Theory in Practice

If you're having a crisis of confidence about your business strategy right now, that's probably a good thing. The “new” economy has had a profound effect on the nature of business strat‐egy because it has changed the sources of sustainable above‐average returns. Michael Porter, a leading strategy thinker, characterizes the change as a movement from trying to be “better than” your competition to being “different” so that you can provide “unique value.”