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The Marketing – Finance Interface: Practical Examples Gerben Algra VP Marketing
Table of contents <ul><li>Introduction </li></ul><ul><li>DSM : who we are and what we do </li></ul><ul><li>Pricing </li></...
The Life Sciences and Materials Sciences Company contributing to  quality of life
<ul><li>Evolution </li></ul>Over a century of successful transformations Technological competences 1902 1930 1970 1950 199...
DSM from  2000 to 2005  :  Focus and Value ………… . Second major transformation of DSM ………… Former LSP Petro LSP PM IC 2000 ...
DSM Vision 2010:  Building on Strengths Value Creation Market-driven Growth  and innovation Building on Strengths Increase...
Reshaping the Portfolio <ul><li>Carve out and divest </li></ul><ul><li>Melamine/urea/fertilizers and Energy </li></ul><ul>...
Accelerating Vision 2010 Performance Materials Shared competencies <ul><li>Markets </li></ul><ul><li>Technologies </li></u...
Portfolio Synergy Creates EBA Growth Platforms <ul><li>First concepts patent-protected </li></ul><ul><li>Investments in Ju...
Key Figures  <ul><li>Globally > 200 locations, ca. 23,500 employees </li></ul><ul><li>Leadership positions in ~75% of the ...
Leader in Sustainability, Now & in the Future Internationalization & Diversity Climate & Environment Nutrition Improvement...
DSM Organizational Chart DSM Innovation Center Corporate Staff Shared Competences &  Business Support DSM Nutritional Prod...
 
DSM is everywhere
PROGRAM EXCELLERATE PRICING
…  PRICING IS THE MOST POWERFUL LEVER FOR IMPROVING REVENUE AND PROFITABILITY THE DIRECT IMPACT PRICING HAS ON THE BOTTOM ...
MOVING TO WORLD CLASS PRICING IS A JOURNEY PROCESS MATURITY LEVELS MATURE PROCESS WORLD CLASS Pricing Solutions Ltd., 2003...
PRICING MANAGEMENT :  2 ELEMENTS OPTIMIZATION AND EXCELLENCE ACHIEVING THE FULL PROFIT IMPROVEMENT POTENTIAL OF PRICING RE...
Project Approach : Set up  Dedicated / Focused Project <ul><li>E.g. Analyze current prices </li></ul><ul><ul><li>Historic ...
RANDOM EXAMPLE : PROFIT IMPROVEMENT POTENTIAL PCR 0 1 2 3 4 5 6 7 8 9 10 Volume Index Price Index <ul><li>Any correlation ...
RANDOM EXAMPLE : PROFIT IMPROVEMENT POTENTIAL -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0.0 Volume  Customer profit ...
PROFITABILITY ANALYSIS PROVIDES INSIGHTS ….. Graph  gives insight into profitability of customers
ARE YOU CONFIDENT THAT PRICE  LEAKS ARE NOT ERODING YOUR PROFITABILITY? Opportunities to control undesirable price leaks i...
MONITORING SALES FORCE PERFORMANCE Average Price And Volume By Salesperson For Product A, Region A Volume Price Median  5%...
Project Approach : Set up  Dedicated / Focused Project <ul><li>E.g. Analyze current prices </li></ul><ul><ul><li>Historic ...
Price setting model Price setting based on inside-out and outside-in insights Pricing : Financial model  /  Internal persp...
Account Plans : Key to actions and monitoring Account plan Present account  data Sales argumentation  Price calculator Lis...
MONITORING : SPIDER IN THE WEB !! Management & Organisation <ul><li>Adjust roles & responsibilities (RASCI) </li></ul><ul>...
Improvement  Cycle and making results SUSTAINABLE <ul><li>Formalize Process </li></ul><ul><li>Define frequency </li></ul><...
Product Launch
Innovation : Bigger, faster, cheaper, better Accumulated Losses Opportunity time Revenues € Source: Prof. JP Jeannet, AIM ...
Key Functional Involvement over the Launch Cycle Legal Manufacturing Marketing R&D Sales Finance IDEA GENERATION BUSINESS ...
Marketing and Sales Focus  Price Place Promotion Product Customer Company Unlimited. DSM Context Price Place Promotion Pro...
Concept Development : POSITIONING Concept # 5 Concept # 4 Concept # 1 Concept # 2 ………… . Creative Part of the Process …………...
