It’s Day 9…Competitive Advantage Day!
So much has been written about competitive advantage in that past few decades that it’s tough to have a new take on the concept. Not that a new take is what’s required, however, I believe that competitive advantage is a very evolutionary thing. In fact, I had a great professor at St. Norbert who told me that corporate strategy, in the way it was taught at the time (set it and sustain it) with 5-year plans and all that was mostly a load of crap and that emergent strategy (taking what comes into account and relying on real-time market intelligence more so than your 3-year old Five Forces model) was the way to go.
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”
– Jack Welch
Looking back, I agree with him. Strategy, and to some degree, your competitive advantages must be emergent. You need a leg, or two, to stand on. However, you only should be standing on them for as long as it takes you to figure out which direction you should be walking (or running) to get to your next best competitive position.
Today we take a long look at competitive advantage, competitive strategy and all that it takes to keep you ahead of the pack.
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