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Competitive advantage introduces a whole new way of understanding what a firm does. Michael Porter's groundbreaking concept of the value chain breaks down a company into "activities," or discrete functions or processes that represent the elementary building blocks of competitive advantage.

The fact that the phrases "competitive advantage" and "sustainable competitive advantage" have become commonplace is a testament to the power of Porter's idea. Competitive advantage has guided countless companies, business school students and academics in understanding the roots of competition. Porter's book captures the extreme complexity of competition and makes strategy concrete and actionable.