The McKinsey Quarterly

Articles from No. 2, Spring

Banking on Shareholder Value: An Interview with Sir Brian Pitman, Chairman of Lloyds TSB
McKinsey: What led Lloyds TSB to focus on shareholder value as its core measure of performance? Pitman: It started with some interesting philosophical discussions that I had with the board just after becoming chief executive of Lloyds in 1983. At that...
Can Big Companies Become Successful Venture Capitalists?
Maybe, but first they need to understand what makes the model work Four good reasons to try... pick only one It's hardly surprising that big companies are attracted to the venture capital (VC) model for new business development.(*) Its track record...
European Freight Forwarders: Which Way to Turn?
So far, deregulation has destroyed profits in this essential sector But markets are growing and three distinct customer needs are emerging Here's a plan for turning around incumbents Few industries are as essential to Europe's economy as trucking....
Format Renewal in Banks - It's Not Easy
For retailers, format renewal is fast becoming a recognized way to revitalize a flagging business.(*) For most banks, on the other hand, experiments with different branch formats have yet to pay off. Few have hit upon a formula that transforms the distribution...
Full Telecom Competition in Europe Is Years Away
The EU's five-year-old dream of a uniformly wired and regulated Europe is still just a gleam in Eurocrat's eyes It is five years since the European Union laid out a regulatory framework for the liberalization of member states' telecommunications industries,...
How Much Is Flexibility Worth?
A lot, if uncertainty is high But discounting cashflows is the wrong way to calculate it Instead, use options theory to value management's flexibility to act in the future Have you ever been involved in a capital investment decision where the net...
M&A in Asia
IT WAS BOOMING EVEN BEFORE THE CURRENT CRISIS BUT BARGAIN HUNTING COULD MISLEAD YOU THREE STRATEGIES TO PURDUE Until last year, it seemed that Asia's economies would never stop growing. Then currencies in the region crashed, stock markets collapsed,...
Managing Metamorphosis
Must all companies eventually vanish? Ideas borrowed from evolutionary theory can help companies survive and thrive Ecclesiastes 9:11 speaks of a puzzle that baffles the business world to this day. Why is it that companies that seem to have every advantage...
The Case for ERP Systems
Too often it's made on faith, not good judgment Will it cut costs? Common pitfalls in implementation Enterprise Resource Planning (ERP) can be a blessing or a curse. Many companies find ERP systems help them make better-informed decisions. Others...
The End of Voodoo Brand Management?
Little is learned from debates about brand investments Think about brands as webs of resources Generating feedback loops that increase rather than deplete those resources Brands make up a large part of the value of many successful companies. Yet with...
The Future of Satellite Communications
A $50 billion bet New systems will provide the next generation of mobile phones and high-speed data networks What could interrupt the launch? Satellite communications are set to take a new direction. Almost $50 billion will be spent over the next...
The Key to Success in Electronics: Shifting the Balance between Profit and Growth
The rankings of electronics companies published every five or ten years show that market leadership is short lived. Yet analysis of the reasons for the rapid turnover is not easy to come by. The most common explanation is changes in technology, but our...
The Roots of Korea's Crisis
The best manufacturing technology did not lead to high productivity Now is the time for deregulation But it must embrace both manufacturing and services With per capita income swelling better than fivefold from 1970 to 1995, Korea was on the leading...
Winning in Wireless
Can the industry learn to operate at one-third its current price levels? Companies will need to build businesses around key segments The challenge: reducing churn among the customers who provide most of your profits The once cozy us wireless telephony...
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