The value chain's legacy

Suggests that firms in the same industry adopt differing approaches to products, distribution and organizational structures and that these differences, within similar market environments, came to be known as strategies. Argues that, to be successful in a competitive free market, companies should position themselves as either cost leaders or differentiators — depending on which of these two was decided on. Believes there are shortcomings in strategic value chain's poor applicability to service industries, but suggests it is all part of the change occurring since Porter's 1985 book, ‘Competitive Strategy’.