HBR On Strategy

In today's global economy, what are the factors that go into choosing a production location?

In this episode, Harvard Business School professor Willy Shih draws on his case study about China-based automotive glass maker Fuyao to discuss this core strategic question. The company must decide between two options to fulfill its upcoming contracts: its new Ohio factory or its factory based out of Tianjin, China. Unlike the Ohio factory, the Chinese factory produces below the cost target, but it also incurs extensive shipping costs and requires a far greater amount of inventory holding.

Shih explains how to account for product life cycles and the length of your inventory pipelines when selecting a manufacturing location. He also discusses how to assess other possible risks that could cause delays or increase production costs—like customs delays and labor strikes.

Key episode topics include: strategy, cross-cultural management, global strategy, operations and supply chain management, China, shipping, production planning, inventory pipeline.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: China-based Fuyao Glass Considers Manufacturing in the U.S. (2020)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

The secret to success for many Silicon Valley tech companies isn’t necessarily that they’re ultra-nimble startups, or that they’re led by tech-savvy geniuses. Andy McAfee says their success often has more to do with a specific type of corporate culture that focuses on finding unconventional solutions to hard business problems.

McAfee is a principal research scientist at the MIT Sloan School of Management, and he’s the author of The Geek Way: The Radical Mindset That Drives Extraordinary Results.

In this episode, he explains why business leaders need to think more like geeks andexplains why it’s important to center your culture on company norms, rather than organizational structure. He also offers tips for finding that delicate balance between human judgement and data-driven insights.

Key episode topics include: strategy, technology, start-ups, innovation, competitive strategy, Silicon Valley.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Watch the original HBR New World of Work episode: How the Geeks Rewrote the Rules of Management (2023)

·Find more episodes of the New World of Work series on YouTube

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

In the 1990s and 2000s, video game developer Epic Games had a string of mid-size successes. But the release of Fortnite Battle Royale in 2017 changed the company’s path forever.

The game was a blockbuster. By 2019, Fortnite had registered more than 250 million users, with 10 million concurrent users. But Fortnite’s phenomenal success raised a new question for Epic: How could they turn this singular hit into a series of growth opportunities?

In this episode, Harvard Business School associate professor Andy Wu explains why Epic monetized Fortnite through micro-transactions within the game, rather than charging a fee for the game itself. He also discusses how Epic’s creation of a platform, the Epic store, and a premium subscription service built on Fortnite’s success and helped to distinguish their brand from other free-play games.

Key episode topics include: strategy, growth strategy, R&D, strategy execution, video games, fortnite, epic games.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original Cold Call episode: Fortnite Was a Blockbuster for Epic Games, What’s the Encore? (2020)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

So much has been written about Amazon’s outsized growth. But Harvard Business School professorSunil Guptasays it’s the company’s unusual approach to strategy that has captured his scholarly attention. Gupta has spent years studying Amazon’s strategy and its founder and former CEO Jeff Bezos.

In this episode, Gupta shares how Amazon upended traditional corporate strategy by diversifying into multiple products serving many end users, instead of having a narrow focus.

He argues that some of Amazon’s simplest business strategies — like their obsession with customers and insistence on long-term thinking — are approaches that companies, big and small, can emulate.

Key episode topics include: strategy, innovation, leadership, scaling, Jeff Bezos, long-term thinking, customer focus.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How Jeff Bezos Built One of the World’s Most Valuable Companies (2020)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

In 1995, the late and legendary Harvard Business School professor Clayton Christensen introduced his theory of “disruptive innovation” right here in the pages of the Harvard Business Review. The idea inspired a generation of entrepreneurs and businesses, ranging from small start-ups to global corporations.

Three decades later, debates have emerged around how the theory should be applied — especially within technology start-ups that have driven so much economic growth since 2000.

In this episode, Harvard Business Review editor Amy Bernstein and a panel of expert scholars discuss the legacy of disruptive innovation, and how the common perception of disruption has drifted away from its original meaning.

Expert guests include:

· Harvard Business School senior lecturer and director of the Forum for Growth and Innovation Derek van Bever

· Columbia Business School professor Rita McGrath

· Harvard Business School professor Felix Oberholzer-Gee

Key episode topics include: strategy, competitive strategy, business history, disruptive innovation, Clay Christensen, innovator’s dilemma.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: 4 Business Ideas That Changed the World: Disruptive Innovation (2022)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

In February 2013, U.S. Airways announced that it would merge with American Airlines to create the world’s largest airline. During the acquisition, then-CEO Doug Parker and his board had transformative decisions to make.

