Seven Characteristics of Competitive Companies

Seven characteristics describe the most competitive companies:

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

Taken from Strategic Management: Concepts and Cases

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