“Strategy is about making choices, trade-offs; it's about deliberately choosing to be different.”
— Michael Porter
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Simplified Meaning:
When you plan a strategy, you need to decide what to focus on and what to let go of. It's like when you have a limited amount of money and you have to decide whether to buy a new phone or save for a vacation. You can't do both, so you must choose which is more important to you. Strategy works the same way; you need to pick a unique path that will set you apart from others. For example, think of a café in a town full of coffee shops. If this café offers only organic, locally-sourced coffee, it stands out because it chose a specific focus that attracts certain customers. This approach can help you succeed by being clear about what makes you different and sticking to those choices, even if it means giving up other options.
Related tags
Business strategy Choices Competitive advantage Decision making Differentiation Strategic thinking Strategy Trade-offsFEATURED QUOTES
