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Deconstructing Management Maxims, Volume I by Kevin Wayne

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CHAPTER 5

Competitive Advantage is Necessary to Compete

Adapt or perish, now as ever, is nature’s inexorable imperative.

—H.G. Wells, Mind at the End of its Tether

Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men.

—Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations

The ideal of competitive advantage is exalted, overprotected, worn out, and contextually misused like no other strategic management concept. Given that the base concept is so wildly misunderstood, you can bet that the inflated management maxim that claims Competitive advantage is ...

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