2020-09-16 Tsinghua orientation talk + 2020-09-18 / 09-27 / 10-09 / 10-23 / 10-30 Internet Product Management Course(Compiled by: Patrick)
The complete essence of 5 product management lectures at Tsinghua University by Wang Huiwen (Meituan No.2, co-founder; started working on social networking services in 2003 / co-founded Meituan in 2010). Listed by Yitang as the required supporting PDF for *Endgame Prediction: Reunderstanding Concentration* (2.9MB / 66 pages).
Part 0: Orientation (09-16) — 3 Stories About Entrepreneurship
Story 1: Discover patterns and persist in following them (Xiaonei went against the mainstream to build acquaintance social networking)
Mainstream belief in 2005:The internet could only be used for stranger social networking. The Xiaonei team observed that users visited their site once every half month even though the site had barely any features → they concluded the internet could support acquaintance social networking.
Tactics:
- Partnered with the Department of Electronic Engineering to sell student festival tickets → got electronic engineering students onto Xiaonei with real names
- Chartered buses to take students from Tsinghua, Peking University and Renmin University home (groups formed once 50 people signed up) → expanded real-name user base
- For backend verification, as long as the avatar and name looked real, the account received a star verification (real names and real avatars are actually more convenient for acquaintance social networking)
Result:Xiaonei reached 26% daily active users (vs Facebook's 20%), and was ultimately sold to Oak Pacific Interactive.
"Everything has its truth and patterns,discover those truths and patterns, persist in acting according to them, and don't care what the masses think, you will find that in the end the masses will be turned around by the truth."
Story 2: Become a π-shaped talent (compound talent)
The Xiaonei team was short-staffed and not strong enough in technology or product, yet defeated Oak Pacific Interactive's combination of "good engineers + good product managers".
Reason:Although Oak Pacific Interactive's engineers and product managers were both very strong professionally, they did not understand each other, and product review meetings wasted time, resulting in less than 1/20 of time being spent on actually effective features.
π-shaped talent(one horizontal bar, two vertical bars): broad thinking, low internal friction cost, and easy to generate synergy within the scope of compound abilities.
2/3 of engineers fail to transition to PM: engineers' achievements are obvious, giving high security; PM progress is vague and easy to get lost in. But once the transition succeeds, achievements are usually higher.
Story 3: There are only 2 real core competencies
Xiaonei had no core competitiveness at the start → by the time it was sold, the industry thought the team's product and technology were pretty good. China Mobile asked: "What is your core competitiveness?"
Wang Xing's response: "Courage."
Real core competitiveness:
- The ability to spot opportunities — when a real opportunity comes, it is easy to produce results (genetics research vs large particle colliders)
- The ability to keep learning and improving — Meituan went from social to group buying to food delivery, building up its capabilities bit by bit
Other remarks
- At first Wang Xing and Wang Huiwen only wanted to build a company with a 1 billion USD market cap and 60 employees, and did not expect it would grow so large later
- The internet is divided into 3 categories:Pure online (games/social), O2O (e-commerce/services), automation (robotics/AI)
- Involution does not actually exist: China is far from the stage of involution. Uber lost in China/Russia/Indonesia; these places have large population bases + high national education levels, and fierce competition instead improves the international competitiveness of Chinese enterprises
- 3 stages of an economy: market-driven (upward escalator) → leadership-driven (stairs) → innovation-driven (downward escalator). China is now at the end of the market-driven stage, which is why people feel things are hard
- Luck accounts for 90% of success
Part 1: Successful and Failed Products (09-18 Session 1)
Failures: 30 times as many as successes
| Failure | Success |
|---|---|
| Nokia (peak in 2000) | iPhone(2007) |
| MPMan (Korea's first MP3 player) | iPod |
| Kik / Miliao | |
| Smart ABC | Sogou Input Method |
| IE | Chrome |
Core pattern: In almost every large industry, the ultimate winner is usually not the first company.
Google was not the first search engine either, and Tesla came 100 years later than the first electric car. Not being first shows that technology is not the bottleneck; what really matters is the product manager.
