Executive Matters

August 2002

"THE ONLY MAN WHO NEVER MAKES A MISTAKE IS THE MAN WHO NEVER DOES ANYTHING." -- THEODORE ROOSEVELT

Did you know that making mistakes is a positive trait for a leader? According to executive search firm Christian & Timbers, when companies search for new CEOs and other top executives, they should seek out candidates who have made some serious strategic errors during their careers. The firm's founder and CEO Jeffrey E. Christian explains, "I want to know what they learned from their mistakes. Executives who can sit in front of you and explain their biggest failure and understand why it happened are in the best position to succeed in future endeavors."
In This Issue

THE 12 COMMANDMENTS FOR SMALL BUSINESS MARKETING

USING "GUERRILLA PUBLICITY" TO TELL THE WORLD ABOUT YOUR COMPANY

THE WORLD'S MOST EXPENSIVE CITIES

THE ABC'S OF FINDING STRATEGIC PARTNERS

SELF-ASSESSMENT: HOW DO YOU MANAGE CONFLICT?

BREAKING NEWS: ANNOUNCING AMA'S FALL 2002 CURRENT ISSUES BRIEFING SCHEDULE

SUMMER SPECIALS: THREE EXCITING NEW WAYS TO SAVE BIG $ ON
AMA SEMINARS

IF YOU CAN ATTEND ONLY ONE BRANDING EVENT THIS YEAR, MAKE
IT THIS ONE!

 

 

TAKE AMA'S SURVEY ON CRISIS MANAGEMENT AND SECURITY
Is your company prepared to handle a crisis today? How concerned are you about cyber threats? Complete this survey and see how your company stacks up against other U.S. corporations on crisis management and security issues. Results published in a future issue of Executive Matters.

red dotTHE 12 COMMANDMENTS FOR SMALL BUSINESS MARKETING
Barry Thomsen, publisher of the Small Business Idea-Letter, offers 12 time-tested, common sense strategies on how to succeed in small business:

Commandment #1: Thou shall know thy target customer. You'll spend your advertising and direct mail dollars wisely if you know exactly who you're going after and use the correct media.
Commandment #2: Thou shall provide excellent customer service. Whether in your store, at a sales call or on the phone, make your customers feel like the important people they are. They will remember how they were treated long after.
Commandment #3: Thou shall know what thy competitors are doing. Shop their store, surf their web site, watch their ads and get on their direct mail list and you won't be surprised later. Commandment #4: Thou shall go after free publicity often. You can always think of something new or different to send a press release on--do it monthly.

What are the other eight Commandments?

red dotUSING "GUERRILLA PUBLICITY" TO TELL THE WORLD ABOUT YOUR COMPANY
You may have the greatest product or service in the world, but people can't buy it if they've never heard of it. Here's some advice from Rick Frishman, co-author of "Guerrilla Publicity," on how to spread the word without spending a fortune.

"Publicity is free. Advertising costs money. And publicity is actually more effective than advertising for brand recognition and name visibility."

Frishman offers they key steps in creating effective publicity:

  1. Identify your message
  2. Create a one-page press release
  3. Identify your target market
  4. Create media lists specific to your message
  5. Send it out
  6. Follow up, follow up, follow up

red dotTHE WORLD'S MOST EXPENSIVE CITIES
Hong Kong now holds the dubious honor of being the #1 most expensive city in the world, bumping last year's winner, Tokyo, to 3rd place, according to the latest cost-of-living survey by Mercer Human Resource Consulting. Moscow scored second place. If you're looking for a bargain, consider Johannesburg, South Africa, the world's least expensive city, according to the rankings.

Additional highlights include:

  • New York is the costliest city in North America and #7 in the world
  • Los Angeles ranks #19 in the world
  • Chicago is #20 in the world
  • 6 of the world's 10 most expensive cities are located in Southeast Asia: Hong Kong, Tokyo, Beijing, Shanghai, Osaka and Seoul.

red dotTHE ABCS OF FINDING STRATEGIC PARTNERS
There is much to be gained through partnering with another organization. Here's a quick primer on how to choose the best partner and ensure the partnership's success. 

  1. CONSIDER YOUR NEEDS. Few organizations have all the resources or skills to tackle new market opportunities or other initiatives. What are your organization's shortcomings?
  2. ANALYZE THE MARKETPLACE. Determine who is emerging as a market leader and why, which market trends are beginning to dominate and how the market is likely to develop in the future. Then ask yourself how a partnership might better position your firm in the current circumstances.
  3. CONSIDER CANDIDATE FIT. Look for a partner who shares your business philosophy, has strategic plans that blend with your own and has common belief systems.

