strategy: creating and sustaining competitive...

This presentation draws on ideas from Professor Porter’s books and articles, in particular, Competitive Strategy (The Free Press, 1980); Competitive

Advantage (The Free Press, 1985); “What is Strategy?” (Harvard Business Review, Nov/Dec 1996); On Competition (Harvard Business School Press,

2008); and “Creating Shared Value” (Harvard Business Review, Jan 2011). For a more concise summary for Professor Porter’s work, please see

Understanding Michael Porter (Gildan Media, 2011) by Joan Magretta. No part of this publication may be reproduced, stored in a retrieval system, or

transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Michael E. Porter. For

further materials, see the website of the Institute for Strategy and Competitiveness, www.isc.hbs.edu, and FSG website, www.fsg.org.

Strategy: Creating and Sustaining

Competitive Advantage

Professor Michael E. Porter

Harvard Business School

WOBI Strategy Series

http://www.isc.hbs.edu/







http://www.fsg.org/

http://www.fsg.org/

http://www.fsg.org/

http://www.fsg.org/

http://www.fsg.org/

Copyright 2020 © Professor Michael E. Porter November 2020 – WOBI Strategy Series 2

Introduction to Strategy

• Strategy is a topic of fundamental importance, having a profound

impact on the performance and prosperity of companies, society,

and citizens.

• Strategy is not a formula. It must be unique based on company

circumstances.

• Strategy is becoming more complex topic due to technological

change, the new role of social impact, and disruption by COVID.

Agenda

-Strategy

-Digital

-Changing Nature of Competition

Copyright 2020 © Professor Michael E. Porter November 2020 – WOBI Strategy Series

Thinking Strategically

COMPETING

TO BE THE BEST

COMPETING

TO BE UNIQUE

• There is no one best way to compete

• The worst error in strategy is to compete with

rivals on the same dimensions

• Increasingly, delivering unique value involves not

just conventional business activities and economic

performance, but also societal impacts

3


• Strategy is more than just aspirations, it is the how

– “Our strategy is to be #1 or #2…”

– “Our strategy is to grow…”

• Strategy is more than particular actions, it is inherently holistic

– “Our strategy is to merge…”

– “Our strategy is to cut costs…”

• Strategy is different than good execution: it defines how companies can

compete in a distinctive way

• Strategy is the set of long term choices that an organization makes to

distinguish itself from competitors, and create superior performance.

• Strategy defines a company’s distinctive approach to competing, and the

competitive advantages on which it will be based

• Strategy also defines the customers or customer segments that a company

chooses to serve

• Strategy also involves choosing what not to do

4

What Do We Mean by a Strategy?

• Strategy is often not well understood. Organizations need a common

framework and language


Corporate Strategy

Business Strategy

Group Strategy

5

• Strategy for an overall multi-

business corporation

‒ The scope of businesses

‒ The synergy across

businesses

• An integrated strategy for sets of

closely related businesses

within the portfolio (e.g. Disney, to

be discussed)

• A strategy for each distinct

business

Levels of Strategy


III. Integrating Strategy and Society

II. Group and Corporate Strategy

Strategy Questions for Leaders

I. Business Strategy

Strategy for the company overall

IV. The CEO’s Role in Strategy

How to compete in each distinct business

6


Product Scope Geographic Scope

Business Definition Defining the Company’s Distinct Businesses

• What products or product

groups constitute distinct

businesses?

− Trucks vs. heavy trucks

• Is the business local,

national, regional (e.g.

Europe), or global?

− Commercial aircraft vs.

