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Strategic Planning

Strategy Essentials You Ignore At Your Peril

Michael Porter, the world's leading authority on competition and strategy, is sometimes the victim of his own success. We use his terminology every day — competitive advantage, the value chain, differentiation, value creation. We think, therefore, that we "know" his work. But in fact, most managers don't. They talk the talk, but they have turned his powerful ideas into business buzzwords. Competitive advantage, for example, is often used to mean "anything we think we're good at." Any plan or program is called a strategy. Managers confuse differentiation with being different.

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