Example Claryl ®   : Speaking the customer’s language <ul><li>Benefits </li></ul><ul><li>Description of technical features...
… also in pictures <ul><li>Appealing to your mind </li></ul>From... ...To Appealing to your imagination
SOLUTIONS DESIGN & ACTION PLAN The Fruition … <ul><li>Generate : </li></ul><ul><li>Business concept </li></ul><ul><li>Arti...
Product Launch Iterative process <ul><li>Financials : </li></ul><ul><li>Volumes, Price, Mix, Market Share </li></ul><ul><l...
Conclusion : Commercialization is as much of a craft as it is an art  <ul><ul><li>Establish minimal DSM standards for mand...
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"The Marketing – Finance Interface: Practical Examples" - Dr. Gerben P. Algra

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  • When accelerating Vision 2010 DSM continues to pursue its Triple P policy, paying attention not only to Profit, but also to the interests of People and Planet. DSM firmly believes that the long-term sustainable future of the company is best served that way. DSM’s top ranking by leading agencies as DJSustainability among the global leaders in SHE and sustainability in the chemical industry should be retained. One of the spearheads with regard to DSM’s Triple P policy is the drive towards further developments of White Biotech, industrial production with fermentation based processes involving micro-organisms and enzymes. white biotech relies on renewable resources, which is good for Planet, but also for Profit in view of price trends for raw materials based on fossil fuels. As these processes normally are conducted under atmospheric pressure and at moderate temperatures, they are inherently more safe than many chemical synthesis production methods and serve also the People dimension. The coming years DSM will further strive to double its savings of energy, addressing growing concerns about global climate change, but also serving the Profit dimension of Triple P. The other concrete targets to reduce the eco-footprint of its activities as have been set in Vision 2010, are reconfirmed. With regard to the People dimension DSM is further engaged in several so-called ‘Base-of-the-Pyramid’ or BoP projects to improve living standards for the four billion people in the poorest regions of the world. This vast portion of the global population represents an economic and social potential that is still largely untapped. Development of economic activities in these regions will be a source of growth and a sustainable way of improving the situation in these regions. At the same time, BoP projects require radical new business models and even new products, which stimulates innovation. DSM is preparing projects in India in the areas of building and construction, nutrition and feed. First trials for a project on animal feed will start in October 2007. DSM cooperates in these BoP projects with the United Nations World Food program, NGOs, and local organizations. With regard to the People dimension DSM will further step up efforts towards internationalization and diversification of its global workforce, as already mentioned on the previous page.
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  • Transcript of ""The Marketing – Finance Interface: Practical Examples" - Dr. Gerben P. Algra"

    1. 1. The Marketing – Finance Interface: Practical Examples Gerben Algra VP Marketing
    2. 2. Table of contents <ul><li>Introduction </li></ul><ul><li>DSM : who we are and what we do </li></ul><ul><li>Pricing </li></ul><ul><li>Product Launch </li></ul><ul><li>Conclusions </li></ul>
    3. 3. The Life Sciences and Materials Sciences Company contributing to quality of life
