Over the years corporate decision makers have been propelled by four [management] theories. The positioning theory, whose champions include Michael Porter, based its actions on staking out a place in a growing industry with manageable competition; success went to those who held a commanding place in their market. The theory of execution, led by W. Edwards Deming, Ram Charan, and Larry Bossidy, proposed that continuous improvement and operational excellence, when properly mastered, could lead a company to success. Henry Mintzberg is a leading exponent of the adaptation theory, which proposed adaptability and agility as the paramount virtues of a company, particularly in a turbulent world. Finally, the concentration theory, put forth by C.K. Prahalad, Gary Hamel, and Christopher Zook, attributed enterprise success to the ability of a company to make the most of a small set of core businesses and focus on them.
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