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DECEMBER 2015 44 The Big Idea One More Time : What Is Disruptive Innovation? Clayton M Christensen et al 102 Economics Why Overvalued Equity Is a Problem Roger L Martin and Alison Kemper 112 Managing Yourself How to Succeed in New Situations Keith Rollag How to win before the bargaining even begins PAGE 55 December 2015 55 COVER: GETTY IMAGES/DORLING KINDERSLEY SPOTLIGHT ON THE SOFTER SIDE OF NEGOTIATION 56 PSYCHOLOGY 66 NEGOTIATIONS 74 INTERNATIONAL BUSINESS Emotion and the Art of Negotiation Control the Negotiation Before It Begins Getting to Sí, Ja, Oui, Hai, and Da Being mindful of your feelings and regulating the way you express them can shape what happens at the bargaining table Alison Wood Brooks There’s more to successful negotiation than offers, counteroffers, and bargaining tactics Four factors can influence the outcome of a deal before you even sit down to talk Deepak Malhotra Five rules of thumb for negotiating in other cultures Erin Meyer ABOVE Jack Sutherland Fluoro (detail) Oil on canvas and wood Courtesy of saatchiart.com December 2015 Harvard Business Review 7 HBR.ORG Features December 2015 82 90 102 THE BIG IDEA INNOVATION STRATEGY ECONOMICS & SOCIETY What Is Disruptive Innovation? Find Innovation Where You Least Expect It Knowing When to Reinvent The Overvaluation Trap A look at the tenets of disruption theory, its usefulness and limitations, and its evolution over the past 20 years, by the leading experts on the subject Clayton M Christensen, Michael Raynor, and Rory McDonald Simple techniques to overcome the biases that get in the way of creativity Tony McCaffrey and Jim Pearson Leaders who can detect hidden “fault lines” that signal impending industry change are better able to prepare and adapt to it Mark Bertolini, David Duncan, and Andrew Waldeck 8 Harvard Business Review December 2015 When a company’s stock is priced too high, it becomes practically impossible for the firm to legally meet the market’s expectations And that can lead to irresponsible behavior Roger L Martin and Alison Kemper FREDRIK BRODEN 44 EXPERIENCE Case Study Teaching Notes Chekitan Dev teaches the case on which this one is based in his Brand Management course Peter O’Connor teaches it in his Hotel Online Distribution course You heard what Dan said HotelShield will pressure OTAs to lower their WHAT DREW YOU TO THIS STORY? some OTAs, and we get to keep the fees,” he said Online travel agents have become “frenemy number one” to hotel brands worldwide They help fill vacant rooms But they can seriously erode margins When the lights in the room came up, Gerard turned to Lotta “You know I like anything that “But is HotelShield really the answer to all our problems?” she asked “Are you willing to bet HOW DO YOUR STUDENTS RESPOND TO IT? €8 million on it?” Some are inclined to simply run the numbers; they don’t see the strategic value in signing up with a new distribution channel Others see an opportunity to diversify the channel portfolio and negotiate better terms with OTAs “I have Carly running the ROI— both short-term and long-term,” he replied, referring to Carly Janssen, his finance director “But I have to say that I find it intriguing You know WHAT LESSONS DOES THE CASE OFFER? Hilton and Starwood are two of the One is that companies need to keep a careful eye on their distribution-channel portfolios, noting each partner’s volume, margins, and negotiating power and also customer preferences, competitor strategies, and market forces Another is that stakeholders in an organization (marketing, finance) often have competing priorities, and leaders need to find a strategy that works for the company as a whole initial partners.” “That doesn’t mean we have to follow,” Lotta said “I’m having flashbacks to RoomLocator.” At Marriott, Lotta had been part of the team that voted to make an investment in a young start-up is going to be charging only 10% That’s less than half what we pay relationship with the customer I wasn’t wowed by the current traffic numbers, but I understand it’s just getting started—” Suddenly appearing behind him, Dan said, “And we haven’t heavily invested in marketing yet, because we’re waiting to secure all our equity partners first.” He grinned and shook hands with both of them, saying, “I was so happy to see that you two made it to the presentation I’ve exchanged a few e-mails with Curt, and I was sorry he couldn’t come to Berlin.” Before they could respond, Dan turned to Lotta “I know you and your American colleagues were with a similar value proposition—to traumatized by the RoomLocator undercut OTAs and help hospitality experience,” he said, “but this is going to be different…” groups increase direct bookings But across from the Haus des Rundfunks within two years the whole venture HotelShield was sponsoring the had gone south, and Marriott, along event, and Lotta wasn’t one to pass Gerard said Lotta was impressed up a free glass of wine The room that Dan had done his homework with the four other partners, was out a lot of money Tell us what you’d in this situation Go to HBR.org was full of other industry executives “It’s as if you read her mind,” Dan continued, “RoomLocator who’d attended the presentation, simply couldn’t compete back in 1999, has big brands behind it, but the and Lotta and Gerard could see Dan when investors were dumping silly business model makes more sense to making the rounds, shaking hands money into the likes of Travelocity me We’re not losing our customers and handing out cards and Expedia Plus those OTAs were “This seems different It also just babies, and we had no idea how to a third party This third party is “HotelShield seems a just helping us move some of the lot like an OTA in sheep’s real a threat they would become traffic to direct sales.” clothing to me,” Lotta said, Fifteen years later we’re on a more turning to Gerard level playing field, and we have much Lotta smiled at Gerard In her better analytics on what customers short time at Ervaring, she’d come to “I don’t know,” he rely on him for help with investment replied “It doesn’t seem as want Our website is uncluttered and bad to me This feels more easy to use and represents savings for decisions He was a no-nonsense numbers guy, not a risk taker “You like an additional distribution consumers Did you see the piece in really fell for the hype, didn’t you?” channel I don’t buy Dan’s line USA Today?” she teased that all we have to is ‘sit Still, she thought, maybe HotelShield is worth a second look back and count the money,’ but this does sound like a friendlier intermediary.” Curt had sent around the article A reporter had tested HotelShield against OTAs over several weeks and found in every case that he Different from the Last Debacle don’t we like about third-party it Lotta understood the promise: Lotta and Gerard walked down intermediaries? High fees and Customers could get the same the street to a reception at a bar disconnection from our customers rates they would on Priceline