The book “Competing for the Future” by Gary Hamel and C.K. Prahalad deals mainly with issues what companies respective managers have to do today if they want create the markets of the future and/or revolutionise their industries. The authors describe their book as a guide for managers who are willing to focus on the long-term and not only short-term success of the corporation a guide to imagine the future and afterwards to create it. Like the authors state in the end of the book, it is not only about making a difference to managers but also about making a difference to customers as well as employees. The book is divided into 12 chapters, which I am succeeding going to summarise.
Table of Contents
- Summary of the book
- Getting Off the Treadmill
- How Competition for the Future is Different
- Learning to Forget
- Competing for Industry Foresight
- Crafting Strategic Architecture
- Strategy as Stretch
- Strategy as Leverage
- Competing to Shape the Future
- Building Gateways to the Future
- Embedding the Core Competence Perspective
- Securing the Future
- Thinking Differently
- Opinion about the book
- Personal example of the book's idea
Objectives and Key Themes
The main objective of Hamel and Prahalad's "Competing for the Future" is to provide a guide for managers aiming for long-term corporate success by focusing on creating and shaping future markets. The book emphasizes moving beyond short-term fixes like restructuring and reengineering to proactively anticipate and influence industry transformations.
- The limitations of traditional approaches like restructuring and reengineering in a rapidly changing business environment.
- The importance of developing industry foresight and intellectual leadership to anticipate future market opportunities.
- The need for organizational transformation to adapt to and shape the future, including unlearning outdated assumptions and embracing new perspectives.
- Strategies for creating new markets, including fundamentally changing industry rules, redrawing industry boundaries, and creating entirely new industries.
- The role of strategic architecture and resource leverage in achieving long-term competitive advantage.
Chapter Summaries
Summary of the book: The book "Competing for the Future" by Gary Hamel and C.K. Prahalad addresses the challenges companies face in creating future markets and revolutionizing their industries. It serves as a guide for managers committed to long-term success, emphasizing the importance of envisioning and creating the future, impacting not only managers but also customers and employees. The book is structured around twelve chapters, each exploring various aspects of this central theme.
Getting Off the Treadmill: Hamel and Prahalad argue that restructuring and reengineering are insufficient for long-term competitiveness due to the accelerating pace of industry change. They criticize the focus on efficiency improvements (denominator management) rather than revenue growth (numerator management). The authors propose a proactive approach to organizational transformation, focusing on becoming fundamentally different rather than just better or faster. This requires a shift in strategic thinking, encompassing unlearning outdated practices and developing industry foresight.
How Competition for the Future is Different: This chapter contrasts competition for the future with current competitive dynamics. It highlights that future competition will be about securing opportunity share, not just market share, and will involve complex collaborations rather than individual product battles. The authors emphasize the importance of long-term commitment, speed, and navigating unstructured competitive arenas. Future competition unfolds in three stages: foresight, shaping the future's emergence, and securing market position.
Learning to Forget: The authors stress the necessity of "unlearning" outdated assumptions, beliefs, and values ("corporate genetics") to imagine and embrace the future. This "selective forgetting" is crucial because past investments and practices can hinder adaptation to rapid change. The need to diversify corporate genetics and expand managerial perspectives through upward learning is emphasized.
Keywords
Competitive advantage, future markets, industry foresight, organizational transformation, strategic architecture, resource leverage, unlearning, core competencies, long-term strategy, innovation, collaboration.
Frequently Asked Questions: Competing for the Future
What is the main objective of "Competing for the Future"?
The book's main objective is to guide managers towards long-term corporate success by focusing on creating and shaping future markets. It emphasizes proactive anticipation and influence of industry transformations, moving beyond short-term fixes like restructuring and reengineering.
What are the key themes explored in the book?
Key themes include the limitations of traditional approaches in a rapidly changing environment; the importance of industry foresight and intellectual leadership; the need for organizational transformation and unlearning outdated assumptions; strategies for creating new markets; and the role of strategic architecture and resource leverage in achieving long-term competitive advantage.
What are the limitations of traditional approaches like restructuring and reengineering, according to the book?
The book argues that restructuring and reengineering are insufficient for long-term competitiveness due to the accelerating pace of industry change. It criticizes the focus on efficiency improvements (denominator management) over revenue growth (numerator management).
How does the book define competition for the future?
The book contrasts competition for the future with current dynamics. Future competition focuses on securing opportunity share, not just market share, and involves complex collaborations. It emphasizes long-term commitment, speed, and navigating unstructured competitive arenas, unfolding in three stages: foresight, shaping the future's emergence, and securing market position.
Why is "unlearning" crucial for competing for the future?
The book stresses the necessity of "unlearning" outdated assumptions, beliefs, and values to embrace the future. This "selective forgetting" is crucial because past investments and practices can hinder adaptation to rapid change. Diversifying corporate genetics and expanding managerial perspectives are emphasized.
What is the significance of strategic architecture and resource leverage?
Strategic architecture and resource leverage are presented as crucial elements in achieving long-term competitive advantage. The book likely details strategies for effectively utilizing resources and building a framework for future success.
What is the book's structure?
The book is structured around twelve chapters, each exploring various aspects of creating and shaping future markets. The provided preview includes summaries of the introductory chapter and the first three chapters: "Getting Off the Treadmill," "How Competition for the Future is Different," and "Learning to Forget."
What are some key concepts mentioned in the book?
Key concepts include competitive advantage, future markets, industry foresight, organizational transformation, strategic architecture, resource leverage, unlearning, core competencies, long-term strategy, innovation, and collaboration.
Who is the target audience of this book?
The target audience is primarily managers aiming for long-term corporate success. The book's insights would also be relevant to those interested in strategic management, organizational change, and future-oriented business strategies.
Where can I find more information about the book "Competing for the Future"?
To find more information, you can search online book retailers or academic databases for "Competing for the Future" by Gary Hamel and C.K. Prahalad. The book's publisher and ISBN information would be valuable in your search.
- Quote paper
- André Berndt (Author), 2003, About: Gary Hamel, C.K. Prahalad: "Competing For The Future"; Harvard Business School Press; Boston, Massachusetts 1994, Munich, GRIN Verlag, https://www.grin.com/document/20531
