Michael Porter

Principles are our summary of their public statements.

• Define Your Difference

  Strategy

  A company must clearly define how it creates value differently from rivals so that employees can make consistent daily decisions.

  Supporting quotes

  • “If people in the organization don't understand how a company is supposed to be different, how it creates value compared to its rivals, then how can they possibly make all of the myriad choices they have to make?”

    “The best CEOs I know are teachers, and at the core of what they teach is strategy.”

    “The essence of formulating strategy is relating a company to its environment.”

• Two paths to competitive advantage

  Competition

  A business can win either by providing the same products at a lower cost or by providing superior products through differentiation.

  Source Wikipedia: Michael Porter  (opens in a new tab)

• Apply strategy to diverse sectors

  Strategy

  Strategic principles are not limited to business; they can be applied to healthcare, politics, and social responsibility to create value.

  Source Wikipedia: Michael Porter  (opens in a new tab)

• Create Shared Value

  Strategy

  Companies should redefine their core responsibilities to create social value alongside economic value to overcome crises.

  Source Korean Wikipedia: 마이클 포터  (opens in a new tab)