In this week's video, Michael Porter states that most companies don't have a strategy. He further states that there is no "best" in business competition, and that the proper way to think about...

According to Porter, there are many successful businesses that do not tend to have a
strategy. The crux of strategy is to create a value for the intended customers while maintain a
competitive advantage (Kryscynski, 2015). In order to create such an organization, the first
step is to analyze the external environment. This is significant as analysis of the external
environment enables the business to understand the various opportunities and threats. The
opportunities are in the form of unmet customer needs that the business could potentially
deliver and hence add value. The threats would be visible in the form of rival firms that are
already present in the market and hence would take measures in order to sustain their
respective market share (Modern, 2007).
Once the underlying opportunities and risks present in the marketplace have been
identified, then the...