Как гибнут великие и почему некоторые компании никогда не сдаются Коллинз Джим

Краткий обзор. Известная своим исключительным качеством обслуживания клиентов, Nordstrom заработала репутацию одной из величайших розничных сетей двадцатого века. В 1990-е годы у компании начался затяжной спад, перешедший в резкое падение в 2000 году, когда существенно снизилась выручка магазинов. В 2000—2006 годы компанией руководил представитель четвертого поколения семьи Блейк Нордстром и компании удалось быстро восстановить утраченные позиции. Нордстром сфокусировался на маховике основного бизнеса, который когда-то и сделал компанию великой, — на обслуживании клиентов и профессиональной организации продаж, — при этом заметно усовершенствовав вспомогательные системы, например контроль за запасами275.

Ниже я описал восстановление Nordstrom в рамках концепции «от хорошего к великому» (объяснение этой концепции дано в приложении 7).

Лидерство 5-го уровня. Блейк Нордстром сам отвечал на телефонные звонки — так было принято в их семье. Он восстановил структуру в виде перевернутой пирамиды, где руководители были внизу, а потребители и работающие непосредственно с ними продавцы располагались наверху. И принял на себя ответственность за проблемы компании:

" Для меня и моих братьев очевидно, что /в упадке] виноваты мы — не культура, а мы персонально276.

Сначала «кто» затем «что» Перестройка в Nordstrom началась с серьезных изменений в команде руководителей — включая CEO, исполнительного, финансового директора и президента розничной сети. Команда Нордстрома вернулась к идее принимать сотрудников на работу, основываясь на их ценностях и характере, а не навыках — «мы можем нанять хороших людей и научить их продавать, но не можем нанять продавцов и научить их быть хорошими людьми». Они вернулись к строгому правилу «правильные сотрудники на ключевых позициях». Как сказал об этом один из руководителей компании:

" По мне так лучше мы время от времени будем проигрывать в судах, чем держать работников, которые не соответствуют нашим стандартам. Потому что слабый работник ослабляет тех, кто рядом с ним, и тянет их вниз277.

Не отрицать неприятные факты. Блейк Нордстром не отрицал тот факт, что Nordstrom начала забывать свою одержимость обслуживанием клиентов и отчаянно нуждается в обновлении базовых блоков, в частности, за счет привязки системы управления запасами к системе, объединяющей кассовые терминалы. Он вложил $200 млн в новую систему постоянного учета запасов, чтобы Nordstrom могла одновременно сократить складские издержки и увеличить вероятность того, что продавец легко отыщет именно тот товар, который нужен покупателю278.

«Стратегия ежа». Команда Нордстрома вдохнула новую жизнь в ключевую концепцию компании, которая, возможно, была лучшей розничной сетью в мире с точки зрения отношений между продавцом и покупателем. И ее восстановление базировалось на простой, элегантной идее: нужно вернуться к построению долгосрочных связей с покупателями за счет поддержки специалистов-продавцов вспомогательными системами (особенно системой управления запасами), которые подверглись значительному усовершенствованию, и тем самым улучшить экономику бизнеса, основным показателем которой является рентабельность инвестированного капитала. Они глубоко осознали то, что экономическая прибыль определяется отношением маржи в денежном выражении к средней стоимости запасов279.

Культура ответственности. Нордстром и его соратники восстановили изначальный подход, который когда-то сделал Nordstrom великой компанией. Он состоял из следующих шагов: сформировать увлеченную команду специалистов по продажам, установить очень высокие ожидания по результативности и качеству обслуживания клиентов и дать людям свободу принимать те решения, которые позволят обслужить покупателя наилучшим образом. Они создали свод правил Nordstrom, который, собственно, содержал всего лишь одно правило: во всех ситуациях использовать здравый смысл. «Возможно, главное наше достижение, — писал Блейк Нордстром в годовом отчете 2003 года, — это то, что мы становимся более ответственной компанией»280.

