Teaches Leading With Purpose
TABLE OF CONTENTS
03
Meet Indra Nooyi
A snapshot of Indra’s journey
to becoming a game changer
in business and leadership
LEADERSHIP
05
The 7 C ’s of Leadership
The reach of Indra’s influence
is largely the product of
her commitment to these
critical qualities
08
Body Language 101
A beginner’s guide to decoding
common nonverbal cues
10
Speak Up
Worried about public speaking?
You’re not alone. Consider these
strategies to bolster your confidence
11
How to Level Up Your
Communication Skills
Advice from Indra on getting
your point across
1
14
Leading by Example
Get to know a few powerful women
who, like Indra, have made an indelible
impact on the business world
17
P U T I T I N TO P R AC T I C E
Follow Indra’s example to brain-
storm your strengths as well as your
areas of opportunity
STRATEGIC
THINKING
23
5 Ways to Understand
Consumer Behavior
Academics, CEOs, ad agencies, and
marketing managers have wrestled
for decades with an infinitely complex
question: What motivates consumers?
25
Resources for
Market Research
Understanding a sprawling market-
place is no easy task. Thankfully,
a wealth of resources are available
28
P U T I T I N TO P R AC T I C E
To develop a long-term strategic vision,
follow Indra’s example by “zooming
in” to understand the details and
“zooming out” to understand how you
fit into the competitive landscape
IMPLEMENTING
STRATEGY
33
Assessing Change
Strategically:
Why Megatrends
Make an Impact
What’s the lens through which
Indra has looked to the future?
Performance With Purpose
35
Strategy With Heart
Indra has used information on
megatrends as fuel to deploy empa-
thy and innovation. You can, too
36
Losing the Plot
Indra suggests that you study
companies that have fallen victim to
myopia and complacency. These
books offer unique perspectives on
failure—and its potential benefits—
in the business world and beyond
37
P U T I T I N TO P R AC T I C E
For Indra, theory becomes strategy
once you translate plans into some-
thing tangible and then invest
resources. Dive into strategic think-
ing, and connect dots to create
paths you never knew existed
TALENT
SUSTAINABILITY
43
Tips for Fighting
Off Self-Doubt
Develop the natural leader within
and give your confidence a boost
45
3 Ways to Avoid Burnout
Finding yourself overwhelmed
by your workload? Keep things
manageable by taking precautionary
measures and tending to yourself
46
Are You Over- or
Under-Managing?
According to Indra, identifying
which style of management to deploy
in different situations is critical to
effective leadership
47
P U T I T I N TO P R AC T I C E
Indra has extolled the importance
of understanding your business, of
thinking future-back, and of finding
innovation everywhere around you.
Now it’s time to bring it all together
with Performance With Purpose
2
Meet Your Instructor

INDRA NOOYI
The woman who reimagined leadership

STEERING ONE OF THE WORLD’S BIGGEST food and beverage brands into the future isn’t easy.
But Indra Nooyi, who has more than four decades of business experience, did exactly that. During
her tenure as PepsiCo CEO, she grew the company’s net revenue by more than 80 percent. She also
inspired business leaders across the globe as the chief architect of its “Performance With Purpose”
initiative—delivering sustained growth by expanding the brand portfolio to include more nutritious
products, limiting its environmental footprint, and empowering the communities it served. She’s also
the first woman of color and the first immigrant to lead a Fortune 50 company (a company identified
by the American business magazine Fortune as one of the 50 most prosperous in the United States,
according to revenue). Dive in to learn how Indra became a game changer in business and leadership.

Birthplace: Madras (Chennai),
Tamil Nadu, India
Education: Bachelor of Arts/
Science, Madras Christian
College; Master’s of Business
Administration, Indian Insti-
tute of Management Calcutta;
Master’s of Public and Private
Management, Connecticut’s
Yale School of Management
Published Work: The New
York Times bestselling mem-
oir My Life in Full: Work, Family,
and Our Future (Penguin Ran-
dom House, 2021)
Corporate Experience:
Global management consult-
ing firm Boston Consulting
Group; multinational telecom-
munications company
Motorola; multinational elec-
trical equipment, robotics, and
automation corporation Asea
Brown Boveri; multinational
food, snack, and beverage
corporation PepsiCo. Cur-
rently a member of the board
of directors for the multina-
tional e-commerce technol-
ogy company Amazon, where
she chairs the audit commit-
tee; sits on the supervisory
board of the multinational
electronics conglomerate
Philips and is a member of its
nominating and corporate
governance committee
Awards & Honors: Received
fifteen honorary degrees and a
Padma Bhushan award (India’s
third-highest civilian honor);
named “Outstanding Ameri-
can by Choice” by the U.S.
State Department; became an
elected member of the Ameri-
can Philosophical Society and
a National Gallery of Art
trustee; Asian Hall of Fame
and National Women’s Hall of
Fame inductee
Fun Fact: In 2019, Washington,
D.C.’s National Portrait Gallery
added a painting of Indra to its
permanent collection. The
work was created by American
artist Jon R. Friedman

3
 “Leadership
without honesty
equals lack of
courage.”
—INDRA

4
 S EC T I O N I :
L E A D E R S H I P

THE 7 C’S OF
LEADERSHIP
The reach of Indra’s influence, and the
intuition that guided her tenure as CEO
of one of the world’s most recognizable
companies, is largely the product of her
commitment to the following critical qualities

1. COMPETENCE

2 . C R E AT I V I T Y
( L E D BY C U R I O S I T Y )

3 . C O U R AG E
(AND CONFIDENCE)