retailing

7

• A common mistake in strategy


• Business units need to focus both on the attractiveness of the

industry as well as their own competitive position

Business Strategy Drivers of Business Unit Performance

Industry

Structure

Strategic Positioning

Within the Industry

- Drivers of Competition and

Attractiveness in each distinct

business

- Having a Sustainable

Competitive Advantage

8


Industry Structure

Bargaining

Power of

End Users

Bargaining

Power of

Channels

9

Threat of Substitute

Products or Services

Threat of New

Entrants

Rivalry Among

Existing

Competitors

Bargaining Power

of Suppliers

Buyers Suppliers

Substitutes

New Entrants

Industry structure determines the average profitability of industry rivals


• Types of suppliers

‒ Size of purchases

‒ Proportion of cost

‒ Influence on differentiation

• Drivers of supplier power

‒ Volume by each type of

supplier

‒ Supplier brand identity

and differentiation

• Types and their sources of

potential entrants

• Barriers to entry

• Types of competitors

• Dimensions on which

competition takes place

• Customer segments or groups of distinct customer types

• Drivers of customer power

‒ E.g., Volume of purchases

• Drivers of price sensitivity

‒ E.g., Influence of the company’s product or services on customer cost

• Types of substitutes

• Relative value proposition for each substitute

Bargaining Power of

Suppliers

Rivalry Among

Existing Competitors

Bargaining Power

of Buyers

Threat of New Entrants


Products or Services

Analyzing Industry Structure The Five Competitive Forces

10

1. What is the industry structure today?

2. How is it changing?

3. What are the disruptors that could shift competition?

4. Can the company influence the path of industry

structural change?

• COVID disruption


• Large, independent,

branded suppliers of

engines, drive train

components, and other

inputs

- Pull through from

end users

• Unionized labor

• Limited entry barriers for

assembly

• Significant barriers to

assembling a dealer and

service network

• Vigorous price competition

on standard models

• Rising environmental and

energy efficiency

requirements

• Importance of brand and

differentiation

• Consolidation of trucking companies into large fleets

• Large leasing companies are accounting for substantial truck volume

• Owner operators account for about 30% of the market

• Railroads

• Water transportation

Understanding Industry Structure U.S. Heavy Trucks

11

Bargaining Power

of Suppliers

Rivalry Among

Existing

Competitors

Bargaining Power

of Buyers

Threat of New

Entrants


Products or

Services

BUYER SEGMENTS


Achieving Superior Profitability Within the Industry The Basic Economics of Strategy

Differentiation

(Premium Price)

Lower Cost

Competitive

Advantage

12

• Relative Price

• Relative Cost


• Creating a unique

competitive position

• Assimilating and

extending best practices

Operational

Effectiveness

Doing the same things better

Doing things differently

Strategic

Positioning

13

Operational Effectiveness Is Not Strategy

• Operational effectiveness is a given


Strategic Positioning

Unique Value

Proposition

Distinctive

Value Chain

– The Operating Model

14

• There is no one best way to compete in any business

• Zero sum competition, on the same dimensions, is rarely

successful and depresses profitability


• The value chain is the set of activities involved in delivering value to customers

• Activities vary in importance to competitive advantage

• Strategy is reflected in the choices about how activities are configured and linked together

Positioning and the Value Chain

15

Support

Activities

Marketing

& Sales

(e.g., Sales force,

Promotion,

Advertising,

Channel

management)

Inbound

Logistics

(e.g., Incoming

Material

storage,

Service)

Manufacturing

(e.g., Branch

operations,

Assembly,

Component

fabrication)

Outbound

Logistics

(e.g., Order

processing,

Warehousing)

After-Sales

Service

(e.g., Installation,

Customer support,

Complaint

resolution, Repair)

M

a

r

g

i

n

Primary Activities

Firm Infrastructure (e.g., Financing, Planning, Investor relations)

Procurement (e.g., Components, Services, Machinery, Advertising Media, Data)

Technology Development (e.g., Product design, Process design, Market research)

Human Resource Management (e.g., Recruiting, Training, Compensation system)

Value

What

buyers are

willing to

pay


Defining the Value Proposition

What Relative Price?

What Target

Customers? Which Needs?

• What end users?

• What channels?

• What products?

• What features?

• What services?

• Finding a unique value proposition often involves identifying new needs, new ways of

segmenting the market and customers, and/or innovation in product attributes, and

service approaches

• A novel value proposition often expands the market, through serving new customers

or new needs

• Premium Price? Parity?

Discount?