    4. 4. <ul><li>Evolution </li></ul>Over a century of successful transformations Technological competences 1902 1930 1970 1950 1990 2000 2010 Life Science Products Coal Fertilizers Petrochemicals Performance Materials Bioterials / Biologics Chemical engineering Polymer technology Fine chemicals Material science Mechanical engineering Biotechnology
    5. 5. DSM from 2000 to 2005 : Focus and Value ………… . Second major transformation of DSM ………… Former LSP Petro LSP PM IC 2000 IC PM Divestment Petchem Acq. Roche V&FC Acq. NeoResins IC PM PM LSP Pharma IC Sales € 8.2 bn Sales € 5.6 bn Sales € 8 bn H2’02/H1’03 2005 DNP
    6. 6. DSM Vision 2010: Building on Strengths Value Creation Market-driven Growth and innovation Building on Strengths Increased Presence Emerging Economies Operational Excellence
    7. 7. Reshaping the Portfolio <ul><li>Carve out and divest </li></ul><ul><li>Melamine/urea/fertilizers and Energy </li></ul><ul><li>Elastomers </li></ul><ul><li>Special Products </li></ul><ul><li>Maleic anhydride and derivatives </li></ul><ul><li>Carve out and partner </li></ul><ul><li>Citric acid </li></ul><ul><li>Anti-Infectives </li></ul>Reposition Fibre Intermediates Strong leadership provides backward integration DEP Focus on Life Sciences and Materials Sciences <ul><li>4 core clusters: </li></ul><ul><li>Nutrition </li></ul><ul><li>Pharma </li></ul><ul><li>Performance Materials </li></ul><ul><li>Polymer Intermediates </li></ul><ul><li>+ 5 th cluster: </li></ul><ul><li>Base Chemicals & Materials </li></ul>
    8. 8. Accelerating Vision 2010 Performance Materials Shared competencies <ul><li>Markets </li></ul><ul><li>Technologies </li></ul><ul><li>Functional Excellence </li></ul>Exploiting strong market positions and technology platforms Climate and Energy Health and Wellness Functionality and Performance Emerging Economies Life Sciences Materials Sciences EBAs Nutrition Pharma
    9. 9. Portfolio Synergy Creates EBA Growth Platforms <ul><li>First concepts patent-protected </li></ul><ul><li>Investments in Jurilab, Integragen and Sciona </li></ul>Personalized Nutrition <ul><li>First coating sales </li></ul><ul><li>Investments in Harland, OPM, Xylos, MicroMuscle </li></ul><ul><li>Further growth Dyneema Purity ® </li></ul>Biomedical Materials Pharma Performance Materials Nutrition Materials Sciences Chemical Synthesis White Biotech <ul><li>Investment in FQSI </li></ul><ul><li>Active systems in development, first in food </li></ul>Specialty Packaging <ul><li>Biofuels/ Bio-Based Chemicals Programs </li></ul><ul><li>Joined € 100 m French Biohub Program </li></ul>White Biotech
    10. 10. Key Figures <ul><li>Globally > 200 locations, ca. 23,500 employees </li></ul><ul><li>Leadership positions in ~75% of the business portfolio </li></ul><ul><li>R&D spend ca. € 350 million </li></ul><ul><li>Solid balance sheet </li></ul>* Before exceptional items NB : EBIT expectations 2008 first increased to 970 Mio Euro, recently further increased to 1025 – 1075 Mio Euro + 203 % 355 429 Net profit incl. exceptional items + 24 % 355 558 Net profit* + 23 % + 14 % + 11 %  % 823 1,247 8,757 2007 514 EBIT* 718 EBITDA* 4814 Net sales H1/08 (€ million)
    11. 11. Leader in Sustainability, Now & in the Future Internationalization & Diversity Climate & Environment Nutrition Improvement People, Planet, Profit DSM Values: “ We can’t be successful in a world that fails ”
    12. 12. DSM Organizational Chart DSM Innovation Center Corporate Staff Shared Competences & Business Support DSM Nutritional Products DSM Food Specialties DSM Resins DSM Engineering Plastics - DSM Dyneema DSM Elastomers DSM Agro DSM Melamine DSM Fibre Intermediates DSM Special Products DSM Pharmaceutical Products DSM Anti-Infectives DSM Energy <ul><li>DSM Nutritional Products </li></ul><ul><li>Human Nutrition and Health </li></ul><ul><li>Animal Nutrition and Health </li></ul>DSM Food Specialties Nutrition DSM Pharmaceutical Products DSM Anti-Infectives Pharma DSM Engineering Plastics DSM Dyneema DSM Resins Performance Materials DSM Fibre Intermediates Polymer Intermediates DSM Agro DSM Elastomers DSM Melamine DSM Energy Base Chemicals & Materials Corporate Staff Shared Competences & Business Support DSM Managing Board DSM Innovation Center
