People who lack material wealth, who are poor, won't be very happy. They will be obsessed with meeting their bills at pay day. And people who have an abundance of material goods are often not happy.

Competitive advantage is a companys ability to perform in one or more ways that competitors cannot or will not match.

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

I found marketing to be highly descriptive and prescriptive, without much of a foundation in deep research. I brought in economics, organization theory, mathematics, and social psychology in my first edition of Marketing Management in 1967. Today Marketing Management is in its 15th edition and remains the world's leading textbook on marketing in MBA programs. Subsequently, I wrote two more textbooks, Principles of Marketing and Marketing: an Introduction.

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.

When managers overdo micromanaging of others, they probably hired the wrong people or failed to give them a clear idea of what each one is to accomplish. I prefer to train employees to be self-managers, just as in an orchestra each performer knows his or her role without being micromanaged.

Good companies will meet needs; great companies will create markets.