If a strategy meets a goal: It's working. If a strategy meets a target: It's a success.
Michael PorterRead
Sound strategy starts with having the right goal
Interpretation
What this quote means
Effective planning begins with establishing clear objectives.
This quote by Michael Porter emphasizes the importance of setting the right goals as the foundation for any successful strategy. Without well-defined objectives, efforts can become misguided or ineffective, highlighting that clarity in what you want to achieve is crucial for the formulation of an effective plan of action.
Themes
StrategyGoalsPlanningSuccessObjectives
In practice
Example use cases
In a business presentation when discussing strategic planning.
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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?
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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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