16


Strategic Positioning IKEA, Furniture

17

Distinctive Activities

• Wide range of styles which are all displayed in huge

warehouse stores with large on-site inventories

• Modular, ready-to-assemble, easy to ship furniture

designs

• In-house design of all products

• IKEA designer names attached to related products to

inform coordinated purchases

• Self-selection by the customer, with minimal

in-store service

• Extensive customer information in the form of

catalogs, mobile app, website, explanatory ticketing,

do-it-yourself videos, online planning tools, and

assembly instructions

• Self-delivery by most customers

• Suburban and urban locations with large parking lots

• Long hours of operation

• On-site, low-cost restaurants

• Child care provided in the store

Value Proposition

• A wide line of compatible stylish, functional and good

quality furniture and accessories

• Customers with smaller living spaces, who are style

and design conscious, but have a limited budget

• Limited ancillary services beyond the products

themselves (e.g. in store service, customer service,

delivery and repairs)

• Very low price points


Sustainability of Strategy The Need for Tradeoffs

IKEA, Sweden

IKEA

Product • Low-priced, modular, ready-to-assemble designs

• No custom options

• Design driven by style, compactness, manufacturing cost

and assembly simplicity

Value Chain • Centralized, in-house design of all products

• All styles on display in huge warehouse stores

• Large on-site inventories

• Limited sales help, but extensive customer information

• Long hours of operation

• No delivery included

18

Typical Furniture Retailer

Product • Higher priced, fully assembled products

• Customization of fabrics, colors, finishes, and sizes

• Design driven by image, materials, varieties

Value Chain • Source some or all lines from outside suppliers

• Medium sized showrooms with limited portion of available

models on display

• Limited inventories / order with lead time

• Extensive sales assistance

• Traditional retail hours

• Delivery part of product

• Tradeoffs create the need for choice

• Tradeoffs make a strategy sustainable against imitation by established rivals

• A critical element of strategy is choosing what not to do


• Highly customized heavy trucks targeted at

owner-operators, offering superior amenities but

low cost of operation along with extensive

customer after sale support

• Commands a 10% premium price

• Customized features and amenities geared

toward owner-operators (e.g., luxurious sleeper

cabins, plush leather seats, noise-insulated cabins,

sleek exterior styling, etc.)

• Products designed for durability and resale value

for owners

• Industry leader in fuel efficiency and emissions

reduction, including hybrids

• Provide diagnostic services for customers (e.g.,

fuel efficiency, remote service analysis)

• Offer truck financing, leasing and insurance

services

• Flexible manufacturing system configured for

customization

• Built trucks to order, not to stock

• Extensive dealer network (1,800 locations) to

provide extensive customer contact and

aftermarket support

• Extensive roadside assistance network

• 24-hour parts distribution system, providing rapid

repair and uptime

Value Proposition Distinctive Activities

Strategic Positioning PACCAR, Heavy Trucks

19


Corporate Strategy: The Essential Questions

• What are the distinct businesses in the portfolio?

• Does the company have the right portfolio of businesses?

– Is each business structurally attractive?

– Value of synergies across the businesses?

• Is there a compelling strategic logic for how all the businesses fit

together?

• Is the company the best owner for each business?

• Is the company actually capturing the synergies across related

businesses?

• Are there gaps or adjacencies in the portfolio that could extend

the company’s competitive advantage?

• Does the corporate organizational structure reinforce the

strategy and synergies?

20


Creating Synergy: Integrating Across Value

Chains

21

• Synergy comes from advantages that cut across business unit value chains

– E.g. serving common customers or channels (to leverage marketing and common brands)

– E.g. sharing key operating activities to leverage scale (e.g. manufacturing, sales force,

customer support, technological development)

– E.g. sharing proprietary reputation, knowledge, and skills across businesses

• Sharing corporate overhead is not enough

• Achieving synergy requires aligning strategies, culture, and incentives across units

