Date Added: Aug 2009
With the current global economic downturn, there's been plenty of talk of doom and gloom. But Professor Michael Porter of Harvard University, a leading authority on competitive strategy, begs to differ. He believes this time of great economic upheaval to be the tipping point for companies - if only they know how to harness the right strategies. And it is at times like these, Porter emphasises, that strategy is most important. With strategy generally being about earning a superior return over the longer run, its essence, he explains, is then about figuring out which set of needs you are going to meet in your company, which are different from the needs that you competitors are trying to meet.