Successful PMs (5, plus Pichai)
| PM | Key products |
|---|---|
| Neil McElroy(Procter & Gamble, economics major) | The first product manager in human history, pushed for the establishment of the PM role, later served as P&G president + US Secretary of Defense |
| Steve Jobs | PC + graphical interface + iPhone (at the cutting edge of innovation you must learn the most cutting-edge theories) |
| Zhang Xiaolong | Foxmail + QQ Mail + WeChat (domestic product guru, engineer background) |
| Pichai | Chrome (metallurgical engineering major, Google CEO, promoted from the Chrome business line rather than search) |
| Mark Zuckerberg / Shawn Parker / Mark Pincus | Facebook (all had built social networking sites, accumulated cognition) |
Core point: being a product manager has nothing to do with your major,it is related to your personal outlook on life/values/way of thinking. If your outlook does not match the field, you will not achieve very high accomplishments.
Entrepreneurial PM vs Professional PM
Meituan has 2000 PMs, and the food delivery business has more than 300. The distinction:
- Entrepreneurial PM: responsible for the success or failure of the entire business, cares about strategy / business choices / Strategy
- Professional PM: works on segmented features, cares about the 4 major documents (product requirement document / prototype / PRD)
"Product manager is the position closest to the CEO,but only if you have the mindset and thinking of an entrepreneurial product manager. "
5 Must-Read Books (personally selected by Wang Huiwen)
| Book | Value |
|---|---|
| The PayPal Wars | The author actually worked there, with no emotional baggage. Elon Musk is portrayed negatively in the book (a portrayal rarely seen now) |
| The Tipping Point | Vivid examples, explaining product features + why iterations are accepted by consumers |
| The Lean Startup | Make validation faster and costs lower.If your iteration cycle is shorter than others', you gain a huge competitive advantage |
| The Innovator's Dilemma | The companies disrupted in the hard disk drive industry did not fail because of technology, but because of organizational decisions |
| The Philosophy of Retailing (Suzuki Toshifumi) | Can be read from beginner to master level. Covers 7-Eleven's decision-making process, which was highly controversial beforehand / proven correct afterwards |
Not recommended: *Nine Failures and One Victory* (Meituan biography) + *Tencent Biography* (both are promotional works)
Part 2: Economies of Scale (09-18 Part 5)
Economies of scale are basically the gravity of the business world.
Today's definition of economies of scale(Wang Huiwen):
After sales/user volume/customer volume becomes large enough (compared to smaller competitors), the resulting (i) user experience advantage and (ii) cost advantage, depending specifically on the business model.
2 levels:
- Different businesses inherently have different economies of scale — some businesses are naturally unable to grow large
- Competition within the same business — whoever first captures the elements of economies of scale wins
3 shapes of economies of scale curves
| Type | Shape | Example |
|---|---|---|
| Type A | Convex function (steep rise early, flattens later) | Most retail |
| Type B | Linear (grows at a constant pace with scale) | Some service industries |
| Type C | Exponential (the larger the scale, the faster the growth) | Internet platforms / network effect businesses |
Network effects (super-economies of scale): the more users there are, the greater the product's value to each user.
Internet user scale effects: users themselves become assets,and can generate value repeatedly.
Part 3: Industry Chain + Porter's Five Forces (09-27 Part 1)
Concentration game between upstream and downstream of the industry chain
"The concentration of upstream and downstream affects industry chain relationships."
Best-case scenario: both your upstream and downstream are fragmented in concentration, and only you have high concentration. But this kind of luck is rare.
Typical game case: OTAs vs airlines
- Ctrip acquired Qunar → tried to increase OTA concentration to game the airlines
- Airlines fought back with 2 moves:
- United with government agencies + industry associations,lowered agent commission rates to 0.8%
- Cultivated small OTAs(Tongcheng-Elong / Fliggy / Meituan, etc.), pulling down concentration
- Result:Ctrip's stock price barely changed over 10 years(while China underwent enormous changes during the same period)
The hotel industry is similar: Bookings/Agoda have high concentration → hotel groups try every means to raise their own concentration
Highest concentration industry:Train tickets. Upstream there is only China Railway, and OTAs have almost no room to bargain with upstream. Meituan doing train tickets is a public service, to provide more services to consumers.
