Sublime

“too many companies focusing on market share instead of profitable results.”3

Think “simple yet robust”: A company must strip down a product to the bare essentials, but without making it too primitive or rendering it dysfunctional. 2. Develop locally: The company must develop the product in emerging markets ; that is the only way to guarantee that it meets the customer requirements in the ultra-low price segment. 3. Lock in

The marketing of luxury goods requires a very intense level of commitment.

From the perspective of getting traction, you can think about working on a product or service in three phases: Phase I—making something people want Phase II—marketing something people want Phase III—scaling your business

public goals are more likely to be attained than goals held in private.

large retailer. This was a powerful barrier to entry. By being first, Walton was able to preempt competitors and discourage them from entering Walmart’s territory, allowing the company time to hone the enduring sources of its competitive advantage: its ability to provide everyday low prices in markets all across the country and beyond.

Tie recognition to company goals and strategies.

“Bad companies,” Andy wrote, “are destroyed by crisis. Good companies survive them. Great companies are improved by them.”