Week 37 (30.12.07)

Learn

• An audited financial statement package includes an:

1. Income Statement (Revenue - Expense = Net income (Profit/Loss))
2. Balance Sheet (Assets = Liabilities + Equity)
3. Retained Earnings Statement (return of shareholder's investment)
4. Cash Flow Statement (from operations, investment & financing)
5. Auditor's opinion & notes to the statements

• An "unqualified" auditor's opinion indicates that the statements were prepared in accordance with GAAP and that they fairly present the organization's financial position.

Ratios are a key component of financial statement analysis.

• Financial statement analysis should include assessments of the organization's liquidity, leverage, and profitability.
• The DuPont formula and Economic Value Added (EVA) are tools that can be used to improve the profitability of an organization.
• Du Pont formula to evaluate management performance.
• EVA and Cash Flow Return on Investment (CFROI) to determine if a segment of an organization is adding value to the business.

Unlearn

Did not know the complexity of annual report.

Relearn

Understand the various components of an annual report. I started to realize the importance and use of financial ratios to evaluate:

1. company's liquidity, leverage and profitability
2. company's performance as compared to its competitors'
3. company's performance compared with budgeted goals

Week 36 (23.12.07)

Learn

• The income statement presents the organization's profitability over a certain time period.
• The balance sheet gives the organization's financial position on a particular day: what it owns, what it owes, and the shareholders' investment in the business.
• The cash flow statement describes the sources and uses of the organization's cash during a specified period of time.
• Double-entry accounting is the system specified by GAAP. Every transaction has a debit side and a credit side, and the two must equal.
• The ledger is the heart of the accounting system. Financial statements are prepared from the ledger.

Unlearn

Nil.

Relearn

Accounting and it's principle is new to me.

Start to apply and understand "Revenue - Expense = Profit/Loss (which means profitability)" - can be obtained from company's Income Statement.

Week 35 (16.12.07)

Learn

Module 1: Fundamentals of Finance and Accounting for Nonfinancial Managers

• The accounting equation: Assets = Liabilities + Equity
• Revenues : Money earned from product sold
• Expenses : Costs incurred running the business
• Generally accepted accounting principles (GAAP) are a standardized set of accounting practices. Audited statements normally conform to GAAP.
• GAAP has 3 assumptioons:

1. Fiscal period : usually 1 year
2. Use of historical cost : as basis for valuing assets
3. Conservatism : losses be recognized as soon as can be quantified; gain recorded when earned

• To conform to GAAP, business must use "accrual-basis" accounting. 2 assumptions:

1. Revenues are recognized when they are earned
2. Revenues are matched with the expenses

• Accrual accounting indicates the profitability of the organization, but it is not a reflection of the organization's cash portion.

Unlearn

Did not realize that in accounting reporting, accrual is taken into calculation versus cash-accounting.

Relearn

Started to learn to read financial report by download from Pfizer website. Seek help from colleague whom has accounting background to guide in assessing the report. Had a discussion on what FIFO, LIFO and weighted average cost means.

Week 34 (6.12.07)

Learn

29 Leadership Secrets from Jack Welch

• Accept Change - Business leaders who treat change like enemy will fail at their jobs. Change is the one constant, and successful business leaders must be able to read the ever-changing business environment.
• Let your employees know that change never ends - Teach your colleagues to see change as an opportunity - a challenge that can be met through hard work and smarts.
• Face reality - Business leaders who avoid reality are doomed to failure.
• Act on reality quickly - Those who truly face reality can't stop there. They must adapt their business strategies to reflect that reality, and they must do so quickly.
• Manage less - Teach your managers to manage less, even though their training may be to manage more.
• Instill confidence - Treat employees with respect and build their confidence.
• Emphasize vision, not supervision - Managing less lets managers think big thoughts and come up with new ideas to benefit the business.
• Business is simple - Complications arise when people are cut off from vital information.
• Managing is allocating people and resources - Put the right people in the right job, give them what they need, and then get out of the way.
• Create values that are consistent with the company vision - Values should reflect the vision, culture, and goals of the organization.

Unlearn

Did not cascade or teach colleagues to see change as an opportunity.

Relearn

In our recent sales executive competency model ie Project Jupiter, I communicated and informed clearly on what the changes are in order to set a clear expectation and buy in from colleagues. The change is better because it sets clearer objectives, less time consuming without compromising on the standards to achieve.

Week 33 (27.11.07)

Learn

There are 3 aspects to managing people's performance:

• Performance planning
• Performance coaching
• Performance review

Performance planning get things going in the right direction, during the process, the manager learn what they'll be accountable for their goals and what good behaviour looks like for their performance standards

Performance coaching focus on day to day coaching basis, on teaching the "right answers" and how to accomplish the goals. Practise One Minute Praise for good job done and One Minute Redirect for efforts to get back on course.

In most organizations, if a manager do a good job of performance planning and performance coaching, the annual performance review will be just a review. There is nothing new that have not heard during day to day coaching.

Above are some of the beliefs about leading and motivating people.

Unlearn

Spend more time on the annual performance review than on planning and coaching.

Relearn

Recognize this beliefs, i will plan my itinery to prioritize 30% of time on planning, 50% time on coaching and 20% time on review. My action plan is to spend minimumly 6-8 days in a month to do field work, provide coaching and meet up with customers.

Week 32 (25.11.07)

Learn

The Secret: What Great Leaders Know - And Do- book by Ken Blanchard

As leaders, they need to focus on serving, not being served. Great leaders SERVE.

1. S stands for See the future - The Power of Vision - once a clear vision is established, goals and strategies can be developed within the context of the vision.

2. E stands for Engage and Develop People - Treat your people Right -once the vision and direction are set, turn the hierarchical pyramid upside down and focus on engaging and developing your people so that they can live according to the vision. Must also take care of customers.

3. R stands for Reinvent Continuously - It has 3 aspects. First, great leaders reinvent continuously on a personal level to enhance their knowledge and skills. Second, reinvent continuously applies to systems and processes. Leaders work to instill the desire for improvement into people doing the day-to-day work. Third, reinvent continuously is the idea of structural invention, to meet the business's ever-changing demands.

4. V stands for Value Results and Relationships - Success is both results and relationships, which is critical for long term survival. If leaders can take care of their customers and create a motivating environment for their people, profits and financial strength are the applause for a job well done.

5. E stands for Embody the Values - One way is to live consistently with the values I uphold. People look at what leaders do, rather than what they say. In order to build trust, walk the talk.

Summary, servant leadership provides better leadership, service and helps to create a high performing organization.

Unlearn

Lack of understanding on the importance of Power of Vision and how it can lead to the organizational goals.

Relearn

Have set a date next month to meet with all managers, in order to brainstorm team's Vision, Mission, Goals and Objectives for private hospitals in 2008. I believe by setting a clear direction will create a clear purpose and goals in helping to align and achieve Pfizer's Vision and Mission.

Week 31 (18.11.07)

Learn

There is no leadership without change, and no change without leadership - Professor John Adair

• What causes change? - Economy, technology, social and lifestyle choices, political and competition
• Sigmoid Curve - the right place to start a second curve is where there is ample time, resources and energy. Many companies are in the transition period between point A and B, it is a time of great confusion, uncertainty and fear.
• Change management has 3 strategic approach: content, process & people
• Managing change requires both leadership (visionary) and management (implementation)
• 3 types of change:

1. Developmental change - improvement of existing state
2. Transitional - shift to known new state in a predictable way
3. Transformational - emergence of a new state, not known until it takes shape

• Paradigm shift is a change to the game, a new set of rules
• How to move people through change?

