Contributed by MIT Sloan Senior Lecturer Steve Spear. Spear teaches in Creating High Velocity Organizations and is author of The High Velocity Edge: How Market Leaders Leverage Operational Excellence to Beat the Competition.
There are many different kinds of companies--those that are highly competitive, those on a mission, those who are life-style companies and those who are also-rans. Or, more simply, some companies strive to be the Coca-Cola of their market, others are happy being Avis ("We Try Harder"), and still others are fine being Wendy's, happily number three in their market.
Those that own or want to own their market have to get to the right answers first. The question is how they achieve that. After all, highly competitive companies often have the same set of opportunities and challenges. Look at the smartphone market to understand the value of being first.