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Harvard Business Review 3 HBR.ORG Features September 2016 SEPTEMBER 2016 36 The Big Idea Why Your Company Needs a Foreign Policy John Chipman 82 Business Models Turning Services into Products Mohanbir Sawhney 104 Managing Yourself How to Tackle Your Toughest Decisions Joseph L. Badaracco WHAT DOES YOUR CUSTOMER REALLY WANT? HOW TO FIGURE IT OUT PAGE 45 HERMÈS BY NATURE September 2016 Contents 45SPOTLIGHT ON CONSUMER INSIGHT ABOVE Marijah Bac Cam 46 CUSTOMERS 54 STRATEGY 64 MARKETING X-pression I The Elements of Value Know Your Customers’ Building an Insights Engine Oil and canvas on Companies can increase both “Jobs to Be Done” A customer-centric approach cardboard revenue and customer loyalty The secret to creating products and is vital for driving growth, and by judiciously selecting from 30 services that customers want to buy Unilever’s insights and analytics fundamental attributes to augment Clayton M. Christensen, Taddy Hall, group exemplifies the 10 necessary their value proposition. Eric Almquist, Karen Dillon, and David S. Duncan elements. Frank van den Driest, John Senior, and Nicolas Bloch Stan Sthanunathan, and Keith Weed ON THE COVER: ROSEMARY CALVERT/GETTY IMAGES CALVERT/GETTY ROSEMARY ON THE COVER: September 2016 Harvard Business Review 3 HBR.ORG Features September 2016 36 76 82 90 THE BIG IDEA NEGOTIATIONS STRATEGY MANAGING YOURSELF Why Your Company How to Make the Other Putting Products The Scandal Effect Needs a Foreign Policy Side Play Fair into Services The effect of a tainted firm on To navigate the geopolitical Challenge it to final-offer How professional services your résumé may be long- complexities of the modern arbitration, in which firms can improve their offerings lasting—but it can be survived. world, companies have to reasonableness can prevail. and increase profitability Boris Groysberg, Eric Lin, George “privatize” foreign policy. Max H. Bazerman and Mohanbir Sawhney Serafeim, and Robin Abrahams John Chipman Daniel Kahneman JUSTIN C. HARDER/CLAUS STUDIOS C. HARDER/CLAUS JUSTIN 4 Harvard Business Review September 2016 IT’S NEVER “JUST BUSINESS.” You put your heart, soul and vision into building your company. Which means every business decision you make is always a personal one. At Northern Trust, we put our expertise toward aligning your personal and business goals like never before. So you can build the business – and life – you’ve always envisioned. ACHIEVE GREATER WEALTH PLANNING \ BANKING \ TRUST & ESTATE SERVICES \ INVESTING \ FAMILY OFFICE Call 866.803.5857 or visit northerntrust.com/GreaterVision Member FDIC. © 2016 Northern Trust Corporation. SMARTER FLIES FARTHER The value we provide our JetSuite clients is unparalleled in the private aviation industry. Between our exclusively company-owned and operated fl eet, transparent pricing, dedicated customer service and added value, there is no better solution for your travel needs. Fly smarter, fl y farther, fl y JetSuite. 866-779-7770 JetSuite.com ©2016 JetSuite® All Rights Reserved. All fl ights operated by JetSuite Air, FAA Air Carrier Certifi cate #9SUA667 HBR.ORG Departments September 2016 Making clickbait videos for “If you worry about getting the C-suite page 22 hurt while making a split- second decision, you’ll make the wrong one.” 124 IN EVERY ISSUE IDEA WATCH EXPERIENCE 10 From the Editor 20 TALENT 104 MANAGING YOURSELF 12 Contributors Why People Quit Their Jobs How to Tackle Your 16 Interaction Tech surveillance and social media Toughest Decisions monitoring provide clues that can 28 Strategic Humor Five practical questions can help companies reduce attrition. help ensure that you make 121 Executive PLUS Making clickbait videos for the “gray area” choices in the right way. Summaries C-suite, why inclusion remains so Joseph L. Badaracco challenging, and more 109 CASE STUDY 26 DEFEND YOUR RESEARCH An Office Romance Should you stay or move Making a Backup Plan Gone Wrong on after an office romance Undermines Performance A star salesperson struggles ends? page 109 Could thinking about alternative to navigate a bad breakup with paths to your goal make you a coworker. J. Neil Bearden less likely to succeed on the first one you try? 114 SYNTHESIS Is Project Europe Doomed? 