Business strategies that create wealth

Over the past 20 years it has become increasingly clear that sound business strategy is the key to good financial performance. Senior managers in diversified companies have long known from experience that top‐notch business resources — modern equipment, state‐of‐the‐art technology, a motivated workforce — can be wasted in the service of competitively unrealistic business goals. But it is only in recent years that the principles of effective competitive strategy have begun to be soundly studied and codified.