1. Identify change
2. Explain the change
3. Empathise with reactions to change
4. Deal with the resistance
5. Work through the change process

• Kurt Lewin's Change Model - Unfreeze, CHANGE, Refreeze
• Pressure for change - consider the Sigmoid Curve, Paradigm Shift, Cost of doing Nothing and consider market and competition

Unlearnt

Previously as a manager, I do not have a clear guide and principle in leading for change, particularly, how to move people successfully through organizational change.

Relearn

Applying the 5 steps in change management for current Jupiter program. Explaining the change, why there is a need for change, and deal with resistance is most important to drive the changes. As a result, people are more motivated to change. As leader, also emphasize the shared leadership and control in change with my managers.

Week 30 (11.11.07)

Learn

In Praise of the Incomplete Leader - Harvard Business Review

• No leader is perfect - they concentrate on honing their strengths and find others who can make up for their limitations
• Leaders need to further develop the capabilities they are weakest in.
• Other times, it's more important for leaders to find and work with others to compensate for their weaknesses.
• 4 capabilities of leadership:

1. sensemaking - understanding the context in which a company and its people operate & it is a continuous process. The key for leaders is to determine what would be a useful map given their particular goals and then draw one that adequately represents the situation the oraganization is facing at that moment. Know how to quickly capture the complexities of their environment and explain them to others in simple terms. This help ensure that everyone is working from the same map, which makes it far easier to discuss and plan for the journey ahead.
2. relating - building relationships within and across organizations. 3 key ways are inquiring (listening with the intention of genuinely understanding the thoughts and feelings of the speaker), advocating (explaning one's own point of view) and connecting (cultivating a network of confidants who can help a leader accomplish a wide range of goals).
3. visioning - creating a compelling picture of the future. Visioning gives people a sense of meaning in their work. Leaders who are skilled in this capability are able to get people excited about their view of the future while inventing others to help crystallize that image.
4. inventing - similar to "execution". Transform a vision of the future into a present-day reality. Inventing is about moves a business from world of ideas to the concrete world of implementation.

Balancing the Four Capabilities

Typically, leaders are strong in one or two capabilities. Once leaders diagnose their own capabilities, identifying their unique set of strengths and weaknesses, they must search for others who can provide the things they're missing.

It's the leader's responsibility to create an environment that lets people complement one another's strengths and offset one another's weaknesses.

Unlearn

From many books that i have read, not many actually complements on the message that there is no complete leader. Mostly focus on how a leader can become greater and better in creating high performing team or as a leader. As of today, this article, enlighten me on how to balance on the four capabilities and i understand now that even a competent leader may not be a complete leader; it typically has one or two strong capabilities only. We work with others to offset our weakness and to achieve our goals.

Relearn

My capabilities on self awareness is always strong as a new leader. However, from the 4 capabilities, i can further work on to improve on "relating" meaning building relationships (colleagues & spouse) by listening and encourage others to voice their opinions. Before i express my ideas, try to anticipate how others will react to them and how i might best explaing them.

In my new role at work and at home, i will practise creating a vision on "What do i want to create?" This vision will inspire and motivate me, family and my team. Listen to what they find exciting and important.

Week 29 (1.11.07)

Learn



Individual and Team Motivation

• 7 keys to Motivated Workforce:

1. A culture where intrinsic motivation is nurtured - must have a balance of reward vs performance to avoid risk of conformity


2. Respect for team members - respect for every role


3. Clear GOALs, standards and time-frame


4. GOALs worth achieving


5. Empowerment - leaders delegate authority and responsibility


6. Involvement in decision making and problem solving - people at work want to be heard and asked what they thought


7. Rewards based on achieving goals - reward what you want to reinforce

Unlearn

When a reward is at too great a risk, individual performance may move toward conformity rather than creativity.

Relearn

In setting the 2008 special incentive plan for Sigma and Gamma incentive plan, I will implement the plan to reward base on "teamwork to hit all the CV franchise. Currently, Sigma team members promote Norvasc and Caduet. Gamma team members promote Lipitor and Olmetec. Very little teamwork and issue of products cannibalization. To reinforce both teams teamwork, the incentive plan which will be implemented in 2008, will look at hitting the totality budget for all CV products.

Week 28 (28.10.07)

Learn

Visionary Leadership

• Every organization must have vision, mission, values that guides members of organization.
• Ground rules are to govern team members behavior.
• Each team should develops its own vision for how it will contribute and align to the corporate vision (alignment of vision).
• Alignment needed is not only efforts from each individual, systems too (such as policies, objectives, rewards and leadership behaviour) have to be aligned to the vision.
• Shared vision, shared informations and relationship (team's involvement) are linked together for effective team identity.
• Organization survival requires "ever evolving flexibility".

Leadership Style - by Ken Blanchard

• 4 leadership styles - Directing, Coaching, Supporting & Delegating
• Directing - low support, high direction
• Coaching - high support, high direction
• Supporting - high support, low direction
• Delegating - low support, low direction

Unlearn

Generally, many team's are not serious and convince of setting team's vision, mission and values because it is very time consuming and most of the time, these vision, mission and values are not being review after all.

Relearn

As leader, i have to influence them on seeing the benefits of having an align vision, mission and values for the team to be aligned to Pfizer's Vision, Mission and Values. This can be carried out in our building high performance team's session or monthly meeting where all team members can be involved. The vision, mission and values can be reviewed regularly for team's motivation and success.

Week 27 (20.10.07)

Learnt

Leadership

• Leading is about "influencing", "guiding" others on direction, opinions and actions
• It is an activity of vision and judgement effectiveness
• Leaders do right things - meaning don't waste time on low value added work
• Team must have common purpose, achieve the purpose through shared accountability
• Leadership attitude is about asking "How you feel" and understanding thoughts and feelings of others
• "Caring about the work" and "caring about the people" -prerequite to being a leader
• Important question for leaders to ask "How can I help?"
• Leadership continuum:

Operational ----> Transformational----> Visionary

present-oriented--> current operational to visionary --> future oriented (new team future)

Unlearnt

When managed team success and achievement, being leader for managers, i try to switch more of my time in planning for the future of the team ie team's products' alignment, team's incentive, field force structure for 2008 rather than being operational in handling the task.

Relearn

Being newly promoted, self-realization to move from being less operational to more visionary leader.

Week 26 (8.10.07)

Learn

Promotion

Market communication is a part of marketing but only a small part. It should include interactive strategy utilizing as many of the different techniques and tools as needed to accurately and clearly communicate an effective message to all the individual target groups, segments, countries and others.

Communication tools available are:

1. Websites
2. Advertising
3. Public Relations
4. Publicity
5. Special events
6. Community relations
7. Sales promotions
8. Customer relations
9. Customer meetings
10. Sales force
11. Collaterals
12. Trade shows
13. Telemarketing

Unlearn

Being controlled by the Pharma Code of Conduct which prevents any pharmaceutical company from advertising directly to the consumers, there are actually other means of communication to promote Pfizer's products.

