Understanding positioning is a central concern for strategy. We offer a rich, but tractable, formalization of competitive positioning that is explicit about how the success of firms' policy choices in the face of competition is impacted by the multiple attributes along which firms can create...

An extensive empirical literature in strategy and finance studies the performance implications of corporate diversification. Two core debates in the literature concern the existence of a diversification discount and the relative importance of industry relatedness and market structure for the...