    13. 14. DSM is everywhere
    14. 15. PROGRAM EXCELLERATE PRICING
    15. 16. … PRICING IS THE MOST POWERFUL LEVER FOR IMPROVING REVENUE AND PROFITABILITY THE DIRECT IMPACT PRICING HAS ON THE BOTTOM LINE, POSITIVELY AND NEGATIVELY, JUSTIFIES PRICING AS A TOP PRIORITY! Impact of 1% change in a category on company profit Source: Customers of pricing consultant Simon Kucher & Partners Source: McKinsey, Simon Kucher & Partners, BCG and Excellerate
    16. 17. MOVING TO WORLD CLASS PRICING IS A JOURNEY PROCESS MATURITY LEVELS MATURE PROCESS WORLD CLASS Pricing Solutions Ltd., 2003 © L E V E L Baseline Process is Ineffective 30% of companies 1 L E V E L 2 Internal Process In Place Gain Control 40% of companies L E V E L 4 Optimization Processes In Place Optimization Tools <10% of companies L E V E L 3 Value Processes In Place Price/Value Analysis 20% of companies L E V E L Excellence in Execution <1% of companies 5
    17. 18. PRICING MANAGEMENT : 2 ELEMENTS OPTIMIZATION AND EXCELLENCE ACHIEVING THE FULL PROFIT IMPROVEMENT POTENTIAL OF PRICING REQUIRES QUITE A JOURNEY, BUT ALSO SHORT AND FOCUSSED EFFORTS BRING LARGE GAINS Pricing Management Pricing Optimization Pricing Excellence Price Structure Price Level Value Based Pricing Price Consistency Processes Organization Tools & Systems People & Behavior Performance Monitoring
    18. 19. Project Approach : Set up Dedicated / Focused Project <ul><li>E.g. Analyze current prices </li></ul><ul><ul><li>Historic prices </li></ul></ul><ul><ul><li>Prices competitors </li></ul></ul><ul><ul><li>Value for customers </li></ul></ul><ul><ul><li>Own costs </li></ul></ul>Define pricing strategy & Segmentation & Differentiation Develop tools & Make choices & Set targets Implement new customer plans & Monitor / Analyze & Recalibrate / Improve (Deming Cycle) Define implementation program & Training sales force +other depts Detailed Account Plans & Owners & Timelines Key Improvement levers identified In Depth analysis & diagnosis based upon outcome Quick Scan Monitoring Tools & Roles / Responsibilities Your Organization Ready, Willing, Able ……………? Line Responsibility Define Team & Explain context & Clear Objectives Alignment Results Start up/ Kick Off Analysis & diagnosis Option development Prepare for Execution Implement & monitor Quick scan
    19. 20. RANDOM EXAMPLE : PROFIT IMPROVEMENT POTENTIAL PCR 0 1 2 3 4 5 6 7 8 9 10 Volume Index Price Index <ul><li>Any correlation ? </li></ul><ul><li>Any conscious differentiation ? </li></ul><ul><li>Right Price Level ? </li></ul>
    20. 21. RANDOM EXAMPLE : PROFIT IMPROVEMENT POTENTIAL -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0.0 Volume Customer profit as percentage of Net Sales PCR Global <ul><li>Cost allocation correct ? </li></ul><ul><li>Negative customer profits ? </li></ul><ul><li>Any conscious differentiation ? </li></ul><ul><li>Profitability Levels OK ? </li></ul>
    21. 22. PROFITABILITY ANALYSIS PROVIDES INSIGHTS ….. Graph gives insight into profitability of customers
    22. 23. ARE YOU CONFIDENT THAT PRICE LEAKS ARE NOT ERODING YOUR PROFITABILITY? Opportunities to control undesirable price leaks in the organisation Price exceptions Net realised price % of sales List Price Returns Freight Selling <10% volume Incentives Terms Price Leaks By Product
    23. 24. MONITORING SALES FORCE PERFORMANCE Average Price And Volume By Salesperson For Product A, Region A Volume Price Median 5% 15% ‘ Excellent’ EBIT Impact Sales- person 1 2 3 4 5 6 7 8 9