How should two large corporations merge their operations? Which members of each company’s C-suites should stay? How fast should they move on these changes? Parker knew that these strategic decisions would send important signals to employees, customers, and competitors.

In this episode, Harvard Business School senior lecturer David Fubinibreaks down the strategy underlying this historic airline industry merger. He explains how Parker approached each of these strategic decisions — especially in areas, like culture and operations, where American and U.S. Airways had huge differences.

Key episode topics include: strategy, corporate governance, mergers and acquisitions, operations strategy, aerospace sector, airlines, leadership.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: How to Lead through a Merger: U.S. Airways and American Airlines (2021)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Is your growth strategy working consistently?

Strategy expert Ken Favaro says creating and sustaining growth isn’t rocket science. However, you do have to understand the difference between “organic” growth and “inorganic” alternatives, which come through a merger or acquisition.

Favaro is the chief strategy officer at BERA Brand Management. Formerly he was a senior partner at Booz & Company—now part of PricewaterhouseCoopers (PwC).

In this episode, he argues that it’s important to focus on creating incentives for organic growth within your organization. He also explains why you should avoid typecasting your business units as “cash cows” or “growth engines” if you want them to achieve ongoing growth.

Key episode topics include: strategy, operations and supply chain management, growth strategy.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR IdeaCast episode: Growth Isn’t Rocket Science (2012)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

For more than a century, the pharmaceutical company Roche has been headquartered in Basel, Switzerland. It’s one of more than a dozen pharmaceutical companies that have long been based there.

Howard Yu, Lego Professor of Management and Innovation at IMD Business School in Switzerland, discusses how this industrial cluster is a unique example of enduring competitive advantage. He explains how these companies offer a counter-narrative to the pessimistic view that you can’t stay ahead of the competition for long.

In this episode, you'll learn how these historic companies began as makers of chemical dyes and later evolved into microbiology. You’ll also learn how to repackage your company’s existing knowledge to pioneer new products and services. And you’ll learn why persistence and experimentation over the long term are prerequisites for innovation.

Key episode topics include: strategy, innovation, competitive strategy, pharmaceutical industry, competitive strategy.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How Some Companies Beat the Competition… For Centuries (2018)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

So, you’ve successfully scaled your start-up and you’re growing into a mature company. What, if anything, should you retain from those early days?

Harvard Business School professor Ranjay Gulati says the most successful organizations have one thing in common: a soul. “Soul” goes beyond culture, purpose, or even the founder. It’s about having three things: strategic business intent, a strong connection to customers, and a stellar employee experience. Gulati argues that if you don’t preserve these elements as you scale, you’ll lose what makes your company special.

In this episode, he explains how to define the specific problem your company solves, with plenty of real-world examples from Netflix, Apple, and Warby Parker. You’ll also learn how to bring the voice of customers into your organization and ensure that your employees feel connected to them.

Key episode topics include: strategy, entrepreneurship, organizational culture, start-up, scaling.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: Finding (and Keeping) Your Company’s Soul (2019)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

We all know Silicon Valley’s mantra: fail fast, fail often. But when is it OK to fail in the real world?

Harvard Business School professor Amy Edmondson says it depends on how and why you fail. She’s an expert on psychological safety and the author of the book, Right Kind of Wrong: The Science of Failing Well.

In this episode, she explains the difference between good and bad types of failures. One has to do with experimentation, while the other is rooted in inattention or lack of training. Edmondson also explores the downsides of not experimenting enough because your team fears failure.

Key episode topics include: strategy, psychology, business failures, psychological safety, experimentation.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Watch the original HBR New World of Work episode: It's OK to Fail, but You Have to Do It Right (2023)

·Find more episodes of the New World of Work series on YouTube

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Think of CEOs who have made strong rates of return for investors and built durable businesses. What strategies do you associate with their success?

Investor and author William Thorndike studied eight CEOs who outperformed the market and their peers. The group included big names, like Warren Buffet and Katharine Graham, but also other leaders who are virtually unknown today. One example is Henry Singleton, an MIT-educated electrical engineer who led Teledyne Technologies from 1960 to 1986.

Thorndike noticed that these eight iconoclastic leaders all took a similar approach to capital allocation. They focused on investing their companies’ profits to repurchase their own stock when prices were optimal. But they generally avoided very large acquisitions, accruing debt, and paying dividends.

In this episode, you’ll learn how effective capital allocation strategies, like the ones used by these leaders, can generate wealth for shareholders.

Thorndike is the author of The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success.

