Playing to Win: How Strategy Really Works

Ten years after this book was published in 2013, it has proven to be a timeless, business classic. Here are just a few of the many, many very valuable takeaways: 1. The book was written by strategic experts: The former chairman and CEO of Procter & Gamble, who helped his company grow by leaps and bounds, and the consultant who acted as his thinking partner. Both were influenced by the famous business strategist Michael Porter. Adding on a number of the authors’ own well-acclaimed ideas, the book is essentially “Porter in Action” and in interesting story form. 2. Here is the authors’ definition of strategy: “Strategy is an integrated set of choices that uniquely positions the firm in its industry so as to create sustainable advantage and superior value relative to the competition.” 3. Strategy is the answer to these five interrelated questions (leading to the choices you make): a. “What is your winning aspiration [strongly desired goal or objective] (the purpose of your enterprise, its motivation aspiration)?” b. “Where will you play (a playing field where you can achieve that aspiration)?” c. “How will you win (the way you will win on the chosen playing field)?” [b & c are key!] d. “What [core] capabilities must be in place (the set and configuration of capabilities required to win in the chosen way)?” e. “What management systems are required (the systems and measures that enable the capabilities and support the choices)?” 4. The book was written in case study form, typical of a Harvard Business School approach. It looks at a number of key, well-known P&G products the authors strategized about, going through each strategy in detail, and showing you the myriad considerations (what to do and what not to do) for each. 5. Look for synergy, “reinforcing rods,” etc. in all the parts of your strategy. 6. Run true experiments, testing, and measuring the results of your actions. Importantly, start with a prediction or hypothesis and see if it proves true, and if not, why not. Learn! 7. Of critical importance, ask the right question: “What would have to be true [for the strategy to work] (what came to be the heart of the consultant author’s practice)? 8. Strategizing is an endless practice! Bottom-line: The authors show you the strategic principles of exactly how they played and won big, techniques scalable from a giant company like Proctor and Gamble down to your own small business proprietorship. Highly recommended! Of possible interest, a book on winning strategies used throughout history by 87 other master strategists Strategic Advantage: How to Win in War, Business, and Life

One of the best books that I have read about strategy.

You want to know how strategy really works? “Playing to win” helps to find answers. Co-author A.G. Lafley shares several examples of his P&G career underlining the theory presented here. All strategy starts with the aspiration to win! Followed by “the heart of every strategy” knowing where-to-play and how-to-win. Once this is clarified core capabilities need to be identified and management system to be built to manage what matters and deliver to your defined strategy. The customer/consumer equity value forms the core of a strategy – understanding the true customer value in where-to-play with all their needs, habits, and practices. Focus is crucial for being successful. Cost leaders pursue cost reduction while differentiators relentlessly build their brands. What the book differentiates from other classic strategy books was the last chapter “Shorten the odds” about reverse engineering of your strategic options: What would have to be true? Frame your choices, generate strategic possibilities, specify conditions, and identify barriers to your choice before you start to design and conduct validation tests. Valuable read!

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Another basic book in your Strategy collection, Playing to Win is a framework which could be deemed as a standard toda almost.