    24. 25. Project Approach : Set up Dedicated / Focused Project <ul><li>E.g. Analyze current prices </li></ul><ul><ul><li>Historic prices </li></ul></ul><ul><ul><li>Prices competitors </li></ul></ul><ul><ul><li>Value for customers </li></ul></ul><ul><ul><li>Own costs </li></ul></ul>Define pricing strategy & Segmentation & Differentiation Develop tools & Make choices & Set targets Implement new customer plans & Monitor / Analyze & Recalibrate / Improve (Deming Cycle) Define implementation program & Training sales force +other depts Detailed Account Plans & Owners & Timelines Key Improvement levers identified In Depth analysis & diagnosis based upon outcome Quick Scan Monitoring Tools & Roles / Responsibilities Your Organization Ready, Willing, Able ……………? Line Responsibility Define Team & Explain context & Clear Objectives Alignment Results Start up/ Kick Off Analysis & diagnosis Option development Prepare for Execution Implement & monitor Quick scan
    25. 26. Price setting model Price setting based on inside-out and outside-in insights Pricing : Financial model / Internal perspective Customer / Competitor Perspective : Inside - Out Outside - In Reflects Key drivers Aims for consistency Provides Targets Sales Pitch vs. Next best Alternative
    26. 27. Account Plans : Key to actions and monitoring Account plan Present account data Sales argumentation Price calculator List prices <ul><li>Standard Format </li></ul><ul><li>Easy link to reporting Systems </li></ul><ul><li>Every Account </li></ul><ul><li>Every Product </li></ul>Value calculator Actions <ul><li>Account Plans : </li></ul><ul><li>Written by Account Manager </li></ul><ul><li>Upfront agreed with Line (Up and Down) </li></ul><ul><li>Transparent Targets and Timelines </li></ul><ul><li>Basis for regular monitoring / review </li></ul>
    27. 28. MONITORING : SPIDER IN THE WEB !! Management & Organisation <ul><li>Adjust roles & responsibilities (RASCI) </li></ul><ul><li>Steer organization towards price leadership </li></ul>Performance Measurement <ul><li>KPIs </li></ul><ul><li>Monitoring </li></ul>Infrastructure <ul><li>Implement support structures: </li></ul><ul><ul><li>Annual Account Plan writing & Account Plan database </li></ul></ul><ul><ul><li>Monthly price instructions </li></ul></ul><ul><ul><li>Fast & user friendly tools </li></ul></ul>Processes <ul><li>Implement new pricing process </li></ul><ul><ul><li>Regular review /calibration </li></ul></ul><ul><ul><li>Price setting in line wit business dynamics </li></ul></ul><ul><ul><li>Continuous competitor intelligence (Value calculator) </li></ul></ul><ul><li>Strengthen pricing capabilities </li></ul><ul><ul><li>value based selling / pricing </li></ul></ul><ul><ul><li>Train (new) sales staff </li></ul></ul><ul><ul><li>Lead by example </li></ul></ul><ul><ul><li>Align incentives </li></ul></ul><ul><ul><li>Communicate successes </li></ul></ul>People & Culture
    28. 29. Improvement Cycle and making results SUSTAINABLE <ul><li>Formalize Process </li></ul><ul><li>Define frequency </li></ul><ul><li>Report and Collect : prerequisite for learning </li></ul>Account Plans Review : External Factors Internal Factors Recalibrate Pricing Model : Price AND Value calculator Monitor Progress
    29. 30. Product Launch
    30. 31. Innovation : Bigger, faster, cheaper, better Accumulated Losses Opportunity time Revenues € Source: Prof. JP Jeannet, AIM course Business Development Time & Cash Line(s)
    31. 32. Key Functional Involvement over the Launch Cycle Legal Manufacturing Marketing R&D Sales Finance IDEA GENERATION BUSINESS FEASIBILITY DEVELOPMENT SCALE-UP & VALIDATION TRANSFER TO RUNNING BUSINESS Screen? Review Launch? Scale-up? Develop?
