(OPENPRESS) June 7, 2012 -- Porter Prize - The most Coveted awards in the field of Strategy and Competitiveness named after Professor Michael E. Porter, the renowned philosopher, thinker, Harvard faculty member and Father of the modern strategic field Professor, are being organized outside Japan for the first ever time in the world, in India, to recognize and honor the Indian companies who embraced the best Strategic Management practices.
The first of its kind, 'Porter Prize' has been constituted for Indian Companies by Institute for Competitiveness (India), the Indian knot in the global network of the Institute for Strategy and Competitiveness at Harvard Business School is being organized on September 28, 2012 in New Delhi, India.
The objective of the Porter Prize is to recognize the Indian companies at the National as well as at the International level in the field of Strategy and Competitiveness by assessing them on their strategy and related parameters. The application process has already commenced wherein all the participating companies will obtain certain benefits.
The annual Porter Prize akin to the Deming Prize, was established in Japan in 2001 in the name of Professor Michael E. Porter to recognize Japan's leading companies in terms of strategy.
He is a leading authority on competitive strategy, the competitiveness and economic development of nations, states and regions, and the application of competitive principles to social problems such as health care, the environment, and corporate responsibility.
Prof. Porter has been identified in a variety of rankings and surveys as the world's most influential thinker on management and competitiveness. He is the Bishop William Lawrence University Professor at Harvard University, based at Harvard Business School. A University Professorship is the highest professional recognition that can be given to a Harvard faculty member.
Porter Prize is founded on four pillars capitalizing on industry dynamics, segmenting strategically, leveraging unique activities and exploiting tradeoffs. It also holds huge significance for the companies operating in India, as it has been said that Porter Prize will help companies to understand their position in the industrial setting, the worth of their value creation process, the attractive and unattractive features of their industry, etc.
In other words, Porter Prize will not only assess and award the best companies but will also assist the participating companies to get a deeper hold on their strategy.
It is an opportunity for the companies operating in India to test themselves on the basis of their strategy and receive the prestigious Porter Prize award. There are 16 industry-based classifications, namely:
• Finance, banking & insurance
• Food & beverage
• Healthcare, Pharmaceutical & Social Assistance
• Information, Telecom & Data Processing
• Education, Training & Educational Services
• Retail & wholesale
• Utilities, Electricity, Gas, Water & Power
• Arts, Entertainment & Recreation
• Construction, Real Estate & Steel
• Petroleum, Chemicals & Plastics
• Transportation, Logistics & Aviation
• Textiles & Apparels
• Computers & Electrical Appliances
• Tourism & Hospitality
• Automobiles
• Media
In addition, five awards that will be given to the winners are:
• Porter Prize for Industry Architectural Shift
• Porter Prize for Creating Distinctive Value
• Porter Prize for Leveraging Unique Activities
• Porter Prize for Exploiting Trade-offs
• Porter Prize for Creating Shared Value
The companies who are willing to be a part of the award can apply online by filling an application form. The application process has already started and is divided into three stages, (i) Make an online application (ii) Strategy Audit, Interactions with CEO's team and (iii) Jury Discussions & Porter Prize. Further details can be collected from the site www.porterprize.in/applications/how-to-apply.
Interestingly, the benefits are not just limited to the winner companies and will be obtained by all the participating companies by receiving certain key takeaways such as a benchmarking report for their company, opportunity to attend the CEO roundtable and Porter Prize event, coffee table book etc.
The award has drawn the attention of many organizations and till now many prestigious organizations have become a part of it. Few of them are Indian Public Diplomacy, FSG, Mint, exchange4media, Outlook, Outlook Business, Canon, Hammurabi & Solomon, The Viewspaper etc.
About Institute for Competitiveness
Institute for Competitiveness, India is the Indian knot in the global network of the Institute for Strategy and Competitiveness at Harvard Business School. It is an international initiative centered in India, dedicated to enlarging and purposeful disseminating of the body of research and knowledge on competition and strategy, as pioneered over the last 25 years by Professor Michael Porter of the Institute for Strategy and Competitiveness at Harvard Business School.
The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities and thus generate guidelines for businesses and those in governance; and suggests and provides solutions for socio-economic problems.
