Market share was the grand old metric, the guiding light, the compass of the product-centric age. Companies focused on improving their product and bu… - Adrian Slywotzky

Be in high-growth markets." In the old economic order, in the age of market share, volume growth was a guarantor of success. Growth was what we were taught to pursue. It created higher profits for all, including market share laggards, companies with poor business designs, and companies that were poorly managed. A rising tide raised all boats. One manager articulated the classic view: "There are no management problems that volume growth can't solve. Even if we manage poorly, rising revenue helps cover the mistakes we made."

The new rules of competition require managers to start by asking what's important to their customers and where the company can make new money. Then, they need to reinvent their businesses to create the next profit zones.

Doctors, chess grand masters and football quarterbacks share a trait: the ability to recognize patterns and learn from them. A doctor can connect symptoms to causes and use that to make a diagnosis and offer a prescription. Top quarterbacks and grand masters can sense the shape of unfolding play, and profit from that knowledge. Great managers are also skilled at pattern recognition. Every industry is reshaped by patterns of strategic change that can dramatically shift profit and power.