Маховик, а не порочный круг. Блейк Нордстром фокусировался на «небольших, но важных шагах», а не крупных кардинальных изменениях. Он не стал отрицать неудачу кампании «Открой себя заново», обошедшейся ему в $40 млн: «[Это] была попытка сделать что-то необычное, и мы перестали осознавать, кто мы есть. Потребители явно не желали открывать себя заново и не хотели, чтобы компания занималась “самооткрытием”». В 2004 году Блейк Нордстром заметил:

" Для нашей компании успех означает не принятие новой стратегии или переход к совершенно иной бизнес-модели. Успех для нас — это продолжать делать то, что мы уже делаем хорошо, и пользоваться своими преимуществами281.

Лучше приобрести часы, чем постоянно спрашивать, который час. Блейк Нордстром сосредоточился на создании культуры и вспомогательных систем поддержки, чтобы возрождение Nordstrom не было связано с деятельностью того или иного лидера. Он перестроил команду управленцев так, чтобы руководство компанией не зависело исключительно от него — если бы он подал в отставку, успешный разворот, скорее всего, продолжился бы. Когда я писал эту книгу, Блейк Нордстром оставался президентом282.

Сохраняя ядро компании, стимулировать прогресс. Блейк Нордстром подчеркивал вдохновляющие и проверенные временем ключевые ценности Nordstrom (обслуживание покупателей превыше всего, страсть к совершенствованию, предпринимательская этика, отличная репутация), хотя произвел серьезные изменения в системах и методах, необходимых для воплощения этих ценностей в жизнь. — новые системы, повсеместное применение передовых подходов, более рациональная тактика закупок253.

Приложение 7: схема «От хорошего к великому» — краткий обзор концепции"

Примечание: на сайте www.jimcollins.com мы разместили некоторые инструменты, которые позволяют диагностировать и оценивать компании сквозь призму данной концепции. Их можно использовать бесплатно.

Стадия 1: рациональные люди

Лидерство 5-гоуровня. Лидеры 5-го уровня думают в первую очередь о деле, о компании, о работе — а не о себе — и решительно намерены во что бы то ни стало добиться успеха. Лидеры 5-го уровня демонстрируют парадоксальную смесь личной скромности и профессиональной воли.

* Принципы, описанные на стадиях 1-3, взяты из книги Джима Коллинза «От хорошего к великому»: принципы, описанные на стадии 4. — из книги Джима Коллинза и Джерри Порраса «Построенные навечно». — Прим. ред.

 
 

Сначала «кто», затем «что». Те, кто строит великие компании, вначале стараются убедиться, что «на борту» находятся лишь правильные сотрудники, а все неправильные остались «на берегу» и что первые займут все ключевые места раньше, чем будет принято решение, куда «плыть». Они всегда вначале думают «кто?» и только потом — «что?».

Стадия 2: рациональные мысли

Не отрицать неприятные фактыпарадокс Сток-дэйла. Сохраняйте непоколебимую веру в то, что в итоге вы победите, как бы трудно ни было, и в то же время обладайте достаточной ответственностью для того, чтобы не отрицать даже самые неприятные факты вашей нынешней реальности, какими бы они ни были.

«Стратегия ежа». Величие достигается благодаря серии удачных решений, согласующихся с простой согласованной концепцией — «стратегией ежа». Это операционная модель, которая отражает понимание трех пересекающихся кругов: что вы можете стать лучшими в мире в области, которой страстно увлечены и которая наилучшим образом питает ваш экономический или ресурсный двигатель.

Стадия 3: рациональные действия

Культура ответственности. Рациональные люди, использующие рациональное мышление и предпринимающие рациональные действия — свободно, но в границах ответственности, — вот краеугольный камень культуры, которая создает величие. Люди не «имеют работу» — они принимают ответственность.

Маховик. Нет какого-то одного все определяющего действия, одной великой программы, убийственной инновации, исключительного удачного прорыва, таинственного момента. Скорее, процесс напоминает бесконечное раскручивание огромного тяжелого маховика, поворот за поворотом, создавая инерцию для прорыва и дальнейшего движения.

Стадия 4: построение великого навечно

Лучше приобрести часы, чем постоянно спрашивать, который час. Воистину великие компании процветают при многих поколениях лидеров, что прямо противоположно построению вокруг одного-единственного великого лидера, великой идеи или конкретной программы. Лидеры в великих компаниях создают каталитические механизмы для стимулирования прогресса и не очень стараются завоевать репутацию харизматических личностей для того, чтобы делать дело; в действительности многие умеют обходиться без харизмы.

