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As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
Michael Porter
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Interpretation

What this quote means

The quote reflects on the importance of understanding competition in achieving success in business.

Michael Porter emphasizes the significance of competition and strategy in the context of corporate performance. His experiences as a multisport athlete fueled his interest in competitive dynamics, leading him to explore how these concepts apply to business management and economics. The core idea is that understanding what drives competitive success can lead to better corporate outcomes.

Themes

CompetitionStrategyCorporate PerformanceBusinessSuccess

In practice

Example use cases

This quote is perfect for a business seminar focused on competitive strategy.

More from Michael Porter

If a strategy meets a goal: It's working. If a strategy meets a target: It's a success.
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Health care historically has been a very siloed field that's organized around medical specialties - urology, cardiac surgery, and so forth - and around the supply of these specialty services. The patient is the ping-pong ball that moves from service to service.
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In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy that will distinguish yourself from others.
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I think that, too many times, business has been seen as acting in its narrow self-interest rather than, essentially, contributing more broadly to society. I think a lot of that is unintentional; I don't think that many managers are deliberately trying to be unethical or are not trying to be sensitive to social needs.
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If your goal is anything but profitability - if it's to be big, or to grow fast, or to become a technology leader - you'll hit problems.
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You can't have a healthy society unless you have healthy companies that are making a profit, that are employing people and that are growing.
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