Key episode topics include: strategy, strategic planning, entrepreneurship, operations and supply chain management, leadership, capital allocation, debt, dividends, stock buybacks, acquisitions.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How Unusual CEOs Drive Value (2014)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

In 2020, Kwame Spearman left his consulting job in New York City to take over an iconic independent bookstore, the Tattered Cover Book Store in Denver, Colorado—his hometown.

Spearman saw an opportunity to reinvent the local business to build a community space after the pandemic. But to keep the store successful, he had figure out how to compete with online retailers and big box stores, amid technological change and shifting business models.

In this episode, Harvard Business School associate professor Ryan Raffaelli is joined by Spearman to discuss his case, “Kwame Spearman at Tattered Cover: Reinventing Brick-and-Mortar Retail.” He and Spearman explain how to set sustainable wages for employees and why community engagement is a key part of the store’s strategy for growth.

Key episode topics include: strategy, leadership, marketing, innovation, retail and consumer goods, books, wages, community engagement.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Reinventing an Iconic Independent Bookstore (2022)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Does your company have a strategy for working with investors?

Whether your company is big or small, IBM’s former CEOSam Palmisanosays it’s essential to build relationships with your shareholders before there’s a specific problem to address.

In this episode, you’ll learn how to communicate with your investors to meet their needs — without needing to change your strategy. When Palmisano was leading IBM, he offered investors detailed multi-year projections of revenue growth, rather than quarterly outlooks. This approach helped to keep the company’s focus on the long term. As he describes, “We needed to give [investors] something that worked for us and our management system and our strategy, but also was simpler and clearer so they could decide what investments they would like to make.”

You’ll also learn how Palmisano approached his role as CEO in shareholder meetings in order to send the right message to both shareholders and employees.

Key episode topics include: strategy, leadership, growth, growth strategy, economics, investors, Wall Street, shareholders, IBM.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How to Manage Wall Street (2014)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Efficiency is usually something businesses strive for, but is it possible to be too efficient?

Roger Martin is professor emeritus at the Rotman School of Management at the University of Toronto. He warns that an obsession with eliminating inefficiencies in U.S. companies has come with social and economic costs. He sees those downsides in everything from staffing to wages and even corporate debt levels. But he argues that it’s not too late for businesses to change their priorities.

In this episode, Martin helps leaders understand how to shift their thinking to connect excess resources in the shorter term with a positive outcome: long-term resilience. Martin also explains why it’s important to avoid the strategy trap of setting and meeting singular goals.

Key episode topics include: strategy, business and society, operations and supply chain management, efficiency, corporate debt, wages, staffing, inequality, goals.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: When Efficiency Goes Too Far (2020)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

WhenHubert Jolybecame CEO of Best Buy in 2012, online retailers like Amazon were exploding in popularity, and Best Buy was facing a sea change.

But Joly famously turned around the struggling electronics retailer by changing the organization’s holistic strategy. He prioritized fair pay for workers, opportunities for employees to advance, and working with consumers, the larger community, and even competitors.

In this episode, you’ll learn how Joly re-defined Best Buy’s purpose and aligned incentives with that larger strategy. You’ll also learn how he found mutually beneficial ways for the company to work with competitors and suppliers, including Amazon, the e-commerce giant that once threatened the company’s survival.

Key episode topics include: strategy, business management, corporate social responsibility, leadership and managing people, retail strategy, leading through change, leadership transition, innovation, customer service.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: Best Buy’s Hubert Joly on Walking the Talk of Stakeholder Capitalism (2021)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Careem launched as the “Uber of the Middle East” in Dubai in 2012, with a mission to make life and work better for drivers in the region.

Despite technical, cultural, and financial challenges, Careem eventually became the Middle East’s first unicorn start-up, valued at more than a billion dollars. It was acquired by Uber in 2019 for $3.1 billion.

In this episode, Harvard Business School professor Shikhar Ghosh discusses his case, “Careem: Raising a Unicorn.” He explains how the company scaled its operations and expanded from Dubai into Africa and South Asia. That growth required many small and large innovations—from creating their own localized version of Google maps to forging relationships with local and national governments.

Key episode topics include: strategy, growth strategy, innovation, technology, ride share, startup, Middle East, scaling, recruiting.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Careem: Riding the First Unicorn in the Middle East (2018)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Have you ever put a lot of time and energy into strategy work, but instead of finding clarity, ended up even more overwhelmed by conflicting priorities?

Harvard Business School professor Felix Oberholzer-Gee says it doesn’t have to be this way. He argues that all companies should simplify and focus on two value drivers: customer satisfaction and employee satisfaction.

