Economists tell us that efficiency is doing better what is already being done. It means focus on costs and get a superior job done. But even the most efficient business cannot survive, let alone succeed, if it is doing the wrong things, that is it lacks effectiveness.
Effectiveness is the foundation for success. It focuses on opportunities to produce revenue, to create markets and to change the economic characteristics of existing products and markets.
Efficiency is a minimum condition for survival after success has been achieved. Efficiency is concerned with doing things right. Effectiveness is doing the right things.
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