Porter 1991
13 important questions on Porter 1991
What are the two central problems Porter distinguishes in strategy theory?
- Cross-sectional problem (causes of superior performance at a given point in time)
- Longitudinal problem (how competitive positions are created and sustained over time)
Why is the cross-sectional problem considered logically prior to the longitudinal problem?
What three elements did early research identify as key to firm success?
- Internally consistent goals and functional policies shaping market position
- Alignment of internal policies with firm strengths/weaknesses and external opportunities/threats
- Focus on creating and exploiting unique strengths to build competitive advantage
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What are the four principal challenges in building a theory of strategy?
- Approach to theory building (models vs frameworks)
- Chain of causality
- Time horizon
- Empirical testing
What are the strengths and weaknesses of models vs. frameworks?
Frameworks capture complexity (e.g., 5 Forces) but lack precision in interactions between variables
What are the four levels at which competitive advantage is analyzed?
- Industry structure (attractiveness of industry and position)
- Relative position (sustainable competitive advantage through cost leadership or differentiation)
- Activities (value chain activities)
- drivers (their underlying drivers)
How does Porter describe strategy in terms of positions?
A structured problem where firms choose/create multiple positions consistent with industry structure, firm circumstances, and rivals
What explains why some firms achieve favorable positions over time?
- Initial conditions (assets, reputation, history)
- Managerial choices (independent, uncertain decisions defining positioning, activities, and investments)
What are the three promising approaches to developing a dynamic theory of strategy?
- Game theory (strategic interaction, information, and reactions)
- Commitment and uncertainty (irreversible investment choices under uncertainty)
- Resource-based view (sustainability of advantage through unique resources and capabilities)
What four broader issues must a theory of strategy address?
- Must consider both firm and environment
- Must account for exogenous change (buyers, technology, inputs)
- Must allow firms to create new options, not just optimize
- Must recognize historical accidents and chance
According to Porter, what explains good strategic choices and implementation capacity within firms?
Adapting and refining strategy rather than selecting a static “right” strategy
How does the environment shape competitive advantage?
Firms respond to and shape the environment through innovation
What is the “6th force” added to Porter’s 5 Forces model in later discussions?
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