In this episode, he offers step-by-step guidance for implementing a value-based strategy in your organization, using a “value map.” He also explains why it’s important to separate financial planning from strategic planning.

Key episode topics include: strategy, creativity, design thinking, Starbucks, Apple, aesthetics, design, customer centricity, consumer research, competition.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: Streamlining Your Company’s Strategy (2021)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

The Swedish furniture maker IKEA found huge success producing quality furniture at affordable prices. But in 2017, the company was at a crossroads. Its beloved founder had died, and the exponential rise of online shopping posed a new challenge.

In this episode, Harvard Business School professors Juan Alcacer and Cynthia Montgomerybreak down how IKEA developed, selected, and embraced new strategic initiatives, while fortifying its internal culture. They studied how IKEA made big changes for the future and wrote a business case about it.

They explain how the company reworked its franchise agreements to ensure consistency among its global stores. They also discuss how IKEA balanced global growth with localization, developing all-new supply chains.

Key episode topics include: strategy, growth strategy, disruptive innovation, emerging markets, leadership transition, competitive strategy, company culture, succession.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: IKEA Navigates the Future While Staying True to Its Culture (2021)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Do you know who your “superconsumers” are, and why they’re so important for your strategy decisions?

Growth strategy expertEddie Yoonsays they’re your most passionate, most valuable customers—not just because they spend more than average, but because their insights can help you improve your products and services.

“You start with superconsumers and ask them to figure out what would need to be true for you to pay double the price of what I sell you now today,” he explains. “If you ask any regular consumer, they’d say, ‘no way would I let you do that.’ But a superconsumer would say, ‘well, if you did this, this, and this; I would actually pay three times as much for it.’ Start with the passionate core, and let them do your work for you.”

In this episode, you’ll learn how to define your superconsumers and use their insights to attract new users to your products and services, with plenty of real-world examples, from Velveeta cheese to vitamins and video games.

Yoon is the author of the book Superconsumers: A Simple, Speedy, and Sustainable Path to Superior Growth.

Key episode topics include: strategy, growth strategy, customer experience, product development.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: What Superconsumers Can Teach You (2016)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Rohit Gera had turned his family’s boutique real estate development firm into a dynamic housing solutions innovator for urban Indian families. But as he prepared to retire, Gera had to decide who would take over for him. Should he define a strategy for future growth and pick a successor who would enact it? Or should he identify his replacement and allow them to set the company’s new strategy? And should Gera’s replacement come from within his family or not?

In this episode, Harvard Business School senior lecturer Christina Wing is joined by Gera to discuss her case, “Gera Developments: Leadership at a Crossroads.” She and Gera explain how to select a growth strategy for the future. They also discuss best practices for ensuring a successful leadership transition in a family business.

Key episode topics include: strategy, growth strategy, family business, leadership, leadership transitions, real estate, India, succession.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: A Family Business at a Crossroads: Scaling and Succession (2021)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

In 2023, TikTok became the fourth largest social network by number of users, behind Facebook, YouTube, and Instagram. Meanwhile, competition in the market for short-form videos intensified. Instagram introduced Reels and YouTube launched Shorts—innovations that imitated TikTok’s approach.

In this episode, Harvard Business School professor Felix Oberholzer-Gee discusses imitation as a competitive strategy among the leading social networks. Standard business strategy emphasizes the need to differentiate your product or service from competitors. However, as these social networks have shown, imitation can sometimes lead to better financial performance. The question is: When is imitation useful and when does it become detrimental?

This is the final episode in a special series highlighting the four best strategy episodes of 2023, curated from across Harvard Business Review’s podcasts.

Key episode topics include: strategy, social media, competitive strategy, organizational change.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: As Social Networks Get More Competitive, Which Ones Will Survive? (2023)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

As interest rates have risen in recent years, venture capital funding has dried up. How can founders grow their companies in this new environment?

In this episode, a founder who grew a $600 million company using just $10,000 of his own money, shares his strategy. Mike Salguero is the CEO and founder of the meat subscription service ButcherBox. He explains how he formulated a growth strategy that had a laser focus on costs and creatively leveraged the marketing power of influencers.

This is the third episode in a special series highlighting the four best strategy episodes of 2023, curated from across Harvard Business Review’s podcasts.

Key episode topics include: strategy, entrepreneurship, entrepreneurial finance, fundraising, selling entrepreneurial ventures, venture capital, pricing strategy, customer strategy, marketing.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: Why Entrepreneurs Don’t Need Venture Capital to Scale (2023)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

In 2023, the auto industry went through huge changes in pursuit of lower carbon emission. Some automakers, like Ford, Mercedes, and General Motors, announced their plans to stop selling vehicles with internal combustion engines. The reaction from investment analysts was overwhelmingly positive, despite the fact that the production of electric vehicles (EVs) actually increases emissions in the supply chain.

In contrast, BMW decided to pursue a more flexible decarbonization strategy. Their plans include gasoline and diesel-fueled internal combustion engines, plug-in hybrid EVs, and battery EVs. The goal is to reduce lifecycle emissions across BMW’s supply chain, their production, and tailpipe emissions.

In this episode, Harvard Business School assistant professor Shirley Lu explains how BMW analyzed its sustainability goals alongside market-based risks to formulate their decarbonization strategy. She also discusses how the company’s leadership presented their strategy to skeptical stakeholders.

This is the second episode in a special series highlighting the four best strategy episodes of 2023, curated from across Harvard Business Review’s podcasts.

Key episode topics include: strategy, environmental sustainability, climate change, operations and supply chain management, financial performance measurement, transportation and distribution.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: BMW’s Decarbonization Strategy: Sustainable for the Environment and the Bottom Line (2023)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

ChatGPT dominated news headlines in 2023. But generative AI isn’t just a hack to boost productivity. Many businesses are exploring its potential to create new products and services, which requires entirely new strategic work.

In this episode, HBR’s editor in chief, Adi Ignatius, speaks to Microsoft’s head of strategy Chris Youngand Harvard Business School professor Andy Wu, an expert in growth and innovation strategy. They lay out Gen-AI’s emerging value chains and break down the competitive risks and tradeoffs that businesses should consider as they experiment with this new technology.

This is the first episode in a special series highlighting the four best strategy episodes of 2023, curated from across Harvard Business Review’s podcasts.

Key episode topics include: strategy, leadership, AI and machine learning, automation, technology and analytics, disruptive innovation, digital transformation.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How Generative AI Changes Strategy (2023)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Pencil-maker Faber-Castell has been in business since 1761, but it is still innovating and adopting new technology.

In this episode, Harvard Business School associate professor Ryan Raffaelli discusses his case, “Faber-Castell.” He explains how the company balances stewardship of its brand with innovation and evolution, and how leaders decide when—and when not to—adopt new technologies. Plus, he breaks down Faber-Castell’s “generational” approach to formulating strategy to sustain their business for the longer term.

Key episode topics include: strategy, product development, innovation, family businesses.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Faber-Castell Doubles Down on the Pencil (2017)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

When companies cut costs, they tend to trim spending across the board. But Cesare Mainardi, former CEO of global management consultancy Booz & Company, says that cost cutting should be a careful, strategic process.

In this episode you’ll learn how to ensure that your company’s strategic capabilities aren’t negatively affected by necessary cuts. You’ll also learn how top leadership can work with teams to understand the trade-offs involved in reducing costs.

Mainardi is now a business strategy author and professor. He’s the author of the book, Cut Costs, Grow Stronger: A Strategic Approach to What to Cut and What to Keep.

Key episode topics include: strategy, costing, reducing costs, leadership.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How to Cut Costs – Strategically (2009)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Are you considering a refresh of your brand? Roger Martin says you should probably rethink that.

“When you rebrand, the [consumer’s] subconscious is saying ‘whoa, whoa, whoa, whoa, whoa, where's that thing we were comfortable with?’ And in some sense, it puts you back to square one. You're now competing to establish a new habit,” he explains.

Martin is the former dean of the Rotman School of Management at the University of Toronto — and one of the world’s leading thinkers on strategy.

In this episode, he explains how customer habits build “cumulative advantage” for brands — and why that’s so important, yet fragile. Martin also offers real-world examples of brand updates gone wrong (and right) —from laundry detergents to social media platforms and even the iPhone.

Key episode topics include: strategy, brand management, marketing, consumer behavior, cumulative advantage, Tide, Instagram.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Watch the original HBR Quick Study episode: Think Twice Before Updating Your Brand (2022)

·Find more episodes of the HBR Quick Study series on YouTube

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Jorge Quintanilla Nielsen started the private asset management firm Capital SAFI in 2007 — and planned to expand from Bolivia across South America. As a private firm, Capital SAFI isn’t required to have a board, but he knew that governance would be one of the main aspects potential partners would evaluate.

In this episode, Harvard Business School professor V. G. Narayanan discusses his case, “Building the Governance to Take Capital SAFI to the Next Level.” He explains how Nielsen selects board members and holds them accountable in their roles. He also discusses how Capital SAFI’s board guides the firm’s growth, risks, and overall strategy.

Key episode topics include: strategy, corporate strategy, corporate governance, sustainable business practices, boards, investment management, growth strategy, global growth, assessing risk.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Corporate Governance and Growth Strategy at Capital SAFI (2022)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Do you have good AI? That’s “aesthetic intelligence” — not artificial intelligence.

Pauline Brown, former chairman of North America for the luxury goods company LVMH, argues that great leaders need to develop “aesthetic intelligence” to stand out among competitors. They need to understand how their products or services can “elicit true delight.”

“When you look at the research, the vast majority of reasons that anyone will buy one product over another is based on how that product or service makes the person feel,” she tells IdeaCast host Alison Beard.

In this episode, you’ll learn from companies—like Starbucks, Airbnb, and, of course, Apple—that successfully use aesthetics to set their products apart. You’ll also learn why it’s important for leaders or founders—not customers—to define and maintain a company’s aesthetic principles.Brown is the author of the bookAesthetic Intelligence: How to Boost It and Use It in Business and Beyond.

Key episode topics include: strategy, creativity, design thinking, Starbucks, Apple, aesthetics, design, customer centricity, consumer research, competition.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: To Truly Delight Customers, You Need Aesthetic Intelligence (2019)

· Find more episodes of HBR IdeaCast.

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org.

Many founders try to emulate startups that have already become successful. But Thales Teixeira says that approach, which often involves trying to do too much, too quickly, can lead to failure.

In this episode, you’ll learn how to find customers who aren’t being served by existing businesses and how to work with early adopters to improve your product and service. You’ll also learn when to focus on developing your technology and when to make key hires — with real-world examples from Uber, Airbnb, and Netflix.

Thales Teixeira is a former associate professor at Harvard Business School, where he taught a course in e-commerce and digital marketing. He’s now the co-founder of digital disruption consultancy Decoupling and the author of the book, Unlocking the Customer Value Chain: How Decoupling Drives Customer Disruption.

Key episode topics include: strategy, customer service, disruptive innovation, entrepreneurship, early adopters, scaling, digital disruption, digital marketing, founders, e-commerce.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: The Right Way to Get Your First 1,000 Customers (2019)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

As the former CEO of PepsiCo, Indra Nooyi played an important role in shaping the company’s global strategy. She shifted PepsiCo’s focus to healthier products, worked to improve sustainability, and perhaps most notably: introduced design thinking into the company’s innovation process.

“It’s a fine line between innovation and design. Hopefully design leads to innovation, and innovation demands design,” Nooyi tells Harvard Business Review editor-in-chief Adi Ignatius.

In this episode, you’ll learn how Nooyi thinks about the relationship between innovation and design — and why she says that “design” is about more than just creating eye-catching packaging. You’ll also learn how design thinking shifted the culture at PepsiCo to ultimately make the company’s operations more centralized and coordinated.

Key episode topics include: strategy, change management, design thinking, food and Beverage sector, sustainability, innovation, culture shift, global strategy, user experience, design, packaging.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: PepsiCo CEO Indra Nooyi on Design Thinking (2016)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Direct-to-consumer (DTC) businesses play an outsize role in disrupting industries. Think of eyeglasses and Warby Parker or mattresses and Casper. But after that initial disruption, industry competitors often adapt.

Harvard Business School professor Len Schlesinger and Matt Higgins, the co-founder and CEO of private investment firm RSE Ventures, studied the teledentistry companySmileDirectClub and wrote a case study about its challenges as it scaled.

In this episode, they break down how SmileDirectClub invested in strategic innovation and ultimately moved beyond DTC channels in order to thrive.

Key episode topics include: strategy, business models, entrepreneurs and founder, strategy execution, scaling, direct-to-consumer, DTC, innovation, dental care, disruption, retail strategy, growth strategy.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: SmileDirectClub Looks Beyond Direct-to-Consumer Marketing (2020)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Who are your primary customers? Harvard Business School professor Robert Simons says that’s the most important question of your strategy –— and the hardest to answer.

Simons says that many firms make the mistake of defining their customers too broadly. To succeed, you have to target your resources at the people who really drive the most value.

“Resources are limited…and the more people we call customers, the more we’re diffusing resources and attention over all kinds of different entities and constituents that are not really at the core of the business,” he explains.

In this episode, you’ll learn how to accurately define your primary customers — using factors like your firm’s culture, your core capabilities, and where you get the most profit. You’ll also learn how to allocate resources for secondary and tertiary customers.

Key episode topics include: strategy, customer experience, competitive strategy, resources, profits, value, core customers.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR IdeaCast episode: Identify Your Primary Customer (2014)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

What can we learn from fast-moving companies—like Amazon, Google, and Alibaba—about how to organize to promote strategic growth?

University of Michigan business professor Dave Ulrichwent inside these companies to study how their internal structure keeps them nimble, innovative, and market-oriented.

“That mental model of what an organization is, it’s about power, it’s about control, it’s about clarifying decision rights,” he tells IdeaCast host Curt Nickisch. “I think that mental model of an organization as a control system has basically got to shift.”

In this episode, Ulrich outlines three key capabilities that these newer companies have developed: monitoring the marketplace, sharing that intelligence company-wide, and innovation.

Key episode topics include: strategy, innovation, business management, market intelligence, Google, Alibaba, technology, uncertainty, flux, agile.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How Companies Like Google and Alibaba Respond to Fast-Moving Markets (2019)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Wolters Kluwer started in the 1830s as a publishing house. But the Dutch multinational corporation has grown into a global, information services company and now earns more than 90 percent of its revenue from digital products.

“We had to move quickly and we had to do a certain set of strategic things, or the company might not survive,” chair and CEO Nancy McKinstry tells IdeaCast host Curt Nickisch.

In this episode, McKinstry discusses how she successfully shifted the company’s strategy to focus on digital products through strategic investments in product innovation. She also emphasizes the importance of patience, as consumers slowly adopted new products and services.

Key episode topics include: strategy, leadership, strategy execution, business management, digital transformation, innovation, product development, information services, timing.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: How One CEO Successfully Led a Digital Transformation (Dec 2019)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

OXXO was the dominant convenience store chain in Mexico—until its chief rival doubled in size almost overnight.

In this episode, Harvard Business School professor Tatiana Sandino explains how OXXO CEO Eduardo Padilla responded to this strategic challenge. Instead of opening more stores as quickly as possible, he focused on improving the company’s culture and operations. The company implemented management systems across its locations and then used those systems to gain new economies of scale.

Key episode topics include: strategy, competitive strategy, operations strategy, organizational culture, Mexico, growth, agile, multi-unit organizations.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Under Pressure, OXXO Rethinks the Convenience Store (Dec 2019)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

To many people, strategy is a total mystery. But Harvard Business School professor Felix Oberholzer-Gee says strategy doesn’t have to be complicated if you focus on creating value.

“Strategy’s simple. It’s a plan to create value,” he explains. “The way a company plans to create that value, that's the strategy of the company.”

In this episode, you’ll learn how to focus on two key value drivers: customer satisfaction and employee satisfaction. You’ll also learn where profits come in and how to visualize the value you create.

Key episode topics include: strategy, competitive strategy, creating value, profit, value stick, willingness to pay, willingness to sell, Best Buy, Hubert Joly, turnaround.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Quick Study episode: What Is Strategy? It’s a Lot Simpler Than You Think (Feb 2022)

·Find more episodes of the HBR Quick Study series on YouTube

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

Major strategy shifts need time to play out. Customers have their habits, employees are used to doing things a certain way, and fine-tuning a plan takes time in the market.

But what if you don’t have the luxury of waiting years to know if your strategy really is working?

“The question…is whether the strategy is flawed or whether we just haven’t given it enough time to take hold with customers,” says Harvard Business School senior lecturer Jill Avery, who wrote the fictionalized case study discussed in this episode—loosely based on Ron Johnson’s tenure at JC Penney.

In the case, a fictitious struggling retail chain is attempting to attract younger customers and boost its declining revenue, but early results aren’t good. Now the Board is pressuring the new CEO to walk back his changes, and he’s arguing that short-term losses are necessary to unlock longer term profitability.

“This is a retailer in trouble, as JC Penney was at the time of Ron Johnson’s tenure there. And radical change is probably necessary to turn these retailers around,” Avery notes. “[But] how much leeway do we have both financially and strategically to see our decisions play out over a multi-period time, to see if they’re actually working?”

If you’re struggling to make strategic decisions and accurately assess their success, this episode is for you.

Key episode topics include: strategy, customer experience, pricing strategy, strategy execution, retail and consumer goods, rebranding, experiments, change leadership, Ron Johnson, JC Penney.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR IdeaCast episode: Case Study: Reinvent This Retailer (April 2015)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org

As technology changes everything, how can existing businesses create innovation and change from within?

Harvard Business School fellow Karen Mills studied how one 200-year-old regional bank in the U.S. used intrapreneurship to develop a completely automated small business lending product to compete with online lenders.

