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ARTICLE COLLECTION
If you read nothing else on
strategy, read these bestselling articles.
HBR’s Must-Reads
on Strategy
Included with this collection:
Strategy Development
2 What Is Strategy?
by Michael E. Porter
23 The Five Competitive Forces That Shape Strategy
by Michael E. Porter
42 Building Your Company’s Vision
by James C. Collins and Jerry I. Porras57 Reinventing Your Business Model
by Mark W. Johnson, Clayton M. Christensen,
and Henning Kagermann
69 Blue Ocean Strategy
by W. Chan Kim and Renée Mauborgne
Strategy Execution
81 The Secrets to Successful Strategy Execution
by Gary L. Neilson, Karla L. Martin, and Elizabeth Powers
95 Using the Balanced Scorecard as a Strategic Management System
by Robert S. Kaplan and David P.Norton
110 Transforming Corner-Office Strategy into Frontline Action
by Orit Gadiesh and James L. Gilbert
121 Turning Great Strategy into Great Performance
by Michael C. Mankins and Richard Steele
133 Who Has the D?: How Clear Decision Roles Enhance
Organizational Performance
by Paul Rogers and Marcia Blenko
Product 12601
www.hbr.org
What Is Strategy?
by Michael E. PorterIncluded with this full-text Harvard Business Review article:
3 Article Summary
The Idea in Brief—the core idea
The Idea in Practice—putting the idea to work
4 What Is Strategy?
22 Further Reading
A list of related materials, with annotations to guide further
exploration of the article’s ideas and applications
Reprint 96608
What Is Strategy?
COPYRIGHT © 2000 HARVARD BUSINESSSCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED.
The Idea in Brief
The Idea in Practice
The myriad activities that go into creating,
producing, selling, and delivering a product
or service are the basic units of competitive
advantage. Operational effectiveness
means performing these activities better—
that is, faster, or with fewer inputs and
defects—than rivals. Companies can reapenormous advantages from operational effectiveness, as Japanese firms demonstrated in the 1970s and 1980s with such
practices as total quality management and
continuous improvement. But from a competitive standpoint, the problem with operational effectiveness is that best practices
are easily emulated. As all competitors in an
industry adopt them, the productivity
frontier—the maximum value acompany
can deliver at a given cost, given the best
available technology, skills, and management techniques—shifts outward, lowering
costs and improving value at the same
time. Such competition produces absolute
improvement in operational effectiveness,
but relative improvement for no one. And
the more benchmarking that companies
do, the more competitive convergence
you have—that is, themore indistinguishable companies are from one another.
Three key principles underlie strategic positioning.
Strategic positioning attempts to achieve
sustainable competitive advantage by
preserving what is distinctive about a company. It means performing different activities from rivals, or performing similar activities in different ways.
1. Strategy is the creation of a unique andvaluable position, involving a different set
of activities. Strategic position emerges from
three distinct sources:
• serving few needs of many customers (Jiffy
Lube provides only auto lubricants)
• serving broad needs of few customers
(Bessemer Trust targets only very highwealth clients)
• serving broad needs of many customers
in a narrow market (Carmike Cinemas operates only in cities witha population
under 200,000)
2. Strategy requires you to make trade-offs
in competing—to choose what not to do.
Some competitive activities are incompatible;
thus, gains in one area can be achieved only
at the expense of another area. For example,
Neutrogena soap is positioned more as a medicinal product than as a cleansing agent. The
company says “no” to sales based on deodorizing, gives...
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