Relearn

Therefore, to market our products to the doctors, sales managers have taken the approach to support for doctors medical websites, product advertisement in medical journals (DIMS & MIMS) or health magazines (Health Today), sponsoring continuous medical education, and sales force to visit personally the doctors to establish and build relationships. At times, we also participated in their societies conferences such as National Heart Association of Malaysia, by having a booth for product display to doctors.

Week 25 (6.10.07)

Learn

Segmentation

A market segment is a set of potential buyers who have common needs and are alike in the way they perceive the product, value it, buy it, and use it.

Reason why companies segment:
most companies have a limited amount of time, people and money, so they must focus their efforts where they will pay the biggest dividend. Successful firms eliminate areas of least interest and concentrate their efforts on the most productive segments.

Segmentation - is critical for helping marketer pick clear targets to aim at.
- helps establish company's priorities and define product specifications
- helps establish distribution channels and the level and mix of advertising
- helps the marketer identify competitive weakness so he/she can shift
marketing efforts from low to high priority. Set strategies withing the segment.
Segmentation matrix - visualize the opportunities that might be available within the market

Horizontal marketer - referred to as product specialist - help the firm build a strong reputation for a particular product. The disadvantage is, if new product emerges, that product may become obsolete.

Vertical marketer - referred to as market specialist - upside is company gains a place as full-service or product supplier. The disadvantage is, downturns, budget cuts or company rationalizations within one industry, may be fatal to the vertical marketer.

Niche marketer - referred to as single-segment focused - company strategy is develops strong customer solutions and achieves a very strong position. Eg: Mont Blanc focused on high-end pen users

Unlearnt

Did not fully understand the link and strategies in the segmentation matrix. I only see the opportunities from the Class A & B of customers, not seeing the opportunities which i can expand with the right strategies for Class C in the horizontal marketing concept while maintaining product SCA.

Relearn

Reposition Celebrex for the acute pain in Class C customers (doctors whom are not using ethical products because cost is major concern). Sharing on the benefits of Celebrex when doctors are treating older patients whom may have concomitant disease such as heart attack, stroke and cardiovascular problems. Therefore, in this older group of patients, doctors should consider using Celebrex which is safer for them, because Celebrex has been proven its cardiovascular safety. In addition, it will also improves doctor-patient confidence and relationship when benefitting from Celebrex.

Week 24 (30.9.07)

Learn

Place (Distribution)

Place refer to distribution of the products or services through various channels to the end user of final customer.

Direct Channel - direct salespeople, internet, phone, , mail
Indirect Channel - manufacturers representatives, brokers or agents, distributors, retail outlets, VARs

Selection of channels based on the target customer group's preferences - when, where and how they want to buy.

Marketer must evaluate various options available to address the needs of the different customer groups, segments, industries or countries.

Each option channel has its advantages and disadvantages

Unlearn
All the while I thought that "place" in marketing refer to where the products are being sold. No idea that it is actually referring to channel of distribution.

Relearnt

In Pfizer, we have used mix channel, direct and indirect distribution.

Direct channel is -sales people. It has many advantages. They are focus, dedicated employees whom has in-depth product knowledge and understand the company structure and how and where to get answers for the customers. We have better control over the message and pricing delivered to the customers. At times when we wanted to communicate specific messages out to the customers for a quicker reach, we have also use mailers (letters) which can be personalized to the individual customer and mail is low in cost.

Indirect channel - Zuellig, our distributor. Zuellig is well-established with many contacts in the sectors they serve.

Week 23 (23.9.07)

Learnt

Pricing Strategy

What is the pricing going to deliver to the company?

1. Profit Objective - to achieve a quick recovery of the company's investment or a quick payback
2. Volume Objective - is investing for long term growth. Means entering the market with low prices in an effort to gain market share against less efficient producers. They used high quality at a very low price to force out the weaker players.
3. Status Quo Objective - passive strategy; marketer does what the market leader dictates. If the leader wnats high prices, you get high prices, too. This is called follow-pricing and is not a good position to be in because you're not in control of your destiny.

15 different pricing strategies

1. Skim pricing -set pricing very high - unique new product-little competition- has SCA
2. Slide down pricing - often start with skimming-lower the price makes more valuable to larget customer group
3. Penetration pricing-set pricing low with me-too product-jump into the market and try to survive and make a profit before the competitor sinks you
4. Bundling pricing-packaging products and/or services-bundle lower than the combined price of the 2 separate products
5. Price-to-market strategy-tap into the economical or psychological value when customers purchased at different times of the day or at a different place
6. Psychological pricing-makes the pricing sould and look lower than it really is ie 99 vs 100
7. Follow pricing-price just below the level of recognized industry leader-it's not a good place to be if you can avoid it
8. Segment pricing-pricing the same product differently, in different markets or segments because customer in the different markets or segments place a different value on the product or service
9. Cost-plus pricing-simply building price from cost up-add a fair and reasonable profit on top-ie construction projects
10. Preemptive pricing-set price very low to discourage competitive market entry-customers are satisfied wity your product and have no real motivation to move to a competitor
11. Phase-out pricing- set price high-to remove or phase out the product from the line-to discourage customers from continuing to purchase the product- a replacement product or service must be available at a lower price for a phase-out strategy to work out successfully
12. Loss-leader pricing-set pricing low-to attract customers-in consumer market-provide the customer a low-priced product, hoping to generate sales of other higher-margin products at the same time
13. Terms & Conditions of Sale-use by large financially strong companies-ie airlines, automobile rental agencies, retail stores
14. Push vs Pull Strategy-trade off between motivating the sales force with an extra commission and stimulating the customer with a rebate or lower than normal price
15. Closeout-pricing - simply reducing the price to clear out inventory

Unlearnt

Only knew skim, slide-down, penetration, bundling and psychological pricing strategy. There are actually so many different strategies for specific conditions.

Relearn

Product Celebrex faces many challenges from the time the product is launched in 1997. Celebrex is a COX-2 inhibitor that provides pain relief which is different from NSAIDs because it is more efficacious and provides GI safety. Being the first COX-2 in the market, Celebrex was priced at RM4 per tab (skim pricing). Celebrex dosing is twice a day(per day treatment RM8). With the launch of new COX-2 from competitor, Arcoxia, in 2000, taken only once a day, in addition with a lower pricing (RM3.50 per tab), Arcoxia has slowly taken over Celebrex market share.

I believed Arcoxia has used penetration strategy to gain its market share. Even though Celebrex has a SCA over Arcoxia where Celebrex is approved by FDA for it's CV safety, with the vast pricing difference between Celebrex and Arcoxia, more cost-concern doctors would prefer Arcoxia over Celebrex.

Therefore, I proposed in order to gain back Celebrex market share and grow over a long term period, marketer has to adopt a slide-down pricing for Celebrex because the market is still growing. There are lots of potential to convert more users from NSAIDS and Arcoxia with the added CV safety competitive advantage that Celebrex has to offer which NSAIDs and Arcoxia are limited.