Сохраняя ядро компании, стимулировать прогресс. Устойчиво великие компании характеризуются фундаментальным качеством. С одной стороны, у них есть набор вневременных ключевых ценностей и основная причина существования, которые остаются неизменными в течение длительных периодов. С другой стороны, им присуще неустанное стремление к изменениям и прогрессу — непреодолимый творческий зуд, который часто проявляется в выборе «БИХАГов» (Big Hairy Audacious Goals — «больших наглых волосатых целей»). Великие компании проводят четкие различия между своими ключевыми ценностями (которые никогда не меняются) и операционными стратегией и тактикой (которые непрерывно адаптируются под меняющийся мир).

Примечания

 Незаметное приближение упадка

1. Joseph A. Tainter, The Collapse of Complex Societies (New York: Cambridge University Press, 1988), 5, 6, 8—12,128—152.

2. Andrew Hill and John Wooden, Be Quick — But Don’t Hurry (New York: Simon & Schuster, 2001), 191.

3. Геологическая служба США, “The Great 1906 San Francisco Earthquake," Earthquake Hazards Program, http://earthquake. usgs.gov/regicmal/nca/i906 /ISapril/index.php; A. W. Clausen, “Bank of America: The Largest Bank Was Once a Plank on the Waterfront," Nations Business, январь 1971, 54.

4. Joseph H. Harper, “Observations of the San Francisco Earthquake" The Virtual Museum of the City of San Francisco (delivered before the Montana Society of Engineers, January 11, 190 8), http://www.sfrnuseum.org/i906/harper.html; E. E. Schmitz, “Proclamation by the Mayor," The Virtual Museum of the City of San Francisco (on April 18, 1906), http://www.sfrnuseum.0rg/ i906.2/killproc.html; Gary Hector, Breaking the Bank: The Decline of BankAmerica (Boston: Little, Brown & Company, 1988), 25, 36; A. W. Clausen, “Bank of America: The Largest Bank Was Once a Plank on the Waterfront," Nations Business, January 1971, 54.

5. Gary Hector, Breaking the Bank: The Decline of BankAmerica (Boston: Little, Brown & Company, 1988), 32, 50, 62.

6. “A. W. Clausen: Banking on Stability at BankAmerica,” Financial World, March 15, 1978. 24; “BankAmerica and Citicorp: The New Banking Forces New Strategies," BusinessWeek, July 13, 1981, 56.

7. David W. Ewing and Pamela M. Banks, “Listening and Responding to Employees’ Concerns: An Interview with A. W. Clausen," Harvard Business Review, January/February 1980,101.

8. G. Christian Hill, “BankAmerica Posts a Record Loss of $640 Million for Second Period," Wall Street Journal, July 17, 1986; Richard B. Schmitt, “BankAmerica Denies Rumors on Health As Speculation Briefly Depresses Dollar." Wall Street Journal, September 17,1986; Источник расчета доходности акций: ©2006 CRSP Центр изучения котировок ценных бумаг Высшей школы бизнеса Чикагского университета, www.crsp.chicagoboothjedu; Richard В. Schmitt, “BankAmerica Denies Rumors on Health As Speculation Briefly Depresses Dollar," Wall Street Journal, September 17,1986: G. Christian Hill, “BankAmerica Cuts Quarterly Payout By 47% in Wake of 2nd-Period Loss." Wall Street Journal, August 6,1985; Jonathan B. Levine, “Clausen May Be the Safe Choice. But Is He the Right One?" BusinessWeek, October 27, 1986. 108; Victor F. Zonana, “BankAmerica Considers Sale of Headquarters." Wall Street Journal, November 19, 1984; “BankAmerica Completes San Francisco Offices’ Sale," Wall Street Journal. October 2. 1985: G. David Wallace and Jonathan B. Levine. “BofA Is Becoming The Incredible Shrinking Bank," BusinessWeek, January 27. 1986, 78; Gary Hector, Breaking the Bank: The Decline of BankAmerica (Boston: Little, Brown & Company. 1988). 219—223: “Founder's Daughter Quits BankAmerica Post." Wall Street Journal, March 8. 1985; G. Christian Hill and Richard B. Schmitt. “Salvage Operation: Autocrat Tom Clausen Faces Formidable Task To Save BankAmerica. Wall Street Journal. October 17. 1986; Robert M. Bleibeg. “What Price BankAmerica? Better Stewards (Corporate or Otherwise) Went Down on the Titanic." Barron’s, Juhr 21,1986. 9.

