Idea 21 - The five process of competition The four Ps, the seven Ss’ - management thought is often packaged in this mnemonic, slightly gaudy way. There's a whiff of Barnum & Bailey, cheap gimmickry designed to catch the crowd's attention. Today's most successful management thinkers are certainly in the entertainment business, complete with public appearances, book signings and, if they touch the right button, large cheques. Don't get the wrong idea about the five forces, however. The phrase and the ideas it represents come from the most serious, rigorous management thinker of them all, and one who is not tempted by the spirit of vaudeville - Michael Porter. The five forces playa central part in Porter's theories of sustainable competitive advantage. He stakes out his ground by saying there can be only three generic strategies for competitive advantage You make something more cheaply than anyone else and become the lowest cost producer. Or you make...