Will and Vision: How Latecomers Grow to Dominate Markets

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9780071375498: Will and Vision: How Latecomers Grow to Dominate Markets

This book is winner of the American Marketing Association Berry Prize for The Best Book in Marketing. One of the top 10 business books of 2001, - "Harvard Business Review". "Engaging stories, empirical analysis, and intelligent commentary make this an impressive book."- excerpt from book review in "Harvard Business Review", September 2001. "Engaging stories, empirical analysis, and intelligent commentary make this an impressive book." - "Harvard Business Review". Everybody knows that it's the market pioneers who have the best name recognition, the highest market share, and the most enduring market leadership...right? In order to test the truth of the perceived wisdom on being first to market, Gerard Tellis and Peter Golder carried out an in-depth historical analysis of various markets, as they evolved, over the past decade. Among other things, they found that, not only does being first not guarantee anything, but that the current trend of staking everything on getting there first all too often leads companies to embrace a disastrous strategy of rushing to market with incomplete, inferior, and flawed products. With the help of numerous fascinating case histories chronicling the success and failures at industry giants, including Xerox, Gillette, Microsoft, Matsushita, and Intel, Tellis and Golder explore the ways in which being first to market is often more a curse than a blessing. They isolate the 5 key principles that ensure enduring market leadership-vision of the mass market, managerial persistence, relentless innovation, financial commitment, and asset leverage.

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From the Back Cover:

The revolutionary study that debunks the myth of pioneering advantage and reveals the real drivers of enduring market leadership.

Critical Praise for Will & Vision:

"History will prove Will & Vision to be an important milestone in our journey to understanding how to manage innovation effectively."­­From the foreword by Clayton Christensen, Professor, Harvard Business School, and author, The Innovator's Dilemma

"If investors and e-entrepreneurs had understood the lessons highlighted by Tellis and Golder, billions of dollars and years of torment could have been saved. The authors present a compelling case through insightful analysis and fascinating stories of corporate successes and failures. Executives who don't understand these lessons will end up on the scrap heap of history."­­D. Grant Freeland, Vice President, The Boston Consulting Group

"Will & Vision identifies what makes for enduring market leadership. Later market entrants, take heart."­­Philip Kotler, Professor, Kellogg Graduate School of Management, Northwestern University

"Rare research-based insight shows that winners will be those executives that can understand when and how to apply the power of vision and will. A must-read for strategists who want to achieve enduring market leadership."­­David Aaker, Vice-Chairman, Prophet Brand Strategy, andauthor, Managing Brand Equity and Building Strong Brands

"Tellis and Golder persuasively debunk the widely held belief that first movers will be rewarded with long-run market leadership.­­George Day, Professor, The Wharton School, University of Pennsylvania

"An important, if controversial, book. Particularly effective is the fugue-like weaving of the different histories into the successive chapters."­­Joel Huber, Professor, Fuqua School of Business, Duke University

Gillette entered the safety razor market decades after it began but has dominated it ever since.


Microsoft dominates many markets but has pioneered none.


Amazon is the dominant but not the first Internet bookseller.


These examples and dozens more like them prove that, contrary to popular wisdom, being first to market guarantees nothing­­not name recognition, not market share, and certainly not long-term market leadership. The extensively researched and thoroughly readable Will & Vision discovers five key principles that are the true drivers of enduring market leadership:


-Vision of the mass market
-Managerial persistence
-Relentless innovation
-Financial commitment
-Asset leverage

Influential business professors Gerard Tellis and Peter Golder draw powerful and surprising conclusions from their years of in-depth research on market entry and new product markets. Case studies of market leaders including Microsoft, Intel, Hewlett-Packard, Federal Express, Procter & Gamble, and Charles Schwab­­along with analyses of archival reports written as close as possible to when events actually occurred­­show how the five key drivers have remained remarkably similar from the nineteenth century to today. The authors contrast the behavior of firms that endured as leaders with those that had as good as or a better chance to do the same.


And­­most important­­they show how firms today can follow the examples of long-term market leaders to seize substantially greater market share regardless of the cost or complexity of their products.

"I didn't know enough to quit. I was a dreamer who believed in the 'gold at the foot of the rainbow' promise, and continued in the path where the wise ones feared to tread . . .And that is the reason, the only reason, why there is a Gillette today."­­King Gillette

Based on over a decade of in-depth research­­drawn from hundreds of books and thousands of articles­­Will & Vision presents an unbiased portrait of the true causes of enduring market leadership. And whether for photographic paper in the nineteenth century or online stock trading in the twenty-first, the answers it provides are surprising, historically substantiated, and thoroughly convincing.

About the Author:

Gerard J. Tellis, Ph.D., is the Jerry and Nancy Neely Chair of American Enterprise at the Marshall School of Business, University of Southern California. Dr. Tellis has published many award-winning articles in leading research journals, and he is a member of the editorial board of Journal of Marketing Research, and Marketing Science. Peter N. Golder, Ph.D., is an associate professor at the Stern School of Business, New York University. Dr. Golder has published in the top scholarly journals, has won three best- paper awards, and has had several of his studies featured in the Wall Street Journal, The Economist, and Advertising Age.

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