Week 22 ( 14.9.07)

Learnt

Aim of strategy - to create and maintain a Sustainable Competitive Advantage (SCA)
SCA - is something Pfizer can leverage in the marketplace that cannot be easily duplicated by a competitor ie product patent, control of raw materials, unique brand image, control of distribution channels etc

1. Market Leader - first position in the market - strategy used to keep its position is a defense strategy. They can set the pricing levels in the market, and followers follow the leader
2. Followers - second position in the market; strategy used is attack!
3. Nichers - third position; strategy used- by flanking into an unoccupied area, entering into small, less well-served markets
4. Guerillas - fourth position - break all existing rules and regulations set up by the leaders and followers and work to satisfy the customer

Unlearnt

Initial thought of there is only defense and attack strategies. Now learning there is also nicher strategies and guerilla strategies (hit and run attack).

Relearn

One of the strategy which i'm going to apply to gain more of Celebrex market share in PH is attack strategy. Celebrex are currently in the 2nd position base on IMS market share versus Arcoxia the market leader. In order to do this, I need to find out the weakness in Arcoxia and attack at that point.

One of the main sustainable competitive advantage for Celebrex over Arcoxia is Celebrex is endorsed by FDA for safety approval but not Arcoxia. With this, my sales force must be confident not only to share on the drug effectiveness but on the safety which is one of the main criteria both clinicians and patients need.

Week 21 (7.9.07)

Learnt ( From Marketing Plan - William Luther)


There are 7 components of planning:

1) Fact Book - Analyze market economic, competition, your business and customers

2) Strategic & Business Plans - Select markets with good profits potential and isolate critical business strengths needed to become competitive

• Strat Plan - state what you should start doing now to end up where you want to be in the future
• Business Plan - given the direction of the strategic plan, what should you be doing right now, in the short term, to get there?

3) Operational Plan - Develop business strengths that can deliver a competitive market position

4) Positioning Statement - Determining how you wnat your business strengths to be perceived by prospective customers

5) Marketing Plan - Translate the positioning statement into recognizable and preferred brands

6) Action Plans - Detailed execution of one or more strategies

7) Feedback - Using controls and market research to monitor existing and future conditions for inclusion in the Fact Book and plans

Unlearnt

Strategic plans sets up the business plan, business plan set up the operational plan. I can't start my planning with the marketing plan until I decided the overall direction of business.

Relearn

In my recent business analysis, Celebrex market share in PH has drop significantly compared to Arcoxia. So, what is the problem?

With the market analysis, I tried to gather more informations on the market economics such as size of the pain market ,OA & RA market, competitor's price/promotions. In terms of competition, PH doctors are more receptive in using COX-2 drug versus NSAIDs because of better tolerability, efficacy and safety. Customers want a product that helps to relieve pain and works for them. Cost must be affordable.

Therefore, I analyze base on the 4 P's : Pricing, Product, Place and Promotion & Customer prospective in 4C's: Convenience, Customer Solution, Communication and Customer Cost. Understand also Celebrex positioning statement and what is Celebrex product different from Arcoxia. Do SWOT analysis for Celebrex.

Week 20 (30.8.07)

Learnt

Topic : The Marketing Mix - Big Picture

• Marketing 4P's - Product, Price, Place & Promotion
• Customer 4C's - Convenience, Customer solution, Communication & Costs

Customer-Product-Service Matrix

New Product-Service Matrix Existing Customer New Customer

Existing Product-Service Retention Acquisition

New Product-Service Penetration Diversification

Topic : Strategy

Aim of strategy - to create and maintain a Sustainable Competitive Advantage (SCA); meaning your company can leverage in the marketplace that cannot be easily duplicated by a competitor; ie Product Patent, Control of Raw Materials, Unique Brand Image etc.

Choose an unoccupied market rather than occupied market because all available resources can be focused on finding and growing a customer base, not engaging and fighting the competition.

4 various positions in the market place:

1. Leaders - strategies is Defend and Attack itself. Blocking moves is also another defensive strategy
2. Follower - strategy is Attack the leader. Must find a weakness in the leader's strength and attack at that point
3. Nicher - strategy is Flank into Uncontested Areas
4. Guerrilla - strategy is Redefine the Market; they put the customer first, break existing rules and disregard all policies that don't serve the customer; usually use hit-and-run attack

Unlearnt

Thought that being the market leader, the strategy is only "defending" it's market share. Not knowingly that "Attack itself" is also another strategy leaders take because if the company is going to be under attack, why not be in your own competition by innovating a new product in the market place.

Relearnt

Understanding better on this "Attack itself" could be one of Pfizer's strategy undertaken to promote Caduet (a new hypertensive drug combination of Norvasc & Lipitor) . There is a strong need to switch more current patients on Norvasc to Caduet. As Norvasc has lost it's product patent, it is therefore not in the sustainable competitive advantage, hence, our sales team need to focus more to grow Caduet as a new hypertensive treatment in order to sustain Pfizer's business and profits.

Week 19 (26.8.07)

Learnt

Marketing - The Big Picture

• Marketing is a total system of interacting business activities to plan, price, promote and place (through distribution) want-satisfying products and services to users that satisfy organizational goals.
• Why marketing is growing in Importance:

1. Demographic shifting
2. Psychographic changes
3. Geographic
4. Real growth is changing
5. Fragmented markets
6. Global market
7. Technology shifts
8. Product life cycles
9. Competition is increasing
10. Changing customers wants
11. Governmental regulation and deregulation
12. E-commerce

• Marketing is the "Epicenter of Strategy" - today, a company must have right product or service, at the right price and quality
• A marketer must know customer's exact needs; leverage their company's strengths against competition's weaknesses
• Successful company must be FOCUS - if lose focus, will lose customer and the market
• In an organization, centering the customer is MARKETING (customer-driven strategy) and SALES
• Marketing - to find, grow and retain customers, to generate profits and growth
• Estimated replacement cost for new replacement customer is 7 to 10 times more than customer retention. In addition, less time, less efforts and higher margin generated to keep a customer satisfied than to locate and convince a total stranger to start on business
• Core Issues Marketing Manages:

1. Establish plans, objectives and strategies
2. Develop research methods to identify customers' needs
3. Develop appropriate programs for uncovered needs
4. Identify industries, segments and target-customer groups for company to develop sustainable competitive advantage (SCA)
5. Identify industries, segments and customer groups for customer to develop SCA

Unlearnt

Often ignore the importance of doing analysis of keeping how many good customers with company. Usually concentrate more on converting new customers. Agree with the customer-satisfaction survey show that less effort and smaller investment to keep a customer satisfied, than to find a replacement for dissatisfied customer.

Relearn

Will discuss with my manager immediately on few important customers whom has purchased Norvasc for a long time (value the customer relationship); to propose for case to case basis on the request of special pricing. The generic competition is increasing in the market place which makes us to review our tactics and strategies in our individual purchasers.

Week 18 (18.8.07)

Learnt

Succession Planning and Talent Management

Succession planning is more than just replacement planning. Successful success management integrates talent management with organizational strategic planning and anticipates changes in management.

With the growing organization, it is now considered acceptable to change jobs for short term or superficial reasons, such as, exposure to project or secondment in other department or take more responsibilities in job roles.