4 . C O M M U N I C AT I O N

5 . C OAC H I N G

6 . C O M PA S S

7. C I T I Z E N S H I P

5
1
COMPETENCE

When you’re starting a new job, cre-

dentials will get you only so far. Soon,
people will ask about the value you
bring to the table. One way your value
proposition can manifest is as knowl-
edge of a specific industry or a gen-

eral business skill, such as a creative
way to look at productivity, innova-
tion, or organizational effectiveness.
In order to stand out among peers,
Indra encourages you to develop a
hip-pocket skill—a skill for which
you’re viewed as the expert across the
organization. Indra’s hip-pocket skill
was her ability to take something
complex and simplify it. Throughout
her career, she’s focused on develop-
ing critical thinking skills and how to
communicate them in a compelling
way. By being able to unpack compli-
cated problems and explain them in
ways everyone can understand, she’s
brought immense value to various
workplaces. She has often been called
upon to solve seemingly insurmount-
able challenges. Think about your
specific capabilities, and ask yourself:
What is my value add to the com-
pany? What makes me unique? Are
there opportunities to share or
demonstrate those skills when tack-
ling a project? Next time your team
faces a challenge you’re well suited to
address, give yourself permission to
volunteer your expertise—and don’t
be surprised if you become your
team’s go-to person.
2
CREATIVITY
(LED BY CURIOSITY)
Creativity enhanced by curiosity is
one of the pillars of strategic think-
ing. It’s what enables you to connect
seemingly unconnected dots to cre-
ate shapes that others may not
notice. The key to unlocking your
creative potential? Research. Dive
into topics you’re passionate about
and ones with which you’re unfamil-
iar but need to understand to fine-
tune your strategic skills. For exam-
ple, study startup companies to learn
how entrepreneurs discovered ideas
for new businesses. Investigation
and curiosity can serve as creative
inspiration. If you’re curious and
willing to dig deep, chances are your
creativity will be sparked.

6
 L E A D E R S H I P
3 4 COURAGE
(AND CONFIDENCE)
Espousing a point of view is about
having conviction: You must under-
stand the material and defend your
points. This signals to your col-
leagues that you stand by your ideas
and that you’re an active participant
in the outcomes that drive whatever
topic you’re speaking on. In other
words, if you demonstrate courage,
it will compel peers to take you seri-
ously. When developing a strategy
for a campaign or a project, analyze
your recommendations from every
angle, keeping in mind that you
might need to reframe your position
as you go. “People just might not get
it the first time,” Indra says. “If you
have conviction in what you’re
doing, come at it in different ways.”
Brainstorm ideas and organize them
in order of importance. Anticipate
questions you may be asked and
prep your responses; when the time
comes to make your case, engage
vigorously with your colleagues.
Chances are, your efforts will be
rewarded with respect.
7
COMMUNICATION
In order to bring others along with
you to carry out your vision, you
must communicate with “missionary
zeal,” as Indra says. One way to do so
is to simplify your message, using a
combination of succinct language
and bold imagery. At business
school, a communications professor
noted that Indra sounded rushed
and her ideas came across as too
complex. With the help of a coach,
she practiced slowing down her
delivery and being more concise. It
made a huge difference. But good
communication isn’t just about
delivering big speeches: Active lis-
tening can be an even more powerful
tool. Carefully absorb what others
are saying; when attending meetings,
observe how others interact.
Who adds value in discussions?
Indra believes a few carefully chosen
words are more effective than
a steady stream of statements, and
people who pay attention well can
inspire thoughtful, productive
conversations. Willingness to exer-
cise patience and await the reactions
of colleagues can spur the group
to shape even the most bland ideas
into the most potent ones.
C O N T I N U E D O N PAG E 9
 MOST OFTEN, nonverbal communication, like
facial expressions and body movement, can

BODY reveal more than you realize (or, sometimes,

intend). This can be especially true in the workplace.

LANGUAGE The following nonverbal indicators are likely to

pop up during conversations with colleagues,
101 but remember: Every interaction is nuanced and
distinct. When it comes to body language, no
two situations (or people) are the same.
A beginner’s
guide to decoding E Y E C O N TA C T
common
Too little or too much can have negative
non-verbal cues implications, but if someone maintains
eye contact for a handful of seconds at a
time, it can indicate sincere interest.

GOOD POSTURE

When someone sits or stands upright and

leans forward, it suggests receptiveness
and an eagerness to engage.

GENUINE SMILES

Anyone can force a grin, but if you take time

getting to know a colleague, it will help you
spot their genuine enthusiasm and comfort.

P H YS I C A L P R OX I M I T Y

If people position themselves relatively close

to you, it’s often an indicator of comfort.
Getting too close may read as aggressive or
convey indifference to personal boundaries.

E XC E S S I V E N O D D I N G

Your counterpart might want you to stop

talking and give them a turn to speak. Perhaps
they’re too nervous to speak up. Pause and
check in: Do they need reassurance? Do they
need an opening to start speaking?

FURROWED BROWS

This microexpression can suggest confusion

or uneasiness. If you notice it in someone
you’re speaking with, ask if they want clarification
on something you’ve said or if they want to
express discomfort with your points.

FIDGETING

Small, nervous hand movements, or messing

with clothing or nearby objects, may
mean that a person is disinterested or
anxious. Remember to pause and check in.

8
 6
L E A D E R S H I P
C O N T I N U E D F R O M PAG E 7
5 7
COACHING
Indra believes that “a leader is only
as good as the other leaders they
develop.” By cultivating an environ-
ment that prioritizes professional
development, you can improve you
team’s level of engagement and ele-
vate the quality of their work. Indra
thinks all leaders should prioritize
mentorship and succession plans as
a key part of their job. Managers can
foster a culture of respect and moti-
vation by providing thoughtful feed-
back, explaining what their reports
did well and identifying areas for
improvement. Challenging others to
give their best is about tapping into
their built-in drive, and encourage-
ment goes a lot further than outright
criticism. Use tact when delivering
hard truths and always celebrate
improvement. How you receive feed-
back from others is crucial, too,
regardless of your position within an
organization: Keep an open mind,
take in information without defen-
siveness, take time to process, and
ask for actionable advice so you can
implement any necessary changes
and improve your performance.
9
COMPASS
For Indra, the true north of her per-
sonal compass—the stable point
upon which she bases all of her navi-
gation—is integrity. She challenges
others to think of this as an absolute
quality. “It’s either present or it’s
not,” she says. “Are you living up to
the moral code of the company and
society you’re a part of?” Whether
you’re the leader of your organiza-
tion or someone who just started at
the company, integrity should always
be front and center.
CITIZENSHIP
Brands truly succeed only when their
society succeeds. Indra believes that
companies have a moral obligation
to coexist symbiotically with their
neighbors. She encourages charitable
giving but also emphasizes that good
corporate citizenship goes beyond
engaging in philanthropy: Consider
how your company functions as a
member of its community. For exam-
ple, be mindful of the impact you
have on the environment that sur-
rounds the work sites. “It’s not expen-
sive,” Indra explains, “because if you
don’t pay for it today, you’re going to
pay for it tomorrow. Somebody’s
going to put a fine on you or they’re
going to throw you out of the com-
munity.” Establish positive connec-
tions, partner with local leaders, and
seek out ways to alleviate pain points
within the communities in which
your company operates.

