Mavericks at Work Book Review

Topics: Management, Term, Customer Pages: 5 (1556 words) Published: October 16, 2012
Mavericks at Work

William C. Taylor & Polly Labarre
Book Review

Lau Wa Kwan, Edwin


MM511 Managing Organizations and People (2011/2012 Term 1)

In the past 10-20 years, the environment changed vigorously due to globalization and rapid development of internet. If organizations just follow the old success formula, probably it will go out of business. In the book “Mavericks at Work”, William C. Taylor & Polly Labarre mentioned how “Mavericks” leaded their company to success in this fast changing environment. According to Oxford Dictionary, Mavericks means “an unorthodox or independent-minded person”. This book showed how Mavericks’ unorthodox thinking leaded companies to success. 4 mains areas were focused in this book, “Rethinking Competition”, “Reinventing Innovation”, “Reconnecting with Customer” and “Redesigning Work”. These 4 topics can be seen as innovative way of planning, leading, controlling and organizing functions of management. Part One: Rethinking Competition

In the 21st Century, competition is much more vigorous than before. Many companies put too much focus on how to compete with its competitors. Their competitive strategies were to provide the same product or service as their competitor does. Quality and cost are the only difference between different competitors. It will finally lead to loss loss situation. In part one, we can see how the Mavericks perform differently in planning process. Analysis on the market and identify a competitive strategy

Different from the other competitors, the Mavericks tried to find a market that is not discovered by other companies. ING was one of the successful Mavericks. In the year 2000 all banks targeted customers with large amount of money for high risk investment purpose. ING targeted the customers who only wanted to deposit a small amount in the bank for saving purpose. After ING found this new market, it used a focus differentiation strategy so that their products are uniquely designed for its targeted customers. As the products are unique in the market, the customers are loyal to the company. Setting Mission and Goals

The mission set by Mavericks is unique in the market. For example mission of ING is “leading Americans back to savings” while the others are about making profit or be the top. Therefore both employees and customers can easily find the difference between the Mavericks and other company. Formulating strategy

While formulating strategy, companies usually focus on short term benefit rather than long term benefit to get higher bonus and credit from shareholders. However the Mavericks focus on long term benefit instead of short term benefit. For example, ING rejected big customers because if they accepted the big customers, its targeted customers will be ignored and finally it will lose its uniqueness as well as the targeted customer. Part Two: Reinventing Innovation

Usually we think that innovative ideas are coming from laboratories and scientists. Most of the companies still see them as the only source of innovative ideas. However, due to high education level and well developed internet nowadays, the Mavericks realized that there are many ideas can be created by the grassroots all over the world. Organizing the grassroots

How to find and organize the grassroots became the first question faced by the Mavericks. They found a place where most grassroots can be found – the internet. However these grassroots cannot be organized and managed by normal management way because they are not employed by the company. Some mavericks like Goldcorp organize the grassroots by setting up internet competition platform. It posted all its data about mining on the web and asked the participants to submit their ideas of where should be drilled. Motivation

By the views of Maslow's hierarchy of needs, most companies motivated their workers by safety needs such as employment and salary. Instead, the Mavericks motivate the...
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