M a

r

g i

n

M

a r

g i

n


Corporate Strategy The Walt Disney Company

22

Acquired

Through Cap

Cities / ABC

Merger

• Shared characters • Shared brand • Shared family values • Cross-promotions

Marvel

Television

Stations

Broadway

Theater

Pixar

ESPN

Adult

Cable

Channels

LucasFilm

Motion

Picture

Production

Television

Networks

Radio

Stations

Walt Disney

Pictures

Direct

Marketing

Cruise

Line

Multi-

media

Productions

Broadway

Productions

Real

Estate

Develop-

ment

Time

Sharing

Hollywood

Records

Disney

Records

Retail

Stores

Television

Program-

ming

Theme

Parks

Disney

Interactive

Media

Adult

Publishing /

Newspapers

Hyperion

Books

Resort

Hotels

Golf

Courses

Consumer

Products

Youth

Books and

Educational

Materials

Traveling

Shows Animated

Feature Films

Family

Motion

Pictures

Disney

Channel


• The essence of strategy is making

choices

Evaluating a Strategy Tests of a Successful Strategy

23

1. A unique value proposition relative to competitors

2. A distinctive value chain, involving clear choices about how the

company will operate differently to deliver on its value proposition

3. Making clear tradeoffs and choices, regarding what not to do

4. Integrating choices across the activities in the value chain so that the

activities fit together and are mutually reinforcing

5. Continuity of strategic direction, with continuous improvement in

realizing and enhancing the unique value proposition


• How has the company integrated social,

environmental, and community issues into core

strategy − Versus treat social impact as CSR

III. Integrating Strategy and Society

II. Group and Corporate Strategy

Strategy Questions for CEOs

• What are the distinct businesses the

company competes in?

• For each business, what is the competitive

environment, and how it is changing?

• Is there a clear and robust strategic

positioning for each business?

I. Business Strategy

Strategy for the company overall

IV. The CEO’s Role in Strategy

• Has the company built a rigorous overall strategic

planning framework and process?

• What is the CEO’s personal role in the strategy

process at the business and corporate levels?

How to compete in each distinct business

• Does the company have the right portfolio of

businesses? Is each business structurally

attractive?

• Is there a compelling strategic logic for how the

businesses fit together?

• Is the company capturing the synergies across

the businesses?

24


• Societies everywhere are facing significant social, environmental

and economic development challenges

• Government and NGOs usually lack sufficient resources and

capabilities themselves to fully meet these challenges

• Business is the only institution that can actually meet customer

needs efficiently at scale, while creating wealth and prosperity

• As societal problems continue to grow, and business is seen as

contributing to these issues, the legitimacy of business has fallen

The Role of Business in Society

Business needs a new approach


A Corporate

Purpose

• Addresses

the question

“why do we

exist?” as a

company

Beyond CSR

Philanthropy

Corporate Social

Responsibility

(CSR)

• Compliance with

ethical and

community

standards

• Good corporate

citizenship

• “Sustainability”

initiatives

• Mitigating risk and

harm

• Improving trust

and reputation

• Donations to

worthy social

causes

• Volunteering

Evolution of Corporate Thinking About Social Impact

• Broadening corporate

accountability – B-Corporations (2006)

Building on Sustainability

Benefit Broader Stakeholders

– Inclusive Capitalism

(2002)

– Conscious Capitalism

(2013)

• Serve all major

stakeholders, not

just shareholders

(BRT)

Creating Shared

Value

(CSV)

• Addressing

societal needs

and challenges

through the

business itself,

with a

business

model


• Yet, social needs represent the largest unserved market opportunities

• Societal challenges and environmental impacts create economic costs for companies

• Weaknesses in the local business environment affect company productivity and

profitability

The Opportunities for Shared Value

Company

Productivity

and Success

Environmental

Improvement Energy

Efficiency

Water Use

Economic

Development

Affordable

Housing

Worker

Safety

Health

Workforce

Skills

Education

Jobs for Lower

Income Citizens

• There has been a common view that there is a tradeoff between

business success and social success

Diverse

Workforce


• Accessing and utilizing

resources, energy,

suppliers, logistics, and

employees differently

and more productively

2 Redefining Productivity in

the Value Chain

• E.g., improving skills,

local suppliers, and

supporting

institutions in the

areas where the

company operates

• Enhancing cluster

development

3 Improving the Local Business

Environment/ Ecosystem

Levels of Shared Value

1

• Products and services

that meet societal needs

• Open new markets by

providing products

to unserved or

underserved customers

and communities

Reconceiving Needs,

Products, and Customers

• Pursuing a shared value strategy starts with asking two key

questions: – What social issues does my business touch?

– What common resources and social conditions does my business depend on?


Level 1 Shared Value

Shared Value Through Products Discovery Health Insurance

• Discovery pioneered the concept of pairing a health plan with a

wellness incentive program, called Vitality

• Combining health coverage with Vitality membership allowed

Discovery customers to achieve better health results, which allows

Discovery to offer health coverage at lower premiums

• Discovery is one of the world’s fastest growing and most profitable

health insurance companies globally

• Discovery has also applied the shared value concept to other kinds of

insurance (e.g. life insurance, automotive) and financial services


Shared Value in the Value Chain

• Procurement that enhances supplier

quality, capabilities and efficiency

• Improving resource efficiency across the value

chain that improves the environment

• Redesigning or recycling to minimize

or eliminate waste

• Minimizing logistical intensity and hence energy

cost and climate impact

• Improving employee health and safety

• Better wages, benefits, training and career paths

for lower income employees, which raises

productivity and retention

• Recruiting that reflects the diversity of customers

and the served communities

• Others…

Support

Activities

Marketing

& Sales (e.g., Sales

Force,

Promotion,

Advertising,

Proposal

Writing,

Website)

