“Productivity has two components— the efficiency with which you use your inputs (labor and capital) and the value that customers place on your outputs. Too many managers know everything about cost and next to nothing about perceived value. Pret willingly adds cost to its sandwiches— fresh, additive-free and sometimes exotic ingredients— because the quality and flavor of those sandwiches commands a price advantage (over a typical fast-food “value meal”). Pret’s example suggests that it’s possible to charge a price premium— but not unless you have a unique value proposition— and you’re not going to get one of those without radical innovation.” Gary Hamel
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