Best Practice Doesn't Equal Best Strategy

Topics:
Strategic Management Tools
Tags:
Best Practice,
Management,
Market Opportunity,
McKinsey & Co.,
Strategy
Source:
McKinsey & Company

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Overview: From the executive summary: ‘Best-practice benchmarking; the measurement and implementation of the most successful operational standard or strategy available in an industry, can be one of the most effective tools for increasing a corporation's efficiency, productivity, and earnings. Experts suggest that strategic decision-making occurs along three dimensions: product characteristics, price, and market opportunity. When a company enters a new market, management's choices are restricted to the first two dimensions; the third element, market opportunity, consists of consumer preferences and income, which are beyond a company's ability to influence directly.’ The paper elaborates this issue.

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Format: HTML | Date: Feb 2004 | Pages: 5

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