9. Michael Kolbenschlag, “No Time For A Gentleman," Forbes. December 22,1980, 33.

10. Victor F. Zonana and Kathryn Christensen. “Budging the Giant," Wall Street Journal. May 20, 1982; “BankAmerica Plans to Acquire Charles Schwab," Wall Street Journal. November 25,1981: Victor F. Zonana, “The Porches and Saabs at Schwab Aggravate Some at BankAmerica." Wall Street Journal. January 20. 1983; “BankAmerica Corp.’s Takeover of Sea first Took Effect Today." Wall Street Journal, July 1, 1983. 2; Victor F. Zonana. “Seafirst Holders Clear BankAmerica Bid For Largest Interstate Banking Takeover." all Street Journal, June 29, 1983; Gary Hector, “More than Mortgages Ails BankAmerica," Fortune, April 1, 1985, 50; “BofA’s Brash Fight to Build Deposits," BusinessWeek, January 17. 1983, 98.

11. Victor F. Zonana, “Budging the Giant," Wall Street Journal, May 20, 1982, 1; Victor F. Zonana, “Stirring Giant: BankAmerica Corp., Seeking a Turnaround, Seems to Gain Ground," Wall Street Journal, January 27, 1984.

12. Victor F. Zonana, “The Porches and Saabs at Schwab Aggravate Some at BankAmerica,” Wall Street Journal, January 20, 1983.

13. “BofA’s Brash Fight to Build Deposits,” BusinessWeek, January 17,

1983, 98; G. Christian Hill and Mike Tharp, “Stumbling Giant: Big Quarterly Deficit Stuns BankAmerica, Adds Pressure on Chief,” Wall Street Journal, July 18, 1985; Gary Hector, “More than Mortgages Ails BankAmerica," Fortune, April 1, 1985, 50.

14. G. Christian Hill and Mike Tharp, “Stumbling Giant: Big Quarterly Deficit Stuns BankAmerica, Adds Pressure on Chief," Wall Street Journal, July 18, 1985.стр. 35 стр. 21

I Пять стадий упадка

15. George E. P. Box, J. Stuart Hunter, and William G. Hunter, Statistics for Experimenters: Design, Innovation, and Discovery, 2nd Edition (Hoboken: John Wiley, 2005), 440.

Стадия 1: высокомерие, порожденное успехом

16. Jill Bettner, “’Underpromise, Over perform,’” Forbes, January 30, 1984, 88; Robert W. Galvin, The Idea of Ideas (Schaumburg, IL: Motorola University Press, 1991), 165.

17. Roger O. Crockett and Peter Elstrom, “How Motorola Lost Its Way,” BusinessWeek, May 4, 1998, 140.

18. Roger O. Crockett, “A New Company Called Motorola,” BusinessWeek, April 17, 2000, 86; Rajiv Chandrasekaran, “Motorola’s Next Page,” Washington Fost, September 29,1996; Peter Elstrom, “Motorola Goes for the Hard Cell,” BusinessWeek, September 23, 1996, 39; "Gartner Dataquest Says Worldwide Mobile Phone Sales in 2001 Declined for First Time in Industry’s History," Gartner Fress Release, March 11, 2002, http://www.gartner.corn/5_about/press_releases/2002_03/pr20020311a.jsp; Peter Coy and Ron Stodghill, “Is Motorola a Bit Too Patient?" BusinessWeek, February 5,1996,150.

19. J. Rufus Fears, Books That Have Made History: Books That Can Change Your Life (Chantilly, VA: The Teaching Company Limited Partnership, 2005), audiotapes of lectures by J. Rufus Fears, Part 1, Lecture 2.

20. Motorola, Inc., “Financial Highlights,'' 2001 Summary Annual Report (Schaumburg, IL: Motorola, Inc., 2002), 3: Motorola, Inc., “Financial Highlights,” 2003 Annual Report (Schaumburg, IL: Motorola, Inc., 2004), 3.

