“A strategy delineates a territory in which a company seeks to be unique”
— Michael Porter
Simplified Meaning:
Companies try to find a special way to make themselves different from others. Just like how a person might focus on a particular talent, such as singing or painting, to stand out, a business needs to find its own unique quality. Think about how Apple focuses on sleek design and user-friendly technology. They aren't just making gadgets; they want their products to be seen as special and different from others. By having a clear plan (or strategy), they decide the area where they can be the best. If you run a small coffee shop, for example, you might focus on having the best locally sourced coffee beans or the coziest atmosphere in town to attract customers. This uniqueness helps people remember the company and choose it over others. In real life, figuring out what makes you special and concentrating on that can help you shine.