    32. 33. Marketing and Sales Focus Price Place Promotion Product Customer Company Unlimited. DSM Context Price Place Promotion Product Customer Company Unlimited. DSM Context Value for customer Cost base Competition Fit to product positioning Geographic markets Sequential launch vs. big bang Sales channels Product positioning Communication channels Brand relevance Target product profile Time - to - market sensitivity Registration Needs and buying factors Segmentation Market assessment Launch plan Cross - functional teams Resource allocation Sr mgmt sponsor - ship/ involvement Sales force development Value chains Business models Adoption barriers Partnerships Capabilities and assets Value for customer Cost base Competition Fit to product positioning Geographic markets Sequential launch vs. big bang Sales channels Product positioning Communication channels Brand relevance Target product profile Time - to - market sensitivity Registration Needs and buying factors Segmentation Market assessment Launch plan Cross - functional teams Resource allocation Sr mgmt sponsor - ship/ involvement Sales force development Value chains Business models Adoption barriers Partnerships Capabilities and assets Project Management Process Business feasibility Business feasibility Develop - ment Develop - ment Scale - up & validation Scale - up & validation Idea generation Idea generation Launch Launch Price Place Promotion Product Customer Company Unlimited. DSM Context Value for customer Cost base Competition Fit to product positioning Geographic markets Sequential launch vs. big bang Sales channels Product positioning Communication channels Brand relevance Target product profile Time - to - market sensitivity Registration Needs and buying factors Segmentation Market assessment Launch plan Cross - functional teams Resource allocation Sr mgmt sponsor - ship/ involvement Sales force development Value chains Business models Adoption barriers Partnerships Capabilities and assets + Reference to “ Guide to Business Planning ” + Reference to “ Guide to Marketing Planning ” Business feasibility Develop - ment Scale - up & validation Idea generation Launch IN SYNC Project Management Process Price Place Promotion Product Customer Company Unlimited. DSM Context Value for customer Cost base Competition Fit to product positioning Geographic markets Sequential launch vs. big bang Sales channels Product positioning Communication channels Brand relevance Target product profile Time - to - market sensitivity Registration Needs and buying factors Segmentation Market assessment Launch plan Cross - functional teams Resource allocation Sr mgmt sponsor - ship/ involvement Sales force development Value chains Business models Adoption barriers Partnerships Capabilities and assets Business feasibility Develop - ment Scale - up & validation Idea generation Launch
    33. 34. Concept Development : POSITIONING Concept # 5 Concept # 4 Concept # 1 Concept # 2 ………… . Creative Part of the Process ……………. Concept # 3
    34. 35. Example Claryl ® : Speaking the customer’s language <ul><li>Benefits </li></ul><ul><li>Description of technical features </li></ul>From... ...To <ul><li>“ is there any glass there?” </li></ul><ul><li>“ you don’t have to be up close to see what you’re looking at” </li></ul><ul><li>“ you can just concentrate on the picture” </li></ul><ul><li>“ (it gives you) freedom to hang the picture where you like” </li></ul><ul><li>“ you can view your painting uninterrupted, all day long” </li></ul><ul><li>“ it’s like wearing sun glasses…it’s better” </li></ul><ul><li>“ if you buy a picture you want to be able to see it” </li></ul><ul><li>“ sharper and brighter” </li></ul><ul><li>“ looks closer” </li></ul><ul><li>“ the color looks better” </li></ul><ul><li>“ would look great on tapestry” </li></ul><ul><li>“… it really is impressive…” </li></ul>
    35. 36. … also in pictures <ul><li>Appealing to your mind </li></ul>From... ...To Appealing to your imagination
    36. 37. SOLUTIONS DESIGN & ACTION PLAN The Fruition … <ul><li>Generate : </li></ul><ul><li>Business concept </li></ul><ul><li>Artifact </li></ul><ul><li>Solution concept </li></ul><ul><li>Prototype </li></ul><ul><li>Benefits </li></ul><ul><li>Etc. </li></ul>Artifact Solution concept Preliminary Business concept Shared Output and Alignment between participants, departments and stakeholders. MAKE FINAL CHOICES !!
    37. 38. Product Launch Iterative process <ul><li>Financials : </li></ul><ul><li>Volumes, Price, Mix, Market Share </li></ul><ul><li>COGS </li></ul><ul><li>Costs R&D, M&S, Manuf. Etc </li></ul><ul><li>Result calculation (NPV, ROI etc) </li></ul>
    38. 39. Conclusion : Commercialization is as much of a craft as it is an art <ul><ul><li>Establish minimal DSM standards for mandatory launch and marketing plans </li></ul></ul><ul><ul><li>Develop set of tools, frameworks and templates supporting plans </li></ul></ul><ul><ul><li>Establish disciplined process with clear roles and responsibilities </li></ul></ul><ul><ul><li>Ensure implementation (KPIs, incentives, performance dialog) </li></ul></ul>Craft <ul><ul><li>Foster creativity and breaking of orthodoxies –go beyond the obvious </li></ul></ul><ul><ul><li>Challenge and enrich plans by bringing in &quot;street-smart&quot;, experienced managers </li></ul></ul><ul><ul><li>Build commercial judgment in organization, especially through role-modeling </li></ul></ul>Art +
    39. 40. This presentation was made possible by ………….
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