Some of the retention strategies include:

1. Innovative compensation and benefits packages
2. Effective rewards and recognition
3. Performance management, aligning employee goals with business goals
4. Strategies for increasing employee satisfaction
5. Measures of employee satisfaction
6. Career planning
7. Work/life strategy
8. Building new-hire commitment
9. Competency-based strategies
10. Employee needs
11. Mentoring programs
12. Defined role of corporate culture
13. Use of coaching for career development
14. An employee strategy to support growth and loyalty
15. Merger and acquisition retention strategy

Unlearnt

After this 5 weeks learning on HR management, I realize that Pfizer must focus on retention strategy. This is because it is one of the most critical business objectives in order to remain competitive. Earlier, I did not realize how important it was. As such, all of the above retention factors can actually be broken down further, for example, compensation and benefits packages could include stock options, work/life balance can encompass work-at-home options and other flexible work arrangements.

Relearn

I had coached 2 of my junior managers whom at currently has 3 SE vacancies (due to internal promotions) to carry out workforce planning for their sectors, such as, conduct pre-selection interview. This will assist better in strategic planning for recruitment.

Also, i had nominated 2 of my senior managers to attend Leaders training to support them for the career development (individual development plan) and at the same time, as a retention program for good employee with Pfizer.

Week 17 (12.8.07)

Learnt

Training and Development

• Personnel turnover is a main argument against company-financial training investment - according to Becker 1962.
• A study by d'Arcimoles 1997 indicates that training is associated with effects on both productivity and profitability.
• "One study showed the difference in productivity between below-average performers and superior performers is 70%. There are real dollar effects of not having top performers" - Keirn 2007

Unlearnt

Initial assumption by me is training relates to only self development to increase one's productivity in a company. Nevertheless, it actually creates more benefits to an organization because employees feel they are being recognized, appreciated and respected when firms are willing to provide training to them. Thus, not only reduce the turnover rates, but also, outweigh the cost of staff turnover.

Relearn

I had identify Presentation Skills training required for my division. Hospitals' sales executives regularly conduct video shows or talks in the hospital setting. Therefore, they must be armed with the skills and knowledge on how to effectively conduct a good presentation to their medical doctors. I strongly suggest for training department to implement and set as a compulsory training for all hospital's Sales Executive to be trained on this skill, which was supported by my superior.

Week 16 (5.8.07)

Learnt

Turn Your Organization into a "Talent Magnet" - article by David Lee

In Fortune magazine's "100 Best Companies to Work For" survey, not a single employee mentioned money as a reason why they loved the place they worked. If competitive salary and a generous compensation package aren't enough, what does make a company the kind of place that draws great people to it, and makes them to stay?

What are employees looking for?

• Pride in where they work and what they do - Compannies that offer the highest quality products and service are far more likely to attract and retain the "best of the best". Employee pride also comes from observing management making decisions that show a clear understanding of what is going on "in the trenches."
• Meaning and purpose - Meaningful work makes workers feel alive in a way a generous benefits package cannot

How do Talent Magnet organizations address this issue?

1. Embody a mission and vision that captures the hearts and souls of their work force
2. Continuously communicate their mission and vision to their people
3. Communicate the important role each employee has in making the vision a reality
4. Give employee the tools and freedom to make a difference in the company
5. Let employee hear "the voice of the customer" to help them stay connected to the bigger picture
6. Appreciation - one of the strongest employee motivator
7. Opportunities to learn and grow - do this not only through formal training but through cross-training and assigning employees projects and responsibilities that cause them to stretch
8. Respect - asking for employee input about the organization and its managment practises, and then responding to the feedback, is a sign of respect eg "What do your recommend we do about this situation?". Respect is also shown by recognizing that employees have a life outside of work. It's demonstrated by not piling on so much that work employees don't have a life and not requiring them to beg for flexible scheduling so the can meet their other life responsibilities.

It takes more than a generous benefits package and competitive salaries to attract and retain talented employees. By listening to the voices of their customers ie their employees and honestly engaging in self-examination, management can create an organization that is a magnet for the best and the brightest employees.

Unlearn

Prior to learning HR Management module, in my opinion, many employees left a company mainly due to poor compensation and benefits. After reading so many articles on talent retention and How to Turn Your Organization to Talent Magnet, I realized that management whom often focuses its attraction and retention efforts on financial factors are not enough to attract and retain the best of the best ie ineffective in reducing turnover. Therefore, the 9 points above are important for an organization to attract talents.

Relearn

1. In my recent recruiting process, I have taken diversity as continuous effort to balance job fit in filling up Sales Executive position.
2. I recognized the importance of management development ie how employee feel about their oraganization is profoundly influenced by how they feel about their immediate superior. I would like to model as a boss who is respectful, inspiring and appreciative in order to attract and retain the best of the best within Pfizer.

Week 15 (29.7.07)

Learnt


Compensation and Benfits

A company's compensation program sends a message to employees about its commitment to motivating, recognizing, and rewarding employee performance

• Every organization needs a compensation philosophy that identifies its desired market position - that is, where it wants to position pay levels with respect to competitive market practice
• Types of compensation include base pay, bonus, merit increases, variable pay(commission) and long term incentive
• The practice of banding includes broadbanding and careerbanding. Broadband usually have minimum and maximum amounts that overlap. Careerbanding is similar but more closely tied to career development; there are no minimums or maximums; salaries are based on market surveys.
• Benefits refer to healthcare, pension plans, stock options, legal services etc
• Applicants who are comparing job offers often narrow their choices down to those that provide the most generous benefits package

Unlearn

• Drop off the idea that people are attracted to Pfizer because it has a good compensation and benefits plan. Today's workers want more than a comprehensive compensation and benefits package. More workers are looking forward such as a chance to make an impact, appreciation of work well done, open communication between themselves and management, opportunity to gain new skills, and control over their current and future lives. They also want work that is fun, interesting, and exciting. Others are career advancement, challenge, and a good fit with their boss.

Relearnt

• I had made recommendations and decision with the support of my superior to internally transfer two senior Sales Executives to cover area of greater challenges and higher sales impact. This process or strategy is to assist my manager to retain and motivate our sector business top performers within the department.

Week 14 (21.7.07)

Learnt

Interview Questioning Techniques

I learnt from the video tape shown to us on " More than a Gut Feeling" during our MBA class.
During interviewing, ask:

1. Competency-Based Questions (represent 70% of an interview session)
2. Open-Ended Questions (15% of an interview)
3. Hypothetical Questions (5% of an interview)
4. Probing Questions (5% of an interview)
5. Close-Ended Questions (5% of an interview)

• Past behaviour is the best predictor of future behaviour
• Ask job related experience that predict future
• "How" a person handle in the past - better predictor of future
• The interviewer should Review and Develop Questions related to the skills required in a candidate (by Analyze the Job Skills)

The process:

• Use Rapport Building Question - at the beginning or before interview - discuss about the job
• Start with Open - Ended Question
• Eg : Describe a time when you have completed a project in a short duration of period
  Eg : Give me an example of a time in which you make a quick decision to solve your problem
  Eg: Tell me exactly how you handle your difficult customers?
• Eg: Tell me about the goal you set in the past and achieving it
• Contrary Evidence
• Eg: Tell me a time when you have to admit a situation you could not handle it?
• Eg : Describe a time when you have an unpleasant time with your manager
• If candidate can't answer, remain silence and assure he/she by saying eg: A lot of people have difficulty in answering this question, take your time.
• Maintain Control in interview
• Address the candidate by saying " thank you" and "that's interesting".
• Value It - thank the candidate for the time taken off

Summary

• Ask Past Event Questions
• Gain Behaviorial Examples
• Use Rapport Skills
• Take Notes

Unlearnt

In my previous department hiring process, i did not identify the components of workplace diversity. However, now i recognize the necessity of leveraging diversity in order to drive business success and maximize organizational success.

