The 17 Indisputable Laws of Teamwork Ch 11

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Questions and Answers

What was Walt Disney Productions initially known for before facing challenges?

Creating low-budget films

Television series

Innovative family entertainment (correct)

Merchandising products

What event significantly affected the direction of Walt Disney Productions after 1966?

The release of Snow White

The rise of competition in animation

The death of Walt Disney (correct)

The opening of Disney theme parks

How did the financial performance of Walt Disney Productions change from 1981 to 1983?

It consistently grew in income

It fluctuated but remained profitable

It decreased significantly and incurred a loss (correct)

It experienced minor losses followed by a recovery

What approach became prevalent at Walt Disney Productions after Walt Disney's passing?

Imitating past successes Signup and view all the answers

What major threat was Walt Disney Productions facing during the decline in the early 1980s?

Hostile takeovers Signup and view all the answers

What radical change did Disney's board decide to implement during the takeover threat?

Bring in an outsider to run the company Signup and view all the answers

Which strategy did Eisner and Wells use to promote cohesiveness among Disney's executives?

Weekly lunches for corporate executives and division heads Signup and view all the answers

What was a key outcome of Eisner's leadership regarding Disney's animation division?

It became the leading division in producing animated films Signup and view all the answers

How did Disney's revenues change from 1984 to 2000?

They increased to $25.4 billion Signup and view all the answers

What does the 'Law of the Scoreboard' suggest is critical for a team's success?

Monitoring real-time performance and making adjustments Signup and view all the answers

What is important for personal growth according to the principle taught?

Growth equals change in the right direction Signup and view all the answers

How does a scoreboard aid in decision making in sports?

It provides a basis to evaluate play effectiveness Signup and view all the answers

What role does adjusting play in achieving success, based on the information provided?

Making key adjustments is crucial for success Signup and view all the answers

What concept does eBay master to maintain its market position?

Mastery of the Law of the Scoreboard Signup and view all the answers

What challenge did Pierre Omidyar face after founding eBay?

Managing the rapid growth of the platform Signup and view all the answers

Study Notes

The Law of the Scoreboard

Companies that succeed understand and use the Law of the Scoreboard, regularly evaluating their performance and making adjustments.
The scoreboard represents the metrics of success, which vary depending on the "game".
Examples of scoreboards include points scored, profits, number of people served, and customer desires.

The Disney Case Study

Walt Disney Productions, despite early successes, faced difficulties after Walt Disney's death in 1966, marked by imitation instead of innovation.
The company's revenues decreased, leading to a loss of $33.3 million in 1983 and plummeting stock value.
Michael Eisner and Frank Wells, brought in to turn around the company, refocused on the company's core values and strategic diversification.
Disney successfully revitalized the company's various divisions, resulting in significant growth in revenue and profits.
These changes included a name change to the Walt Disney Company and the implementation of weekly executive lunches for better communication.
New hires like Jeffrey Katzenberg steered the movie and television divisions toward success.

Importance of Scoreboards

A scoreboard is vital for understanding the current state and progress of a team's efforts.
Teams that achieve success are proactive in adjusting strategies based on the ever-changing scoreboard.
Continuous evaluation, feedback, and adaptable decision-making based on accurate information are essential.
Knowing where a team stands and where it needs improvement is a key to success and growth.
Scoreboards can help any team in any field assess progress toward goals, from business to sports and even personal development.

eBay Example

eBay, an online marketplace, exemplifies the use of the scoreboard.
eBay's success hinges on understanding the desires and interests of its customers and acting upon this knowledge through adaptations and adjustments.
The development of trust, safety, and feedback mechanisms, along with incorporating feedback from users, led to eBay's huge growth.

Practical Application

Individuals and organizations can gain from integrating scoreboard utilization into strategic planning and decision-making.
The utilization of appropriate metrics provides transparency, enabling adjustments that align with the organization's objectives.
A systematized approach to evaluating performance ensures successful strategies by aligning actions, decisions, and measures to achieve organizational goals.

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Description

Explore the importance of the Law of the Scoreboard in business performance evaluation and adjustment. Delve into the Disney case study to understand how strategic changes can lead to revitalization and growth. This quiz will test your knowledge of metrics that define success in various company scenarios.