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#1 The competitive environment of the latter twentieth century is characterized by innovations in competitive strategy that take around ten to fifteen years to take effect. Each innovation is followed by major shifts in competitive positions and in corporate fortunes.

#2 The five examples in Table 1-1 illustrate the competitive force of timely responsiveness to customer needs. Wal-Mart is one of the fastest growing retailers in the United States. Its stores move nearly $20 billion of merchandise a year. Only K Mart and the floundering giant, Sears, are larger.

#3 When a company capitalizes on a strategy innovation, its competitors must change. In times of change, executives have two basic choices: sit out the change until its utility becomes clear or seize the initiative and take action before other competitors do.

#4 The most recent innovation in business strategy is time-based competitive advantage. It is a continuum of change that has been affecting business outcomes for the last 40 years.

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