Relearnt

In my recent department recruitment, we have recruitted a group of new recruits with mix gender, ethnic and age group for the position of sales executives. This has resulted in strengthening the connection between diversity and productivity.

Week 13 (11.7.07)

Learnt

Recruitment sources and techniques

Top 10 sources of job applicants(traditional recruitment):

1. Employee referrals
2. Newspaper ads
3. Recuitment firms
4. College recruitment
5. Contigent-helps firms (employment agencies)
6. Job fairs
7. Internet (Jobstreet)
8. Targeted minority recruiting
9. Walk-ins
10. Government employment services

Other sources:

1. Clients or customers referral
2. Direct mail
3. HR files
4. Job posting
5. Military recruiting
6. Open house
7. Outplacement firms
8. Professional associations
9. Radio & TV
10. Research firms

Creative recruitment:

1. Airplane banners
2. Banners and signs
3. Billboard advertising
4. Bumper sticker advertisements
5. Company-sponsored social affairs
6. Movie ads
7. Newspaper inserts
8. On-site recruitment
9. Preemployment training
10. Response cards

Apply "ABC Guidelines for Successful Recruitment" to ensure best possible results

Unlearn

Drop the idea to study late at night. Identify self as a morning person-wake up earlier each day for self-learning and reading.


Relearn

I proposed for a revision of target for next 6 months in 2007 in view of the business challenges ahead (generic threat - Porter's 5 forces). I applied critical thinking skills by discussing why there is a need (purpose) in my point of view, which can lead to lower morale and productivity if SE did not achieve budget (consequences - employee may leave). I supported with data and facts that with the revise price will impact lower sales value but in my judgement, we can gain back with prescriptions of a more cost-effective drugs. I also made some assumptions to solve this problems ie potentiallyNorvasc sales may drop in next 6 months by averagely 5- 10%.

Week 12

Learnt

Contingent Workers

Defined as individuals who do not perceived themselves as having an explicit or implicit contract for ongoing full or part time employment.
Work in jobs that structured to last only a limited period of time.

Pros (to company)

1. Cost - wage is 82% of full time regular employees
2. Benefits - less likely to have health insurance coverage, retirement benefits etc
3. Flexibility - flexible in how much labor to hire and when
4. Timing - immediate staffing needs

Cons (to company)

1. Cost - agency fees and agency reputation
2. Lack of company and specific job knowledge
3. Morale - may affect morale, productivity and sense of commitment of regular employees
4. Legal concerns - the courts are examining the relationship between organizations and their contigent workers

Unlearn

To shift my thinking paradigm: To solve problems using the structure of thoughts concept instead of linear thinking ie what price to propose to my pharmacists in order to increase my sector sales.

Relearn

I teach back my manager on winning and positioning using the "Hub and Wheel" model to apply for our E-card project. He shared his view and felt benefitted from my structure of thoughts and vision ahead. He felt there is a sense of inclusion and I felt commitment from him is better now. As my managers are mostly base in out-station, i plan to teach back and share in a group in my coming next month sales managers meeting.

Week 11

Learnt

Composition of the New Workforce

Today's workforce reflects a change in the age mix, gender, ethnic composition, number of immigrants, and number of persons with disabilities.
There is also a greater emphasis on diversity-driven work environments - workplaces that embrace employees with multiple dimensions of similarities and differences.

Diversity is increasingly being viewed as an ongoing strategic business imperative. Successful diversity programs treat all people with equal regard, incorporate different skills and interests to enhance an organization, and result in increased productivity and profits.

Indeed, a new form of workplace loyalty may be emerging, whereby employees will outline what they can do for the company, as well as identify the approximate period of time they plan to stay in the job; in return, the employer will agree to provide training and resources, in addition to telling the employess what the company expects from them before the anticipated job change.


Unlearnt

Time is essence. Trying to balance work, study and family life - prioritize reading by not memorizing facts, but understanding and selective reading on books summary.

Relearn

Apply Edward de Bono 6 thinking hats together with my team mates in solving what price should i offer for Norvasc in my Penang private hospitals in view of more competitive threats and generic availability. Look at every angle before decision is made.

Week 10 (19.6.07)

Learnt

I have learnt so much in this past 5 weeks for Strategy Planning and Implementation. Why?

I had applied my learnings on the STRATEGICs process of Strategy Planning & Implementation in my assignment and also in reality in my work place. As the leader of the E-Card project, i will take lead to implement the pilot program for Private Hospital and also to roll it out later to all other hospitals nationwide.


Unlearnt

When presenting any Strategy Plan to CEO or management, as what i have learnt from Alfred Chan(AMA Marketing Director of Singapore) it is better to use the fore front approach which is sharing ahead what is the SCQ (Situation, Complication and Key Question) and establish using STRATEGICs process versus the traditional approach which is starting with Vision &Mission of company, Internal & External factors, Strategic Issues, Business Design, Action Plans & Review. The reason is this traditional approach will bring people go through a lot of introductory and background material and analysis before they come to saying what the report is trying to address. In general, people may loose interest when it comes to the real issue.

Relearn

As stated above, because of the good feedback from Alfred Chan, I agree with him to adopt this approach in my coming Strategy Planning & Implementation assignment. In view of the short time to complete by 23rd June, i will try my best to improvise my STRATEGICs process using the SCQ as the starting point. This is the reality in life, sometimes, it is good to seek others' view as experienced leaders have the knowledge to share or coach.

Week 9

Learnt

What Do You Know About Strategic Risks?
(Source: Early Warning by Ben Gilad)

Robert Simons defines strategic risk as "an unexpected event or set of conditions that significantly reduces the ability of managers to implement their intended business strategy". Strategic risk is the risk that the strategy itself is misaligned with market conditions.

3 main types of strategic risk: operational, asset-impairment, and competitive. Strategic risk from competitive environment, term as "industry dissonance" is much more difficult to manage.

Competitive Early Warning (CEW) relies on 3 steps (triangle):

1. Risk(or opportunity) identification - indicators (mostly from informal discussions, market research, scenario development and war gaming)
2. Intelligence monitoring - alerts
3. Management action - feedbacks

What creates risk? Uncertainty. What creates uncertainty? Change.

Industry change drivers are events or variables that drive the evolution of industries.

In most industries, 4 classes of drivers drive the most of the change:

1. New technology/science - can affect buyers' power or barriers to entry
2. Regulatory change/government action - can impact entry barriers
3. Social and demographic changes
4. Competitive action - buyers' hidden preferences

Unlearn

Learn to understand the 3 various types of risk. Competitive risk is the weakest link for many companies. I may have to change in response to a change in buyers' preference if a company's strategy no longer fits the emerging reality of the industry and the market. This can be achieved through intelligence monitoring.

Relearn

The sales team has regularly apply CEW by identifying the territory risks (usually through market observation and feedbacks) and gather market intelligence via sharing and feedback. All these reports will alert me as NSM or management should we take a precautonary actions or plan for strategy to counter attack (war game). Eg: competitor revise price or positioning.

Week 8

Learn

Strategy Innovation vs. Strategic Planning
(Source: The power of Strategy Innovation, by Robert E. Johnston et al.)

