Brought to you by: • Webflow—The web experience platform — Roger Martin is one of the world’s leading experts on strategy and the author of Playing to Win, one of the most beloved books on strategy. He’s written extensively for the Harvard Business Review; consulted for dozens of Fortune 500 companies, including P&G, Lego, and Ford; and written 11 other books. In our conversation, we discuss:
Listen now on Apple, Spotify, and YouTube.  Find the transcript at: https://www.lennysnewsletter.com/p/the-ultimate-guide-to-strategy-roger-martin Some takeaways:
Where to find Roger Martin: • X: https://x.com/RogerLMartin • LinkedIn: https://www.linkedin.com/in/roger-martin-9916911a9/ • Website: https://rogerlmartin.com/ In this episode, we cover: (00:00) Roger’s background (02:27) The importance of strategy (07:03) Challenges in developing strategy (08:30) Critique of modern strategy education (17:40) Defining strategy and the choice cascade (23:20) Playing to win vs. playing to play (24:57) Examples of strategic success (31:04) Exploring differentiation and moats (40:23) Applying strategy to real-world scenarios (43:39) Customer-centric strategy (44:06) Defining the market and product (45:31) Value chain and distribution (50:34) Cost leadership vs. differentiation (53:16) Capabilities and management systems (57:37) Competitive advantage and market positioning (01:06:10) Adapting to market changes (01:14:32) Practical strategy tips (01:18:44) Final thoughts on strategy Referenced: • Nearly 10% of S&P 500 CEOs are alumni of Procter & Gamble: https://www.bizjournals.com/cincinnati/news/2023/02/06/10-of-s-p-500-ceos-pg.html • FigJam: https://www.figma.com/figjam/ • Figma: https://www.figma.com/ • What Is Resource-Based Theory?: https://www.igi-global.com/dictionary/the-impact-of-technological-governance-and-political-capabilities-on-firms-performances-under-economic-turbulence/67915 • Michael Porter on LinkedIn: https://www.linkedin.com/in/professorporter/ • Competitive Strategy: Techniques for Analyzing Industries and Competitors: https://www.amazon.com/Competitive-Strategy-Techniques-Industries-Competitors/dp/0684841487 • VRIO Framework Explained: https://strategicmanagementinsight.com/tools/vrio/ • Business strategy with Hamilton Helmer (author of 7 Powers): https://www.lennysnewsletter.com/p/business-strategy-with-hamilton-helmer • Good Strategy, Bad Strategy | Richard Rumelt: https://www.lennysnewsletter.com/p/good-strategy-bad-strategy-richard • 7 Powers: The Foundations of Business Strategy: https://www.amazon.com/7-Powers-Foundations-Business-Strategy/dp/0998116319 • Boston Consulting Group: https://www.bcg.com/ • Bruce Henderson: https://en.wikipedia.org/wiki/Bruce_Henderson • Lego: https://www.lego.com • Vanguard: https://investor.vanguard.com/ • Southwest Airlines: https://www.southwest.com/ • How Amazon Managed to Dethrone Walmart: https://www.nytimes.com/interactive/2021/08/20/technology/how-amazon-beat-walmart.html • GM Lost a 10-Year Battle with Tesla, Pulling the Plug on a Long Line of EVs: https://www.forbes.com/sites/brookecrothers/2023/07/09/gm-killed-its-electric-cars-and-lost-a-10-year-battle-with-tesla/ • Westlaw: https://www.westlawinternational.com/ • What Is an Economic Moat? Why Warren Buffett Says It Matters for Investors: https://finance.yahoo.com/news/economic-moat-why-warren-buffett-160046125.html • Salomon Brothers: https://en.wikipedia.org/wiki/Salomon_Brothers • US Airways: https://en.wikipedia.org/wiki/US_Airways • Four Seasons: https://www.fourseasons.com/ • Michael Dell on LinkedIn: https://www.linkedin.com/in/mdell/ • Bill Gates on LinkedIn: https://www.linkedin.com/in/williamhgates/ • Mandarin Oriental: https://www.mandarinoriental.com/en/ • Continental Lite: https://en.wikipedia.org/wiki/Continental_Lite • Ted (airline): https://en.wikipedia.org/wiki/Ted_(airline) • Case Study: Oil of Olay: https://www.studocu.com/es/document/universidad-de-murcia/estrategia-de-marketing/case-study-old-of-olay/95079369 • AG Lafley on LinkedIn: https://www.linkedin.com/in/ag-lafley-2381b3201/ • Jack Bogle: https://en.wikipedia.org/wiki/John_C._Bogle • Seven Ways Windows 95 Changed the World: https://www.forbes.com/sites/ianmorris/2015/08/24/windows-95-changed-the-world/ • Where to Start with Strategy? Focus on Betterment: https://rogermartin.medium.com/where-to-start-with-strategy-bae40506304c • Brick by brick: The man who rebuilt the house of Lego shares his leadership secrets: https://www.washingtonpost.com/news/on-leadership/wp/2016/12/08/brick-by-brick-the-man-who-rebuilt-the-house-of-lego-shares-his-leadership-secrets/ • A New Way to Think: Your Guide to Superior Management Effectiveness: https://www.amazon.com/New-Way-Think-Management-Effectiveness/dp/164782351X/ • Playing to Win: How Strategy Really Works: https://www.amazon.com/Playing-Win-Strategy-Really-Works/dp/142218739X • The Design of Business: Why Design Thinking Is the Next Competitive Advantage: https://www.amazon.com/Design-Business-Thinking-Competitive-Advantage/dp/1422177807 • The Opposable Mind: How Successful Leaders Win Through Integrative Thinking: https://www.amazon.com/Opposable-Mind-Successful-Integrative-Thinking/dp/1422118924 • When More Is Not Better: Overcoming America’s Obsession with Economic Efficiency: https://www.amazon.com/When-More-Not-Better-Overcoming/dp/1647820065 Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Lenny may be an investor in the companies discussed. Invite your friends and earn rewardsIf you enjoy Lenny's Newsletter, share it with your friends and earn rewards when they subscribe.
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5 essential questions to craft a winning strategy | Roger Martin (author, advisor, speaker)
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