or 120 Harvard Business Review December 2015 “Besides,” he continued, “what would have saved money by using HBR.ORG Expedia—or even lower ones—plus crowded around Carly’s talking about a huge loss over all the benefits of direct booking, laptop looking at the analysis the next three years,” she said, such as flexible room choices, loyalty she’d done of a potential pointing to her laptop screen program points, the ability to make HotelShield investment custom amenity requests, and no cancellation fees “A very nice press hit,” Lotta said “But you really think you can beat the OTAs at their own game? How “This isn’t about a monetary return, at least not “The company has a solid business right now,” Gerard insisted “This model, no question, but we’d lose is about trying to shake up the money as a partner,” Carly said “You can see that if you go three years industry Everyone in e-commerce out, the NPV is still negative on our wants a piece of the $1.3 trillion long will it take you to get those investment Even when I the travel industry With Amazon and traffic numbers up?” sensitivity analysis and change the Google moving in and threatening “It’s a crowded market, for sure underlying assumptions, I don’t see to intercept our customers between And it’s getting even more competi- any scenario in which this would searching and booking, we’ve got to tive with Expedia buying up Orbitz work for us.” something soon if we’re going to and Travelocity But we’ve had great stay in the game Given that Hilton Lotta’s assistant brought in lunch, success so far In the first six months and the three of them paused for a and Starwood are becoming partners we had million unique visitors, moment to unwrap their sandwiches with HotelShield, we ought to be and we’re now reaching 14 million Lotta wasn’t surprised by Carly’s taking this very seriously.” travelers a month As I said, we numbers The OTAs had a pretty haven’t done a ton of marketing strong grip on consumers, and it Carly replied “We’re not a Hilton or “But maybe that’s the point,” because we’re still lining up partners seemed unlikely that a company a Starwood So let the U.S players I’ve already told Curt that we’re with pop-under ads would suddenly make this investment and see what willing to consider an exclusive deal change that happens We don’t have to take in Europe You’d be the first here on “So it’s a no,” she said the Continent, and you could be the “I know this is going to sound the risk, and we can still enjoy the benefits later—when HotelShield strange coming from wants us as a customer rather than stand for long We’ve got in- me,” Gerard said, “but a partner, or when it forces the OTAs terest from InterContinental even if the short-term and and Steigenberger as well It midterm numbers don’t would be a shame if you all look good, I’m not only one But that offer won’t missed the boat on this.” “Well, you know we don’t make the final sure we should let this opportunity pass us by We may not see an immediate return, call, so we’ll have to be in touch,” but if HotelShield gets even a piece of Lotta said, steering Gerard away market share over the next few years, As they exited the bar, Gerard reminded her that Curt had put the OTAs will have to pay attention.” “As you know,” he explained, “it’s the ball in her court He was relying essentially a two-player OTA market on her to make a suggestion to right now, and Expedia and Priceline the board have more negotiating leverage than “I know,” Lotta said “I just wanted they’ve ever had before Maybe we HBR’s fictionalized case studies present problems faced by leaders in real companies and offer solutions from experts This one is based on the HBS Case Study “Accor: Strengthening the Brand with Digital Marketing,” by Jill Avery, Chekitan S Dev, and Peter O’Connor to lower their fees.” Lotta could see why Carly was Gerard’s right-hand woman She had a good head on her shoulders “I like that idea,” she chimed in, fully aware that she was flip-flopping “Sitting back and waiting isn’t going to work if we want to see changes in Europe,” Gerard countered “HotelShield needs a partner here, and we’re the biggest brand I know you’re gun-shy, Lotta, but you can’t let your experience with RoomLocator color everything Dan to back off He was getting on can’t free ourselves completely of that comes after There needs to be my nerves Even worse, he was online travel agencies, but if they pressure from all over.” persuading me that this might be were to lower their fees by even a few percentage points, it would have Long-Term Return a huge impact on our bottom line— Lotta had made it through security Negative NPV perhaps not today, but certainly over at Schiphol and was waiting in line Later that week, back at Ervaring’s the long run.” a good idea.” Amsterdam headquarters, Lotta, Gerard, and Carly Janssen were Carly looked up midbite with a stunned expression “We’re still to board her flight to London for a day of meetings She checked her iPhone before getting to her seat December 2015 Harvard Business Review 121 EXPERIENCE The Experts Respond and saw an e-mail from Curt that read: “Have you made a decision about HotelShield?” She knew he wasn’t expecting an immediate reply, so she decided to think it over during the plane Ervaring should partner with the start-up, but not by investing ride and e-mail him from her taxi into London Nine thousand meters up, she reminded herself of all the reasons this investment wasn’t worth a significant portion of her budget HotelShield was unproven in the marketplace The business model was sound, but could they be sure that consumers, especially European travelers, would take to the popunder ads? Could the venture convert enough shoppers to make this a viable channel for Ervaring and scare the online travel agencies into lowering their fees? Ted Teng is the president and CEO of The Leading Hotels of the World But as she reflected, she could hear Gerard’s voice admonishing her for letting the RoomLocator debacle color her judgment She didn’t want that experience to prevent Ervaring from shaking up the industry and taking some profits back from the OTAs If it didn’t invest, one of the British or German brands probably would, perhaps as an exclusive partner, and then Ervaring might be left in the dust She looked out the window and wondered, Is this venture too big a risk? Or is it an opportunity we can’t pass up? Q Should Ervaring invest in HotelShield? 