21. Источник: ©2006 CRSP Центр изучения котировок ценных бумаг Высшей школы бизнеса Чикагского университета, www. crsp.chicagobooth .edu.

22. Howard Rudnitsky, “Would You Buy A Used Car From This Man?” Forbes, October 23, 1995, 52; Tim W. Ferguson, “Sofa With Your Stereo, Sir?” Forbes, July 7, 1997, 46.

23. John R. Wells, “Circuit City Stores, Inc.: Strategic Dilemmas.” Harvard Business School, case study #9-706-419 (Boston: Harvard Business School Publishing, 2005), 7: Rob Landley. “DIVX Post Mortem,” Motley Fool, June 21, 1999, http;//www.fool.com/ portfolios/rulemaker/1999/RuleMaker99o621.htm.

24. “Richard L. Sharp — Circuit City Stores, Inc. — CEO Interview,” The Wall Street Transcript, November 2, 199S, 1.

25. Peter Spiegel, “Car Crash,” Forbes, May 17, 1999. 130.

26. De’Ann Weimer, “The Houdini of Consumer Electronics.” BusinessWeek, June 22, 1998, 83; Dorothy Leonard and Brian DeLacey, “Best Buy Co. Inc. (A): An Innovator’s Journey,” Harvard Business School, case study #9-604-043 (Boston: Harvard Business School Publishing, 2005).

27. John R. Wells and Travis Haglock, “Best Buy Co., Inc.: Competing on the Edge,” Harvard Business School, case study #9-706-417 (Boston: Harvard Business School Publishing, 2007).

28. Best Buy Co., Inc., Fiscal 2003 Annual Report (Richfield. MN: Best Buy Co., Inc., 2003); Best Buy Co., Inc.. Fiscal 2001 Annual Report (Minneapolis: Best Buy Co., Inc.. 2001); John R. Wells and Travis Haglock, “Best Buy Co., Inc.: Competing on the Edge," Harvard Business School, case study #9-706-417 (Boston: Harvard Business School Publishing, 2007); Balaji Chakravarthy and V. Kasturi Rangan, “Best Buy,” Harvard Business School, case study #9-59S-016 (Boston:

Harvard Business School Publishing, 1997); Best Buy Co., Inc., 1996 Annual Report (Minneapolis: Best Buy Co., Inc., 1996); Dorothy Leonard and Brian DeLacey, “Best Buy Co. Inc. (A): An Innovator’s Journey," Harvard Business School, case study #9-604-043 (Boston: Harvard Business School Publishing, 2005); Dale Kurschner, “Best Buy Harder," CRM, August 1997, 67; Best Buy Co., Inc., 1999 Annual Report (Minneapolis: Best Buy Co., Inc., 1999); Best Buy Co., Inc.,

2003 Annual Report (Richfield, MN: Best Buy Co., Inc., 2003); Best Buy Co., Inc., 2006 Annual Report (Richfield, MN: Best Buy Co., Inc., 2006).

29. Расчеты основаны на полученных в 1997 и 2006 годах доходах компаний Best Buy и Circuit City путем сложения половины увеличения выручки Best Buy с 1997 по 2006 год с выручкой Circuit City за 2006 год.

30. Balaji Chakravarthy and V. Kasturi Rangan, “Best Buy," Harvard Business School, case study #9-598-016 (Boston: Harvard Business School Publishing, 1997).

31. “Pinching 500 Billion Pennies,” Fortune, March 1963, 105.

32. William I. Walsh, The Rise and Decline of the Great Atlantic & Pacific Tea Company (Secaucus, NJ: Lyle Stuart, Inc., 1986), 78—81.

33. William I. Walsh, The Rise and Decline of the Great Atlantic 8r. Pacific Tea Company (Secaucus, NJ: Lyle Stuart, Inc., 1986), 78; Eleanor Johnson Tracy, “How A&P Got Creamed," Fortune, January 1973, 103.

34. Peter Z. Grossman, “A&P: Should You Invest Along with the Germans?" Financial World, February 15, 1979, 16.

35. Ames Department Stores Inc., “Letter to Shareholders,” 1987 Annual Report to Stockholders (Rocky Hill, CT: Ames Department Stores, Inc., 1988).