SPEAK UP!
Worried about public speaking?
You’re not alone. Luckily, you
can improve your skills by starting
small: Get some low-pressure
speaking experience in front of
a few people, then work your way
up to small groups and, eventually,
larger audiences. Consider the
following strategies to bolster
your confidence along the way.
C O M E P R E PA R E D
Drafting index cards with key ideas can be
an effective way to remember the major
concepts you’re trying to get across while
remaining flexible in your delivery. The way
you frame these points should be deter-
mined by your audience. What will that group
be receptive to? What tone is appropriate?
KEEP IT SIMPLE
You don’t need to impress with big words
or complex sentence structures. (Remem-
ber: Even Indra had to learn to slow down
and be more concise.) Your goal is keeping
people engaged, and it’s easier to do
that when your thoughts are streamlined.
Audiences have limited attention spans.
Make each word matter.
VISUALIZE
E XC E L L E N C E
Dwelling on negative outcomes, past or
potential, only makes people uncomfortable.
In the moments before you become an audi-
ence’s focus, try visualizing yourself com-
pleting your speech successfully. Imagine
how amazing you’ll feel once it’s over.
Indra speaks
at the 2020
Watermark
Conference
for Women
SHARE PERSONAL
ANECDOTES
Recounting stories from your life, when
applicable and appropriate, can humanize
your talking points. You’ll have a better
chance of connecting with your audience
and, in turn, making a lasting impression.
FIGHT THE
FILLER
Record a video of yourself rehearsing
a presentation. Review the footage,
focusing on your speech patterns.
Try to eliminate words such as um, like,
and kinda. Smooth enunciation takes
practice, but it’ll be worth it when
you take the stage.
P R AC T I C E ,
P R AC T I C E , P R AC T I C E
The more you work on public speaking,
the easier it will become. Rehearsing
by yourself is a great start, but nothing
beats real-world experience. Whenever
you’re offered the opportunity to speak
in front of others, do it!
10
 L E A D E R S H I P
HOW TO
LEVEL UP YOUR
COMMUNICATION
SKILLS
Advice from Indra on getting your point across
DON’T LEAN
IN TO NEGATIVITY
This may be obvious, but don’t roll
your eyes, give side glances, or
interrupt others, especially during
meetings. People pick up on body
language (more on page 7), so avoid
looking disengaged. Oh, and don’t
whisper to your neighbor. “Show up
the right way,” Indra says.
MAKE YOUR POINT
Even if you’re in a room full of deci-
sion-makers, don’t be afraid to find
a place for yourself. If you want to
add something to the conversation,
make your point clear, concise, and
direct. And if you have an opposing
11 
viewpoint on a given subject, discuss
it with your colleagues and solicit
feedback from them before sharing
the thought widely. Be aware of how
often you go against the grain. “If
you’re always a contrarian thinker,
then there’s something wrong
because you’re never part of the
decision that’s made,” Indra says.
ENABLE OTHERS
Good leaders encourage staff to
speak their minds. When you’re in a
position of power, aim to build a
culture that’s honest and allows
people to have opposing viewpoints.
Indra recommends asking questions
that enable the room to share, like

“Are there any other ideas?” or “Is
there anything we’ve forgotten?”
Getting more perspectives increases
your chances of making the right
decision. Plus, you’ll build team
competency as members learn how
to develop better ideas.
PUSH YOUR TEAM
The best bosses don’t solve the
problems of their reports. Indra
helps her staff with answers only
after they’ve taken the time to
develop potential solutions. “Go
study it,” she tells them. “Go dig
deep. Come back to me with your
best approach.” Communicating
with encouragement—while also
pushing your team—can help every-
one achieve an overall higher level
of performance. Be present but
promote confidence and autonomy.
BE CLEAR
AND CONCISE
Simple and compelling language gets
people behind your agenda. Before
you speak, ask yourself how your
message might land with your
intended audience. Will it paint a
vivid picture for them? Is your ask or
idea too complicated? Once you
“simplify, simplify, simplify,” as Indra
says, you can lay out your point, let
people know where you’re headed,
and present all the supporting facts.
Indra at
a PepsiCo
event
COMMUNICATE
WITH CONVICTION
(AND BE INFORMED WHEN YOU D O)
If you wilt at the first sign of criticism
over a concern, proposal, or point
of view you’ve expressed, others may
believe you lack conviction, which
Indra considers “a terrible, terrible
outcome.” Be sure you’ve done the
homework on whatever you’re trying
to defend or pitch, whether it’s a
business proposal for more head
count or a day-to-day decision you
disagree with. Only then can you
withstand pushback or criticism and
defend your point of view.
12
 L E A D E R S H I P

13 
LEADING
BY EXAMPLE
In 2006, when Indra became CEO of PepsiCo,
there were only ten women running Fortune 500
companies. (The Fortune 500, an annual list
compiled by American business magazine Fortune,
ranks the 500 largest U.S. corporations by revenue.)
As of May 2022, there are forty-four. Get to know
five more powerful women who, like Indra, have
made an indelible impact on the business world.

ROSALIND BREWER
CEO
I WA LG R E E N S

In early 2021, Brewer left an executive role at the international

coffee company Starbucks to become the CEO of the pharmaceutical
and retail multinational Walgreens Boots Alliance. (Until May of
that year, she was the only Black woman running a Fortune 500
company; she was joined by ​​Thasunda Brown Duckett, president
and CEO of the New York–based Teachers Insurance and
Annuity Association of America.) Known for leading
organizations during times of transition, Brewer
ushered in a new era for Walgreens. Under her
leadership, the company became one of the chief
providers of COVID-19 vaccines.

14
 L E A D E R S H I P

JA N E F R A S E R
CEO
I CITIGROUP

Fraser earned her stripes as

A N G E L A A H R E N DT S
FORMER SENIOR VICE PRESIDENT
I APPLE
B OA R D M E M B E R
I AIRBNB AND RALPH LAUREN
the global head of strategy
and mergers and acquisitions
(M&A) for the U.S.-based
multinational bank Citigroup,
navigating the sale of trillions
of dollars worth of assets.
She proceeded to reshape the
bank’s Latin American division,
tripling revenue abroad, and
was named Citigroup CEO in
2021. Fraser is considered a
thought leader who has con-
tributed to changing perspec-
tives about work-life balance.