122 Harvard Business Review December 2015 MY ADVICE to Lotta and her team is to partner with the start-up, but not by investing For HotelShield to be successful, all the large, medium, and small hotel groups must be on its platform so that it has enough inventory and can prove its business model to investors If it’s going to compete with OTAs, it has to offer a similar advantage for consumers: the ability to comparison shop for availability and price among a broad range of options (This is much more convenient than looking at each brand’s site.) So Lotta should tell Dan that he can absolutely feature Ervaring’s rooms, but the company needs more time to consider a financial commitment That would allow her to reap the short-term benefits of increased bookings, reduced dependence on OTAs, and lower fees while weighing a long-term strategy And Dan might just agree to the plan, because he needs buy-in from big brands like Ervaring to survive I recommend this slower approach because although HotelShield might be able to sustain itself, I seriously doubt that it will be profitable When you charge lower fees, you earn less revenue That’s simple accounting Also, online travel agencies attract consumers because they spend big chunks of the revenue they earn on massmarket advertising HotelShield won’t have that ability, and although pop-under ads are economical, they’re unlikely to generate lots of traffic Low margins plus low volume equals low profitability The forecast that Gerard’s finance director made sounds right to me Don’t get me wrong I believe in what HotelShield and its real-life counterpart, Room Key, are doing: binding together hotel brands to compete against the OTAs and pressure them to lower their fees It’s smart for us to come together and create a platform to benefit all, and our industry sorely needs cooperation, because our most formidable competitors are not industry peers but these intermediaries At The Leading Hotels of the World we were not in a position to invest in Room Key, because we’re a sales, marketing, and distribution company and don’t own the brick-and-mortar hotels But we did provide inventory, because we were excited about a future in which we’d have closer relationships with our guests and spend less to get bookings Ervaring should what it can to propel HotelShield forward If Dan says the company’s only chance to participate is as an equity partner, Ervaring should probably go ahead and put some money on the line But he hasn’t given Lotta that ultimatum yet For now, there may be other ways to help lead the charge HBR.ORG Comments from the HBR.org community Join Forces Rather than invest, Ervaring should join all the other major chains to create an OTA owned by the industry itself That would require buy-in from and cooperation between competitors, and also significant marketing expense It would definitely be risky—but a rising tide lifts all boats, right? Alana McKie, ESL teacher, Noble Foreign Language Academy, Republic of Korea It’s All About Fees If HotelShield is successful, OTAs will lower their fees whether or not Ervaring is an investor By not investing, Ervaring takes on no risk but can share in the benefit of lower fees The decision becomes more difficult if Ervaring truly believes that its investment, more than any other hotelier’s, will greatly improve HotelShield’s chances of success And if OTAs negotiate fees with each hotelier rather than using one flat fee, Ervaring might be able to lower its fees in the future if and only if it partners with HotelShield Thomas Krcmaric, Inventory analyst, Old Navy Get More Data Ervaring should more research on the booking habits of its target customers (do they tend to book with OTAs or on Ervaring’s website?) and on market supply and demand over the next five years It also needs to know more about HotelShield’s conversion rates and performance to date for the existing equity partners Yvonne Gu, Master of Management in Hospitality ’16, Cornell School of Hotel Administration Michael Levie is the chief operations officer at citizenM, a Netherlandsbased hotel company IT WOULD be a horrible decision to partner with HotelShield First, Ervaring can’t afford it Lotta knows that the equity investment would use a significant portion of her marketing budget Unleashing almost all your funds on one initiative—a risky one at that—is never a good idea It’s like blowing most of your salary on a mortgage Sure, you might have a nice house, but in a week or two, you’re likely to be hungry Second, what HotelShield is promising to for Ervaring is something the hotel company can for itself It doesn’t need an intermediary to attract customers who abandon its website The technology to that is readily available and not overly complicated to incorporate Most hotel brands, including mine, can track the URLs of visitors as they navigate our sites and gather enough information to tell whether they’re worthwhile customers to target If they are, we can intervene at any point—even after they abandon our sites—with a pop-up message and suggestive selling Why would Ervaring consider outsourcing this relatively straightforward tactic? More important, why would the company so with a group of competitors? This is one of my biggest concerns Partnering with HotelShield would put Ervaring in bed with its closest rivals HotelShield will eventually have a huge database of guest information—e-mail addresses, geographic locations, payment data Who will have access to and control over that customer information? Online travel agencies are very powerful, and they’re here to stay But we’re not at their mercy We control the inventory and our own brand destinies We just need to figure out how best to work with OTAs Our strategy at citizenM has been to partner with one or two of them for the “billboard effect.” We don’t mind spending the money to get people to book with us, What HotelShield is promising to for Ervaring is something the hotel company can for itself and when they do, we make every effort to turn them into raving fans who repeatedly stay with us HotelShield is not going to threaten online travel agencies the way Google, TripAdvisor, and other companies that are getting into the booking game will We in the hotel industry definitely need to rethink how we are selling our product— by segmentation or better by channel—but taking down the OTAs is not going to be the solution For Ervaring, making such a risky and misguided investment is not just a bad idea—it’s ludicrous.  HBR Reprint R1512K Reprint Case only R1512X Reprint Commentary only R1512Z December 2015 Harvard Business Review 123 EXPERIENCE C onscientious leaders think long and hard about their legacies They ask, How will I be remembered? What will I pass on? Which ideas and values will outlive me? These questions can feel so overwhelming that it’s tempting to just live your life and let others write the eulogy (or, as my favorite professor once joked, “leave it all to the cat”), but thoughtful memoirs have a way of wrestling with them Three published this year, from big thinkers and doers writing late in their lives, provide valuable insights about what matters and what endures Let’s start with Brief Candle in the Dark, by the evolutionary biologist Richard Dawkins Though Dawkins is known for his irreverence, what really drives this book is his sense of awe He’s still, at age 74, absolutely gobsmacked by the natural world, and his passion for evidence is infectious He says that one of the biggest mistakes you can make is to stop doing research when you get the results you want He’s talking about science, but in