Watch the product life cycle; but more important, watch the market life cycle.

There is no such thing as a commodity. It is simply a product waiting to be differentiated.

I admire firms that have achieved a real differentiation from their competitors. Nike is all about mastering sports. Apple is all about creating technologies to make life easier and better. Audi is is all about introducing new technologies to make automobiles safer and better performing.

The most common conception of Capitalism is that it is an economic system consisting of privately owned businesses and large corporations that are run for profit. The profit comes from running the business efficiently and keeping the products and services up to date and competitively priced.

The successful salesperson cares first for the customer, second for the products.

There is only one winning strategy. It is to carefully define the target market and direct a superior offering to that target market.

When it comes to efficiency and effectiveness, I would always start with effectiveness. I am interested in achieving a certain outcome. Only secondarily do I worry about achieving it as efficiently as possible.