A strategy innovation process consists of:

Creative

• Strategy innovation requires a creative process, not an analytical one. It requires people to listen to customers in new ways, design new type of products, and envision strategies for markets that do not currently exist.

Market-Centric

• Strategy innovation requires a market-centric process, not one that is company-centric. Eg, if markets need household products at lower prices, companies should explore innovative ways of providing them. Successful strategy innovation requires a new business opportunity add significant value for both the customer and the company to be worthwhile. However, the starting point for that consideration should be the needs of the customer/market, not the company's needs.

Heuristic

• Strategy innovation is a grassroots, discovery ("heuristic") process that is dependent on the quality of the insights gained along the way. Sometimes it happens quickly, sometimes it takes many iterations before a breakthrough is achieved.
• Strategic planning process start the planning with "today" and then make projections, based on historical trends and today's statistics, out to "tomorrow".
• Strategy innovation process starts with "tomorrow" and then plans backwards to "today".

Summary, a process of strategy innovation should be the "fuzzy front end" of an overall strategy creation process, leading from opportunity identification and creation (strategy innovation) to opportunity evaluation and integration (strategic planning).

Do strategy innovation, THEN do strategic planning.

Unlearn

In this past one week, I had learnt so much of new knowledge on Strategic Planning and Implementation. When there are reflections need to be made for decision making, I had taken an approach to understand the corporate strategy in order to align my business unit strategy with corporate level.

Relearn

When I have a reflections of what i had learnt from Strategy Innovation, I realised my E-card program that i would want to develop for my Pfizer's private hospital, has elements of strategy innovation because it leads from opportunity identification and creation(strategy innovation) to opportunity evaluation and integration(strategic planning).

Week 7

Learnt

A good Business Strategy comprise of the following:

1. What “Intend” to do
   · Asymmetric Strategy
   · Offensive Strategy
   · Defensive Strategy
2. Explain “why” will be successful
   · Justify cause-effect relationship and assumptions
   · Show how competition react and impact to our strategy
3. Details “how” business intend to execute
   · Credible Plan of Action, address issues of competency, resources and organizational system or business design
   · Suggest Alternatives or Contingencies on how to reduce the impact
4. Identifies Financial and Non-financial Outcomes
   · Model economics sufficiently to deliver expectation of investors
   · Identifies non-financial measure of success
5. Periodic Evaluation
6. Based on STRATEGICSTM process of identifying and solving specific strategic issues, taking decisions and implementation
7. Built high level of collective confidence that it will be successful

Unlearn

Self learn and less teaches back to subordinates. No clear goals or objectives for strategy setting.

Relearn

As the leader of my team, I apply and teach back on the “Hub and Wheel” Model strategy with my working team on the E-card program. I shared with my superior, marketing team and my Philippines colleagues on winning and positioning of this E-card program using the offensive strategy by clearly defining on the 6 steps using the “Hub and Wheel” model. I will be using it to defend my Private Hospital Norvasc market share (will share it in my Strategy Planning assignment module).

Week 6

Learnt – Recognizing A Winning Business Strategy

A good business strategy must have an “intend” with asymmetric strategy, offensive strategy and defensive strategy.

Winning “offensive” strategy (“Hub and Wheel” Model of Strategy) – eg. DELL story

1. Clear Customer Target
2. Appropriate Product/Service Mix
3. Differentiated Customer Value Proposition (The “7 Ways” Model)
   · Premium Innovation
   · Value Innovation (Blue Ocean using ERRC Grid)
   · Disruptive Innovation
   · High end position, Head to Head position* and Low end position
4. Unique Business Design – through differentiation, unique technology and key choices. Alternative tools:
   · Mc Kinsey Business System
   · Porter’s Value Chain
   · Core Competency by Hamel and Prahalad
   * when there is “No differentiated Value Proposition & Unique Business Design”, clever Marketing Positioning is important! – Head to head position
5. Asymmetric Competitive Move – alternative tools:
   · SWOT Analysis
   · Game Theory
   · Competitive Move
6. Sustainable Profit
7. Industry Change
   · Industry or product life cycle
   · Scenario Planning – Early Warning Sign, Vertical Integration, Value Migration
   · Industry profitability – using Porter’s 5 forces & other forces analysis
   · Profit Pool Analysis - % Market share vs % Profit
   · Industry Value Chain – know the players and its’ profit

“Defensive” strategy – eg. Gillette story

1. Spotting Competitor
2. Scanning the Environment – alternative tools:
   · Value Chain Analysis
   · Profit Pool Analysis
   · Porter’s 5 forces and Complementors
   · Scenario Planning
   · Disruptive Innovation

Porter’s “generic strategies” can be divided into 3 parts:

1. Overall cost leadership – offer no-frills standardized product or service to mass market
2. Differentiation strategy – TQM, JIT
3. Focus strategy – particular product line, buyer or geographical market

Diversification

To increase growth, reduce risk and capture economy.
It can be carried through acquisition of related or unrelated business discipline.
It is better to grow from the Core business.

Unlearn

When faced with a strategic issue, I must relate back to understand the main issue or problem which I faced in order to use appropriately the offensive or defensive strategy.

Relearn

Applied defensive strategy by spotting on competitor using the 2007 IMS data to analyze Pfizer’s products market share versus competitors (start to work for Strategy Planning assignment).
Understand the natural growth inhibitors for a declining product and work out an action plan to remove the constraint on growth.
Analyzed and worked on the core competence of Pfizer’s products using the GfK field force ranking by sector business to improve on customer satisfaction.

Week 5

Learnt – Understanding Strategy

• The purpose of business strategy is a set of beliefs about “how to win”.
• Every strategy has a clear objective and a clear plan.
• “The Art of War is simple; Everything is a matter of Execution”…Napoleon Bonaparte
• Strategy Equation : ST, O, C, P & F à If S, then R & SF @ Risk
• With the current situation and set objective, knowing the constraint, learnt from the past and belief in future, then if to implement this strategy, I would expect a result in future situation with a calculated risk.
• School of thoughts in strategy industry:
  1. “Design” school (John Kay and Kenneth Andrew) – design a fit between external and internal environment
  2. “Position” school (Michael Porter) – attractive industries and positions to shape and influence the industry
  3. “Intent” school (Gary Hamel & CK Prahalad) – use foresight to create intent, execute and meet objective
  4. “Execution/Excellence” School (Tom Peters and Jim Collins) – pick what need to be good at and do it
  5. “Futurology” school (Peter Schwartz) – anticipate and influence future changes
  6. “Structured Chaos” school (Kathleen Eisenhardt) – dynamically react to and shape opportunities
• Two fundalmental beliefs to solving problem:
  1. Belief of Predictability – How well can I predict future?
  2. Belief of Agency – How big a difference do I make?
  No clear model, important that we develop our own “mental model” on what works

Unlearn

• Implement a strategy without a clear objective and plan.
• When planned for a strategy, I did not think of the possible implications learnt from the industry school of thought. Best reflected business reality and most useful to me is “positioning”, “intent” and “futurology”.