an age of analytics, Synthesis Lives We Can Learn From this is counsel everyone can use Dawkins also has a strong distaste for devil’s advocacy—which surprised me, given his usual shtick as provocateur He views traditional debating (and courtroom lawyering, for that matter) as an ineffective “tug-of-war approach to getting at the truth,” where two sides argue by Lisa Burrell like crazy until a winner is chosen He’d rather have everyone sit down together and congenially consider the facts That’s how he remembers his close work with Alan Grafen, a Brockmann, who was a postdoc fellow He describes it as “a magical time, one of the most constructive periods of my working life.” (The 124 Harvard Business Review December 2015 HAYLEY WARNHAM student of his at Oxford, and Jane HBR.ORG BOB CHAPMAN: WHAT I’M READING Parenting with Love and Logic, by Foster Cline and Jim Fay (NavPress, 2006) “Cline and Fay offer simple ways to create an environment where children learn responsibility by answering their own challenges Their work influences the way I lead not only my family but also those in my span of care at Barry-Wehmiller.” Bob Chapman is the CEO of Barry-Wehmiller and a coauthor of Everybody Matters (Portfolio, 2015) Brief Candle in the Dark: My Life in Science Richard Dawkins Ecco, 2015 three did an economic analysis Big Oil and winning Senate support him, and he was always making of digger wasps’ behavior and to protect large swaths of Alaska connections between the worlds learned that the females chase from drilling; and brokering delicate of experience and theory His peers sunk costs: The harder they work talks with Deng Xiaoping in China, didn’t take his work seriously at creating burrows and stockpiling Anwar Sadat and Menachem Begin first, because it smacked of popular katydids, the harder they fight over at Camp David, and many other writing (Modern neurology was them, worth it or not.) Dawkins foreign leaders And we’re reminded practically devoid of clinical cases also recounts, with gratitude and that Carter maintained pressure on when he came along.) By conducting admiration, fruitful relationships Iran throughout his 1980 reelection intensive interviews and listening with myriad brilliant others— bid, which ultimately resulted in the with an investigator’s ear, Sacks including the sci-fi author Douglas hostages’ release minutes after his took his discipline—and the public’s Adams and the “new atheists” successor, Ronald Reagan, took office understanding—to a whole new place Christopher Hitchens, Sam Harris, and Daniel Dennett So, in his emeritus years, Dawkins offers an implied mandate to the case history, one that’s filled with leaders with Carter’s patient style obstacles and contradictions He was of negotiation and diplomacy a shy, face-blind doctor who made it his business to get to know people in any discipline: Be curious, logical, down to the synapse As a young man, Former U.S president Jimmy Carter, the author of A Full Life, Simon & Schuster, 2015 happens to be all those things He’s also quietly evangelical, but he’s the rational sort of believer that even Dawkins could respect (For instance, more than six years ago Carter cut “One cannot abstract an ailment or its treatment from the whole pattern, the context, the economy of someone’s life.” Oliver Sacks, On the Move describing his boyhood on the family Knopf, 2015 love affairs with men at a time when society made that exceedingly difficult “A rash drug-taker in the 1960s,” he had to kick his addiction to amphetamines before he could make any progress with his twice-weekly until the end of his life Convention because of its rigid stance against equality for women.) In he won weight-lifting competitions on Muscle Beach and quietly had psychotherapy, which continued ties with the Southern Baptist On the Move: A Life Oliver Sacks In this book he offers his own climate, we could use a few more next generation of groundbreakers and collaborative A Full Life: Reflections at Ninety Jimmy Carter In today’s divisive political Even after cancer spread to his brain this summer, he In laying himself bare, Sacks gives us even more insight into what philosophers and artists call the farm, his years as a submariner in the continued to use those talents navy, his time in political office, and in his humanitarian work, trying human condition His is the kind his philanthropic efforts since, Carter to shore up his country’s legacy as of book that knocks you off your conveys a keen appreciation for a compassionate nation His own hamster wheel, no matter what you human achievement, even when the legacy—as one of the world’s greatest for a living or what symptoms you work is grueling and thankless public servants—is already sealed have or don’t have It sheds light on Oliver Sacks, the neurologist the decisions we make, the way we People generally admire Carter more for his postpresidential and author of On the Move, also had behave, the relationships we build leadership than for his time in cancer He died in August, just a few and break Each of these memoirs offers a the White House He candidly months after his book came out, so acknowledges that his “commitment his reflections, like Carter’s, feel piece of understanding that’s larger to human rights was derogated…as intensely significant and poignant than any one life—but also the sense naïve and a sign of weakness” when he was in office, and that the failed Sacks spent decades treating and that one life contains multitudes The studying people with confounding authors don’t deliver any grand pro- helicopter mission to rescue the disorders—iconic patients such as nouncements about what it all means hostages in Iran didn’t help But he Witty Ticcy Ray and the Man Who in the end Quite the opposite: Their also, rather matter-of-factly, lays out Mistook His Wife for a Hat—and perceptions are so sharp and resonant because they’re so personal the contributions he made, such as writing compelling case histories persuading the king of Saudi Arabia about them He was a devoted to help rein in Idi Amin; taking on clinician, yet ideas, too, excited Lisa Burrell is a senior editor at Harvard Business Review December 2015 Harvard Business Review 125 Advertisement Thriving in the 5HLPDJLQHG:RUNSODFH Now that technology allows us to work anywhere, on any device, work is something people do—not just a place they go This shift demands that businesses manage and operate so that they can attract the right people, retain them, and ensure they can their best work The result: the reimagined workplace An environment where employees demand a seamless work experience no matter where they are and the tools to make that happen 1HZZD\VWRLPSURYHEXVLQHVVSURGXFWLYLW\ĩH[LELOLW\DQG agility are no longer just nice to have: They are essential for the modern workplace As companies design their workplaces for the future, adopting the right technology and putting the right policies into place are key to business strategy and organizational success Companies that can build and