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January 28, 2008

Toyota: Key Words

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When Key Words Entered the Toyota Lexicon 

Kaizen.     1890.

"... constantly improving the machines regardless of what" ...the ... "competition was doing." "... dedicated research to the never-ending search for perfection (Togo, 21)."

How 'Toyoda' Became 'Toyota.'     1936.

Early in its history Toyota used contests to build name recognition in Japan. Their first contest was for a logo for Totoda Automatic Loom Works. Twenty-seven thousand entries were received and one chosen. Toyoda required ten brush strokes in the logo, Toyota eight. Eight was a very lucky number. Risaburo Toyada, the CEO at the time, made the decision to migrate to the lucky spelling - Toyota. (Togo, 73).

Just In Time.      1937.

The first "Just In Time" sign was hung in the automobile factory in Koromo in 1937-38. Toyota had studied the American manufacturing system closely and realized that the Americans were able to stock-pile manufactured components far above daily needs. This required the dedication of capital that Toyota in the thirties did not have. The work-around became ground-breaking: don't manufacture something until you need it. Workers were issued slips of paper each morning with the required number of components needed. When they were complete the worker could go home. No extra stock was kept on hand. (Togo, 79).

Genchi Genbutso Shigi.     1943.

Ask a question of a manager at Toyota and you might be assigned the task of "learning through careful observation."

When Taiichi Ohno, the section chief, moved over from the loom manufacturing operation to the automobile facility, he moved from the ordered and logical to the disrupted manufacturing (because of close military oversight of the production process) at the auto plant. He would require a supervisor with a under-utilized process or machine to stand within a chalk circle to observe for hours just what might be wrong with his operation. Only after careful observation was he allowed to propose a solution to his problem that he then put into operation. (Togo, 115)

Kanban.     Circa 1943.

A series of work stations produced automobile parts. A part might be progressively machined and assembled until it was ready for installation on a car. Some of the steps went quickly which might allow for more products to be produced than were needed by the next station.

A "kanban," a slip of paper, showed how many parts a worker was ordering from a previous work station. The kanban limited the number of parts manufactured to the number of parts needed by the next worker. The result? Less inventory and, ultimately, fewer quality problems, as errors were caught more quickly as possibly flawed inventory wasn't allowed to build up. (Togo, 117).

Total Quality.     1953 to 1964.

W. Edward Deming arrived in Japan with the U.S. Bureau of the Census following a career in manufacturing perfecting the Shewhart work on statistical process control. Deming, wanting to stay in the U.S., discoved little interest in applying his techniques. In Japan, however, engineers responded to a series of lectures on quality control. His processes yielded immediate and dramatic increases in quality for Japanese manufacturers.

In the 50's Toyota applied some of Deming's teachings, but it wasn't until the early sixties that the processes were fully applied two ways: it had to become more systematic, and it had to be applied company-wide.

Application was made for the Deming Prize in the early sixties for the Corona manufacturing facility, a plant that hadn't fully implemented the quality program formally. On examination, however, it was realized that the plant, in talking very closely to customers, had added the final step to a quality program. The Deming inspectors concurred, and the Corona plant won the prize in 1964. (Togo, 163).

Togo, Yukiyasu and William Wartman. Against All Odds. The Story of the Toyota Motor Corporation and the Family That Created It. St. Martin's Press. 1993.

Other References on Toyota

Foster, Martin. Toyota's Profit Rises on Shift in Strategy. New York Times. 7 February 2008. http://www.nytimes.com/2008/02/06/business/worldbusiness/06toyota.html?scp=1&sq=martin+foster&st=nyt

Kim, Chang-Ran. For Toyota, Success Is A Bitter-Sweet Pill. New York Times. 9 February 2008. http://www.nytimes.com/reuters/world/lifestyle-toyota.html?_r=2&oref=slogin&pagewanted=print&oref=slogin 

Magee, David. How Toyota Became #1. Leadership Lessons From the World's Greatest Car Company. Portfolio. 2007. 

Liker, Jeffrey K. The 14 Principles of the Toyota Way: An Executive Summary of the Culture Behind TPS. http://www.si.umich.edu/ICOS/Liker04.pdf 

Liker, Jeffrey K. 14 Management Principles From the World's Greatest Manufacturer. McGraw-Hill. 2006.

