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Understanding Michael Porter: The Essential Guide to Competition and Strategy by Joan Magretta

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CHAPTER 2

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The Five Forces:

Competing for Profits

IN THE LAST CHAPTER we covered one of the most widespread misconceptions about competition: the idea that success comes from “being the best.” Here we’ll tackle another big misconception. Most people think of competition as a direct contest between rivals. That’s the standard definition you’ll find if you look it up. Apple wants to sell you an iPhone. Research In Motion promotes its device, the BlackBerry. These two rivals engage in a contest to win your smartphone business. Similarly, Yamaha competes with Steinway to sell you a piano. BMW and Audi compete to sell you a car, and Hyatt and Westin ...

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