"Best" vs "Unique"
According to Porter, this common management goal is actually a "fundamentally flawed" way of thinking.
What is trying to be "The Best"?
OE" stands for this—it's 90% of a leader's job but is not strategy
Operational Effectiveness
This framework sees the firm as a set of "activities" like design, production, and marketing
What is the Value Chain?
Porter says the "real test" of a strategy is not what you choose to do, but what you choose to do this.
What is NOT to do?
Drucker says the first habit of effectiveness is "Recording" this.
What is Time
Instead of being the best, Porter argues the starting point of strategy is how an organization can be this.
What is Unique?
OE is defined as doing the same activities as your rivals, but doing them in this way.
What is Better/More Efficiently?
All competitive advantage resides where?
What is the Value Chain? (Activities in the value chain).
This term describes the deliberate choice to give up one thing to excel at another.
What is a Trade-off?
This is the name of the embedded Gabler mentors who will help you audit your resume.
Sam and Oli
Porter uses this furniture company to show that you don't need to serve everyone to win.
What is Ikea?
Porter argues that if you only focus on "Best Practices," you aren't being strategic—you are simply doing this, which is easy for your competitors to do to you.
What is Imitating (or Copying)?
Porter says you can be more profitable than rivals for only two reasons: Higher Price or this
What is Lower Relative Cost?
To have a successful strategy, Porter says you must be willing to make these people unhappy.
Who are Customers you don't serve?
he essence of strategy is choosing what _______ _______."
What not to do.
The worst error in strategy is to compete with rivals on these?
Porter says if you aren't Operationally Effective, this "doesn't matter" because your competitors will eat your lunch.
What is Strategy?
In your personal value chain, "Getting an A" is an activity. In Porter’s view, is that OE or Strategy?
What is OE?
To be 'Unique' and avoid being generic, Porter says you must be willing to make some people _______."
What is Unhappy?
What's the most important question to ask in the information interview?
It depends!
What does a strategy define?
An organization's unique approach to competing and the competitive advantage on which it will be based.
Strategy is about making choices; OE is about implementing these, which are invented and copied by everyone
What are Best Practices?
Competitive advantage is found in discrete _______, not the company as a whole."
What are Activities?
"Porter argues that a Strategy is NOT a 'To-Do' list; it is actually a '_______' list."
What is a Stop-Doing list?
Drucker’s Chapter 3 asks this fundamental question that shifts focus from tasks to results
"What Can I Contribute?"