Seven characteristics describe the most competitive companies:
- Market share matters: The 80th share point isn’t as important as the 81st, but don’t let it drop to 79!
- Understand and remember precisely what business you are in.
- Whether it’s broke or not, fix it – make it better; whether it be products or the whole company.
- Innovate or evaporate; particularly in technology driven businesses, nothing recedes like success.
- Acquisition is essential to growth – the most successful purchases are in a niche that add a technology or a related market.
- People make a difference.
- There is no substitute for quality and no greater threat than failing to be cost competitive.
Taken from Strategic Management: Concepts and Cases