31 HOW I DID IT The European Union faced ARZU’s Founder on major problems even before the Shaping Culture Through Brexit vote. David Champion Social Enterprise Earning power, education, and 124 LIFE’S WORK medical care became the three Jimmie Johnson legs of the ARZU stool. The NASCAR champion talks about Connie Duckworth teamwork at the racetrack. DELORENZO GARLAND; CHRISTOPHER ETHAN HILL; PAUL 8 Harvard Business Review September 2016 HARNESS THE POWER OF DIGITAL MARKETING START HERE Advance your ability to develop and execute an effective marketing strategy within today’s rapidly changing digital economy in Wharton’s newest program. DIGITAL MARKETING Strategies for the Digital Economy / December 5–8, 2016 > > WhartonDigitalMarketing.com < < HBR.ORG From the Editor Thriving in a Volatile Global Landscape ifteen years ago, Henry Kissinger published a book with the provocative title Does America Need a Foreign Policy? Kissinger was concerned that with the Cold War over, policy makers had become reluctant to articulate a clear vision of U.S. self-interest. FWe’re putting forth a provocative idea of our own in this month’s Big Idea, “Why Your Company Needs a Foreign Policy” (page 36). In the article, John Chipman, chief executive of the London-based International Institute for Strategic Studies, argues that companies, too, need a strategy for protecting their interests in an increasingly unstable world. For Chipman, things changed two years ago, when Russia invaded and then annexed Ukraine’s Crimean peninsula. It was the first major strategic crisis in Europe in a generation, and as I write, Europe faces another crisis: Britain has voted to leave the European Union. A shifting world order requires multinationals to adopt a new approach to global risk management. The shift derives from several megatrends, including America’s growing unwillingness to intervene in faraway hot spots, an increase in officially imposed economic sanctions, and political uncertainty in the developing world. To cope with all this, Chipman says, companies need to effectively “privatize” foreign policy— internalizing many of the elements traditionally employed in statecraft. They need to collect external intelligence, identify allies, and even develop their own relationships with foreign governments. For most companies, this is a dramatic change. But Chipman suggests that in today’s tumultuous geopolitical climate, expertise in international affairs and effectiveness at corporate diplomacy will become a critical new source of competitive advantage. Adi Ignatius, Editor in Chief JOHN VON PAMER JOHN VON 10 Harvard Business Review September 2016 HBR.ORG Contributors Marijah Bac Cam, this Joseph Badaracco credits month’s Spotlight artist his Jesuit high school with (page 45), was born in fostering his interest in how Laos and grew up in France. important thinkers, across She says that the person centuries and cultures, who most encouraged her have addressed complex creative side was her father. problems. As a professor, “According to him, even a he has continued to study mundane activity such as ethics and decision making peeling a vegetable should and for the past two be done with enthusiasm decades has taught those and creativity,” she said in subjects around the world. an interview with Nitram In this issue, he presents a Charcoal. “I have not five-question framework for learned to peel vegetables choosing a course of action in a sculptural way, but when the path forward is I have kept his message unclear (page 104). in my heart and try to infuse all my daily acts with creativity and fantasy.” See more of her work at saatchiart.com/mbc. Max Bazerman gave up his alternative career path, 38 years ago, as a cardplayer. He John Chipman was in China was a life master in tournament bridge as a meeting with senior leaders on the eve of Russia’s teen and made money gambling. Eventually, annexation of the Crimea. cards interfered with grad school, and grad “Suddenly, everyone As a PhD candidate at wanted to know what it school interfered with cards—one had to go. UPenn’s Wharton School, meant and how the West Mohanbir Sawhney would react,” Chipman Today Bazerman continues to use many of focused his research on recalls. His organization, innovation in the film a foreign policy think the skills he learned at the table—strategic business—an industry he tank, studies the effect thinking, decision making under uncertainty, selected because its speedy of strategic shocks and turnarounds made it easy geopolitical volatility on and understanding how others arrive at their to test hypotheses about global markets. To survive, new-product development. says Chipman, companies decisions—in his research on negotiations. Now a professor at need a corporate foreign Northwestern’s Kellogg policy. On page 36, he lays On page 76, Bazerman and his coauthor, School, he continues his out the principles that Daniel Kahneman, study of innovation through should guide multinationals Nobel Prize–winner the lens of the digital wherever they operate. transform the game of negotiation by revolution. His feature on page 82 looks at the thinking about how to change the incentives potential of digitization to transform higher-end of the other side to act ethically. knowledge work. VIVIAN SHIH 12 Harvard Business Review September 2016 IMAGINE MISPLACING YOUR WALLET. WHEN IT’S GOT A FEW BILLION DOLLARS IN IT. FINANCE
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