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Extreme competition
Established companies should brace themselves for a future of extreme competition, which will make the pressures of the 1980s and 1990s look tame by comparison. Incumbents must understand how powerful forces are aggregating once-distinct product and geographic markets, enhancing market-clearing efficiency, and increasing specialization in the supply chain. They should respond by adopting a new approach to strategy—one that combines speed, openness, flexibility, and forward-focused thinking.
The take-away: Mature companies must learn to be young at heart. Boundless new opportunities await executives who recognize that the days of slow change are over.
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© 1992-2003 McKinsey & Company, Inc
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