During her five-year tenure leading the retail and online

business of the U.S.-based tech giant Apple, Ahrendts
innovated numerous successful branding strategies.
She later joined Airbnb, the multibillion-dollar online
hospitality network, as an independent nonaffiliated
board member. She also joined the board of American
fashion house Ralph Lauren.

15 
 MICHELE BUCK
CEO
I T H E H E R S H E Y C O M PA N Y

Buck transformed the Hershey Com-

pany’s portfolio, executing a series
of acquisitions that breathed new
RADHIKA JONES life into the 126-year-old American
snack foods brand. Unabashed in her
EDITOR IN CHIEF
I VA N I T Y FA I R
endeavor to disrupt the company’s
fixed way of doing business, Buck
As the editorial boss at the American magazine managed to double Hershey’s market
Vanity Fair, Jones is a preeminent voice in the realm cap (the combined value of a compa-
of arts and culture. During her tenure as editor, ny’s stock shares) in just five years.
the publication has made moves to better reflect the
shifting landscape and demographics of the U.S.,
opting for more diverse representation and the
inclusion of marginalized voices. The strategy has
paid off: In 2020, Vanity Fair broke two records for
monthly subscriptions.

16
 P U T I T I N TO
P R ACT I C E

7 C’s OF LEADERSHIP
You’ve learned Indra’s innovative approach to
leadership. Follow her example to brainstorm your
strengths as well as your areas of opportunity

O P E N D I S C U S S I O N

In class, Indra shares the 7 C ’s of Leadership.

Which of the C ’s do you most identify with?
Which do you think you could work on?

17 
S E L F - R E F L E C T I O N
What hobbies or activities
am I most passionate about?
Are there any transferable
skills or training I could apply
to my current position?
Is there a specific topic
I’m particularly knowledge-
able about? If so, what
opportunities exist within
my organization to prepare
a presentation and share
this knowledge with my
colleagues?
18
 P U T I T I N TO
P R ACT I C E
PARTNER/GROUP
P A R T N E R / G R O U PASSIGNMENT
A S S I G N M E N
Determine Your Hip-Pocket Skill
Take a moment to reflect: In
meetings, what do you notice
that others don’t when you’re
looking at the exact same thing?
How would your approach differ
from the ones proposed by the
group? Do you have a unique
perspective that may have been
overlooked? On the worksheet
included with this assignment,
make a list in the left column of
SKILLS
Strengths/traits observed by you:
19 
T
strengths and traits that could
constitute your hip-pocket
skill—the one that positions you
as an expert within the com-
pany. Then, share feedback with
your colleagues about their
strengths and request their
thoughts on yours. As you
receive feedback, pay attention
to the skills of yours that receive
the highest marks; when you
Strengths/traits observed by others:
return to your desk, put them in
the right-hand column. Is there
any overlap with what your col-
leagues say about your
strengths and what you identi-
fied during your self-reflection?
Draw lines between any items
that appear in both columns,
and consider whether any of
those characteristics could
become your hip-pocket skill.
PARTNER/GROUP ASSIGNMENT
PA R T N E R /G R O U P AC T I V I T Y

Study Great Orators

Determine Your Hip-Pocket Skill:
Watch the speeches of a few great orators:
American civil rights icon Martin Luther King Jr.’s
historic “I Have a Dream” speech, for example, or
Pakistani activist (and MasterClass instructor)
Malala Yousafzai’s sixteenth-birthday speech at
the United Nations. Seek out the transcripts so
you can focus on the language. Now choose
one speech and fill out the following worksheet.

Speaker: Speech theme:

Setting: Speech structure:

Audience demographic: Standout moments:

Historical context: Nuances you noticed:

20
Indra making
the rounds at a
PepsiCo factory

21 
“At the end of the
day it’s your point
of view that counts.
Don’t forget that.”
—INDRA

22
 S EC T I O N I I :
S T R AT EG I C T H I N K I N G

5 WAYS TO
UNDERSTAND
CONSUMER
BEHAVIOR
Academics, CEOs, advertising agencies,
and marketing managers have wrestled
for decades with an infinitely complex
question: What motivates consumers?

