TITLE

The Power of We

AUTHOR(S)
Tisch, Jonathan M.; Weber, Karl
PUB. DATE
February 2004
SOURCE
Power of We - Business Book Summaries;2004, Vol. 1 Issue 1, p1
SOURCE TYPE
Book Summary
DOC. TYPE
Book summary
ABSTRACT
Every business wants to succeed. It is possible, according to Jonathan Tisch, Chairman and CEO of Loews Hotels, to do good and to do well at the same time. In fact, this belief is at the heart of Tisch’s management philosophy of cooperation and partnership at all levels, a philosophy he calls “The Power of Partnerships.” Tisch has applied the use of creative partnerships over the course of a lifetime in the travel and tourism industry, partnerships which can be applied to almost any business or industry, government, or community service. Management by partnership means redefining traditional relationships. Its benefits are many, however, a serious commitment to accepting and addressing the challenges inherent in any partnership, is necessary. In today’s complex world, no organization is capable of mobilizing all the resources that it needs to accomplish its goals. Businesses need to partner with their employees and their customers, with other businesses and with industry associations, with educational institutions and civic groups, and with government agencies. For a company, partnership with employees is the most basic partnership. Loews Hotels also owes its success to the fact that not only does the company treat employees as partners it treats customers as partners as well. Because Loews is small, with just twenty properties, it must work through partnerships in order to compete with the larger hospitality companies. The company makes extensive use of three kinds of business-to-business partnerships, particularly co-branding partnerships and association partnerships. The philosophy of Loews Hotels is that the best way to achieve a positive fiduciary relationship with the company’s owners is to maximize all of its partnerships—not just one or two. Considering that the purpose of a business is to create long-term value, the best way to accomplish this is to create products and services that offer good value to customers, that provide rewarding career opportunities to employees, that nurture economic growth, and that help enrich the lives of communities, the country as a whole, and the world. All of these goals require partnerships.
ACCESSION #
16898733

 

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