Word: marketing
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...parable of Toyota may be that the tortoise became the hare. Over decades, Toyota built its reputation and market share in tiny increments through its renowned "continuous improvement" method. In the Toyota mantra, quality was always first, because it led to lower costs, which would eventually lead to higher market share. Eventually. (See the top 10 product recalls...
...Toyota set out to become the world's top auto company. Being the best and being the biggest created a tension that Toyota couldn't resolve, says MIT operations expert Steven Spear: "If quality is first, it drives a certain set of behaviors. If market share is the goal, it drives a different set of behaviors." Even as Toyota was catching up to the global No. 1, General Motors, the reputation of its cars was slipping. Spear, who has apprenticed in Toyota factories, says the problem was that the "Toyota way" - in which knowledge accumulated by élite cadres...
...made China rich is simply not true. China only started growing when the overbearing government got out of the way and allowed private enterprise, both Chinese and foreign, to thrive. The same is true in India. Across Asia, in fact, the primary engine of growth has always been the market, not the state. All rapid-growth Asian economies - including China's - succeeded by latching onto the expanding forces of globalization, through free trade and free flows of capital. South Korea, Taiwan and Singapore may have had active bureaucrats, but the true source of their economic growth was exports manufactured...
...grab your three closest friends and see if you can manage the inventory of a firm in the market. According to the Web site, “Despite the simplicity of the simulation, most teams find it extremely difficult to keep inventory and stockout costs low.” Pshh, it’s just beer...
...Faculty of Arts and Sciences has reduced its deficit to $80 million, signifying a drop that FAS Dean Michael D. Smith credited at yesterday’s Faculty meeting to alumni donations, improvements in the international financial market, and last year’s cost-cutting measures...