On Case Studies and MBA Programs

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Harvard Business School case studies don't work as well as they could because they give everything away too quickly. They're dense, comprehensive, conclusive and don't require collaboration to solve. A better way? Don't "present the solution until students have grappled with issues on their own (Gloeckler, 66)." See a video of the CEO presenting her problem. Receive minimal backup paperwork. Discuss solutions. Hypothesize possible solutions. Make a proposal. Then see a second video with the CEO's solution. Decide if there were better ways to solve the problem.

If you provide old-way case studies, teach your students to how to prepare for class. At least two readings of each case study with prep on the problems found before class makes sense. After class, summarize findings and begin the cycle again on the next case. Identify and analyze key problems. Generate alternatives. Make recommendations for action (Rondstadt).

Want to re-do your MBA program? Forget the classic silos like finance, accounting, marketing and operations. Think customer, competitor, investor, employee and shareholder (Pellet). Sophistication is another step. Stanford, a "richer" school, is able to provide three different levels based on students' experience. Emphasize leadership, ethics and global institutions and environment to create "global leaders".

How to make a speech into a case study?

  • Present the basic facts in a pre-discussion summary.
  • Hand out a written document of less than a page summarizing the presentation. Discuss alternatives.
  • Now, break into small groups. Amongst the groups discuss key points, ways you have solved the problem in the past, suggest alternatives, posit questions for future discussion, and reach agreement on the best way to proceed.
  • Reform as a group to hear the CEO's actual action plan and results.
  • Discuss as a group alternatives to the CEO's method. Include the "woulda, shoulda, coulda" possibilities.
  • Maybe, convince the CEO of her errors. Finally, plan to ask the CEO to present to your group again in six months to check back on how things are going.

And how to make a case study a basis for discussion to drive strategy at your company?

  • Much like a speech, come prepared with a statement of the current situation.
  • Use the current situation like a straw man. Tear it up. Make changes. Suggest new strategies.
  • Decide which new strategies make sense. Remember, you can't do everything.
  • For the few strategies you chose, create some sort of action plan.
  • Report back to the group your plan, and actions toward the plan.
  • As time proceeds, report on results - often.
  • The tendency is to forget your plan as you focus on the day-to-day tasks that hit your desk.
  • Wrong. Focus on the strategy daily. Sometimes, let the day-to-day stuff wait.

Gloeckler, Geoff. The Case Against Case Studies. BusinessWeek. 4 February 2008. http://www.businessweek.com/magazine/content/08_05/b4069066093267.htm?chan=search 

Pellet, Jennifer. Fixing the Flawed MBA. Chief Executive. http://www.chiefexecutive.net/ME2/dirmod.asp?sid=&nm=&type=Publishing&mod=Publications%3A%3AArticle&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=55372CF344D746869D4BE7AD57BA84F4

Ronstadt, Robert. The Art of Case Analysis. A Guide to the Diagnosis of Business Situations. Lord Publishing, Inc. 1988.

January 24, 2008

Coffee at a Buck a Cup

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For years, Starbucks has succeeded with a $4 cup of coffee. It sold the store environment as much as it sold the coffee. Customers lingered and returned repeatedly.

Rising gas prices, recession fears, and other factors are taking their toll, however. 

Starbucks has had competition all along in Dunkin' Donuts' less expensive cup of coffee. Starbucks claimed it wasn't worried, as Dunkin' sold more regionally, and to a different market.

More recently, McDonald's entered the battle with stand-alone coffee bars "personed" by baristas, just like Starbucks. The only difference was the price. Mickie D's cup of coffee costs about a dollar.

Starbucks has been unfazed - until now.

Facing declining revenues and competition, Starbucks is making changes. It is testing a $1 cup of coffee in certain of its Seattle locations. Free re-fills.

There's a big difference between coffee for a buck and coffee for $4. It'll be interesting to see how this shakes out.

Adamy, Janet. Starbucks Tests $1 Cup, Free Refills in Seattle. Wall Street Journal. 23 January 2008. B4.

Non-Disruptive Technologies

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Disruptive technologies change the rules in ways that make it impossible to industry leaders to follow their old technologies with new.

When industry leaders continue to innovate on old technologies, things can seem rosy for quite some time. Mini-computer manufacturers got quite good at making 8.5 inch drives, but they completely missed on 3.5 inch drives - and the whole market - because they didn't predict there was enough demand.