23 
D
URING THE 1950S, in
an effort to understand
the choices made by
shoppers, business
schools began casting a wide net,
embracing theories and methodolo-
gies not only from the field of eco-
nomics, but also from psychology,
sociology, anthropology, and statis-
tics. Still, consumers were often
viewed as entirely rational deci-
sion-makers who processed infor-
mation as if they were machines,
according to one survey of market
research scholarship. It wasn’t until
the 1980s, with the rise of behavioral
economics—the study of psycholog-
ical processes behind economic
decision-making—that researchers
began to understand consumers as
partly illogical operators. In reality,
buyers could be motivated by sur-
prising (and even fantastical) desires.
Today, consumer behavior
research is an expansive field. It
includes everything from analyzing
a brand’s symbolism to capturing
narrative accounts of a product’s
physical form, sound, smell, and
taste. So-called neuromarketing
techniques can track shoppers’
eyeballs, brains, and bodily arousal
(including heart rate and sweat
secretion). To better understand
what drives buyers, some marketing
firms go so far as to hire participants
who will film their daily purchases.
But even with mountains of new
research and cutting-edge technol-
ogy, anticipating consumer behavior
remains a struggle for most busi-
nesses. It requires sophisticated,
comprehensive, and forward-think-
ing strategies, as well as an ability
to shift gears at a moment’s notice.
At PepsiCo, Indra paired the follow-
ing research strategies with an
emphasis on agility, ensuring that
the brand’s products would remain
relevant in the eyes of consumers
around the world.
ZOOM OUT:
ANALYZE
MEGATRENDS
Central to Indra’s consumer strategy
is a keen understanding of mega-
trends: the overarching forces that
affect society at large (visit page 33
for more). Predictions synthesized
from leading consultancy firms,
thinkers, and think tanks help her
sense the direction markets and
populations are heading—and
determine how a business like Pep-
siCo must shape itself in order to
stay ahead of the curve. Without
understanding the potential impacts
of megatrends, she says, companies
respond to looming market trends
too late and are forced to make
costly moves to remain competitive.
Better to use research and anticipate
societal change, then align your
offerings and business model with
the evolving needs of consumers
and societies.
C O N T I N U E D O N PAG E 2 6
24
 S T R AT EG I C T H I N K I N G
RE S OUR CE S FOR
MARKET RE SEAR CH
Understanding a sprawling marketplace is no easy task. Thankfully, a wealth
of resources are available for tracking nearly everything consumer-related,
from sales statistics and spending trends to sector growth and more
GOOGLE TRENDS
The global search giant
offers a number of ser-
vices to help emerging
business leaders under-
stand their potential cli-
entele. Among the most
well-known is Google
Trends, which allows you
to easily understand
what a given population
is searching for, track
interest levels over time,
compare regions, and
analyze the day’s most-
searched terms. Using
this info, you can build a
strategy for drawing con-
sumers to your websites
and social media
accounts based on
cycles of demand.
BUREAU
OF LABOR
S TAT I S T I C S ( B L S )
This government organi-
zation “measures labor
market activity, working
conditions, price
changes, and productiv-
ity in the U.S. economy,”
according to its mission
statement. On the
Bureau of Labor Statis-
25 
tics (BLS) web page, view potential custom- analytics tools to parse
you’ll find info about how ers and competitors in a reams of feedback. The
earnings, prices, and pro- specific geographic platform also allows you
ductivity have changed region (as well as build- to survey a built-in popu-
over time. The site’s data ing permits, employ- lation of respondents
tools section offers free ment statistics, average that can be segmented
IAG (industry at a glance) local income, and based on the criteria of
info tables; you can much more). your choosing, meaning
quickly learn how many you don’t need to build
people work in, say, S TAT I S TA an audience from
amusement parks, how scratch to enjoy the
Based in Hamburg,
much they make, and the platform’s benefits.
Germany, Statista offers
direction in which their
a suite of data visualiza-
wages are trending. PEW RESEARCH
tion tools that makes it CENTER
easy to understand, for
CENSUS BUREAU instance, why the beauty
The Pew Research Cen-
market is booming, why ter, a “nonpartisan fact
The U.S. Census Bureau
people are quitting their tank” headquartered in
is a leading provider
jobs in record numbers, Washington, D.C., con-
of data about America’s
and which countries ducts opinion polling,
people and economic
have the most active demographic research,
conditions. Its website,
volcanoes. Statista can media content analysis,
like that of the BLS,
also whip up customized and other data-driven
costs nothing to use. To
research and analysis social science research.
study up on a business
based on your While Pew’s information
sector, use the search
company’s needs. isn’t clearly demarcated
bar at data.census.gov;
by industry, its topics
from there, you can scan SURVEYMONKEY
hub gives you free
through data tables,
access to data about
maps, and white papers Looking to survey poten-
how your potential mar-
related to topics as spe- tial customers? Try this
ket is affected by every-
cific as gambling in California-bred data plat-
thing from emerging
Nevada in 2017. Another form, which can give you
technology to economic
feature, called the granular insights into
inequality.
Census Business their behaviors and
Builder, allows you to beliefs as well as data
 Indra and
a host
of PepsiCo
products
C O N T I N U E D F R O M PAG E 24
ZOOM IN:
TAILOR YOUR
OFFERING BY
TRADING AREA
By the time a product from PepsiCo
lands on a retail shelf, the company
has already spent an incredible
amount of time analyzing the target
audience and how it should be sold
to them. For individual sales outlets,
the company drills down on the
demographic data that influence
purchasing decisions at a granular
level in a trading area. Typically, this
analysis—an assessment of the pur-
chasing activity of a given geographi-
cal region—also includes the number
of competitive outlets in the area, the
size of potential customers in the
area, and what they are purchasing.
Studying the demographic minutia
of specific communities can help you
predict consumer demand (espe-
cially when it fluctuates).
ZOOM IN:
UNDERSTAND
DEMOGRAPHIC
SHIFTS
When consumer behavior changes,
more marketing isn’t always the
answer. Case in point: When families
in a specific trading area suddenly
cut back on purchasing snacks and
beverages, it’s not that they have
stopped consuming them; some-
times it’s because the biggest con-
sumers in the family (teenagers)
have gone off to college. Aggressive
marketing in these situations won’t
get you anywhere. Instead, you
should do a deep dive into the mar-
ket and understand the trends that
caused the shift. From there, ask
yourself how you can adapt. Bottom
line: Monitoring how specific com-
munities are changing is essential to
staying relevant and maintaining
sales momentum.
26
 S T R AT EG I C T H I N K I N G
“The ability to zoom in and out
is essential to develop a long-term
strategic vision.” —INDRA
ZOOM IN: STUDY
YOUR COMPETITORS
“Competitors keep you on your toes,
competitors make you better, so just
be happy you’ve got competition out
there,” Indra says. Of course, you
can’t make the most of a competitive
landscape unless you truly under-
stand what your rivals are doing:
their unique draw, market share, pric-
ing, marketing, and customer loyalty,
among other variables. Indra aims for
a certain degree of breadth when
she’s performing these competitive
analyses, studying not only the big
players but also the “small guys who
are just upstarts in the industry.” To
remain relevant in your sector, take
your competitors’ ideas seriously.
27 
UNDERSTAND
PUSH AND PULL
Push and pull is a marketing term
that differentiates between two strat-
egies: “pushing” your brand by mer-
chandising it in stores and creating
“pull” through relevant, interesting
advertising that naturally draws con-
sumers to your brand. “You’ve really
got to understand the retailer, the
trading area of every individual store,
and how you’re going to create a
push mechanism through these
retailers to create the consumer
pull,” Indra says. Retail partners, also
considered customers, perform
many layers of analysis to purchase
appropriate products for their con-
sumers (the ones who actually con-
sume the products). These retailers
use a wealth of demographic data to
form an analysis that helps answer
the question: What do the consum-
ers of this trade area want? How do
we market it to them? “We have to
understand consumer behavior to be
able to educate our customers about
what they should stock on the
shelves,” Indra says.
P U T I T I N TO
P R ACT I C E

U N D E R S TA N D I N G
YO U R B U S I N E S S
To develop a long-term strategic vision, follow Indra’s example by
“zooming in” to understand the details and “zooming out” to understand
how your business fits into the competitive landscape

O P E N D I S C U S S I O N

Indra encourages all managers to strike a balance

between zooming in and zooming out. What are some
common obstacles you and your team encounter when
trying to zoom in? What about when trying to zoom out?

