On #6: Shareholder Pleasing is not the Goal
Well I think Porter is missing an important point when he says pleasing shareholders is not a goal. I am not a professor on a university but my school is 30 years practice in multinationals. If a CEO is going for other goals then the goals from the shareholders, then he should be in another business.
Porter, great guy, but how many companies run under his power. That's why Mintzberg has a point. Managers do not learn the skills in schools. Experience is the most important value.
Shareholders own the company and the CEO must follow their strategy and not his own. And if pleasing is a goal then: those who pays makes the difference.