Inbound

Logistics (e.g., Customer

Access, Data

Collection,

Incoming

Material

Storage,

Service)

Operations (e.g., Branch

Operations,

Assembly,

Component

Fabrication)

Outbound

Logistics (e.g., Order

Processing,

Warehousing,

Report

Preparation)

After-Sales

Service (e.g.,

Installation,

Customer

Support,

Complaint

Resolution,

Repair)

M

a

r

g

i

n

Primary Activities

Firm Infrastructure (e.g., Financing, Planning, Investor Relations)

Procurement (e.g., Components, Services, Equipment, Advertising, Data)

Technology Development (e.g., Product Design, Process Design, Market Research)

Human Resource Management (e.g., Recruiting, Training, Compensation System)

Value

What buyers are

willing to pay



• Yara is a world leading fertilizer company which serves smallholder farmers through custom

product offerings and educational programs

• In 2009, Yara working with the Norwegian government, catalyzed a $3 billion cross-sector

initiative (SAGCOT) to establish an agricultural cluster in Tanzania, involving:

- NGOs: World Bank and USAID funded infrastructure

- Local Government: upgraded infrastructure, and also changed policies, tariffs and tax structures

- Partner Companies: invested capital and expertise in key suppliers, channels, processing, and

infrastructure

- Yara: trained farmers and agro-dealers, and also expanded its operations in the area with a new fertilizer

plant and additional distribution warehouses

• The program has raised productivity for over 100,000 smallholder farmers, doubling yields and

increasing net profit per hectare by 90%

• By 2017, over 1,200 new jobs had been created by partner companies operating in the cluster

• This allowed Yara to increase fertilizer sales volume by 50% and grow its market share from

35% to 52% in Tanzania

Building an Agricultural Ecosystem Yara in Tanzania



Products Addressing Unmet Needs

and Underserved Customers

Redefining Productivity

in the Value Chain

Improving the Local Business

Environment/ Business

Ecosystem

• The leader in organic, fresh and

healthy food at Every Day Low

Prices

• Low cost financial services including

Walmart Pay, money orders, etc.

providing financial access to

unbanked and underbanked

customers

• Low cost generic drugs and

affordable OTC/personal care

• Piloting low cost in-store health

clinics, including diagnostic

services, that target lower income and

uninsured families

• Large and growing businesses

• Comprehensive programs to increase

resource efficiency including energy,

logistical efficiency, packaging, and

food waste

• Investing in higher starting wages,

improved benefits, extended education

and training, and career paths for entry

level associates

• A leader in employee health and wellness

programs that enhance health through

better quality care at lower cost

• Foster inclusion through diverse sourcing

• Major savings (billions per year)

• Better associate productivity and

retention

• Substantially lower health care cost and

cost of poor health

Shared Value as Core to Strategy Shared Value Journey

• Collaborate with suppliers and

conservation groups to improve

sustainability in supply chains

(Project Gigaton, blockchain pilots)

• Lead collaborations to improve lives

of those working in supply chains

• Enhanced market access for

smallholder farmers in LatAm

and India

• Lead collaborations in the retail sector

to strengthen workforce

development and foster upward

mobility of entry-level employees

• Better quality, lower cost sourcing

• Better employee access and retention

in the retail sector

1 2 3


Shared Value has Become a Crucial New

Element in Strategy and Competition • Shared value reveals new needs, new customer segments, and new ways of

producing and delivering

• Shared value creates new value propositions, new opportunities for strategic

positioning, and new competitive advantages

• Shared value opens up new ways of configuring value chains by drawing

advantages from positive social impact (both OE and strategy)

• Shared value creates new opportunities to enhance competitive advantages from

ecosystem improvement

• Shared value opens up new synergies across businesses, and new corporate

portfolio opportunities

• Shared value strategies are often more sustainable than conventional cost, feature,

and quality advantages


A Corporate Purpose

• Addresses the

question “why do

we exist?” as a

company

The Role of Corporate Purpose


• “Purpose is not a mere tagline or marketing campaign;

it is a company’s fundamental reason for being –

what it does every day to create value for its

stakeholders.”

