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Understanding Michael Porter: The Essential Guide to Competition and Strategy, by Joan Magretta
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A Distillation of The Most Important Business Thinking of Our Time
Michael Porter's groundbreaking ideas on competition and strategy have unfolded over three decades and are spread across a dauntingly long list of publications. Every manager can name individual pieces of his work-competitive advantage, the value chain, five forces-but no one, not even Porter himself, has put the entire puzzle together to reveal it as an integrated whole. This lucid, concise audiobook does just that.
Written with Porter's full cooperation by Joan Magretta, his former editor at Harvard Business Review, this book provides an engaging summary of Porter's ideas and an invaluable synthesis of this important body of work, making clear how each of Porter's powerful concepts relates to the others and, most important, to the practical realities managers face.
Modern thinking about competition and strategy begins with Porter's frameworks. They are the most widely used in practice by managers around the world. But as Magretta points out, Porter is often misunderstood and his frameworks misapplied. Magretta's own wide-ranging business experience allows her to identify the most common of these misconceptions-among them, the deeply held but dangerous belief that competition is about being the best. Understand Porter and you will see why competing to be the best sparks an inevitable race to the bottom.
Understanding Michael Porter will enable all leaders throughout any organization t grasp Porter's seminal ideas about competition and strategy and deploy them to achieve competitive success.
- Sales Rank: #590113 in Books
- Published on: 2012-01-31
- Formats: Audiobook, CD, Unabridged
- Original language: English
- Number of items: 5
- Dimensions: 5.13" h x .75" w x 5.75" l, .30 pounds
- Running time: 360 minutes
- Binding: Audio CD
Review
“The Harvard professor's books are required reading for health care leaders tackling strategy.” — American Hospital Association
“A book on understanding Porter is worthwhile because he's often misunderstood. He is widely and rightly regarded as the all-time greatest strategy guru, but that view gets the emphasis wrong.” — Fortune magazine
“If you have always intended to read Michael Porter's groundbreaking management classics, but have never quite got around to doing so, Joan Magretta's Understanding Michael Porter does the hard work for you” – Financial Mail (South Africa)
“Magretta’s book is a timely reminder that serves to put Porter’s thinking and concepts before us again—ideas that all firms and strategy practitioners would be well-advised to study and learn from…an excellent read.” — Quality Digest
“Summing Up: Highly recommended” — CHOICE
“Joan Magretta lays out Porter’s ideas on competition in a concise, easy-to-read volume.” — Business Day (South Africa)
“The book is a great read even for those who are looking to get initiated into the Michael Porter way of thinking” — The Economic Times (India)
“Magretta adds value through fresh case studies showing how companies such as Zara, Ikea and In-N-Out Burger deploy Porter’s ideas. Written in a very accessible style, this is a book for managers rather than academics.” — The Irish Times
“Ms. Magretta does a superb job of clearly and logically explaining Prof. Porter’s concepts, with lots of helpful examples. This is a distillation, but it never feels sparse, with ample time for the reader to learn a concept and sufficient reinforcement of the ideas as you are guided through the Porter oeuvre. Reading it brings you up-to-date on his ideas and, more importantly, helps you to understand your own business and the strategic elements you may have missed.” — The Globe & Mail
“200 pages of simple, non-faddish common sense for business.” — Anna Farmery, TheEngagingBrand.com
“Book of the Month. This book will become the strategy bible for today’s busy managers.” — Business Executive
About the Author
Joan Magretta has worked with Michael Porter for almost two decades; she is a Senior Associate at the Institute for Strategy and Competitiveness at Harvard Business School, a McKinsey Award winner, and author of What Management Is, a top pick of its year by The Economist. She was a Bain partner and strategy editor of the Harvard Business Review.
Most helpful customer reviews
3 of 3 people found the following review helpful.
