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Clasic for all time,
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This review is from: Competitive Strategy: Techniques for Analyzing Industries and Competitors (Hardcover)
As Adam Smith is to economics and capitalism, Porter is to business strategy within this market system.
This is THE seminal book for defining how businesses compete.
As technology fads and internet business models ("New economy") come and go, every company must still address the basics of competition as outlined within this book. The frameworks within the book outline:
-How to assess the competitive structure of your industry,
-Generic competitive strategies
-Effects of market signals on competitive behavior
-Competitive moves in response to your strategy
-Competitve strategy in a number of different market environments
-Impact of strategies such as Vertical integration, growth through new products, scale, and M&A
-... much more
You will use this book as a reference, and find it is timeless. It is no wonder the Mr. Porter is widely regarded as the preeminent strategist.
To put this in practice I recommend books on gaming theory.