• “Purpose is not the sole pursuit of profits but the

animating force for achieving them.”

• “Profits are in no way inconsistent with purpose - in fact,

profits and purpose are inextricably linked.”

• “When a company truly understands and expresses its

purpose, it functions with the focus and strategic

discipline that drive long-term profitability.”

• “Purpose guides culture, provides a framework for

consistent decision-making, and, ultimately, helps

sustain long-term financial returns for the

shareholders of your company.”

2019

Purpose and Profit 2018

A Sense of Purpose

Perspectives on Purpose vs. Profit Are Evolving BlackRock CEO’s Annual Letter to CEOs of Portfolio

• “Without a sense of purpose, no company, either

public or private, can achieve its full potential.”

• “It will ultimately lose the license to operate

from key stakeholders”.

• “It will succumb to short-term pressures to

distribute earnings and sacrifice investments in

employee development, innovation, and capital

expenditures that are necessary for long-term

growth.”

• “The company will remain exposed to activist

campaigns that articulate a clearer goal, even if

that goal serves only the shortest and narrowest

of objectives.”


Pursuit of Corporate Purpose The Majority of Purpose Statements

Lack Clarity and Connection with the Companies’ Core

Business Activities

36

“We are equally dedicated to strengthening our business and

improving the world around us - an approach we call Purpose-

led Performance (PLP). It exemplifies our commitment to

deliver industry-leading financial performance while doing

what’s right, with responsibility to the long-term vitality of

people, communities, and the planet we share.”


Defining a Corporate Purpose That Matters Discovery Health Insurance

WHY DO WE EXIST?

To make people healthier and

enhance and protect their lives

Core Strategy


The Evolving Purpose of Business

• The purpose of business is to create economic value in a way

that also creates shared value for society

• Businesses acting as businesses, not as charitable givers, are

the most powerful force for addressing many of society’s

pressing issues

• Shared value opens up major strategic opportunities to create

competitive advantage, while driving the next wave of

innovation, productivity, and economic growth

• Shared value creates a synergistic connection between social

impact and excellence in company performance

• Building company strategy around shared value gives greater

purpose to the corporation and in capitalism itself


1. Qualcomm

2. MasterCard

3. BYD

4. TE Connectivity

5. Walmart

6. Santander Brasil

7. Centene

8. Bank of America

9. Schneider Electric

10.TerraCycle

11.Go-Jek

12.Viasat

13.Walgreens

14.EY

15.BD

16.Apple

17.EsilorLuxottica

18.Chr. Hansen

19.Anheuser Busch

20.Skanska

21.Accenture

22. IBM

23.Xylem

24.Intel

25.Vodacom

26.Dow, Inc.

27.GoodRx

28.MOD Pizza

29.L'Oréal

30.Prudential Financial

31.Lloyds Banking Group

32.Best Buy

33.Narayana Health

34.Poet

35. Illumina

36.Duolingo

37.Alibaba

38.JPMorgan Chase

39.Baidu

40.Corvus Energy

41.Hilton

42.Etsy

43.Philips

44.Vinte Vivienas Integrales

45.Land O’Lakes

46.NTT

47. Icon Group

48.Patagonia

49.Salesforce

50.eBay

51. Impossible Foods

52.Beyond Meat

Companies That Do Well By Doing Good

Fortune Change the World List 2019

A total of 52 companies have been selected annually for the Change the World list since it

was established in 2015. Companies are evaluated and selected based on four factors:

measurable social impact, business results, degree of innovation, and corporate integration.

Only Walmart has made the list all five years.


• Leaders, CEOs in particular, are the only people in the company with

the proper overall perspective to take ownership of strategy

• The CEO must be the Chief Strategy Officer

– Lead the process, though not all of the work

• Strategy is the most powerful alignment tool

– It ensures that everyone’s work within and across businesses, and

across the portfolio, aligns with, and reinforces that of others

– Strategy also motivates and inspires employees and customers

• Strategy must come from within. The organization’s leaders and

management must understand strategy and reinforce it.

The Crucial Role of Strategy for Leaders

strategy: creating and sustaining competitive...

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