The Management Science Behind Our Benchmarking Programs

[Continued...]

 
    Description
Overview
The Characteristics of Industry Peer Networks
How IPNs Help Companies Address Their Limitations
Combating Myopic Tendencies
Conclusions
Notes

Overview
The authors' basic premise is that by sharing insights and perspectives with a group of peers, managers can stay abreast of industry trends and combat complacency:

"Industry Peer Networks (IPNs) help members learn vicariously from the experiences of their peers and address deep-rooted problems common to many companies. These problems assume various forms, but the most important can be categorized as myopia and inertia." Myopia is defined as managers' tendency to "emphasize the importance of familiar things." About inertia the authors write, "Related to the problem of myopia is that of inertia. Employees and managers alike tend to cling to assumptions and time-tested ways of doing things and companies grow comfortable in their familiar niches... This inertia is usually accompanied by a sense of overconfidence, based on the belief that things will continue as they are. There are many instances of now defunct companies that saw themselves as market leaders with superior products and customer loyalty, only to fall victim to wishful thinking and complacency."

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Dan Balkin: (410) 772-1161 • dbalkin@wholesaleaccess.com


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