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The cover of Understanding Michael Porter

Understanding Michael Porter

Joan Magretta

What is competition really, and how do companies build advantages that last even in turbulent times?

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At a glance

Author
Joan Magretta

Why read it

  • You will see why the claim that advantage cannot last in a hypercompetitive world is a dangerous misconception
  • You will learn to keep a clear line of sight between your decisions and your performance
  • You will stop competing to be the best and start competing to be unique, since one upmanship is not a strategy

Who it is for

  • A manager who thinks strategy is just being the best
  • An MBA student preparing for a strategy course
  • A nonprofit or public sector leader facing competition for resources

Contents

  1. Why Now?
  2. Why Me?
  3. The Big Leap
  4. A Chapter-by-Chapter Road Map
  5. Part 1: What Is Competition?
  6. Part 2: What Is Strategy?
  7. A Cautionary Note About Case Examples
  8. PART ONE
  9. What Is Competition?
  10. CHAPTER 1
  11. Competition:
  12. The Right Mind-Set
  13. Why Not the Best?
  14. One-Upmanship Is Not Strategy
  15. Be Number 1 or Number 2
  16. But Isn’t “The Best” Good for Customers?
  17. Competition to Be Unique
  18. CHAPTER 2
  19. The Five Forces:
  20. Competing for Profits
  21. Industry Structure: A More Powerful Tool
  22. Assessing the Five Forces
  23. The Fundamental Equation: Profit = Price – Cost
  24. Buyers
  25. Suppliers
  26. Substitutes
  27. New Entrants
  28. Rivalry
  29. Why Only Five Forces?
  30. Supply and Demand
  31. Implications for Strategy
  32. Typical Steps in Industry Analysis
  33. Structure Is Dynamic
  34. The Five Forces: Competing for Profits
  35. CHAPTER 3
  36. Competitive: Advantage
  37. The Value Chain and Your P&L
  38. Economic Fundamentals
  39. Right and Wrong Measures of Competitive Success
  40. Relative Price
  41. Relative Cost
  42. The Value Chain
  43. Key Steps in Value Chain Analysis
  44. Do You Really Have a Competitive Advantage? First You Quantify, and Then You Disaggregate
  45. Strategic Implications: Porter’s Brave New World
  46. Can You Execute Your Way to Competitive Advantage?
  47. The Economic Fundamentals of Competitive Advantage
  48. PART TWO
  49. What Is Strategy?
  50. CHAPTER 4
  51. Creating Value:
  52. The Core
  53. The First Test: A Distinctive Value Proposition
  54. Which Customers?
  55. Which Needs?
  56. What Relative Price?
  57. The Second Test: A Tailored Value Chain
  58. Walmart, Progressive, and Edward Jones
  59. Aravind’s Value Chain
  60. Southwest’s Tailored Activities

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