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The history of the venture capital industry is reviewed, and the key institutional features described.

Provides a selection of methodologies for the investigation of user needs, concept development, and product design.

Presents the capital cash flow method for valuing risky cash flows. In this method cash flows are calculated to include the benefits of interest tax shields. In a capital structure, with just ordinary debt and common equity, capital cash flows equal the flows available to equity--net income plus depreciation less capital expenditure and the change in working capital--plus the cash interest paid to bondholders. The interest tax shields decrease taxable income and thereby increase cash flows. Since the interest tax shields are included in the cash flows, a before-tax interest rate that corresponds to the riskiness of the assets is appropriate to value the capital cash flows.

Provides an overview of patent and trade secret protection. Also discusses the legal processes through which intellectual property is protected and litigated.

Briefly describes the crude oil markets and common derivatives contracts written on oil. The contracts are oil forward and futures contracts, and over-the-counter oil price swaps.

Describes a systematic approach to selling. The author, a former IBM salesman, believes that selling requires progressing through a series of stages, which culminate in "getting the order." Describes several techniques useful in managing this progression.

Gives a conceptual understanding of derivative products, their applications, and valuation. After a brief treatment of exchange-traded derivatives, explores over-the-counter (OTC) derivatives, emphasizing the market, credit, legal, operational, and other risks associated with these instruments.

Designed specifically for the smaller U.S.-based company; provides a brief overview of the various means by which such companies can enter foreign markets and the sources of information and assistance, principally on exporting, available to them.

Defines "diversity" in organizational terms and provides a descriptive framework for understanding the ways organizations identify and respond to its challenges and opportunities. The four components or lenses of the framework are: motivators, mindset, methods, measures. Teaching Purpsoe: To be used as an overview note in a course or module on diversity in the workplace and customer base.

Reviews some elementary statistics on financial ratios that are commonly used to evaluate retailing companies.

Describes a typical organizational structure for retailers and discusses duties of various individuals such as buyer, category manager, etc.

Describes issues that should be considered by a retailer who is thinking of expanding the number of stores from one or two to many.

The transformation of technology into commercially successful products is a process fraught with risk and uncertainty, and increasing pressure on time to market is exacerbating the difficulties. This note first describes a study conducted by Hewlett-Packard to improve its product development process as an illustration of the increasing focus companies are placing on understanding user needs. A framework of different technology commercialization situations is proposed and the concept of empathic design introduced as a potent mechanism for anticipating user needs, especially under conditions of moderate technical and market uncertainty. Researchers often find traditional market research techniques incompatible with creatively understanding user needs. That is, in many situations, customers cannot ask for a new product (or even a new feature) because they do not know what is possible, technologically.

The beer game is an exercise that demonstrates supply channel dynamics. Simulates the flow of material and information in a simplified channel of beer production and distribution, focusing on the linkages among a beer manufacturer, its distributors, a wholesaler, and a retailer. Students are organized into teams of four, each assigned to place orders and manage inventory for one firm in the channel. In this simplified channel, orders are the only information allowed to flow among channel participants. Despite the simplicity of the simulation, most teams find it extremely difficult to keep inventory and stockout costs low. The instructor can work with students to understand the nature of the problems they experience, identify the causes, and discuss possible remedies. The 90-minute exercise is played on game boards that are available from the Systems Dynamics Society (518-442-3865).

All markets follow a cycle of growth and maturity, then commoditization and decline. This note argues that while commoditization of an industry may seem inevitable, the better managed firms find a way to make money in the commodity cycle. These firms know how and when to differentiate their products through innovation, service, and customer partnerships; and how and when to offer a "no-frills" product, and seek cost leadership. Four such strategic options are detailed and discussed. A rewritten version of an earlier note.

Identifies six key linkages that distinguish business-to-business marketing; three with respect to the external environment (i.e., derived demand, complex buying process, and concentrated customer base) and three with respect to the internal organization (emphasis on technology, high level of customization, and order fulfillment mechanism), which distinguish business-to-business marketing. These linkages give rise to unique challenges in analysis and execution of marketing decisions. After these challenges are discussed the organization is explained. The three core sections, following this introductory section, reflect the product life cycle theme: Managing New Products, Managing Mature Products, and Managing Product Market Diversity.

Addresses the common mistakes made in new product development and launch. Many times customers' and suppliers' perceptions of the degree of product/market innovation do not match. One of them may view the innovations as a "breakthrough," but the other may view it only as an incremental improvement of an existing solution. Such a mismatch will inevitably lead to faculty commercialization. But even if the match is perfect, this note argues that breakthroughs and incremental new products require quite different new product development processes to enable commercial success.

Presents a framework and a method for addressing the new product channel choice decision. Offers a six-step method that involves: 1) disaggregating and prioritizing a distribution channel by customers' channel function requirements; 2) obtaining and combining customers' (and key informants) evaluations of the channel functions; 3) benchmarking existing channels (own as well as competitors'); 4) identifying and constructing effective channel alternatives; 5) quantifying the short-term and long-term benefits and costs of each alternative; and 6) selecting the appropriate channel by trading off the opportunities versus constraints posed by existing channel networks (if applicable). The method requires extensive management participation to facilitate its implementation. Provides an illustrative application to demonstrate its managerial usefulness.

In mature industrial markets, segmenting customers by size, industry, or product benefits alone rarely is sufficient. Customer behavior regarding trade-offs between price and service also becomes an important criterion. This note offers a framework to enable such buying-behavior-oriented microsegmentation of industrial customers. It uses the framework to segment the national accounts of a large industrial company and show how the results of the segmentation study may be used to redirect the firm's resources and customer segments.

Traditionally, distribution channels have been viewed as vertical marketing systems where responsibility was transferred from one layer to the next, like passing a baton in a relay race. Distribution channels in the future are likely to look more like horizontal alliances of suppliers and intermediaries, all with the aim of efficiently and effectively addressing customers' real needs. These transitions, driven by an underlying change in the economics of production and distribution, are leading to distinct trends in the distribution industry. This note focuses on three primary trends: hybrid channels, multiple channels, and shorter channels. After exploring the challenges managers face as they reorient their distribution, highlights the effects of such changes on supplier-intermediary relationships.