protect strong cultures that foster diversity, collaboration, and innovation, while supporting work-life balance DQGĩH[LELOLW\ZLOOFOHDUO\JDLQWKHFRPSHWLWLYHDGYDQWDJH This is a fundamental shift in thinking about the workplace: 2IĨFHVDUHEHFRPLQJPRUHRSHQDQGZDOOVDUHFRPLQJGRZQ And by making communication easier—between people, devices, applications, and data—organizations are increasing ĩH[LELOLW\GHFUHDVLQJFRVWVDQGLQFUHDVLQJFROODERUDWLRQDQG the speed of change In research with executives across the globe, Citrix found that some companies are gaining organizational and strategic advantages by using technology to: • Recruit and retain talent through cutting-edge policies for SHUVRQDOGHYLFHXVDJHDQGĩH[LEOHZRUNVFKHGXOHV • Increase personal productivity for people working anywhere by offering easy, secure access to business resources • 2IIHUPRGHUQĩH[LEOHZRUNVSDFHVWKDWLQVSLUHSHRSOHZKLOH reducing overhead and real estate costs Companies that leverage these technologies to enhance their talent strategies are tapping into a whole new way of thinking about work and restructuring the way work is done Research shows that in the next decade one-third of workers ZLOOQRORQJHUEHEDVHGDWWUDGLWLRQDORIĨFHV7KH\ċOOEH RSHUDWLQJIURPKRPHWKHĨHOGDQGSURMHFWDQGFXVWRPHU locations, as well as from hotels, airports, and trains Along with changing where they work, employees also are shifting when they work; the traditional 9-to-5 schedule is being adapted to create more work-life balance Employees with this new “mobile workstyle” expect to work VHDPOHVVO\DFURVVPDQ\SODWIRUPV5HVHDUFKĨQGVWKDWSHRSOH will access corporate applications, data, and services from an average of six different computing devices a day :KLOHWKHVHZRUNHUVZLOOQRWDOZD\VEHLQWKHVDPHWLPH]RQH let alone the same workspace, organizations know the need for collaboration has never been greater From idea generation to problem-solving to delivering results, teamwork is essential to productivity and innovation, and companies need a toolbox of technologies that will allow teams to work together and build relationships Citrix tools offer a wide range of collaboration solutions, LQFOXGLQJPHHWLQJRQOLQHVKDULQJDQGDFFHVVLQJODUJHĨOHV and answering calls with a virtual phone system Citrix solutions empower employees to work from anywhere while providing full security, granular control, and an uncompromised user experience Meet Online Anytime, Anywhere *R7R0HHWLQJPDNHVLWHDV\IRUGLVSHUVHGWHDPVRIDQ\VL]HWR meet with the tap of a screen on any device The easy-to-use interface allows for quick meetings, quick check-ins, and quick UHVXOWV*R7R0HHWLQJIHDWXUHV • *HWPRUHGRQHZLWKXQOLPLWHGPHHWLQJVDVLPSOHLQWHUIDFH and clear communication • Decrease travel costs while meeting as often as you like • %XLOGEHWWHUUHODWLRQVKLSV+'YLGHRFOHDUDXGLRDQGDVKDUHG VFUHHQFUHDWHXQLĨHGIRFXV • ,QFUHDVHVDOHV+HUHċVDVLPSOHHTXDWLRQXQOLPLWHGPHHWLQJV PRUHWLPHWRPHHWSURVSHFWVWUDYHO GHDOVFORVLQJIDVWHU Advertisement Send Files Securely and Easily Teams have to share, revise, review, and send large amounts of LQIRUPDWLRQHIĨFLHQWO\DQGVHFXUHO\ZLWKRXWFORJJLQJLQER[HV 6KDUH)LOHLVDQHDV\WRXVHĨOHVKDULQJWRROWKDWLQFOXGHVPDQ\ useful features: • 6HFXUHVKDULQJDQGV\QFLQJIRUĨOHVXSWR*% • Automatic desktop sync and data backup between desktop folders and the ShareFile account in the cloud • Custom-branded web portals for clients, vendors, and other H[WHUQDOSDUWQHUVWRVHFXUHO\DFFHVVDQGVKDUHĨOHV • &RQĨUPDWLRQRIUHFHLYHGĨOHVDQGH[WHQVLYHWUDFNLQJRSWLRQV • 0LFURVRIW2XWORRNSOXJLQWRVHQGDQGUHTXHVWĨOHVGLUHFWO\ from your inbox • 0RELOHDSSVIRUL26$QGURLG%ODFNEHUU\DQG:LQGRZV Phone tablets and smartphones Never Miss a Call Employees who are on the go, meeting with clients, and ZRUNLQJDWGLIIHUHQWVLWHVFDQċWDOZD\VZDLWDWDGHVNIRUD call—no matter how important—or answer a cellphone :LWK*UDVVKRSSHUDYLUWXDOSKRQHV\VWHPHDFKDQGHYHU\ FDOOFDQEHIRUZDUGHGWRDFHOOSKRQHDQGRUDQRIĨFHODQGOLQH ,IDFDOOFDQċWEHDQVZHUHGLWFDQEHURXWHGWRDQRWKHU extension or sent to voicemail, where the message can be transcribed and emailed to the employee Outside callers can be routed to different “informational” extensions based on ZKDWWKH\QHHG*UDVVKRSSHUWXUQVWKHZRUOGLQWR\RXURIĨFH with many features: • Call forwarding that works with landlines and mobile phones, regardless of the type of device being used by the employee • Scheduled call forwarding for periods when employees cannot answer the phone, with calls rerouted to designated employees who can handle the calls • Transcribed voicemails delivered to email • Multiple extensions for everyone on the team • Toll-free or local numbers, delivering a national or local presence • Compatibility with existing cell or landline phones; no need for new hardware 0RELOHSURGXFWLYLW\LVIXQGDPHQWDOWRHYHU\RUJDQL]DWLRQċV ability to support a happy, productive workforce As employees increasingly expect to be able to work from anywhere, on any device, your organization must move beyond the constraints RIĨ[HGORFDWLRQVDQGVWDQGDUG3&VWRHQDEOHIUHHGRPDQG ĩH[LELOLW\LQWKHZD\SHRSOHZRUN0RGHUQPRELOLW\PDQDJHPHQW solutions allow your organization to securely provide access to the apps and data people need to their jobs effectively no matter where they are or what devices they use Learn more: www.gotomeeting.com CITRIX IS THE EXCLUSIVE SPONSOR OF THE HBR.ORG INSIGHT CENTER: How to Be a Company That Employees Love These new articles explore how organizations DUHĨQGLQJWKHULJKWPL[RIPLVVLRQWDOHQW PDQDJHPHQWDQGHIIHFWLYHQHVVWRFUHDWHZRUN cultures that balance emotional intelligence ZLWKDGULYHIRUUHVXOWV https://hbr.org/insight-center/how-to-be-a-companythat-employees-love EXECUTIVE SUMMARIES DECEMBER 2015 SPOTLIGHT ON THE SOFTER SIDE OF NEGOTIATION HBR.ORG SPOTLIGHT 56 Emotion and the Art of Negotiation by Alison Wood Brooks 66 Control the Negotiation Before It Begins by Deepak Malhotra 74 Getting to Sí, Ja, Oui, Hai, and Da by Erin Meyer The Softer Side of Negotiation Most negotiation guides understate the importance of emotion The first article in this package shows how essential it is to manage—and use—anger, excitement, and anxiety In addition, we look at ways to gain an edge before negotiations formally begin and rules for making deals across borders ARTWORK Jack Sutherland, Norge Acrylic and oil on canvas Courtesy of saatchiart.com December 2015 Harvard Business Review 55 PSYCHOLOGY NEGOTIATIONS INTERNATIONAL BUSINESS Emotion and the Art of Negotiation Control the Negotiation Before It Begins Getting to Sí, Ja, Oui, Hai, and Da Alison Wood Brooks | page 56 Deepak Malhotra | page 66 Erin Meyer | page 74 Negotiations can be fraught with emotion, but it’s only recently that researchers have examined how particular feelings influence what happens during deal making Here the author shares some key findings and advice Anxiety leads to poor outcomes You will be less nervous about negotiating, however, if you repeatedly practice and rehearse You can also avoid anxiety by asking an outside expert to represent you at the bargaining table Anger is a double-edged sword In some cases, it intimidates the other parties and helps you strike