no longer
mere exporters of goods and services;
increasingly they are also consumers of
products and services that have been
produced in developed markets. This
suggests that businesses, irrespective of
their country of origin, must develop
management teams that have a global
mindset. A global mindset is an open
way of thinking and behaving that is able
to learn from other cultures and
countries, as well as develop new
insights and innovations for business and
society.
MBA programs should think creatively
about how to develop this ability in their
students. Management research will
have to focus on identifying those factors
and environments that engender the
development of a global mindset.
The recent crises have also thrown into
sharp relief the fact that many citizens –
perhaps with some reason – do not trust
businesses. CEOs of many companies are
seen as individuals who care only about
their short-term returns often at the
expense of other key stakeholders.
therefore, management programs and
research should also focus on how their
businesses earn back the trust of their
stakeholders.
How do high performing companies
achieve strong results in each area?
If the last two decades are any guide, the
next two decades will see profound
technological innovations and changes
in business models. These ideas will
come from different parts of the world
and from unexpected sources. Those
companies that develop leadership
teams, which are able to learn and adapt
to these changes will continue to do well
in the market place.
What is trust according to you and why
do you think it is so important for the
companies and companies' boards to
renew and rejuvenate their trust-related
dashboards?
Developing trust implies that employees
and other stakeholders feel that the
company is offering products and
services that not only benefit their direct
consumers, but also benefit the
surrounding business, environmental,
social eco-systems. Developing this trust
is sound and indeed a vital business
practice. Technological advances are
ensuring that information flows are very
rapid even in remote areas. This rapid
dissemination of information enhances
the likelihood that bad business
practices become widely known. The
resulting blows to an organization's
reputation can impair its competitive
position.
Building trust amongst customers is
the biggest challenge that any company
faces. What according to you are the best
ways to build trust amongst customers?
Are there any lessons from fairly longlasting
brands such as P&G, Nestle, Louis
Vuitton, GE, Unilever, Rolls Royce, etc?
Building trust amongst customers is an
ongoing challenge for all companies.
Companies that succeed in this are very
good at establishing processes that
enable them to receive feedback from
their customers. This should be done in a
way that ensures that the voice of the
customer is heard and contemplated
without filters or biases at various key
levels in the company. Sometimes
strongly held beliefs amongst senior or
middle management is unable or
unwilling to listen to customer feedback.
Even the best of companies, including
some mentioned above, have made
mistakes from time to time. However a
hallmark of a good company is its
willingness and ability to learn from past
mistakes. Such companies also take
tangible actions to demonstrate their
commitment to build customer trust.
How to build trust in online businesses
like e-Bay, Amazon.com, monster.com,
ecch.com, etc?
The growth of social networks is
impacting the reputation of companies.
Negative word of mouth spreads quickly.
Companies must figure out how they can
use the social network in credible ways.
If consumers perceive that companies
are manipulating the networks and are
not being transparent, their trust in the
company will be eroded.
