Competition Demystified Summary

Summary of Competition Demystified Book by Bruce C. Greenwald, Judd Kahn

Name: Competition Demystified
Rating: 4.6 (360 reviews)
Author: Bruce C. Greenwald, Judd Kahn

4.6 . 360 reviews

Short summary

Over the years, the complexity of the traditional approach to business strategy has made most companies lose sight of the creativity needed to embrace what their competitors cannot do. This read provides a straightforward technique for understanding the competitive structure of your company and developing the best strategies to help you outrun your competitors. Bruce C. Greenwald is an author and a professor at Columbia University's Graduate School of Business and an advisor at First Eagle Investment Management. He is a recipient of the Columbia University Presidential Teaching Award. Judd Kahn is an author and a partner in Davidson Kahn Capital Management. He started as a historian and then became a consultant and financial executive. However, since 2000 Judd Kahn has been involved in investment management. “Operational effectiveness can be the single most important factor in the success, or indeed in the survival, of any business.” ~ Bruce C. Greenwald, Judd Kahn

13 min

7 key points

6 insights

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Table of content

Summary of Competition Demystified
About the author
What is Competition Demystified about?
Who should read Competition Demystified
Topics in Competition Demystified

first key point

Strategic thinking: a company’s ability to produce cheaper or better goods than its competitors

Listen the first key point

00:00

Most business executives think planning is the same thing as creating a strategy and that any plan that brings in more customers and increases margins is a strategy. So, a plan that answers the question “how can this company make more money?” is seen as a business strategy. As a result, these businesses encounter many failures and do not know how to exploit opportunities that will bring about success. Strategies are plans businesses put in place to achieve and sustain their success. But, these plans are not mere ideas that involve making money; rather, they are specific measures focused on the actions and responses of competitors.

To be successful in the business world, a company must exploit competitive advantages and do something that its competitors cannot do. Hence, ensure your strategic analysis starts from carefully evaluating the market situation. Afterward, take advantage of sectors of the market that cannot be replicated by your competitors or that can only be reproduced by a few of them.

A business strategy helps companies develop unique plans to make them stand out rather than follow trends.

In a situation where you are in a market with an absence of significant competitive advantages, strategy is not an issue because many of the competitors have access to the same opportunities as you and can easily copy anything you do. In that situation, the best thing to do is not to try to outsmart your competitors but simply outrun them by pursuing constant operational effectiveness. In contrast, if the market has competitive advantages, strategy is key. Your success in such markets is shaped by how well you can maximize the competition among your peers and how effectively you can fend off potential entrants.

This summary aims to provide readers with an accurate understanding of what strategy means and reframe their approach. Additionally, this tidbit will provide you with knowledge of how the markets work and how to maximize competitive opportunities to make strategic decisions. Sometimes, the winning idea your company needs to be successful is in the simple things; all you need to do is search.

On a level playing field, in a market open to all competitors on equal terms, competition will erode the returns of all players to a uniform minimum. ~ Bruce C. Greenwald, Judd Kahn

second key point

You can build your strategy by studying your competitors and how they behave

Although formulating an effective strategy can be quite a challenge, it is fundamental to the success of any business. The outcome of strategic decisions is dependent on the actions and reactions of other economic entities.

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third key point

Companies can put protective measures in place in a market with or without competitive advantage

fourth key point

Every company needs a strategy that works

fifth key point

Managing competitive advantages helps generate value for your company and its shareholders

sixth key point

Managers need to improve their industries to maximize overall rewards

seventh key point

Conclusion

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What is Competition Demystified about?

"Competition Demystified" offers a simplified and practical approach to understanding business strategy. Written by Bruce C. Greenwald and Judd Kahn, this book provides valuable insights into how companies can gain a competitive advantage in the market. By analyzing real-world examples and debunking common misconceptions, the authors guide readers through the complexities of competition, helping them make informed decisions and develop effective strategies to succeed in their industries.

Who should read Competition Demystified

Business professionals seeking a simplified and practical approach to strategic decision-making.
Entrepreneurs looking to gain a competitive edge in their industry.
Students and academics studying business strategy and competitive analysis.

Topics in Competition Demystified

Business Strategy Competition Business Management Finance Marketing Strategy Entrepreneurship Economics Leadership Management Sales Product Management Startup Business Development Financial Literacy Investing

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