a better deal, but in other situations, particularly those involving longterm relationships, it damages trust and goodwill and makes an impasse more likely To avoid or defuse anger, take a break to cool off, or try expressing sadness and a desire to compromise Disappointment can be channeled to reach a more satisfactory outcome Before disappointment becomes regret, ask plenty of questions to assure yourself that you’ve explored all options And don’t close the deal too early; you might find ways to sweeten it if you keep talking Excitement isn’t always a good thing Getting excited too early can lead you to act rashly, and gloating about the final terms can alienate your counterparts But if feelings of excitement, like other emotions, are well managed, everyone can feel like a winner HBR Reprint R1512C Countless books and articles offer advice on avoiding missteps at the bargaining table But some of the costliest mistakes take place before negotiators sit down to discuss the substance of the deal That’s because they often take for granted that if they bring a lot of value to the table and have sufficient leverage, they’ll be able to strike a great deal While negotiating from a position of strength is certainly important, many other factors influence where each party ends up This article presents four factors that can have a tremendous impact on negotiation outcomes and provides guidance on what negotiators should be doing before either side starts worrying about offers, counteroffers, and bargaining tactics Harvard Business School professor Deepak Malhotra advises negotiators to resolve process before substance, set expectations, map out the negotiation space, and control the frame By following those steps, managers position themselves for success at the bargaining table HBR Reprint R1512D To be effective, a negotiator must take stock of the subtle messages being passed around the table In international negotiations, however, you may not know how to interpret your counterpart’s communication accurately, especially when it takes the form of unspoken signals The author identifies five rules of thumb for negotiating in other cultures: Adapt the way you express disagreement In some cultures, it’s OK to say “I totally disagree.” In others, that would provoke anger and possibly an irreconcilable breakdown of the relationship Know when to bottle it up or let it all pour out Raising your voice when excited, laughing passionately, even putting a friendly arm around your counterpart— these are common behaviors in some cultures but may signal a lack of professionalism in others Learn how the other culture builds trust Negotiators in some countries build trust according to the confidence they feel in someone’s accomplishments, skills, and reliability For others, trust arises from emotional closeness, empathy, or friendship Avoid yes-or-no questions Instead of asking “Will you this?” try “How long would it take you to get this done?” Be careful about putting it in writing Americans rely heavily on written contracts, but in countries where human relationships carry more weight in business, contracts are less detailed and may not be legally binding HBR Reprint R1512E 128 Harvard Business Review December 2015 HBR.ORG The Big Idea Features STRATEGY INNOVATION What Is Disruptive Innovation? Find Innovation Where You Least Expect It Clayton M Christensen, Michael Raynor, and Rory McDonald | page 44 Tony McCaffrey and Jim Pearson page 82 THE BIG IDEA WHAT IS Find Innovation Where You Least Expect It HOW TO OVERCOME “FUNCTIONAL FIXEDNESS” AND OTHER BIASES THAT GET IN THE WAY OF CREATIVITY BY TONY MCCAFFREY AND JIM PEARSON Twenty years after the introduction of the theory, we revisit what it does—and doesn’t—explain BY CLAYTON M CHRISTENSEN, MICHAEL RAYNOR, AND RORY MCDONALD For the past 20 years, the theory of disruptive innovation has been enormously influential in business circles and a powerful tool for predicting which industry entrants will succeed Unfortunately, the theory has also been widely misunderstood, and the “disruptive” label has been applied too carelessly anytime a market newcomer shakes up well-established incumbents In this article, the architect of disruption theory, Clayton M Christensen, and his coauthors correct some of the misinformation, describe how the thinking on the subject has evolved, and discuss the utility of the theory They start by clarifying what classic disruption entails—a small enterprise targeting overlooked customers with a novel but modest offering and gradually moving upmarket to challenge the industry leaders They point out that Uber, commonly hailed as a disrupter, doesn’t actually fit the mold, and they explain that if managers don’t understand the nuances of disruption theory or apply its tenets correctly, they may not make the right strategic choices Common mistakes, the authors say, include failing to view disruption as a gradual process (which may lead incumbents to ignore significant threats) and blindly accepting the “Disrupt or be disrupted” mantra (which may lead incumbents to jeopardize their core business as they try to defend against disruptive competitors) The authors acknowledge that disruption theory has certain limitations But they are confident that as research continues, the theory’s explanatory and predictive powers will only improve HBR Reprint R1512B O   n the evening of April 14, 1912, the RMS Titanic collided with an iceberg in the north Atlantic and sunk two hours and 40 minutes later Of its 2,200 passengers and crew, only 705 survived, plucked out of 16 lifeboats by the Carpathia Imagine how many more might have lived if crew members had thought of the iceberg as not just the cause of the disaster but a life-saving solution The iceberg rose high above the water and stretched some 400 feet in length The lifeboats might have ferried When the Titanic collided with an iceberg and sunk, only 705 of its 2,200 passengers and crew, floating in 16 lifeboats, were saved Imagine how many more might have lived if crew members had thought of the iceberg as not just the cause of the disaster but a lifesaving solution The iceberg rose high above the water and stretched nearly 400 feet in length The lifeboats, or the Titanic itself, might have been able to pull close enough to the iceberg for people to scramble on Regardless of whether this could actually have worked, it’s an intriguing idea—yet surprisingly difficult to envision That’s because a cognitive bias called “functional fixedness” limits people to seeing objects only in the way in which they’re traditionally used In a nautical context, an iceberg is a hazard to be avoided; it’s very hard to see it any other way When it comes to innovation, businesses are constantly hampered by functional fixedness and other cognitive biases that cause people to overlook elegant solutions hidden in plain sight We can overcome this bias—and similar biases about an object’s design and purpose—by changing how we describe the object and how we think about