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Michael Porter

Economist

Born 1947

Biography

Michael E. Porter, born May 23, 1947, is a leading authority on competitive strategy and economic development. He is best known for his seminal work, "Competitive Strategy: Techniques for Analyzing Industries and Competitors," published in 1980. This book introduced the five forces framework, a tool now fundamental to business strategy. In 1985, Porter further advanced the field with "Competitive Advantage: Creating and Sustaining Superior Performance," introducing the concept of the value chain. Porter has also significantly contributed to the theory of clusters in regional economic development, particularly through his 1990 work, "The Competitive Advantage of Nations." He has held a long-standing professorship at Harvard Business School, where he continues to influence business strategy and economic policy.

About

Born May 23, 1947

Birthplace Ann Arbor, Michigan, USA

Nationality American

Education PhD in Business Economics

School Harvard University

Popular Quotes

"The essence of strategy is choosing what not to do"

Focus Strategy Decision-making Business

"A company’s success depends on the performance of its activities as compared to its rivals"

Competition Business strategy Competitive advantage Business success

"Good leaders identify distinct paths and approach the same goal with different strategies"

Leadership Innovation Goals Vision

"The fundamental task in strategy is to find a way of achieving a sustainable competitive advantage over your rival or rivals"

Strategy Competition Business strategy Sustainability

"Competition on dimensions like quality or cost is mutually destructive and does not lead to the creation of sustainable advantage"

Business strategy Competitive advantage Value creation Long-term success

"The most important thing in strategy is to make sure that you have a really clear strategic positioning"

Strategy Goal setting Clarity Business strategy

"A company can outperform rivals only if it can establish a difference that it can preserve"

Strategy Competitive advantage Business success Long-term strategy

"A strategy delineates a territory in which a company seeks to be unique"

Strategy Business Competition Planning

"The worst error in strategy is to compete with rivals on the same dimensions"

Innovation Strategy Competition Business strategy

"Strategy 101 is about choices: You can't be all things to all people"

Focus Strategy Decision-making Business

"The essence of strategy is that you must set limits on what you're trying to accomplish"

Focus Strategy Decision-making Goal-setting

"The root of the problem is internal; the problem is the way management selects and implements strategy. Excellence in execution requires a dedicated and focused effort."

Leadership Dedication Strategy Business strategy

"The more benchmarking companies do, the more they look alike."

Innovation Business Competitiveness Corporate strategy

"Strategy is about making choices, trade-offs; it's about deliberately choosing to be different."

Strategy Decision making Choices Business strategy

"Sound strategy starts with having the right goal."

Success Leadership Strategy Decision-making