beloved Aari. And her desperate search for answers will lead courageous Acorna to a shocking discovery beneath the surface of her people's world -- and deep into the realms of limitless space, where the truth of the origin of everything awaits.

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Customer Reviews:

She Does It Again.......2007-01-12

McCaffrey never disappoints. This is another winner in a wonderful series. My only disappointment was the "cliff hanger" ending. I can't wait to read the next one in the series.

Hmm..........2005-05-18

I find this book very hard to get in to. Not much action here. I've had this book for almost a year and I haven't gotten past the third chapter. Need I say more?

Needs more Zip.......2003-03-08

It was good but needed more speed, urgency for what was happening with Acorna. Left you really hanging at the end when It came to her life mate. Seems to me she should have found him which would have ended the book on a happy note. Then with the next book the adventure begins again onto something else.

quite exciting nonetheless..........2002-12-19

this series never ceases to amaze me....after the first two novels i couldn't help but continue. although there have been bumps in the road i feel that acorna's search a definite read, especially for those who have read the previous four books. it is a fast read, with alot of twists and turns that keep you wanting to find out what's going on. i thought the ending was alittle cut off, but i guess it just means another acorna book will be gracing the bookshelves in the future. a definitive book concerning the linyaari and their personal history and more informative source to acorna, aari, maati, thaarinye, and company, certainly more detailed and more enlightening. i thoroughly enjoyed reading it. another triumph for anne and elizabeth!!!

Fifth book in Acorna Series.......2002-06-27

The first book I read in the series was actually the second so I had to go buy the first. After reading the third and fourth it is starting to get slow. I was excited at seeing this book was out but disappointed that everything isn't finished up yet. I did read it in a day so its a good read. Now I can't wait for the next installment.

Acorna's Search (The Further Adventures of the Unicorn Girl)

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Acorna's Search (The Further Adventures of the Unicorn Girl)

Manufacturer: Books on Tape, Inc.
ProductGroup: Book
Binding: Audio Cassette
ASIN: 0736685669

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Acornas Search 1ST Edition :Acorna 05
Anne Mccaffrey
Manufacturer: EOS PUBLISHING
ProductGroup: Book
Binding: Hardcover
ASIN: B000Q16PJ8

7 Titles By Anne McCaffrey Acorna Series (1-7) : 1. Acorna: The Unicorn Girl 2. Acorna's Quest 3. Acorna's People 4. Acorna's World 5. Acorna's Search 6. Acorna's Rebels 7. Acorna's Triumph

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7 Titles By Anne McCaffrey Acorna Series (1-7) : 1. Acorna: The Unicorn Girl 2. Acorna's Quest 3. Acorna's People 4. Acorna's World 5. Acorna's Search 6. Acorna's Rebels 7. Acorna's Triumph
Anne McCaffrey , Margaret Ball , and Elizabeth Scarborough
Manufacturer: Harper Torch
ProductGroup: Book
Binding: Mass Market Paperback

General | Fantasy | Science Fiction & Fantasy | Subjects | Books
ASIN: B000MTBI14

Product Description

7 Titles By Anne McCaffrey Acorna Series (1-7) : 1. Acorna: The Unicorn Girl 2. Acorna's Quest 3. Acorna's People 4. Acorna's World 5. Acorna's Search 6. Acorna's Rebels 7. Acorna's Triumph. Complete series. Seven mmpb books.

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Acorna's Search
Anne McCaffrey
Manufacturer: Bantam Press
ProductGroup: Book
Binding: Hardcover
ASIN: B000J2LY8Q

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Acorna's Search
Anne; Scarborough, Elizabeth Ann McCaffrey
Manufacturer: Eos/Harper Collins
ProductGroup: Book
Binding: Hardcover
ASIN: B000HKRI1W

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