Strategy. It’s one of the most misused words in business. What does it mean? How should it be used? How can you benefit from having a well-considered one?
Over the Christmas break, I reread AG Lafley and Roger Martin’s book Playing to Win: How Strategy Really Works. Published in 2013, it sets out five key questions that should be answered as part of a business’s winning strategy. AG Lafley was the CEO of American FMCG giant Proctor & Gamble (P&G) for over ten years and Roger Martin was the Dean of the Rotman School of Management at the University of Toronto for many years. They believe that all businesses, regardless of their industry or size, can benefit from having clarity around these five questions.
Lafley and Martin’s book builds on Michael Porter’s classic What is Strategy? piece published by Harvard Business Review in 1996.