Too much market focus can be a bad thing
The aphorism "Know thyself" was inscribed into the temple of Apollo at Delphi, but I often think it should be emblazoned above the door of many pharmaceutical company boardrooms. I've worked recently, either in my consulting work or my academic research interviews, with several companies who were trying to find value by analysing their business situation. All were rigorous and spent freely on market data, yet all were struggling to find in their analyses something that guided their strategic direction. This apparent failure of a process recommended in most text books interested me, so I dug deeper and found the common flaw. [more...]
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