A giant in the field of strategy ruminates on strategic planning, diversification and focus, and the role of the CEO.
Authors: Lovallo, Dan P.; Mendonca, Lenny T.
Source: The McKinsey Quarterly
* Richard Rumelt, a professor at UCLA's Anderson School of Management, has been one of the world's most influential voices on many important topics in the field of strategy: the role of industry in the profitability of businesses, the allocation of resources, and the effects of diversification.
* In this interview, he explains why strategic planning isn't necessarily strategic, how Apple got the iPod right, and why bullet points aren't a great way to communicate.
* Rumelt also provides a glimpse into the emerging field of strategy dynamics, which can help companies identify important changes in their environments and show them how to take advantage of those changes.