The Death of ‘Good Strategy’

Why well-run companies lose, and what that means for how you think about strategy

In 2004, Hewlett-Packard was by any serious measure an excellent company. It had revenues that dwarfed most of its competitors. It dominated personal computing and enterprise printing. It had experienced leadership, a credible strategy, and the kind of global reach that takes decades to build. Business schools used it as a model. Analysts rated it well.…