Porter says ‘companies achieve competitive advantage through innovation’. He would be the first to say that’s the easy part. Much harder is to maintain and sustain competitive advantage in the long run.
Example: US car-maker Chrysler was the first to use power steering in its cars in the 1950s. This gave it a great advantage for 2 years, until all its rivals did the same. By the 1970s Chrysler was America’s smallest major car-maker, and in 2009 it was bailed out by the US government.
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