36. Elizabeth Rourke (updated by David E. Salamie), “Ames Department Stores, Inc." International Directory of Company Histories 30 (New York: St. James Press, 2000), 54.

37. William Mehlman, “Ames Strikes Discounting Gold in Exurban America," The Insiders’ Chronicle 6, no. 46 (November 16, 1981): 1; Peter Hisey, “Herb Gilrnan: The Concept Is So Simple’,” Discount Store News 27, no. 11 (May 23, 1988): 49; “Ames: Small-Town Discount Giant Trading Up, Not Away From Roots,” Chain Store Age, February 1982, 25; Jeff Malester, “Ames Aims at Growth by Changing Image," Retailing Home Furnishings 57 (August 22,

1983): 6; A1 Heller, “Gilmans Informality Spurs Creativity, Growth at Ames," Discount Store News 24 (August 19, 1985): 1.

38. Источник: ©2006 CRSP Центр изучения котировок ценных бумаг Высшей школы бизнеса Чикагского университета. Авторские права защищены, www.crsp.chicagobooth.edu.

39. Elizabeth Rourke (updated by David E. Salamie), “Ames Department Stores, Inc.,” International Directory of Company Histories 30 (New York: St. James Press, 2000), 54; Wal-Mart Stores, Inc., “History Timeline," Wal-Mart: History, http://walmartstores.com/AboutUs/297.aspx.

40. Источник: ©2006 CRSP Центр изучения котировок ценных бумаг Высшей школы бизнеса Чикагского университета. Авторские права защищены, www.crsp.chicagobooth.edu.

41. Из личных бесед с автором.

42. Steven Jacober, “Ames Redefines Itself at $2 Billion," Discount Merchandiser, August 1988, 22; Peter Hisey, “Herb Gilman: ‘The Concept Is So Simple,’” Discount Store News 27. no. 11 (TVIay 23, 1988): 49.

Стадия 2: неконтролируемое стремление к большему

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Стадия 4: попытки спастись

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Стадия 5: капитуляция перед кризисом или гибелью

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140. John A. Byrne and Joseph Weber, “The Shredder: Did CEO Dunlap Save Scott Paper — or Just Pretty It Up?" BusinessWeek, January 15, 1996, 56.

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142. John A. Byme and Joseph Weber, “The Shredder: Did CEO Dunlap Save Scott Paper — or Just Pretty It Up?" BusinessWeek, January 15, 1996, 56; Albert J. Dunlap and Bob Andelman, Mean Business: How I Save Bad Companies and Make Good Companies Great (New York: Fireside, 1997), 21.

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144. Richard Hammer, “Zenith Bucks the Trend,” Fortune, December 1960, 128; “Troubled Zenith Battles StifFer Competition,” BusinessWeek, October 10, 1977,128.

145. Richard Hammer, “Zenith Bucks the Trend," Fortune, December 1960, 128; “Sam Kaplan That’s Our Plan,’" Forbes, May 15, 1968, 80; “Zenith Fills the Rooms at the Top," BusinessWeek, May 16, 1970, 62; “The Big Winner," Forbes, April 1, 1974; “Every Dog Needs His Flea,” Forbes, May 15, 1975, 131; “Troubled Zenith Battles StifFer Competition,” BusinessWeek, October 10, 1977, 128; Bob Tamarkin, “Zenith’s Hew Hope," Forbes, March 31, 1980, 32.

146. “Zenith to Jimmy Carter: Help!” Forbes, December 15, 1976, 43; “Troubled Zenith Battles StifFer Competition,” BusinessWeek, October 10, 1977, 128.

147. Bob Tamarkin, “Zeniths New Hope,” Forbes, March 31, 1980, 32; “Zenith May Lead the Way in the Video Revolution," BusinessWeek, February 23,1981,94; “Zenith: The Surprise in Personal Computers,” BusinessWeek, December 12, 1983, 102; “Zenith Wants to Give the Boob Tube a Brain,” BusinessWeek, May 6, 1985, 71.