For six other considerations when selecting a strategic partner.

red dotSELF-ASSESSMENT: HOW DO YOU MANAGE CONFLICT?
Some degree of conflict is guaranteed to arise in every workplace. Our self-quiz will help you determine if your natural response is to avoid, facilitate or arbitrate.

Here is a sample question... If two employees had an ongoing argument and everyone else in the unit started taking sides, seriously disrupting work, would you:

  1. Fire the person who started it (or get her transferred out
    of your unit).
  2. Bring in an expert on conflict resolution for a meeting
    with the whole group.
  3. Focus on catching up on the overdue work rather than on the argument.

red dotBreaking News: Announcing AMA's Fall 2002 Current Issues Breakfast Briefing Schedule
Attend a live presentation and discussion on today's hottest business topics. Breakfast Briefings are held at AMA Executive Conference Centers. AMA Executive Members may attend for the special discounted price of $25; all other attendees pay $50. 


To register, call 1-800-262-9699 

ONE YEAR LATER! HAVE WE DONE ENOUGH?
With Jon Goldberg. Steps you can take to prepare your company for the next business disruption. (September 19, New York City).

SECRETS OF CUSTOMER RETENTION AND ACQUISITION IN THESE TOUGH TIMES
With Angelo Valenti. Best practices from many industries -- tools and tips that produce results.

- September 26, Chicago 
- October 16, Washington, DC 
- November 13, New York City

A BASEBALL PLAYOFF SPECIAL: LEADERSHIP LESSONS FROM BILLY MARTIN
With Michael DeMarco. How Martin won and why the lessons from his championship legacy transcend baseball. (October 8, New York City).

HOW TO MASTER THE SEVEN NEGOTIATIONS FROM HELL INSIDE TODAY'S LEANER AND MEANER ORGANIZATIONS
With Frank L. Acuff. Tips and tactics for avoiding conflict and staying productive. (October 10, Atlanta).

NO PLACE TO HIDE: MANAGING CHANGING STAKEHOLDER EXPECTATIONS OF CORPORATE RESPONSIBILITY
With Adrian Hodges. How social responsibility can protect your business and create opportunities for brand differentiation and greater competitiveness.

- October 16, Chicago
- October 22, New York City 

WINNING THE RACE AGAINST TIME
With Dan Carrison. Indispensable lessons from prestigious organizations on overcoming impossible deadline challenges. October 30, San Francisco.

red dotSUMMER SPECIALS: THREE EXCITING NEW WAYS TO SAVE BIG $ ON AMA SEMINARS

  • Save up to 50% when you register for selected sessions of some of AMA's most popular seminars. Choices include "Management Skills for New Managers" and "Fundamentals of Finance and Accounting for Nonfinancial Executives." Click here for a complete list. Space is limited, so act now.

  • Register for any AMA seminar held between now and December 31, 2002 and bring a colleague or friend for 25% off the applicable member or non-member price. Savings range from $300 to $1,000 and more. Click here for more details, or call 1-800-262-9699.

  • "Three for Four" for AMA. Save up to $2,000! Purchase three coupons for $4,000 total. Each coupon is good for attendance at any one-to-four-day AMA seminar in the United States. Use all three coupons yourself, or share them with your colleagues. Coupons may be redeemed for sessions scheduled through December 2002. (This offer cannot be combined with other discounts and promotions. Restrictions may apply). For details, click here or call 1-800-262-9699.

red dotIF YOU CAN ATTEND ONLY ONE BRANDING EVENT THIS YEAR, MAKE IT THIS ONE!

CORPORATE BRANDING 2002
When: November 13-14, 2002
Where: Marriott O'Hare Hotel, Chicago
Highlights: Top Marketing experts from BMW, Kinko's, Xerox and other leading firms will provide proven strategies and tactics for building powerful brands.

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EXECUTIVE MATTERS is a monthly newsletter created exclusively for Executive Members of the American Management Association, 1601 Broadway, New York, New York 10019. Editor: Florence Stone

Copyright 2002: American Management Association. Material in this issue may be quoted free of charge provided the following reference is given: 'Source: American Management Association,' http://www.amanet.org, 800-262-9699.

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