28
 P U T I T I N TO
P R ACT I C E

PA R T N E R /G R O U P AC T I V I T Y A S S I G N M E N T

Follow the Production Find the

Review the beer example Indra provides in her “Zooming In White Space
and Zooming Out” lesson. Now go online and research the
Pick a burgeoning industry
steps required to turn ingredients and raw packaging materi-
and consider the various
als into a bottle of beer (or soda). Identify as many steps as
companies and startups it
possible, keeping an eye on material costs, labor costs, and
has produced. Select one (if
manufacturing overhead. Think of the physical journey the
you picked virtual reality, for
bottle must take from the factory to your hand. Consider “how
example, you could go with
value…and costs are added along the chain,” as Indra says. Can
Vicarious Surgical, a medical
you spot any steps where costs are added and value is not?
equipment manufacturer
that makes VR surgical cam-
eras), and work backward to
identify how that company
found its white space: an area
in the market where competi-
tion was light or where a
S E L F - R E F L E C T I O N
potential consumer base was
being overlooked. How could
that brand’s story be applied
Given your area of expertise to your career?

within your organization, are

there colleagues from other
departments whose work you
would like to learn more about?

29
29 
A S S I G N M E N T

Be a Captain of Industry
Pick three industries that have recently emerged (such If you had been presented with the initial idea for one
as cryptocurrency, synthetic biology, and virtual reality), of these industries, how would you have developed it?
and research how they came to fruition. Use the template below to organize your research.

Initial idea: Service-profit chain (the relationship between

profitability, customer fidelity, and employee
fulfillment, devotion, and efficiency) created:

Materials involved: Marketplace challenges:

Government regulations: Areas for improvement:

30
Indra, PepsiCo
colleague Jill
Beraud, and
Barclays Capital
representative
Carmen Barone
at the New York
Stock Exchange

31 
“It doesn’t
matter which
level of the
company
you’re in. If
you’re thinking
innovation,
you’re thinking
out of the box.”
—INDRA

32
 S EC T I O N I I I :
I M P L E M E N T I N G S T R AT EGY

ASSESSING CHANGE
STRATEGICALLY:
WHY MEGATRENDS
MAKE AN IMPACT
What’s the lens through which Indra has looked
to the future? Performance With Purpose

33 
T
O CREATE a viable, long-
term business, Indra
encourages you to anchor
your strategic plans in
one simple concept: megatrends.
This term was popularized in the
1980s by American author and busi-
nessman John Naisbitt. Indra
describes megatrends as “a power-
ful, transformative force that could
change the global economy, business,
and society.” Megatrends can arise
from large-scale global shifts, such
as financial or resource crises, tech-
nological innovation, medical and/or
demographic changes, and societal
evolutions and fluctuations. Scien-
tists, futurists, and consumer experts
have contributed to sweeping dis-
cussions on the changes we can
expect over the decades to come.
WHEN
MEGATRENDS
MATTER
Megatrends were a key factor in
PepsiCo’s Performance With Purpose
(PWP) strategy, announced in 2006.
Indra asked her senior executives to
pore over megatrend research, note
global changes already underway,
study implications of the long-term
trends, and determine which aspects
were relevant for the company. Some
of PWP’s central tenets—a recalibra-
tion of the portfolio to balance
healthy and treat-like products,
reduced reliance on water and plas-
tics in production and packaging,
increased focus on workforce diver-
sity and retaining top talent—
addressed the potential paradigm
shifts that were likely to impact the
company (greater consumer interest
in health and wellness, water scarcity,
climate change, labor shortages).
RESETTING
STRATEGIES
PWP represented a major overhaul
in the way PepsiCo did business.
Indra admits that getting others on
board was, at times, challenging. A
senior team worked to develop a
future-back perspective; in other
words, they analyzed upcoming
megatrends that could impact the
company, created a “shape” for what
the company could look like in ten to
twenty years, and then worked back-
ward to adjust business models and
strategies accordingly.
THE
MEGATREND
FORECAST
Even if you’re not an executive, it’s
still important to keep track of
trends that affect strategic decisions
above you. Check in on the latest
megatrend research and data to stay
abreast of upcoming major changes.
Just because you’re not a CEO
doesn’t mean you can’t think of how
megatrends can and will impact your
business. Think: What could your
company do today to make better
decisions for the future?
34
 I M P L E M E N T I N G S T R AT EGY

STRATEGY
WITH HEART
Indra used information on megatrends as fuel
to deploy empathy and innovation. You can, too

IN A 2021 report for megatrend projections.

the American business She soon created new
outlet Forbes, American opportunities for
journalist Tracy Brower empowerment at the
cited numerous studies company—both inter-
that confirmed how nally, for its workforce,
cultivating empathy and externally, for con-
through a work environ- sumers. PepsiCo
ment can influence devoted itself to con-
everything from ceiving products under
employee retention to the banner of wellness
business innovation. For and sustainability and
Indra, consideration of charted a course toward
PepsiCo's workforce reducing its carbon
and consumers were footprint and improving
the building blocks of its standing as a corpo-
Farmworkers
Performance With Pur- rate global citizen. In
in India’s rice
pose, or PWP. Focusing just over a decade, fields. Rice uses
on human sustainability the company reduced most of the
(healthier products), its operational water water in Indian
environmental sustain- use by 25 percent and agriculture
ability (a healthier provided drinking water
planet), and talent sus- to 22 million citizens.
tainability (happier Additionally, it nearly Intuitive leadership planet. Fueled by PWP,
employees) required tripled investments in relies on empathy to Indra has paved a path
intuition and mindful- research and develop- align itself with the con- for others to follow—
ness. To justify her ment to minimize envi- siderations of labor, the hallmark of a true
vision, Indra studied ronmental impact. consumers, and the leader.