An Accessible, Concise and Yet Rigorous Introduction to the Ideas of Michael Porter on Business Strategy
By Grouchy Smurf
Michael Porter is considered one of the most important scholars in the field of strategy, and Ms. Magretta's book presents his ideas clearly and concisely. As a professor of strategy who has been teaching Porter's ideas to executives and students for more than 10 years, I enjoyed the book, even though I have read Porter's books and articles themselves. The book can be thought of as a more detailed yet accessible versions of two of his seminal articles, The Five Forces That Shape Competitive Strategy and What is Strategy.
If you have not read any of Porter's work before, this book is probably the best vehicle to get introduced to his ideas, and you will gain valuable insights. Even if you have read the above articles however, the book will still be useful, because Ms. Magretta updates the examples, integrates material from other works by Porter and makes the material more accessible without watering it down. The last chapter on Continuity is quite fresh for example. The case study examples have been updated, which was important for me. The discussion of how the desire to grow detracts from strategy is especially insightful and eye-opening. The Q&A with Michael Porter is also unique to this book. Finally, Ms. Magretta presents a list of additional readings case studies for those who are interested in pursuing the material further. In short, there is enough material to satisfy even avid readers of Porter's ideas.
One could of course point to some weaknesses as well. The strategy field has advanced quite a lot since Porter's ideas have been presented, and a full understanding of his concepts and views requires relating them to alternative views of strategy. For example, his 1996 article, What is Strategy, was written partly as a defense of his views vis-a-vis some of the alternative views. Furthermore, Porter's ideas are controversial and not universally accepted. Finally, one could argue that examples were picked conveniently to support Porter's views. However, these are more critiques of Professor Porter's views, rather than of the book itself.
One word of caution: Porter's ideas are wide-ranging. He has written about diverse topics such as competitive advantage of nations, clusters and global strategy and health care. Those are not in this book. This book focuses on his ideas on the field of business strategy, which is where he made his biggest mark.
The book will be most relevant and useful for practicing managers, especially senior managers or those who are part of the strategy formation process in their organizations. However, the general reader can also gain valuable insights. As someone who teaches and studies business strategy, I highly recommend this book.
3 of 3 people found the following review helpful.
Outstanding compilation; some Kindle hiccups
By Kindle Customer
Once again Joan Magretta produces a masterful synthesis of complex business ideas (her first being What Management Is). I'm well aware of Michael Porter's contributions to business thinking but I've been hesitant to read his work directly because it seemed so academic and specialized. But in this book, Michael Porter's ideas are laid out logically and explained clearly, with plenty of examples to support the ideas. A major key to understanding Porter is mastering the definitions of key words or phrases, such as "value proposition", "value chain", or even "strategy". Sometimes it's easy to recognize jargon but sometimes not, so you can be easily be confused or led down the wrong path if you're not paying attention closely. Magretta helps by repeating the definitions at key times to reinforce the ideas and ensure you don't get lost (plus there's a handy glossary at the back) and describes how to analyze or implement them step-by-step. It's so well written that I finished in a few days but I did have lots of questions, such as the relationship between business models and strategy or how do his ideas apply to non-profits (the field in which I work) and those were nicely addressed in the closing FAQ interview. If there are any problems, it's in the Kindle edition. The text and diagrams work out better than most Kindle ebooks (although the charts are at their minimum size limit; larger or zoomability would have been nice) but somehow the Kindle version reads the FAQ, Glossary, and Notes all as page 185 (even though it's simultaneously presented as Locations 2452-3092). That may not be a problem for most readers, but if you want cite a quotation from the book for a research paper or report, or want to jump to that section by page rather than location, you're dead in the water. This problem obviously lies with the publisher or Amazon, not the author.
1 of 1 people found the following review helpful.
Good Strategy Test
By J-Koneezy
Great book to understand Porter 5 forces and test if you have good strategy. Magretta summarizes Porter's work into an easy and clear book to read. I have researched on Porter's concepts but found this book to have the most material on his theories.
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