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Understanding Michael Porter: The Essential Guide to Competition and Strategy by Joan Magretta

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CHAPTER 1

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Competition:

The Right Mind-Set

STRATEGY IS ONE OF the most dangerous concepts in business. Why dangerous? Because while most managers agree that it is terrifically important, once you start paying attention to how the word is used you will soon be wondering whether it means anything at all. Fans of GE’s legendary CEO Jack Welch say their strategy is to be number 1 or number 2 in their business (or else!). For the new CEO of a Fortune 100 company, the strategy is “to grow.” For an energy company executive, the strategy is to “make key acquisitions.” A software developer says, “Our strategy is our people.” The strategy of a leading nonprofit ...

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