35 
LOSING THE PLOT
Countless companies have fallen prey to myopia and complacency.
The following books offer unique perspectives on failure—
and its potential benefits—in the business world and beyond
THE ICARUS PARADOX
B Y DA N N Y M I L L E R , 1 9 9 0
This landmark business text is
something of a complement to the
equally seminal management book
In Search of Excellence, which was
published eight years prior. While
Excellence offers case studies of suc-
cessful companies, The Icarus Paradox
investigates corporations that sput-
tered out after surging. Miller, a Cana-
dian researcher, identifies the attri-
butes and patterns that led to their
downfall—namely, succumbing to
weaknesses by overplaying strengths.
THE RISE
BY SARAH LEWIS, 2014
Does failure actually exist? The
notion of mistakes as valuable learn-
ing experiences may seem trite, but
Lewis, an influential art curator, his-
torian, and associate professor at
Harvard University in Massachu-
setts, frames the argument in unique
and compelling ways. (Her reference
points range from poets and play-
wrights to psychologists, inventors,
and slavery abolitionists.) The Rise
offers nuanced insights about impa-
tience, fulfillment, and resilience,
many of which are directly applicable
to the modern business landscape.
FAILURE
B Y S T UA R T F I R E S T E I N , 2 0 1 5
We tend to view science in the con-
text of triumphant breakthroughs,
such as new vaccines, bionic limbs,
and driverless vehicles. But the scien-
tific method is fundamentally rooted
in trial and error; by virtue of design,
it involves blundering through the
unknown. If you want to understand
the tech industry’s enduring preoc-
cupation with failure, go straight to
the source: the brilliant, calamitous
world of empirical research.
BORN LOSERS
B Y S C OT T A . S A N DAG E , 2 0 0 5
Our understanding of commerce
as a zero-sum game—a scenario in
which one can win only by causing
another to lose—is more social
phenomenon than business reality.
Sandage’s expertly researched book
explains how Americans came to
equate economic failures with
moral ones. In doing so, he offers
an opportunity for learning how to
lionize the victors without stripping
the defeated of their humanity.
36
 P U T I T I N TO
P R ACT I C E

S T R AT E G I C T H I N K I N G &
I M P L E M E N T I N G S T R AT E G Y
Indra encourages you to constantly study cultural and economic
developments to figure out what you need to retool for the evolving
future. For her, theory becomes strategy once you translate plans
into something tangible and then invest resources. Dive into strategic
thinking and connect dots to create paths you never knew existed

O P E N D I S C U S S I O N S E L F - R E F L E C T I O N

How could 1. What do you think

investigating will be a megatrend to
megatrends prove look for in 2030?
useful for you
in your business?

2. How do you disseminate

strategy within your
organization (or on a smaller
scale, within your team
or for a project)?

37 
A S S I G N M E N T

Improve an
Existing Product Product:
Pick a product you’re familiar with, Frustration Deliberate Improvement
whether it’s your car, your preferred
toothpaste, or something in between.
Do any of its features leave you frus-
trated? How would you make it differ-
ently? Brainstorm new features to add
1
and existing features to improve, then
place your ideas into three categories:

Deliberate Improvement
(building on features
that currently exist)
Frustration Frequency Improvement

2
Frequency Improvement
(changes designed to
generate repeated use)

Adoption Improvement
(enticing consumers to
engage in neglected features)

Frustration Adoption Improvement

38
 P U T I T I N TO
P R ACT I C E

A S S I G N M E N T A S S I G N M E N T

Study Companies Megatrends:

That Didn’t Think
Future-Back
Research three brands that were
unable to adapt to the changing
landscape of the modern world.
Do you see any commonalities
among them?
Past, Present, and Future
Search “megatrends 2030” online, and click on
a few articles from credible sources (think academic
institutes, long-standing newspapers, and nonparti-
san think tanks). Look out for overlapping ideas.
Of the megatrends you discovered, which ones did
you expect? Which ones surprised you?

Next, look up older articles containing predictions

about present-day megatrends (consider searching
newspaper archives). Make a note of what they
got right and what they got wrong. Finally, identify
the megatrend that’s the most relevant to your
career, and think about how it might affect your
professional goals.

39 
PA R T N E R /G R O U P AC T I V I T Y

Resource Segmentation
Review Indra’s resource segmentation example in “Resourcing Turns a Dream Into a Reality.” Then work
together to draft a phase one plan: top-down segmentation, broken into businesses and segments. Think
about how you might reallocate resources in order to grow or revive certain segments. Which segments
could survive with fewer resources? Now rough out phase two: the shifting of resource allocation.

As you move resources around, consider whether you could reduce the size of the corporate cushion
in order to give more to deserving divisions.

NOTE: It would be beneficial to include a facilitator who can help your team round up
information and resources for this assignment.

40
 “You’ve got to be
very curious
about the world.”
—INDRA

41 
 Indra touring a
PepsiCo factory

42
 S EC T I O N I V:
TA L E N T S U S TA I N A B I L I T Y

TIPS FOR
FIGHTING OFF
SELF-DOUBT
How to develop the natural
leader within and give
your confidence a boost

43 
 S
ELF-DOUBT can hinder
your ability to achieve your
goals. Rather than take credit
for your hard work, you may
chalk up your successes to luck
or timing and fear the judgment of
others, leading to lower morale and
self-motivation. Undermining your
accomplishments, impacts, and skills
can impair performance and cause
burnout. Excessive self-criticism is
quite literally exhausting.
Although people from all walks
of life can be impacted by self-doubt,
some research has found that it dis-
proportionately affects women, who
already face greater scrutiny due to
systemic prejudices. Multiple studies STUDY YOURSELF
have pointed to the fact that women By knowing the stressors that give
are far more likely than men to be rise to your feelings of unworthiness,
interrupted, have their competence you can begin to identify your own
challenged, or have their judgment behavioral patterns. Monitor your
questioned in business settings. internal dialogue to alleviate the
If you find yourself succumbing conditions that induce self-doubt.
to self-doubt, there are steps you can Ask yourself: How would I talk to
take to get back on track. Consider a friend going through this situation
these four strategies, recommended right now? Then describe it using
by the American Psychological Asso- supportive language. Make a note
ciation, to help you refocus: of your triggers and grounding tips
that work for you; keep the list handy
for easy reference.

“I realized very quickly PLUG INTO

in my life that nothing can YOUR COMMUNITY

Build and sustain your support
network. You can reach out to people
be done by individuals. It you know and trust, set a time
to meet, and talk about what you’re

can only be done by teams.” experiencing. Or you can search

online for local groups designed to
—INDRA

44
 TA L E N T S U S TA I N A B I L I T Y
be safe spaces, where community
members empower and encourage
one another. You might also seek out
a licensed therapist. Regardless of
your approach, the objective here
is to ease the burden when you begin
to feel insecure.
CELEBRATE YOUR
ACCOMPLISHMENTS
You may be tempted to dismiss
some successes as insignificant, but
research shows that taking the time
to applaud your own success helps
you better internalize it. By becom-
ing intentional about positive
self-feedback, you’re breaking the
cycle of negative thinking—and lay-
ing a foundation for a more affirming
outlook. Pay special attention when
others encourage you or offer kind
words, and clock your response. Try
to welcome the opportunity to view
yourself the way others view you.
BREAKUP WITH
PERFECTIONISM
Throttle your expectations. Embrace
failure in order to give yourself
room to grow. Allowing space for
mistakes can help you reframe the
narrative—and it doesn’t require
you to lower your standards. When
you release the idea of failure as self-
exposure, you become more open
to growth and improvement. (For
more on establishing a new mental
framework for failure, visit page 36.)
45 
3 WAYS TO
AVOID
BURNOUT
Even if your company provides adequate
resourcing and employee support, you
may still find yourself overwhelmed by
your workload. Keep things manageable
by taking precautionary measures
and tending to yourself
1. SET LIMITS
( A N D A C T U A L LY F O L L O W T H E M )
Say “no” when your plate is already too full.
Be honest with yourself about when you need
to take a break, and know when you need
to ask for support. You may want to promise
yourself that you’ll always finish work at a
certain time each day, too.
2. T E N D T O THE ESSENTIALS
Eat complete, nutritious meals; drink plenty
of water; get plenty of sleep. Don’t let your
obligations get in the way of caring for your
body. Trust your intuition, and check in
carefully to find out what your body needs.
3. MIX IT UP
If your work requires hours staying seated
or in front of a computer screen, take breaks
to get a change of scenery. Spend a few
minutes outside, or catch up with a friend.
Consider carving out some time to do
something creative or physically active to
experience something different.
 ARE YOU OVER-
OR UNDER-MANAGING?
Leaders must be able to zoom in and zoom out in
order to understand how every function is affected
by company strategies. According to Indra, identifying
which style of management to deploy in different
situations is critical to effective leadership

“My mentors
I
F ONE OF your direct reports Massachusetts, university, research
has a project that isn’t going shows that when employees get

and my bosses: the way it should, Indra warns
against waiting too long to
address the issue. “You can’t sit there
They lifted me. saying, ‘If I intervene now, I’ll look like
a micromanager,’ because if it fails
They pushed you’re going to look like a pretty bad
leader,” she says. She recommends
me....So if I’m speaking to your report to find out if
they understand the problem fully, as
hands-on support from managers,
they perform better than when
managers are completely hands-off.
But that same research also shows
that unnecessary or unwanted man-
agerial support can be viewed as
demoralizing or counterproductive.
To harness the potential of your
team, be judicious with your time,

a product of well as the different solutions avail-

able to them. Try to inspire alternative
make it clear that your intention is
to help, and do your best to remove

being lifted, ways of thinking. Coach them by ask-

ing the right questions; guide them to
obstacles from your staff’s path to
success. By doing so, you can stay

why shouldn’t come up with new strategies. “The

worst thing you can do is to say,
attuned to your team’s needs—and
maximize your positive impact as
‘Come here. Let me give you the right their leader.
I lift others?” answer,’ ” Indra says.
According to Harvard Business
—INDRA
Review, an American magazine pub-
lished by the eponymous Cambridge,

46
 P U T I T I N TO
P R ACT I C E

PERFORMANCE WITH PURPOSE

& TA L E N T S U S TA I N A B I L I T Y
Indra has extolled the importance of understanding your business,
of thinking future-back, and of finding innovation everywhere
around you. Now it’s time to bring it all together with an approach
Indra calls Performance With Purpose

O P E N D I S C U S S I O N S E L F - R E F L E C T I O N

1. How can you and People can exert positive influence on their
teammates through the strength of their track
your team “simplify records, their titles, their clout within the
organization, and their reputations.
the message” of your
products, business How do you believe
model, and services? you influence others?

2. What are the

ways your company
utilizes empathy in
its business strategy
and managerial
priorities?

47 
PA R T N E R /G R O U P AC T I V I T Y

Brainstorm an updated strategy for your company

that applies your newfound understanding of how
megatrends will affect your business. Select three
trends, and explore the following questions for each.

What will be the direct and indirect costs to your business?

Which of your current strategies are at odds with the trends?

What options do you have if you need to pivot?

What trends are you currently aligned with?

How can you use these trends to generate revenue for your business?

48
Indra, U.S. Senator
Chuck Schumer,
Theo Müller Group
owner Theo Müller,
and Muller Quaker
Dairy board member
Stefan Müller tour the
Muller Quaker Dairy
facility in New York

49 
“People can exert positive
influence through the strength
of their past, sometimes from
the strength of their power,
or the strength of reputation.”
—INDRA

50
51 
“The world around
us is changing in
profound ways.
If you’re not going
to remain a lifelong
learner, it’s going
to be very hard to
keep up.” —INDRA
 Credits
Excerpts from My Life in Full
© 2021 by Preetara, LLC. Used by permission from Portfolio,
an imprint of Penguin Publishing Group,
a division of Penguin Random House, LLC. All rights reserved

1980 Yale School of Management class photograph

Courtesy Yale School of Management

Footage of Pepsi’s Challenge Documentary

Courtesy CNBC

Various photographs
Courtesy Mark Peterson/Redux

Footage of Governor Ned Lamont

Courtesy Connecticut Network (CT-N)

Footage of CT News
Courtesy Nexstar, on behalf of WTNH

Various footage from Fortune magazine

© 2011 Fortune Media IP Limited. All rights reserved. Used under license

Footage of 1971 polaroid cameras

Courtesy Periscope Film

Images of SafeGraph trading area analysis

Courtesy SafeGraph

Various footage of India

Courtesy Screenocean/ANI

CBS News footage

Courtesy Veritone, on behalf of CBS News

53