Poor firms ignore their competitors; average firms copy their competitors; winning firms lead their competitors.
Philip KotlerRead
It is more important to do what is strategically right than what is immediately profitable.
Interpretation
Prioritize long-term strategy over short-term gains.
This quote emphasizes the importance of making decisions that align with a strategic vision for the future rather than focusing solely on immediate financial benefits. It suggests that sustainable success often comes from doing what is fundamentally beneficial in the long run, even if it may not yield instant profits.
In practice
In a business meeting to encourage long-term planning.
Poor firms ignore their competitors; average firms copy their competitors; winning firms lead their competitors.
Marketing is becoming a battle based on information than on sales power.
The art of marketing is the art of brand building. If you arenot a brand, you are a commodity. Then price is everything and the low-cost producer is the only winner.
Marketing is a race without a finishing line
The key to branding, especially for smaller firms, is to focus on a limited number of issue areas and develop superb expertise in those areas.
Companies pay too much attention to the cost of doing something. They should worry more about the cost of not doing it.
A company has a greater responsibility than making money for its stockholders. We have a responsibility to our employees to recognize their dignity as human beings.
There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year. The second earns 12%, but all the excess cash must be reinvested - there's never any cash. It reminds me of the guy who looks at all of his equipment and says, 'There's all of my profit.' We hate that kind of business.
In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
There's nothing worse that you can do than create an aura about a company that's not substantiated by fact. It's not only ineffective but actually harmful to the company. You can create an image or whatever, but it won't stick.
What I do know, at least what I think I have learned from my experiences in business, is that when there is a rush for everyone to do the same thing, it becomes more difficult to do. Not easier. Harder.
Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences.
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