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Instant MBA by Nicholas Bate

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45. Reinvent. Regularly

One of the major banks said recently: ‘if we were launching today, there is absolutely, categorically no way we would design a bank like this’. So what’s to be done? Reinvent…

How to turn around a business: rapidly. New, struggling or failing—you are the person to do it.

Stage 1: review the ‘hot spots’

image   Hot spot 1: marketing. Review the ‘4 Ps’: product, price, place and promotion.

Ask yourself the tough questions: what’s the product, who are our customers, how will we talk to them and why are we different? Those questions can either be present (i.e. who are our customers now) or future: who might our customers be? Keep ...

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