Successful high-growth, high-performance firms typically sell high quality products or provide high quality services. Such firms also generally develop and introduce new products or services considered the top or best in their industries; they are product and service innovation leaders. Their products typically command higher prices and profit margins. In summary, these firms’ “marketing profiles” are characterized by high quality, innovative leadership, and pricing power.

Best management practices include:

· Assemble a management team that is balanced in both functional area coverage and industry/market knowledge

· Employ a decision-making style that is viewed as being collaborative

· Identify and develop functional area managers that support entrepreneurial endeavors.

· Assemble a board of directors that is balanced in terms of internal and external members.

Question to Consider: