Good Strategy Bad Strategy: The Difference and Why It Matters

by Richard P. Rumelt

Modern patterns of advertising, retailing, and consumer branding were developed—hundreds of famous brands, such as Kellogg’s, Hershey’s, Kodak, Coca-Cola, General Electric, Ford, and Hunt’s, date from this era. Most of the foundations of what we now see as the “modern world” were put in place, and great still-standing industrial empires were established. All of this took place in the fifty years between 1875 and 1925. Now, look at another, more modern, period of fifty years. Since I was born in 1942, television has reshaped American culture, jet air travel has opened the world to ordinary people, the falling costs of long-distance transport have generated a rising tide of global trade, retail stores the size of football fields now dot the landscape, computers and cell phones are ubiquitous, and the Internet has made it possible to work, seek out entertainment, and shop without leaving home. Millions can instantly tweet about their evanescent likes and dislikes. Yet, all in all, the last fifty years’ changes have had a smaller impact on everyday life and the conduct of business than did the momentous changes that occurred from 1875 to 1925. Historical perspective helps you make judgments about importance and significance.

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