Relearn

• As committed, I studied Chapter 1 & 2 on Understanding Strategy & Recognizing a Winning Business Strategy during weekend by using mind-map to enhance my knowledge.
• I applied and teach back my E-card project working team on solving problem using:
  1. Consider all factors
  2. Issue Tree Analysis
  3. Create Options/Alternatives
  4. Set criteria which can influence options
  5. Option selection matrix
• As for the coming next week meeting, I will commit to share on:
  6. Take a Decision – Choose option
  7. PMI – to improve decision
  8. Communicate Decision – Inductive or Deductive Reasoning

Week 4

Learnt

What is Strategy? - by Michael Porter

Operational effectiveness and strategy are both essential to superior performance.

Operational effectiveness (OE) means performing similar activities better than rivals perform them.
Eg: the Japanese were so far ahead of rivals in operational effectiveness that they could offer lower cost and superior quality at the same time.
Managers have been preoccupied with improving OE through programs such asTQM, time-based competition, and benchmarking. The more benchmarking companies do, the more they look alike. The more that rivals outsource activities to efficient third parties, often the same ones, the more generic those activities become. Competition based on OE alone is mutually destructive.

Strategic positioning means performing different activities from rivals' or performing similar activities in different ways. "The essence of strategy is choosing to perform activities differently than rivals do".
Eg: Sony, Canon and Ikea - companies that practise strategic positioning. Ikea-targets young furniture buyers who want style at low cost; concept is tailored set of activities that make it work; use self-service model based on clear, in-store displays; offers extra services that competitors do not ie in-store child care.

Unlearn

Trying to read all text in details.

Relearn

Apply critical thinking thoughts in deciding which hospital to choose for E-card program and which mechanism to follow. We started with clear goals and objectives on what we wanted to achieve. I shared the mind map I created last week on the benefits of this program for all the stakeholders(patient, hospital and company). So, we have a clear purpose and and able to see a better point of view on why we need to carry out this pilot program for retaining our patients load and defending our market share. Many assumptions were taken into consideration to see how it can impact our selection criteria in the decision making. We use data ie sales volume, number of patients load and number of clinicians in the selection criteria. During our discussion, all of these aspects were taken into consideration. Finally, we have a conclusion derived to answer our question on which hospital to roll-out the program and which mechanism to use.

Week 3

Learn

Strategic planning must have a clear vision or mission with clearly stated goals and objectives. The general planning model consisits of:

1) "Situation" analysis - factors of external, internal and industry relation
2) Identification of strategic "issues"
3) Formulation of "strategy" - at business, functional place and at corporate
4) Specification of "implementation" activity

Planning is often used in the context of strategic management, whereby it comprise the following activities:
1) Planning 'implementation"
2) "Integration' of plans and strategic actions
3) A continuing awareness of and a balanced orientation to the future

Benefits of Strategic Planning:

1) Establish "direction"
2) Set "clear priorities"
3) Focuses 'actions"
4) Appropriate "resource" allocations
5) Increased "motivation"
6) Reduce "cost", reduce risk
7) Increase communications
8) Creativity

Limitations of Strategic Planning:
1) Indeterminate Future
2) High Cost
3) Time consume
4) Inflexible
5) Corporate Inertia
6) Surrender of rights to central authority
7) Personnel availability

Horizons : Usually median average is between 3-5 years plan

Unlearn

I may have indirectly apply strategic planning thoughts in some business opportunity, though, i'm not a strategic planner. I have learnt in another concept in Strategic "Thinking" whereby a strategic thinker put in thoughts of internal factor environment, external factor environment and work out the most optimistic and worst probable scenario before generating the strategy. Lack of Implementation focus is taught in my learning.

Relearn

Created mind mapping for Strategic Planning learning. Applied mind map to generate ideas on how can a patient loyalty program for my product (Norvasc) can benefit patient, hospital and Pfizer. This helps me to see better the benefits in selling the idea for a partnership program with hospital.

Week 2

Learnt

Critical thinking “is reasonable reflective thinking that is focused on deciding what to believe or do”. To improve the mode of thinking as a critical thinker, he or she takes charge of the structures inherent in thinking and impose intellectual standards upon them. Powerful questions implied to Intellectual standards reflect on Clarity, Accuracy, Precision, Depth, Relevance, Logicalness, Significance, Breath and Fairness.

When applying critical thinking, 8 steps to the structured of thought:
1. Whenever we think, we think for a PURPOSE
2. Within a POINT of VIEW
3. Based on ASSUMPTIONS
4. Leading to IMPLICATIONS and CONSEQUENCES
5. We use DATA, FACTS, and EXPERIENCES
6. To make INFERENCES and JUDGEMENTS
7. Based on CONCEPTS and THEORIES
8. To ANSWER a QUESTION or SOLVE PROBLEM

Unlearned

As a leader, I have to shift mental paradigms and existing strategic boundaries in looking at things in a broader picture. Plan my time more efficiently by prioritizing more important task rather than all urgent tasks.

Relearn

I have structured my thoughts and skills in applying strategies to defend my product (Norvasc) sales for lost of exclusivity. When I discussed it with my subordinates on the business proposal, I have used all the 8 steps except lacking of step 7 to solve the problem. I have lack of knowledge and experience in handling products losing patency. I have also applied mind mapping learning for critical thinking in order to help me remember better. I plan to use mind map technique as a sharing tool with my peers in a team meeting next week to present ideas forward on E-card program for private hospital business.

Learning Log

Learning and Thinking Skills
What have I learnt?
I have learnt that to learn well, one must be able to use both sides of his or her brain. Through the self test for discovering ones’ learning styles, I have discovered myself more of a kinesthetic and auditory learner rather than a visual learner. As evidence shows that to learn anything fast and effectively, to see it, hear it and feel it, is the most complete way of learning. Therefore, what I have learnt in mind mapping, the most effective tool for learning and thinking process where informations are captured in an organized form. It is quick to review, easy to refresh informations in mind just by a glance and good for long term memory. Mind map use
· key words
· patterns
· symbols
· pictures
· colours
· capital letters
· start from centre
· branch out

In critical thinking process for problem solving, I have learned Edward de Bono principles of 6 Thinking Hats. It allows me to examine decisions from a holistic perspective using all approaches covering several angles. The decision that I made combine ambition, skill in execution, public sensitivity, creativity and contingency planning. The 6 different “Hats” are:
White Hat – focus on the data and facts available
Red Hat – looks at problems using intuition, gut feeling and emotion
Black Hat – look at all the bad or negative points
Yellow Hat – helps to think positively, optimistic viewpoint
Green Hat – represents creativity, provide ideas or suggestions
Blue Hat – for process control, worn by superior

Unlearned
I was not able to pick up the right technique of effective learning which is did not start learning by seeing the big picture, taking notes in linear format and did not form a structure thoughts in critical thinking process.

Relearn
I have managed to apply mind mapping for my first assignment on MY INTENTION. It generally helps me better in generating my thoughts and further expands my ideas out. As a summary of this module, I have benefited 3 main mind maps consist of:
knowledge from learning theories and styles, systematic learning model, radiant thinking and mind mapping techniques, time management and self management
knowledge on critical thinking and problem solving skills
knowledge on effective writing skills, essay and management reports and information search skills
I have one opportunity in applying 6Thinking Hats concept at whether my company should be offering a short expiry drug as a promotion to our private hospitals doctors. I have shared with my daughter on the mind mapping learning technique as she seems to understand and remember better. On top of it, we both have fun in learning and drawing.