148. “Zenith's Jerry Pearlman Sure is Persistent,” BusinessWeek, October 2, 1989, 67; “Zenith: The Surprise in Personal Computers,” BusinessWeek, December 12, 1983, 102.

149. “Zenith is Doing Quite Well, Thank you — In Computers," BusinessWeek, July 11, 1988, 80: “Zenith’s Jerry Pearlman Sure is Persistent," BusinessWeek, October 2, 1989, 67; Lois Therrien, Thane Peterson, and Geoff Lewis, “Why Jerry Pearlman Gave Up His Brainchild,” BusinessWeek, October 16, 1989, 35; “Zenith’s Bright Side and Its Dark Side," Forbes, May 2,1988,112.

150. Lisa Kartus, “The Strange Folks Picking on Zenith," Fortune, December 19, 1988, 79: Lois Therrien, Thane Peterson, and Geoff Lewis, “Why Jerry Pearlman Gave Up His Brainchild," BusinessWeek, October 16, 1989, 35; Robert L. Rose, “Zenith Faces Liquidity Crunch in Wake of Price Wars," Wall Street Journal, November 11, 1992; “Zenith Dials Up a New CEO." Business Week, March 13,1995; “Getting the Picture," Grain's Chicago Business 20, no. 2 (January 13, 1997): 13.

151. Lisa Kartus, “The Strange Folks Picking on Zenith," Fortune, December 19, 1988, 79; Lois Therrien. “HDTV Isn’t Clearing Up Zenith’s Picture,” BusinessWeek, February 25, 1991, 56; H. Garrett DeYoung, “An Improving Picture for Zenith?" Electronic Business. June 1993,83; “ LA Short Leash’ at Zenith," BusinessWeek. January 31, 1994, 31; Laxmi Nakarmi, Richard A. Melcher. and Edith Updike, “Will Lucky Goldstar Reach Its Peak with Zenith?" BusinessWeek, August 7,1995,40; “Zenith Faces Liquidity Crunch in Wake of Price Wars,” Wall Street Journal, November 11,1992: Carl Quintanilla and Robert L. Rose, “Zenith Turns to a Turnaround Expert in Its Efforts to Fatten Up Bottom Line," Wall Street Journal, January 7, 1998: “Zenith Electronics Corporation: History." Hoovers, http;//premium. hoovers.com/subscribe/co/historyjditml; Liz Brooks. “Zenith Electronics’ New Focus on the Digital Sector Is Discussed." Adweek Magazine’s Technolog}7 Marketing 21, no. 10 (November 2001): 26; “Why Jerry Pearlman Gave Up His Brainchild." BusinessWeek. October 16, 1989, 35; “Zenith Wishes on a Lucky-Goldstar." 9 BusinessWeek, March 11. 1991; Carol Haber and Chad Fasca. “One Last Rescue for Zenith." Electronic New’s 44. no. 2206 (February 16, 1998): 53.

Обоснованная надежда

152. Xerox Corporation, Annual Report 2002 (Stamford, CT: Xerox Corporation, 2003); Pamela L. Moore, “She’s Here to Fix the Xerox," BusinessWeek, August 6, 2001, 47; J. P. Donlon, “The X-Factor,"

Chief Executive, June 2008; Anthony Bianco and Pamela L. Moore, “The Downfall: The Inside Story of the Management Fiasco at Xerox,” BusinessWeek, March 5, 2001, 82.

153. Kevin Maney, “Mulcahy Traces Steps of Xerox’s Comeback," USA Today, September 21, 2006.

154. Betsy Morris, “The Accidental CEO," Fortune, June 23, 2003, 58.

155. Kevin Maney, “Mulcahy Traces Steps of Xerox’s Comeback,” USA Today, September 21, 2006.

156. Kathleen Cholewka, “Xerox’s Savior?" Sales and Marketing Management 153, no. 4 (April 2001); Patricia Sellers and Cora Daniels, “The 50 Most Powerful Women in American Business," Fortune, October 12,1998,76; Patricia Sellers, “These Women Rule: Hewlett-Packard’s New CEO and President Tops Fortune’s Second Annual Ranking of the 50 Most Powerful Women in American Business," Fortune, October 25, 1999, 94.

157. Betsy Morris, “The Accidental CEO," Fortune, June 23, 2003, 58.

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