This is the best strategy book that I have ever read (and I have read a few including Gary Hamel's books). This book clearly lays out the need for and process of developing a business innovation strategy. It does this without getting too preachy. Another reason that this book is so good is that it effectively builds on powerful concepts in organizational learning and new product development, thereby integrating some important concepts from these fields to build a strong, broad position for strategy and strategic thinking. If you are interested in innovation strategy, organizational learning and new product development, you need to read this book.

All the Right Moves

Markides provides a cohesive and comprehensive guide to crafting breakthrough strategy for ANY organization. The basic premise of his book is that "superior strategy is all about finding and exploiting a unique strategy in the company's business while at the same time searching for new strategic positions on a continuing basis." He organizes his materials as follows:

Part I How to Create a Unique Strategic Position

• How to decide what your business is

• How to decide who your customers and what to offer to them

• How to "play the game"

• How to identity and secure strategic assets and capabilities

• How to create the right organization environment

• How to develop a superior strategic position

Part II How to Prepare for Strategic Innovation

• How strategic positions develop

• How to evaluate and respond to strategic innovation

• How to take a dynamic view of strategy

In the final chapter, Markides concedes that "designing a successful strategy is a never-ending quest. Even the most successful companies must continually question the basis of their business and the assumptions underlying their 'formula for success.' (In fact, in one way or another, this is what most successful companies have done to get where they are.). New who/what/how positions are constantly popping up around the mass market, and established companies must be on the lookout for them. Like a modern-day Christopher Columbus, each company must set out to explore its industry's evolving terrain, searching for new and unexploited strategic positions."

In this brilliant book, Markides explains HOW.

Markides argues:

"The essence of strategy is to choose the one position that your company will claim as its own. A strategic position is simply the sum of a company's answers to these three questions: Who should I target as customers? What products or services should I offer them? How should I do this? ... Ultimately, strategy is all about making choices, [to achieve] a distinctive strategic position ... The most common source of strategic failure is the failure to make clear and explicit choices in each of these three dimensions."

In itself, the statement is simple, even obvious. But, as he points out, many companies fail to make these explicit choices.

The value of the book lies in how the author works through these propositions. The advice is good common sense, laced with valuable insights. The language is clear and simple. The approach is systemic - the author is as concerned with how all the elements fit together within a dynamic market as with the elements themselves. Each chapter ends with a good summary of the arguments.

Even highly complex and highly dynamic strategies rest on these simple foundations. The book therefore provides both an excellent guide for those new to wrestling with strategy and excellent 'mental furniture' with which to approach more complex formulations.