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70: Strategy with the World’s #1 Strategy Thinker Rita McGrath
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Rita McGrath is a legendary professor at Columbia Business School and has multiple times been ranked #1 in Strategy on the prestigious Thinkers50 list. Who better to deep dive into the topic of strategy with!
Rita's definition of strategy is:
A central, integrated concept of how we are going to achieve our objectives.
In this episode:
- What is strategy?
- How much the top management really know about what is going on in their own business?
- Why does som many companies fail when entering new markets?
- What is the problem with their go to market strategy?
- Rumours says Rita has a list of company failures. Is this true?
- How much does a company need to loose before they or on the list?
- What can we learn from when Ford got a new CEO?
- What is the best practice way to create your company's new strategy?
- Once you have a new strategy, how do you communicate it effectively to the organization?
- What is the 700-rule?
Rita recommends creating your strategy using the 5 C's:
- Your Customer
- Your Complimentary relationships
- Your Competitor
- Your Company
- Context
Check out Rita's book on strategy: The End of Competitive Advantage: How to Keep Your Strategy Moving as Fast as Your Business
Rita is teaching the Valize Customer Insight Program this fall. There are six courses in all, with a combination of online lessons, downloadable materials and six live sessions with Rita. Our listeners can sample a free demo course by following this link.
Find out more about Rita on her website ritamcgrath.com
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