1. Agility
1.1. Spot and exploit changes quickly
1.1.1. 1. Operational Agility
1.1.1.1. Consistently identify and seize opportunities faster than rivals
1.1.1.1.1. Zara
1.1.2. 2. Portfolio Agility
1.1.2.1. Quickly shift resources from less promising options into more attractive opportunities
1.1.2.1.1. General Electric
1.1.3. 3. Strategic Agility
1.1.3.1. Identify and seize game changing opportunities
1.1.3.1.1. Carnival Corporation
2. Agile Absorption
2.1. 1. More good fats, fewer bad fats
2.1.1. Absorption can cause loss of agility
2.1.1.1. Heineken
2.2. 2. Actively managing trade-offs
2.2.1. Making the best of circumstances
2.2.1.1. Toyota
2.2.2. Breaking large company into multiple, independent profit-and-loss units
2.2.2.1. Google & Alphabet
2.3. 3. Maintaining a culture of agility
2.3.1. Maintain strict focus on values critical to agility
2.3.1.1. Values: Less hierarchy and greater transparency
2.3.1.2. Methods: Retaining personnel who share the same values
2.3.1.3. Brahma Beer
3. Absorption
3.1. Weather market turbulence and strike when opportunity arises
3.1.1. Cash Flow
3.1.1.1. 1. Low Fixed Costs
3.1.1.1.1. Price Wars
3.1.1.1.2. Declining Demand
3.1.1.1.3. Higher raw-materials cost
3.1.1.2. 2. War Chest of Cash
3.1.1.2.1. Deploy against unexpected opportunities and threats
3.1.1.3. 3. Diversified Cash Flows
3.1.1.3.1. Diversity in Portfolio
3.1.1.4. 4. Protected Core Market
3.1.1.4.1. Safe stream of cash
3.1.1.5. 5. Customer Lock-in
3.1.1.5.1. Buy time for companies, high switching costs
3.1.2. Resources
3.1.2.1. 6. Tangible Resources
3.1.2.1.1. Physical, such as raw material deposits
3.1.2.2. 7. Intangible Resources
3.1.2.2.1. Non-Physical, such as brands
3.1.2.3. 8. Vast Size
3.1.2.3.1. Enable downsizing during crisis
3.1.2.4. 9. Excess Staff
3.1.2.4.1. To be shed in difficult times
3.1.2.5. 10. Powerful Patron
3.1.2.5.1. Provision of extra resources/ Buffer from market shifts
3.2. Benefits
3.2.1. Allows companies to stay in game until opportunity arises
3.2.1.1. Apple
3.2.2. Allows companies to secure early leads and reinforce position
3.2.2.1. P&G vs Danone Group
3.2.3. Absorption works better for both offence and defense
3.2.3.1. Banco Santander vs Banco Popular