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Index
Acknowledgments
Introduction
How I Discovered the Hidden Champions
Chapter 1: The Mystique of the Hidden Champions
Who Are They? A Selection of Hidden Champions Around the World
Baader
McIlhenny
3B Scientific
International SOS
Häganäs and Hoeganaes Corporation
Tetra
Bobcat
Gallagher
Saes Getters
Hamamatsu Photonics
Arnold & Richter, Sachtler
Petzl
Lantal
Tandberg and Polycom
W.E.T. and Webasto
De La Rue
Belfor
Ulvac
Orica
CEAG
Gartner
Zimmer, DePuy, Biomet, and Stryker
Technogym
Gerriets
Embraer
O.C. Tanner
Klais
Electro-Nite
Sappi
Essel Propack
Plansee
Dickson Constant
Molex
Jungbunzlauer
Nivarox and Universo
SGS
Brainlab
Delo
Enercon
Omicron
Beluga
Nissha
Amorim
Jamba
Netjets
EOS
The Veil of Secrecy
Who Qualifies As a Hidden Champion?
Where Do the Hidden Champions Come From?
Knowledge and Data Base
Structural Data on the Hidden Champions
How Successful Are the Hidden Champions?
Learning from the Hidden Champions
The Goals of This Book
Summary
Chapter 2: Growth and Market Leadership
The Inner Flame
Growth, Growth, Growth
From Hidden Champion to Big Champion
The Exploding Middle
Growing Dwarves
Growth Is Not a Wonder Drug
Employee Growth Versus Revenue Growth
Drivers of Growth
Market Leadership
What Is Market Leadership?
Market Shares
Market Share and Profitability
Long-Term Goals
Summary
Chapter 3: Market and Focus
Market Definition and Market Share
Narrow Markets
How Hidden Champions Define Their Markets
Focus, Focus, Focus
Depth or Breadth
Supernichists and Market Owners
For Better or Worse
Soft Diversification
Hidden Champions in Diversified Corporations
Motives for Soft Diversification
Summary
Chapter 4: Globalization
Globalization: The Second Pillar
Global Presence: State and Process
Globalization of Brands
Globalization as the Driver of Growth
Regional Shifts
Strategic Relevance of Individual Country Markets
Markets of the Future
China
India
Eastern Europe and Russia
Japan
Latin America
Implementing Globalization
Mental and Cultural Aspects of Globalization
Geostrategic Locations
Summary
Chapter 5: Customers, Products, Services
Close Customer Relations
Customer Requirements
Dependence on the Customer and Risk Aspects
Achieving Closeness to Customer
Closeness to customer by means of decentralization
Manifold interaction with customers
Orientation toward top customers
Product and Service Spectrum
Products
Service
Systems integration
Price
Summary
Chapter 6: Innovation
What Does Innovation Mean?
High Level of Innovativeness
R&D intensity
Patents
New products
Driving Forces of Innovation
The Origin of Innovations
Leadership and Organizational Aspects of Innovation
Role of top management
Heads more important than budgets
Shared values and strategy
Cooperation between functions
Development with customers
Ongoing improvement versus breakthrough innovations
Speed of R&D
Summary
Chapter 7: Competition
Competitive Structure and Conduct
The Hidden Champions in the Light of Porters Five Forces
Competitive Advantages
Frequency of competitive advantages
Matrix of competitive advantages
Sustainability of Competitive Advantages
Demonstration of Competitive Superiority
Competitive Edge and Costs
Sparring Partners for Competitive Fitness
Excessive Competitive Orientation
Summary
Chapter 8: Financing, Organization, and Business Environment
Financing
Organization
Divisional organization
Organizational dynamics
Early decentralization
Hidden champion groups
Process organization
Organization of the Value Chain
Vertical integration and outsourcing
Internal mechanical engineering and machine building
Internal research and development
Strategic assessment
Strategic alliances
Business Environment
Industrial clusters
Entrepreneurial Clusters
Summary
Chapter 9: Employees
Job Creation
Corporate Culture
Sickness and employee turnover
Comebackers
High-performance cultures
Flexibility
Rural locations
Qualifications and Learning
Creativity of Employees
Recruiting
Summary
Chapter 10: The Leaders
Structures of Ownership and Leadership
How Crucial Is Leadership?
Leadership Continuity
Young to the Top
Powerful Women
Internationalization of Management
Personalities
Founding entrepreneurs
Unity of person and purpose
Single-mindedness
Fearlessness
Stamina and perseverance
Inspiration to others
Entrepreneurs of perfection
Leadership Styles
Management Succession
Summary
Chapter 11: Hidden Champions: Audit and Strategy Development
What Is Strategy?
Hidden Champion Strategy: For Whom?
Hidden Champions Audits
Module 1: Hidden Champion-Benchmarking
Module 2: Qualitative Hidden Champion-Audit
Strategy Development
Strategy Development as a Process
Module 3: Target-setting
Module 4: Integrated Strategy, Business/Market Definition
Module 5: Competitive Strategy
Strategies for Value Propositions and Pricing
Module 6: Value Delivery
Module 7: Value Extraction
Organization and Implementation
Module 8: Organizational Development
Module 9: Implementation
Hidden Champions and Consultants
Summary
Chapter 12: The Lessons of the Hidden Champions
Leadership and Goals
High-Performance Employees
Depth
Decentralization
Focus
Globalization
Innovation
Closeness to Customer
Three Circles and Eight Lessons
Lessons for Strategy Planners
Long-term orientation and survival
Avoiding serious mistakes
Lessons in Polarity Management
Lessons for Small Companies
Lessons for Midsize Companies
Lessons for Large Corporations
Lessons for big champions
Lessons for diversified conglomerates
A lesson on the dynamics of companies
Lessons for Investors
Lessons for private investors
Lessons for private equity investors
Lessons for Politics, Regions, and Countries
Lessons for highly developed industrial countries
Lessons for emerging countries
Lessons for job candidates
Summary of the Lessons
About the author
Subject Index
Name Index
Company Name Index
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