Part 4: Strategy (09-27 Part 2) — First-Mover Advantage vs Late-Mover Advantage
3 major late-mover advantages
| Advantage | Explanation |
|---|---|
| 1. No need to persuade many people | First movers spend years persuading users (Xiaonei failed with Multidude, and could not explain the product clearly for 2 years).At the abstract level people love innovation; at the concrete level humans fear innovation |
| 2. Knowing that the thing can definitely be achieved | Building the atomic bomb first vs building it later face completely different uncertainties |
| 3. Late movers are usually normal people | Innovators are usually not normal (Woz was an engineer oddball, Jobs was a relatively normal product person; only normal people can think of the needs of the general public) |
Innovators usually lack business thinking; late movers have business thinking.
Classic comparison: Ele.me (first mover) vs Meituan Waimai (late mover)
Ele.me's approach: when entering a school, first count food delivery orders → build order-taking management software for merchants → high cost-performance, basically did not lose money from launch to a dozen cities + 200% growth.
Ele.me's blind spot:Could only discover the earliest users and merchants. After opening a dozen cities,did not open Wuhan, which had the most students(afraid food delivery demand would not be strong).
Meituan's approach:Used college student numbers to estimate market size, estimated 2 million orders → directly launched in 20 cities at the start → launched in 60 cities 2 months later.
"At the very start they talked with Zhang Xuhao; Ele.me's product and team were both good, but Meituan had to do it even if they might not win, because ① it was a big business ② this market would not be left with only one player."
In the end Ele.me sold for 9.5 billion USD, and Meituan Waimai became larger.
Core conclusion on late-mover advantage
Innovators usually lack business thinking; late movers have business thinking.
NIO's Li Bin dares to burn money aggressively because he knows the EV market is large and will not be left with only one player (like gasoline cars having multiple brands). Musk had a miserable time building Tesla, nearly going bankrupt multiple times.
Part 5: Incremental vs Stock Markets (09-27 Part 3)
Measurement criteria
| Dimension | Incremental market | Stock market |
|---|---|---|
| Penetration rate | < 50% | ≥ 50% (air tickets: 7 million tickets per day; once the internet share exceeds 50%, the market structure is hard to change) |
| Customer acquisition cost | 1× | Starting at 10× |
| Competitors | All are running, easy to catch up | The whole world is against you |
Conclusion: unless you have unique advantages,compete in incremental markets as much as possible.
Stock markets also have opportunities (case)
Pepsi vs Coca-Cola: Coca-Cola had 90% market share. John Sculley:13-year-olds don't identify with their parents → "Coca-Cola is what your dad drinks; young people drink Pepsi."
Coca-Cola could not use this slogan (it was a positioning they could not have).In the future when these young people grow old they will still feel young and keep drinking Pepsi.
3 competitive strategies(Porter):Cost leadership / differentiation / focus
Part 6: High-Frequency Beating Low-Frequency (09-27 Part 4)
A commonly used strategy in the internet industry: high-frequency beats low-frequency.
Classic case: Meituan Hotels beating Ctrip
Background: Ctrip was founded in 2000; Meituan entered hotels in 2012. At that time Ctrip had 70-80% market share. Result:Meituan Hotels' market share exceeded Ctrip's.
Key mechanism:
- Hotels are a low-frequency behavior → users are more inclined to open an already installed APP that "happens to have a hotel booking function", rather than going to the app market to download one
- Phone replacement cycle ≈ 2 years → high-frequency APPs are more likely to be reinstalled first, and occupy the positions easiest for fingers to reach
- WeChat has almost no startup time(opened too frequently) → WeChat Pay's better product experience compared to Alipay stems from this subconscious time advantage
How low-frequency businesses survive
| Path | Case |
|---|---|
| Go deep into the industry chain | Lianjia (floor plans of every residential community in China + self-operated second-hand housing + financial services) |
| Partner with high-frequency services | Lianjia Home Search on WeChat entry / Meituan's partnership with WeChat |
Part 7: Timing of Entry (Part 5, 09-27)
Opportune timing > Favorable terrain > Human harmony(Completely opposite to the traditional Chinese cultural saying "Heavenly timing is not as good as favorable terrain, and favorable terrain is not as good as human harmony")
The time window is extremely narrow: For many industries, the window for entry is only 3 months.
Case studies
- Community group buying(2020 Q4): Meituan / Pinduoduo / Alibaba / Didi entered almost simultaneously,the time window for small companies has closed
- Group buying wars(2010-03-04): Hundreds of companies entered within one quarter after Meituan launched; those that did not enter in March had no chance
Large companies vs small companies
Large companies: Promotion committees are dominated by mature businesses, new businesses have low status → Everyone chases winners and abandons losers, and those who remain in long-stagnant businesses are all people with insufficient ability,so they cannot succeed even when opportunities come.
Small companies: Talented people are constantly poached away → the team doubts the direction → the CEO meets investors while the CTO actually runs things → the CTO is challenged or a product revision fails → Most startup teams disband at the end of their second year.
Wang Huiwen's 2 conclusions on judging timing
- Marc Andreessen: If you believe something will happen, try it every 3 years
- As long as you don't go bankrupt, entering earlier is better than entering later
PEST framework
Macro analysis of time windows:Political / Economic / Social / Technology. Basically, changes in these major factors form short-lived time windows.
Why food delivery grew so large: Popularization of smartphones (delivery workers could use one for just 600 yuan) + cheap electric bikes + merchants switching from computers to mobile phones to take orders, which reduced costs.
"All great needs and products will definitely be tried many times with wrong methods and at wrong time points. If your approach is appearing for the first time, you are most likely doing something wrong."
Part 8: STP Theory (Part 3, 10-09)
STP = Segmenting + Targeting + Positioning
S - Segmenting
Choose the correct coordinate system to segment the market.
The choice of coordinate system determines everything: In the retail industry, using "income + time availability" as coordinate axes → consumer demands in different quadrants are completely different.
"Women, married well or divorced well" — female + high wealth + free time = one type of user; Wang Huiwen is wealthy but has no time = efficiency-oriented consumption → completely different products.
Pyramid Principle:MECE: Mutually exclusive, Collectively exhaustive(Mutually exclusive, Collectively exhaustive), the liberal arts expression of orthogonal decomposition.
Wang Xing: "If you analyze well enough, the decision will present itself."
T - Targeting
Distinguish between entry point vs target market.
- Xiaonei.com entry point = campus market
- Xiaonei.com target market = all demographics
Principles for choosing an entry point: Most beneficial to yourself in the long run, avoid the situation where "after you work on it for 5 years and others work on it for 5 years, it is easy for others to cut into your market but hard for you to cut into theirs".
Diffusion of Innovations (Rogers) — find Innovators / Early Adopters
5 adopter groups (from earliest to latest):
- Innovator(Innovators) — 2.5%
- Early Adopter(Early Adopters) — 13.5%
- Early Majority(Early Majority) — 34%
- Late Majority(Late Majority) — 34%
- Laggards(Laggards) — 16%
How to find Early Adopters:
- Best scenario: You are an Innovator yourself, or often hang out with Innovators
- Second best: Use correct segmentation (age/occupation/interest communities) to reduce the cost of finding them
- Ma Zhankai when building Sogou:Went to look at input method user forums(People who use an input method and also go to forums to comment on it are very likely Early Adopters, and are sensitive to products)
"At the very beginning,it is better to let 1000 people love your product than to let 10000 people like it. "
Case study: Xiaonei.com segmentation
Duoduoyou (2003) → Xiaonei.com (2005) key transformation:
- Duoduoyou was a website "for everyone to use" → it failed to take off
- Xiaonei.com did segmentation:Only users with a university IP and a school email suffix could register
- Plus class schedule upload + push of hometown + high school information + campus ambassadors
"Pierce the sky with a single needle. Don't be afraid of making the market too small.There are almost no products that target all demographics from the start. "
Xiaomi: "Born for enthusiasts".
Part 9: 4P Theory + PMF (Part 1, 10-09)
PMF = Product Market Fit(Match a market to a product, rather than match a product to a market).
Misconceptions:
- Pushing hard before finding PMF
- Failing to increase resources after finding PMF
- Losing confidence and disbanding while searching for PMF
4P Marketing Mix
Product / Price / Place / Promotion(Product / Price / Place / Promotion)
Speed vs economies of scale:
- Economies of scale = gravity of the business world
- Speed = relativity of the business world
- Taobao (light model, fast) vs JD.com (heavy model, strong economies of scale) → Taobao won in China, Amazon beat Ebay in the US
Part 10: 4 Major Traits of Demand (10-23)
Demand in economics ≠ demand discussed by PMs.Economic demand: Within a certain period + at a certain price, the quantity of goods consumers are willing and able to purchase (product form is fixed).PM demand: The problem consumers actually want to solve (product form is not fixed).
4 major traits
| Trait | Explanation |
|---|---|
| 1. Most demands cannot be satisfied | Eternal life / being able to fly / having all wishes come true are all legitimate demands but cannot be realized.This is a powerful cognition that allows you to face it calmly |
| 2. Demands with positive ROI are far fewer than demands with negative ROI | "A single rider's red dust brings the concubine a smile" is a demand with negative ROI; toB customers will raise inexplicable negative ROI demands |
| 3. Demands that can be operated at scale are far fewer than those that cannot | Even if ROI is positive, you still need to see whether it can support an entire business entity (investors have requirements for both return rate and scale) |
| 4. Sustainable demands are far fewer than unsustainable ones | You also need to consider whether long-term ROI can be positive |
Big demands vs micro demands
2 characteristics of great demands:
- People say this is a great demand but impossible to realize(Social networks / PC / flight)
- People say there is no such demand(IBM boss Thomas Watson Jr. denied the public's demand for PCs)
If you meet someone who understands even better: he will ask why now, why no one did it or succeeded before.
Diffusion of Innovations (again) — demand iteration
History of social demand iteration: Personal websites (Innovator) → CHINAREN personal homepage bus → blogs → RSS → Facebook (open/closed) → Weibo/Twitter/Instagram → Douyin/Kuaishou
Key insights:
- Each wave is larger than the previous one
- Content formats become increasingly rich
- User groups become increasingly mass-market
- Format changes are highly correlated with infrastructure changes (internet speed / data fees / mobile phone camera resolution / CPU)
Part 11: Micro Demand Identification (Part 4, 10-23)
User research trap: basically no user will directly state their real demand
| Trap | Cause |
|---|---|
| Hawthorne effect | When the factory adjusted lighting brightness, worker efficiency all improved — it was not the brightness change, but that workers knew they were part of an experiment |
| Girls getting angry | They don't state their demands directly, they just get angry |
| Customers proposing solutions | They don't state real demands, they don't know themselves either |
| Not knowing how to use the product | Unwilling to explain the operation process clearly (it makes them look stupid) |
Meituan CRM case (got it right on the 3rd version)
First 2 versions failed:Sales / quality control / BI / headquarters / local staff all wanted different functions, even when using the same words they had different expectations.
The 3rd version was led by Agan: Make a list and pick 3 → simple, direct, effective.
Rating function example
Old Wang asked Agan: "Want to distinguish user satisfaction? Sales volume?" Agan: Neither,I want to find out the merchants that are about to run away.
Sales demands and quality control demands are very different,very often demands can only be guessed, so the hit rate of guessing matters.
Effective method for early-stage products:Ask people who have used the product(high recognition + encountered actual problems), rather than asking people who don't use the product.
Part 12: Supply and Demand Relationship (Part 5, 10-23 + 10-30)
Supply and demand determine everything, and things related to supply and demand basically affect strategy.
Difficulty in identifying supply and demand
Retail bosses verbally say "supply is important" — but their actions are honest:
- Bosses do site selection themselves(personally handled for thousands of stores across China)
- Site selection is a collection of demand
In Suzuki Toshifumi's *Philosophy of Retail*, the space devoted to demand is greater than that devoted to supply.
Why do bosses say "supply is important"?
- They can't tell subordinates "what you do is not important"
- The company as a whole spends far more time on supply (supply is the grunt work of operations)
- Saying "I succeeded by doing site selection myself" will attract competitors
Consequences of reversing supply and demand
Renrenche vs Guazi Used Cars:
- The Renrenche team understood consumer psychology → did a lot of design on the demand side → good user experience
- But used cars are an industry where supply falls short of demand → no cars means no use
- Guazi's operations are oriented towards sellers → won
There is strong motivation in life to reverse supply and demand:
- Oversupply → demand side is very hard to please → the team is motivated to avoid serving the demand side and serve the supply side instead (the supply side is grateful)
- Short supply → the reverse
Time dimension of supply and demand
| Industry | Frequency of supply and demand changes |
|---|---|
| Ride-hailing | Daily: short supply during morning rush hour → balanced at noon → oversupply in the afternoon → short supply in the evening |
| Retail | Major transformation once every 30 years — terrifyingly slow |
Walmart vs Kmart: Walmart started very small, Kmart had thousands of stores,Walmart did not compete directly for a long time. After Kmart's boss retired,Walmart opened stores within its sphere of influence → Walmart won.
"Everything Low Price" was achieved by Walmart's very first store, not after opening many stores.
Part 13: Meituan Strategy (Part 7, 09-27)
Meituan has 2 main apps: Meituan + Dianping.Many functions overlap.
Diseconomies of scale are very large: Managing so many businesses, if a person can manage one business well, why wouldn't he start his own business?Wang Xing + Wang Huiwen + excess capital in China's capital market.
The business itself must have strong economies of scale(Platform strategy 2013-2018):
Logic of platform strategy
APP 里更多服务
↓
用户获取成本下降(手机预装更值)
↓
用户使用频率上升
↓
留存率上升
↓
LTV 上升
↓
可接受的用户获取成本上升
↓
正循环 + 高频打低频
Logic behind Meituan's acquisition of Mobike: Shared bikes don't make much money,but for Meituan it is a customer acquisition business. The dedicated ride-hailing team is for customer acquisition.
"When factors across all aspects of an industry combine such that it may become a customer acquisition channel for another industry,do you still expect that industry to make money?"
Internet user scale effects
Mainstream business rule in the 1990s: Every company should focus, not diversify. Today: Big internet companies none are focused, because the internet has too many strong scale effects.
Part 14: Determinism vs Uselessness Theory (Part 1, 10-09)
The success or failure of everything is determined by multiple factors.
| Wrong | manifestations |
|---|---|
| Determinism | If the company is doing poorly it's because one's own department didn't do well enough; if the company is doing well it's because one's own department did well |
| Uselessness theory | One's own department is useless |
One Meituan saying:Do the right things rather than the easy things. Doing the right things is always hard, requires rejecting many people, and judging with your own understanding of Strategy.
"The biggest standard for whether a product manager has gotten the hang of it: knowing what not to do."
Q&A (After class, 09-27)
| Question | Wang Huiwen's answer |
|---|---|
| China has few mid-tier enterprises, many at the head and tail, is that unhealthy? | It is healthy. The US has its characteristics, China has its characteristics; it is healthy as long as the economic and political systems match each other |
| Interdisciplinary Synergy | Charlie Munger studies classic theories (does not work in tech); Jobs studies the cutting edge (innovation frontier); Bezos is the Buffett of the tech industry (applies Buffett's capital theory to the tech industry) |
| Why doesn't Meituan build a mini-program ecosystem? | For now our status in the market is insufficient, user volume is insufficient |
5 core mindsets of the whole book
- Laws > Intuition — find laws and act according to them, don't care what the masses think
- Late-mover advantage > First-mover advantage — late movers have business thinking, first movers do not (deliberately hints at guidance for doing things now)
- Opportune timing > Favorable terrain > Human harmony — timing is most important; as long as you don't go bankrupt, entering earlier is better than entering later
- STP > One-size-fits-all — choose an entry point rather than the whole market; 1000 people love > 10000 people like
- Multi-factor superposition > Single strategy — if one or two strategies work, it means the business hasn't reached deep water yet
See also
- Yitang / Advanced Business Prediction (Industry Canvas + Concentration + Case Studies) — Concentration is complementary to this course's "industry chain + Porter's Five Forces"
- Yitang Opportunity Prediction Methodology — Yitang opportunity prediction cognitive framework (76% probability)
- Yitang / Complete Scientific Decision ROI System (4 main courses + 5 Candy case sets) — ROI 5-Course Series (this lesson: "Do the right thing, not the easy thing")
- Wang Kai AI-Era Decision-Making System — Wang Kai Decision-Making System (AGI Perspective Comparison)
- newtype Mindset · Super Individual Methodology — newtype Life OS Perspective
Recommended Book List (Personally Selected by Wang Huiwen)
- The Paypal Wars — Real startup history, no emotional baggage
- The Tipping Point — How products become popular
- The Lean Startup — Short iteration cycles = enormous competitive advantage
- The Innovator's Dilemma — Non-technical reasons why large companies get disrupted
- The Philosophy of Retailing (Suzuki Toshifumi) — From beginner to master, 7-Eleven decision-making
- Philip Kotler, Marketing Management — The bible of marketing, but too comprehensive (no knowledge point is covered in depth)
- Mintzberg, Good Strategy Bad Strategy — Teaches you how to identify bad strategy