70: Strategy with the World’s #1 Strategy Thinker Rita McGrath

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