its component parts This article also presents techniques and tools to help managers think in innovative ways—a process the authors call “brainswarming”—about common business problems, whether it be conceiving new products, finding novel applications for existing products, or anticipating competitive threats HBR Reprint R1512F Join the leadership transforming healthcare The challenges facing healthcare today can only be met by strong leadership, collaboration across disciplines and creative thinking The Cleveland Clinic-Weatherhead Executive MBA at Case Western Reserve University combines Weatherhead’s breakthrough business concepts of leadership in management with Cleveland Clinic’s innovative approach to the business of healthcare to make this program the premier option for experienced healthcare professionals Learn more and apply today at: weatherhead.case.edu EXECUTIVE SUMMARIES Features Statement of Ownership, Management, and Circulation HARVARD BUSINESS REVIEW  Publication No 0017-8012 ISSUE FREQUENCY Monthly NUMBER OF ISSUES PUBLISHED ANNUALLY 10 (January–February and July–August are double issues) ANNUAL SUBSCRIPTION PRICE $99, $118, $119 (U.S.); $128, $139 (Canada and Mexico); $165 (international) GENERAL BUSINESS OFFICE  60 Harvard Way, Boston, MA 02163; Middlesex County OWNERS Harvard Business School Publishing Corp 60 Harvard Way, Boston, MA 02163 President and Fellows of Harvard College Cambridge, MA 02138 STRATEGY ECONOMICS & SOCIETY Knowing When to Reinvent The Overvaluation Trap Mark Bertolini, David Duncan, and Andrew Waldeck | page 90 Roger L Martin and Alison Kemper page 102 GROUP PUBLISHER Joshua Macht 60 Harvard Way, Boston, MA 02163 EDITOR IN CHIEF Adi Ignatius 60 Harvard Way, Boston, MA 02163 EDITOR Amy Bernstein 60 Harvard Way, Boston, MA 02163 Detecting marketplace “fault lines” is the key to building the case for preemptive change BY MARK BERTOLINI, DAVID DUNCAN, AND ANDREW WALDECK THE OVERVALUATION TRAP When investor expectations are impossible to meet, bad behaviors ensue BY ROGER L MARTIN AND ALISON KEMPER BONDHOLDERS, MORTGAGEES, OR OTHER SECURITY HOLDERS None The purpose, function, and nonprofit status of this organization and the exempt status for federal income tax purposes has not changed during the preceding 12 months ISSUE DATE FOR THE DATA BELOW  September 2015 (filed and subject to audit) AVERAGE NUMBER OF COPIES FOR EACH ISSUE DURING THE PRECEDING 12 MONTHS  Total number of copies (net press run) 348,207 Paid and/or requested circulation: Paid/requested outside-county subscriptions stated on Form 3541 131,519 Paid in-county subscriptions stated on Form 3541 Sales through dealers and carriers, street vendors, counter sales, and other non-USPS paid distribution 196,504 Other classes mailed through USPS Total paid and/or requested circulation 328,023 Free distribution by mail: Outside-county as stated on Form 3541 In-county as stated on Form 3541 Other classes mailed through USPS Free distribution outside the mail Total free distribution Total distribution Copies not distributed Total Percent paid and/or requested circulation .0 4,201 4,201 332,224 15,983 348,207 98.74% NUMBER OF COPIES OF SINGLE ISSUE PUBLISHED NEAREST TO FILING DATE Total number of copies (net press run) 337,371 Paid and/or requested circulation: Paid/requested outside-county subscriptions stated on Form 3541 124,132 Paid in-county subscriptions stated on Form 3541 Sales through dealers and carriers, street vendors, counter sales, and other non-USPS paid distribution 187,444 Other classes mailed through USPS Total paid and/or requested circulation 311,576 Free distribution by mail: Outside-county as stated on Form 3541 In-county as stated on Form 3541 Other classes mailed through USPS 3,702 Free distribution outside the mail Total free distribution 3,702 Total distribution 315,278 Copies not distributed 22,093 Total 337,371 Percent paid and/or requested circulation 98.83% I certify that all information furnished on this form is true and complete Edward Crowley, GENERAL MANAGER No business survives over the long term without reinventing itself But knowing when to undertake strategic transformation—when to change a company’s core products or business model because of impending industry disruption— may be the hardest decision a leader faces Five interrelated “fault lines” can indicate that the ground beneath a company is unstable and that it’s time for radical change The authors’ fault line framework addresses basic issues: whether the business serves the right customers, uses the right performance metrics, is positioned properly in its industry, deploys the correct business model, and has employees and partners who possess the capabilities required for future success The framework can help executives build a case for change and persuade stakeholders to support the decision And by identifying gaps between an organization’s current state and where it needs to be to continue to thrive, it can inform the vision of how the company must transform Diagnostic questions and an in-depth look at the health care company Aetna—an organization in the midst of an ambitious transformation effort, where one of the authors (Mark Bertolini) is CEO—illuminate how to detect the fault lines while there’s still ample time to respond HBR Reprint R1512G In 2007, Chuck Prince, then the CEO of Citigroup, made a notorious comment about the subprime mortgage market: “As long as the music’s playing, you’ve got to get up and dance We’re still dancing.” Soon after, the financial system crashed, and that remark came to be seen as a cavalier justification for excessive risk taking by the bank But authors Martin and Kemper raise another possibility: Prince may have been painted into a corner, because Citigroup’s stock was indefensibly overvalued The only way the bank could earn the unrealistically high returns shareholders expected was through ever more dangerous activities The overvaluation trap was first identified by Michael Jensen in a 2005 article examining the dot-com bubble He noted that it often affects entire sectors and that in response to it executives tend to adopt two strategies: investing in hot, hyped technologies (as Global Crossing did with fiber-optic cable) and glamorous acquisitions (Nortel’s downfall) And when investment opportunities start to dry up, firms may turn to financial manipulation (think WorldCom) to prop up their overpriced equity Martin and Kemper point out that today companies in the pharmaceutical and oil sectors are caught in this same trap Their market caps are spectacularly high But massive spending on R&D is not producing more new drugs, and ever greater investment in oil reserve exploration is only exacerbating the glut of supply The dance may be ending for both industries, and their executives need to figure out new and more-realistic narratives for value HBR Reprint R1512H creation HBR.ORG How I Did It Managing Yourself LEADERSHIP The CEO of Athenahealth on the Role of Anger in Starting New Businesses Succeed in New