IMD - The Global Meeting Place for Executive Learning

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	Dear reader, In the midst of the global economic crisis, there have been many public calls for greater leadership responsibility. But what is responsible leadership? IMD will be addressing this topic during the upcoming Responsible Leadership Summit, which will be held February 1 to 3, 2009 in Lausanne. Mary Robinson, former President of Ireland and former United Nations High Commissioner for Human Rights, Victor Fung, Chairman of Li & Fung and Chairman of the International Chamber of Commerce, and Peter Bakker, CEO of TNT, will be among the guest speakers joining a team of IMD Faculty for the summit. IMD has a strong tradition of developing responsible leaders. We strive to have a positive impact on business and society by embracing responsible leadership. Since January 12, CNBC has been running a new 30-second commercial spot in which IMD President Dr John R. Wells describes the emphasis IMD places on responsible leadership. You can watch the commercial and learn more about the Responsible Leadership Summit at www.imd.ch/summit. Your opinion counts Please continue to give us your feedback: what you like, what you don't. Let us know what more we can do to make the website and Webletter even more valuable and relevant to you. Kind regards, IMD Webletter Team

LEADERSHIP

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	Facing the global crisis with our children in mind
	Why we shouldn't waste this opportunity for true reform

	Leaders - First impressions count
	Your early days are critical

	Leading at the edge
	Or how to unlock extraordinary performance

GOVERNANCE

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	The financial black swan of October 2008
	Geneva and the 21st century financial and business reformation

	Recovering from service failure
	Turning customer frustration into customer loyalty

GLOBALIZATION

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	Opportunity-based marketing
	Seizing the moment

INNOVATION

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	Using market forces to drive internal innovation
	Three key factors for getting it right

CHANGE

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	The pressing issue of working capital
	Different strategies are needed today

GROWTH

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	New metrics for business development
	The road to (faster) results

RESEARCH THEMES

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Working capital in times of financial crisis:
Three trade credit strategies
Credit is a difficult issue these days. IMD Professor Ralf Seifert and Daniel Seifert, Research Assistant at EPFL, Lausanne, offer alternative strategies in working with suppliers in these difficult times. "Reaching out in times of crisis and engaging in dialogue will not only ward off disruptions but will also generate goodwill and underline interest in the relationship - worth far more in the long run than just saving cash."

How to be an effective strategic initiative sponsor:
Roll up your sleeves! You matter!
Should corporate executives be held responsible for their companies' strategic initiatives? One would think so. Any yet, surprisingly, only 31% of individuals questioned recently felt that their management was effectively assuming this responsibility. IMD Program Manager Rhoda Davidson and Professor Bettina Büchel share the results of their research and offer guidelines for managing strategic initiatives successfully.