ISBM Pulse: Corporate strategy

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covid-19

3 Biases That Shaped CEOs’ Pandemic Response

This article reports on survey research among the CEOs of over 500 Chinese firms. The research discusses three biases and how they affect CEO decision making during the pandemic. The optimism-versus-pessimism bias impacts aspects like leadership, employee engagement, and messaging. Another source of bias comes from a cost focus – as opposed to a people focus. The third aspect of this research is the short-term-versus-long-term bias, affecting survival of the firm.

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Does Cognitive Bias Influence Your Managerial Decision Making?

Decision making is – mostly – done by humans. And human beings are not necessarily always rational beings. Some of our business decisions are affected by cognitive and organizational biases. McKinsey has collected articles in their “Bias Busters series”, which presents articles on the most common biases and ways you can address them.

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Increasing Board Diversity

This article discusses a study that discerns between demographic diversity and cognitive diversity in the context of boardroom composition. It discusses the benefits and drawbacks of both types of diversity for board compositions, and offers recommendations on how to go about recruiting cognitively diverse board members. A key aspect discussed in this article is the difficulty of offering dissenting opinions in discussions in less diverse boards. Cognitive diversity helps to break that pattern. 

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Announcement: Journal of Marketing Webinar on Social Responsibility

On July 15, the Journal of Marketing Webinar Series ‘Insights for Managers’ will deal with firm’s social responsibility. Two research projects will be presented. The first presentation discusses corporate sociopolitical activism, the second presentation discusses corporate social irresponsibility.

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CMO Survey: Special Edition on COVID-19 Impact

The CMO Survey is a tool to collect and disseminate the opinions of top marketers on a variety of topics. This Special Edition, published in June, focuses on understanding the impact of the Covid-19 pandemic on marketing in companies, including marketing spending, performance, jobs, and expectations for the next year. The added value of the CMO Survey is the longitudinal nature of the research, which allows tracking of opinions, evaluations, and expectations over time. Especially facing a pandemic, the ‘breaks’ in the trends are notable. 

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Ten Guidelines for Creating Opportunities in a Time of Crisis

Crises offer opportunity. In this opinion piece from Knowledge at Wharton by Jerry Wind, emeritus professor of marketing at Wharton, and Nitin Rakesh, CEO of Mphasis, an IT firm headquartered in Bangalore, India, ten guidelines are discussed that can help organizations to effectively create opportunities in times of crisis. 

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Sustainability Focus after the COVID-19 Crisis

In this article, several insights that may inspire marketers in considering sustainability opportunities and challenges are covered. Examples are offered on how marketers innovate at hyperspeed and demonstrate agility in rethinking products and business models. Even though this article is written based on many B2C examples, changing consumer preferences will ultimately affect B2B processes as well.

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The Hard Truth About Innovative Cultures

In this Harvard Business Review article, Gary Pisano shines a light on innovative cultures and analyzes why it is so hard to achieve an innovative organizational culture. According to Pisano, innovative cultures are paradoxical, having two sides of the coin. Innovative cultures have attractive, even ‘fun’ aspects, but are married with some tougher and less fun behaviors. Attempts to create innovative cultures will fail, unless these tensions are carefully managed: 

Addressing Society’s Sustainability Challenges

Just over a week ago, the Yale School of Management organized their Business Sustainability Summit to commemorate the 50th anniversary of Earth Day. The conference was held virtually as a result of the COVID-19 pandemic. Several business leaders shared details on the sustainability initiatives deployed at their organizations.

Marketing in Uncertain Times – a Town Hall Expert Panel Discussion (Joanne Smith, Sandy Jap, and Erich Joachimsthaler)

ISBM’s introductory episode of the Marketing in Uncertain Times series was an insightful look at the power of pricing , channels, and B2B Business Strategy during a time of crisis and disruption. ISBM partner and instructor, Ralph Cummins of EMM Group moderated this panel discussion addressing these areas of concern with candid responses of practical advice and foresight. Highlights of this Town Hall include pricing power, ‘Survivalist Entrepreneurship’, and the focus on existing customers.