Knowledge@Wharton - Feel the Pain: How Conflict Influences Decision-making
New Wharton research looks at how the pain of others struggling with the agony of decision-making can influence our own process.
An important point that we hear from luxury CEOs is that 60% of success stems from the company's superior products, but a significant 40% of success depends on relationship-building expertise and execution of front-line teams, both in stores and online. Unfortunately, this is where many brands are stumbling.
The starting point for this discussion is the hotel owner. The operation of a hotel is usually the hotel owner's business. The hotel owner is entitled to all the profits of the business and is liable to pay all the losses. Profit is what is left after all the hotel's expenses have been deducted from hotel revenue (and losses arise if the expenses exceed the revenues).