On Competition
by Michael Porter

Michael Porter is often regarded as the godfather of strategy and his cornerstone work “On Competition” is considered one of his most important contributions to the theory and practice of modern strategy. Among key concepts, here Porter defines and describes the key forces that drive industry competition. Among these – the bargaining power of buyers and sellers, threat of product substitutions and new entrants, and the rivalry among existing competitors – have defined how industry addresses competition for close to two decades.

Not until Blue Ocean was introduced in 2005 was Porter’s definition challenged and, even then it was with the recognition that the strategies often co-exist in the marketplace.

On Competition is certainly not an easy read. The reader must digest it like they would a text book, by layering insights from chapter to chapter, in order to fully grasp the totality of Porter’s vision. But in the end, it is fulfilling and it offers a new lens via which the competitive landscape can be viewed, assessed and measured.