Situations Keith Rollag | page 112 Jonathan Bush | page 39 As a boy, Bush watched Emergency! on television and was captivated by the romance and seeming magic of saving lives As an adult, he found the reality of medicine to be very different: There wasn’t much humanity in the way health care was actually delivered Believing that he’d be daunted by the course work required for a medical degree, he decided to take an entrepreneurial route to improving the system His first sense of the opportunity came while he was driving an ambulance in New Orleans one summer during college Some patients with chronic disease who couldn’t afford their medicines would repeatedly call the ambulance to take them to a hospital where they could be stabilized What if the ambulance itself were outfitted with treatments for the five most common chronic diseases and carried EMTs who were trained to use them? Those patients could be treated in place, at a radically lower cost than what the hospital would charge That idea didn’t work out, and Bush moved on to think about a network of maternity clinics He and Todd Park drew up a business plan at Harvard Business School—one that was “unbelievably complicated to execute and very risky.” But in the process of pursuing it, they created websites for the paperwork with rules that prevented mistakes That was the seed for athenahealth, which today supports electronic medical records and a suite of practice management and care coordination services, leaving doctors free to spend more time with their patients HBR Reprint R1512A HOW I DID IT… THE CEO OF ATHENAHEALTH ON THE ROLE OF ANGER IN STARTING NEW BUSINESSES by Jonathan Bush The Idea Frustrated by health care costs and paperwork, Bush looked for ways to free doctors from nonclinical drudgery through technology POSTMASTER Send domestic address changes, orders, and inquiries to: Harvard Business Review, Subscription Service, P.O Box 62270, Tampa, FL 33662 GST Registration No 1247384345 Periodical postage paid at Boston, Massachusetts, and additional mailing offices Printed in the U.S.A Harvard Business Review (ISSN 0017-8012; USPS 0236-520), published monthly with combined issues in January–February and July–August for professional managers, is an education program of Harvard Business School, Harvard University; Nitin Nohria, dean Published by Harvard Business School Publishing Corporation, 60 Harvard Way, Boston, MA 02163 Managing Yourself Succeed in New Situations Master these getting-to-know-you skills by Keith Rollag S You can’t get very far in your career without taking new jobs, joining new organizations, transferring to new locations, and meeting and building relationships with new contacts But surprisingly, many professionals stumble in these situations because they haven’t mastered three basic yet critical getting-to-know-you skills: introducing themselves, remembering names, and asking questions Fortunately, it’s fairly easy to get better at them In this article, a Babson professor who has spent 20 years counseling executives and MBAs offers tactics that will help you navigate new situations more confidently For instance, introductions tend to go more smoothly if you’ve practiced your opening lines—and you know how to make the other person feel valued Names are easier to remember if you repeat and rehearse them and link them to vivid mental images And you’re more likely to get the answers you need if you figure out the right person to approach—and the right time—and ask short, to-the-point questions By paying attention and applying simple but practical strategies like these, you can set yourself up for success with new challenges HBR Reprint R1512J EXPERIENCE HBR.ORG Life’s Work Hear the complete interview online at HBR.org Katie Couric led NBC’s Today show to dominant ratings during her 15 years as a cohost She went on to become network TV’s first solo female evening news anchor (in a five-year stint on CBS) and to launch a daytime talk show (Katie)—all while advocating for cancer prevention Since 2013 she has served as the global news anchor for Yahoo Interviewed by Daniel McGinn HBR: In 25 years of interviewing leaders, have you seen leadership styles change? Couric: The trend is toward authenticity Social media has blown wide open the notion of managing one’s image One reason Donald Trump has resonated this year is that consumers and voters crave a natural interaction with public figures and celebrities He knows how to that Why did your Today personality not translate to the evening news?  A morning show has a loose format, which allows casual conversation that makes your essence obvious People felt they were getting the genuine article Anchoring the evening news is quite restrictive: For the most part you’re reading copy, and in 22 minutes you can’t relate to the audience in the same way What has surprised you about doing digital news at Yahoo? We’re still trying to figure out how to make videos in “snackable” portions, how to make longer interviews available when people want to take a deep dive, and how to iterate (as they say at Yahoo) content for various platforms It’s a learning process Do you expect your daughters to face career challenges because of their gender? Both my girls experience some of the objectification of women They’ll probably face the same issues with work/life balance that I did; our country is still in the Dark Ages when it comes to they feel a little pressure having someone like me—high profile, hard charging—as a mom But for their careers, they believe anything is possible HBR Reprint R1512M 132 Harvard Business Review December 2015 BEN BAKER/REDUX accommodating working families And How Can You Help Your Employees Retire? What’s the right way to help engage your employees in planning for their retirements? Can you structure a plan that helps them save more? We think you KDYHJRRGRSWLRQVDQGZHŒYHODLGRXWDFRPSDULVRQRIWKUHHRIWKHPRĭ WKHVKHOIWDUJHWGDWHIXQGVFXVWRPL]HGWDUJHWGDWHVROXWLRQVDQGSHUVRQDOL]HG managed accounts $W0RUQLQJVWDUZHŒUHIRFXVHGRQKHOSLQJLQYHVWRUVUHDFKWKHLUīQDQFLDOJRDOV so we’re continually looking for ways to improve their retirement planning Download our white paper http://global.morningstar.com/HelpRetireHBR to read more about your options Email us at retirement@morningstar.com Visit us at global.morningstar.com/retirement Call +1 312 3844074 FLÂNEUR FOREVER Hermes.com ... Copyright 2015 Harvard Business School Publishing Corporation All rights reserved The views expressed in articles are the authors’ and not necessarily those of Harvard Business Review, Harvard Business. .. Fluoro (detail) Oil on canvas and wood Courtesy of saatchiart.com December 2015 Harvard Business Review 7 HBR.ORG Features December 2015 82 90 102 THE BIG IDEA INNOVATION STRATEGY ECONOMICS & SOCIETY... READERS 800-274-3214 Harvard Business Review, P.O Box 37457 Boone, Iowa 50037-0457 LIBRARY ACCESS Libraries offer online access to current and back issues of Harvard Business Review through EBSCO
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