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Related Experiment Videos

Strategy as stretch and leverage.

G Hamel1, C K Prahalad

  • 1London Business School.

Harvard Business Review
|February 7, 1993
PubMed
Summary
This summary is machine-generated.

Strategic mind-sets, not just resources, drive global competitiveness. Companies achieve success by stretching ambition beyond resources and leveraging them efficiently for greater impact.

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Area of Science:

  • Business Strategy
  • Competitive Advantage
  • Organizational Behavior

Background:

  • Global competition is increasingly defined by differing mind-sets rather than just products or companies.
  • Understanding the root of competitiveness requires examining strategic mind-sets, not solely resource allocation.
  • Traditional strategic approaches focus on fitting opportunities to resources, potentially overlooking more ambitious strategies.

Purpose of the Study:

  • To explore the role of strategic mind-sets in achieving competitive advantage.
  • To identify how companies create new forms of competitive advantage.
  • To understand the dynamics of "stretch" and resource leverage in corporate strategy.

Main Methods:

  • Analysis of successful companies like Toyota, CNN, British Airways, and Sony.

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  • Examination of strategic mind-sets that enable companies to displace well-resourced competitors.
  • Identification of resource leverage strategies employed by competitive firms.

    • Main Results:

    • Companies with greater ambition, not necessarily greater resources, often emerge as winners.
    • Strategic "stretch"—creating a gap between ambition and resources—is a key differentiator.
    • Effective resource leverage involves concentrating, accumulating, complementing, conserving, and recovering resources efficiently.

    Conclusions:

    • Abundant resources do not guarantee continued industry leadership.
    • Strategic mind-set, characterized by ambition and effective resource leverage, is crucial for sustained competitiveness.
    • Adopting a "stretch" approach and optimizing resource utilization are vital for displacing established competitors.