Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.

Making changes to better appeal to customer is INNOVATION.

Suppliers and especially manufacturers have market power because they have information about a product or a service that the customer does not and cannot have, and does not need if he can trust the brand. This explains the profitability of brands.

There are companies that are good at improving what they're already doing. There are companies that are good at extending what they're doing. And finally there are companies that are good at innovation. Every large company has to be able to do all three - improve, extend, and innovate - simultaneously.

What people in business think they know about the customer and market is likely to be more wrong than right...the customer rarely buys what the business thinks it sells him.

The corporation is the "master", the employee is the "servant". Because the corporation owns the means of production without which the employee could not make a living, the employee needs the corporation more than vice versa.

In the next economic downturn there will be an outbreak of bitterness and contempt for the supercorporate chieftains who pay themselves millions. In every major economic downturn in US history the villains have been the heroes during the preceding boom.