"Strategy and the Internet," argues that the internet does not render traditional business strategy obsolete. In fact, the author, Michael E. Porter, contends that it makes strategy more essential, especially as the internet tends to erode profitability in many industries. The document explores the impact of the internet on industry structure, examines the consequences of distorted market signals, and emphasizes the importance of achieving a sustainable competitive advantage by differentiating a company's value proposition. The text further delves into the role of operational effectiveness and strategic positioning, advocating for the integration of internet technology into a company's overall strategy.