Understand Your Competitive Position


Figure 2-1 Develop a SWOT analysis for your business, identifying strengths, weaknesses. opportunities and threats.

Photo: Audrey Popov/Getty Images

Before you develop strategies to build competitive advantage, you need to understand your company’s competitive position in the marketplace. Michael Porter, professor at the Harvard Business School, once said, “Strategy is about setting yourself apart from the competition. It’s not a matter of being better at what you do—it’s a matter of being different at what you do.”20

A company’s ability to set itself apart from competition is in part based on ...

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