Mills breaks down the case study of Eastern Bank’s strategy for innovation—from its early partnership with a fintech entrepreneur to its eventual spinoff of Numerated, the online lending platform it developed in-house.

Mills is the author of Fintech, Small Business and the American Dream.

Key episode topics include: strategy, business management, competitive strategy, operations and supply chain management, financial service sector, fintech, banking, disruptive innovation.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Using Fintech to Disrupt Eastern Bank from Within (2018)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org.

When was the last time you practiced your critical thinking skills? Helen Lee Bouygues, an expert in business transformation, says many business problems are really about simple errors in critical thinking.

“People believe that critical thinking is something that we do every day and it comes very natural,” she tells IdeaCast host Curt Nickisch. “But in reality, critical thinking is not only extremely important for success in life, but it’s also something that needs to be learned and practiced.”

In this episode you’ll learn how to practice your critical thinking skills. Bouygues outlines three key components of critical thinking: questioning your assumptions, reasoning through logic, and diversifying your thought process.

Key episode topics include: strategy, strategy formulation, decision making and problem solving, managing yourself, critical thinking, managing emotions, strategic decisions.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the full HBR IdeaCast episode: Improve Your Critical Thinking at Work (2019)

· Find more episodes of HBR IdeaCast.

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org.

Innovation is a challenge for large incumbent companies. Their long-term success depends on exploring new innovations that stretch the organization beyond its core businesses. But these new opportunities must draw on the company’s existing strengths and leadership position.

Harvard Business School senior lecturer Derek van Bever and former lecturer Stephen P. Kaufman studied global brewing company Molson Coors, as it prepared to enter the cannabis beverages business in 2019.

“The unknowns were unknowns — they were unknowable,” Kaufman tells Cold Call host Brian Kenny. “You need to have a theory, rather than to look for data. And this is much tougher than what we often see — major companies getting into a market that a startup has already proven exists. This is a place where no market exists.”

Molson Coors initially planned to slowly test a few products in a small market to see if there might be a viable business. But ultimately the company decided to take a more aggressive and expensive strategy, with the aim of seizing first-mover advantage. Kaufman and van Bever explain how Molson Coors formulated that strategy.

Key episode topics include: strategy, global strategy, budgets and budgeting, business ethics, disruptive innovation, joint ventures, food and beverage sector, beer, cannabis, market opportunity, first-mover advantage, incumbent, product development, new markets, managing risk, scope creep, Canada.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR Cold Call episode: Should Global Beer Company Molson Coors Enter the Cannabis Beverages Business? (2021)

· Find more episodes of Cold Call

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org.

Free products and services are everywhere – from buy-one-get-one-free offers to free office software like Canva and Google docs, and, yes, this very podcast. If your revenue strategy does not include give aways, these free goods and services can put extra pressure on your business. How can you compete?

Brigham Young University professor of strategy David Bryce studied give-away strategies across 26 different product markets. He says that companies make two key mistakes when they try to compete with a free entrant: responding too quicky with their own free offering or not responding at all.

“Really, the challenge becomes how do established companies think about their own systems in ways that make those systems not become obstacles to launching free but really become facilitators,” he explains.

In this episode, you’ll learn which key factors to consider as you decide how to compete with a free entrant. You’ll also learn how to refine your own product mix and consider which of your customers to target with free products.

Key episode topics include: strategy, competitive strategy, giveaways, rebates, third-party pay, bundles, advertising revenue, growth, customers.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

· Listen to the original HBR IdeaCast episode: When Competitors Give Away the Store (2011)

· Find more episodes of HBR IdeaCast

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org.

What role does timing play in strategic thinking — for an organization's growth, but also for you and your career? New York Times best-selling author Daniel Pink says it can play a big part in how successful your strategy will be.

“I think people underestimate timing,” he tells Dear HBR hosts Alison Beardand Dan McGinn. “We’re very intentional in our lives about what we do. But when it comes to when we do things, we don’t take it seriously enough. We’re not intentional. And it has a material effect at very many levels of peoples’ work lives.”

In this episode, taped live in Washington, D.C., Pink discusses what to do when your company is slow to seize a market opportunity or the right career opportunity arrives at the wrong time. Whether an opportunity is for your company, your team, or your own career, timing really is everything.

Key episode topics include: career planning, decision making and problem solving, psychology, timing, merger, enterprise software, start-ups, when to quit.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.

·Listen to the original Dear HBR episode: Perfect Timing (Live) (Nov 2019)

· Find more episodes of Dear HBR

· Discover 100 years of Harvard Business Review articles, case studies, podcasts, and more at HBR.org