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Traditional Strategic Thinking in a Social Dynamic

Does the influential work by Michael Porter regarding competitive advantage and the forces that influence that advantage still hold true today?  Porter’s original works were created in the pre-Internet days.  Large companies and brands still dominate the landscape, but have their advantages that were created by scale still as advantageous?

In the past, development of new product and applications of those services were developed within the company and were marketed outwardly to consumers.  Having the brand, the resources (human and financial) provided great advantages to large global companies at the expense of smaller companies.

But, in our socially connected world consumers have more influence than ever and they are exercising that power.  Is your business taking advantage of this unprecedented opportunity to reach your potential clients and customers? Ask yourself:

  • Does my company’s mission resonate (both internally and with your customers)?
  • Do your customers participate in your mission?
  • How are you leveraging the new “open sourced” economy to move your company forward?

Your ability to connect to employees, suppliers, and customers today can be and should be instantaneous.  As a smaller company you can be nimble and adjust quickly to changing conditions, while staying true to your mission and objectives.

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