TVs are going through a similar cycle. The replacement of cathode ray tube technologies with flat screen technologies is occurring quickly. For a long time, rear projection TVs existed on the periphery but they are being replaced as flat screen technologies become larger and larger.

Texas Instruments announced that they have a new rear projection method that is better than what was offered before (Taub). It looks like to me like too little too late. We're watching the last hurrah for CRT technology in TI's bid for rear projection dominance. The market will likely continue to dwindle. Let's hope TI doesn't get left behind. It looks like, however, they will be.

Taub, Eric A. Betting on a Bright Future for Rear-Projection TVs. The New York Times. 21 January 2008. http://www.nytimes.com/2008/01/21/business/21texas1.html?_r=1&scp=1&sq=eric+a.+taub&st=nyt&oref=slogin

January 21, 2008

Apple Chapter IV

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Apple Chapter III said Apple could never get the movie studios, especially Sony and Universal, to agree to share movies for the iTunes website.

Wonder of wonders, Apple indeed got Sony, Fox, Warner Brothers, and Paramount to say "yes". Introduced at MacWorld (along with the new MacBook Air lightweight laptop), investors weren't initially impressed. Apple has only sold seven million movies on its website, versus four billion songs (Wingfield).

Wingfield, Nick. Apple's Latest Offerings Fail to Impress Investors. Wall Street Journal. 16 January 2008. B3.

January 20, 2008

To Lipitor - Or Not To Lipitor

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Good article on whether statins, even though they reduce LDLs, make for healty hearts.

You decide.

Carey, John. Do Cholesterol Drugs Do Any Good? BusinessWeek. 17 January 2008. http://www.businessweek.com/magazine/content/08_04/b4068052092994.htm?chan=top+news_top+news+index_best+of+bw

January 14, 2008

Self-publishing Sources

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Self publishing sources:

Blurb. Real books. Made by you. http://www.blurb.com/home/3

Create your masterpiece and then call attention to yourself. http://www.lulu.com/

https://www.createspace.com/Products/BooksOnDemand.jsp?ref=256590

Inside Scoop on VCs

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Best website so far on the venture capital business? Try www.TheFunded.com . Run by successful entrepreneur Adeo Ressi, the  site allows you to rate the VCs based on your interactions with them, and share information you have that might be useful to others.

Adler's is the most interesting story on the site.

Adler, Carlye. The Man Behind the VC Slagfest at TheFunded.com Reveals Himself to Wired.  Wired. 15 November 2007. http://www.wired.com/techbiz/people/magazine/15-12/ff_funded

Ante, Spencer E. Show Me the Moneymen. BusinessWeek. 21 January 2008. 54. http://www.businessweek.com/magazine/content/08_03/b4067054317291.htm?chan=search

Apple Chapter III

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The predictions are in. Everyone (Burrows) says Jobs/Apple won't be able to crack the video marketplace now dominated by cable providers.

Jobs is set to announce a movie rental service on the iTunes site, hoping to attract the major studios - read that Warner Bros. and Paramount - to the fold.

Biggest problem? Songs sell for ninety-nine cents. The studios won't settle on a standardized, low price. Sony and Universal never will play with Apple.

The forecast? Well, the easy money says Jobs won't succeed at video. My cut? Hold on a while. Let's see what Apple comes up with.

Burrows, Peter and Ronald Grover. Steve Jobs's Video Dreams. BusinessWeek. 21 January 2008. 29.

January 08, 2008

Gary Hamel Strikes Again

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Gary Hamel's new book is out. It details three "harbingers of the future (Holstein)" in terms of strategy:

  • Whole Foods Market
  • W. L. Gore & Associates
  • Google. 

Holstein, William J. Orders From on High? That's So Yesterday. New York Times. 29 December 2007. http://www.nytimes.com/2007/12/30/business/30shelf.html?_r=1&oref=slogin

Gandhian Engineering

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The Japanese gave us kanban (just in time) and kaizen (continuous improvement) (Giridharadas). Now the Indians, in creating the $2,500 car, give us Gandhian engineering "combining irreverence for conventional ways of thinking with a frugality born of scarcity". The car's characteristics (Giridharadas):

  • Nice car - cute
  • Three brake pads, instead of four
  • No radio
  • No power steering
  • No air conditioning
  • One windshield wiper
  • No tach
  • Analog speedometer
  • Hollow steering column
  • Bearings that wear out quickly if the car is driven above 45 miles an hour
  • Small engine - maybe 660 cc's
  • Variable transmission.

