Execution Alone is Not Enough

A strategy based solely on execution—improving and refining existing products and processes—is also not sustainable. While excellence in execution is a critical competitive weapon, it can lead to its own form of marketing myopia.

The Flaw in the "Total Quality Control" Strategy:

• It Doesn't Inspire Invention: Always asking how to improve the quality of an existing product (like a semiconductor ROM) will not lead to the invention of a revolutionary new product that serves the same underlying need (like the EPROM).
• It Misses Market Shifts: It doesn't force a company to invent new products and services when customer tastes change or a new technology emerges. A department store focused on perfecting its merchandising will be blindsided when customers decide they want to shop in boutiques.

You cannot forever satisfy the needs of technology customers without invention. The Japanese emphasis on improving existing products explains some of their problems in inventing entirely new ones. This is a key reason why Success Requires Both Invention and Execution.