The bet is that India will pretty quickly up-grade vehicle codes to make the auto obsolete. For now, however, cutting edge is a step back in time.

Giridharadas, Anand. Four Wheels for the Masses: The $2,500 Car. New York Times. 8 January 2008. http://www.nytimes.com/2008/01/08/business/worldbusiness/08indiacar.html?_r=1&oref=slogin

Sell Strategy

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All ready to sell your business?

Things to do first (Dale, B6):

  • Audited financial records make a lot of sense. Start years before you want to sell.
  • Cut expenses earlier than you might expect to improve profitability and cash flow. 

As usual, there are not quick solutions, especially if you want to get your price.

Dale, Arden. Want To Sell A Business? You May Not Be Ready. Wall Street Journal. 8 January 2008. B6. http://online.wsj.com/article/SB119976212555274017.html?mod=SmallBusinessMain_feature_articles

New Elixirs

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How much omega-3 supplement to receive impacts on heart disease, Alzheimer's and depression? Looks like one gram a day helps heart disease, two grams helps arthritis, and one-half gram a day - or more - helps brain health. Supplements seem to work as well as pharmaceuticals. All were mercury free (Stipp, D2). 

Stipp, David. Fish-Oil Doses Can Be Hard To Swallow. Wall Street Journal. 8 January 2008. D1. http://online.wsj.com/article/SB119975627038373627.html?mod=pj_main_hs_coll

January 01, 2008

Writing Boomer History

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Tom Brokaw's last book, The Greatest Generation, gave the laurels to the the plain people of the World War II generation. Following it with BOOM! is tricky. Us boomers want the laurels as well, but Tom has already given them away. The message is probably to forget the laurels and focus on the message of the sixties generation to see if perhaps there is something to run with.

One of Brokaw's closing essays is about Stewart Brand of Whole Earth Catalog fame. Citing Kesey's Cuckoo's Nest and Wolfe's The Electric Kool-Aid Acid Test, Brokaw builds Brand into the first man who wanted to see the whole earth from space, thus the pictures of earth on the original Catalog. His message became "here I am, protect me" (Brokaw, 599).

Steven Jobs saw the Catalog as the Google of its day and quoted the back page of the final edition in a graduation speech at Stanford in 2005: "Stay hungry. Stay foolish." (Brokaw, 601).

Maybe that's useful to us boomers, today, as well.

Brokaw, Tom. BOOM! Voices of the Sixties. Personal Reflections on the '60s and Today. Random House. 2007.

Alexander's Cravings

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No question, Alexander the Great was an interesting character. Explaining his accomplishments isn't as easy as it sounds, given their depth and speed. Pothos (a craving, yearning, longing or powerful desire (Carledge, 221)) may explain things best. Alexander's cravings:

  • In 335 he craved lands on the farther side of the Danube.
  • In 333 he craved a visit to the palace of Gordius to un-tie the Gordian Knot.
  • In 332, he craved to found a city on the mouth of the Nile. This became Alexandrias.
  • In 332/1, he craved a visit to the Libyan shrine at Ammon.
  • In the winter of 327/6 he craved capturing the might rock of Aornus overlooking the River Indus.
  • In 326 he craved a sail down the Euphrates and Tigris out into the Persian Gulf. Finally,
  • In 323, he craved an exploration of the Caspian Sea.

Alexander's cravings took him a long way. Some of them didn't work out so well. The far reaches of his movements in India were shortened by mutinies among his armies and the return from India, while remarkable, certainly was devastating to his troops.

Alexander ascended to power on the death of his father Philip. Philip had him leading battles against the other Greek states while still in his teens. After Philip's death, there were risks that Alexander would not be able to retain his power. His followers saw in Alexander's "cravings" what we might call a vision for the future. While the future wasn't laid out with certainty beyond the campaigns of the next eighteen months or so, the realization that there would be a vision after the current campaign was enough to bind his troops to him.

Alexander's was an amazing story. I am not sure I would make the case that it was, in strategic terms, vision that drove him. His resolve to act on his cravings was certainly part of it, however. 

Cartledge, Paul. Alexander the Great. The Hunt for a New Past. The Overlook Press. 2004.