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The Lords of Strategy: The Secret Intellectual History of the New Corporate World [Hardcover]

Walter Kiechel
4.4 out of 5 stars  See all reviews (45 customer reviews)

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Book Description

April 1, 2010
Imagine, if you can, the world of business - without corporate strategy.

Remarkably, fifty years ago that's the way it was. Businesses made plans, certainly, but without understanding the underlying dynamics of competition, costs, and customers. It was like trying to design a large-scale engineering project without knowing the laws of physics.

But in the 1960s, four mavericks and their posses instigated a profound shift in thinking that turbocharged business as never before, with implications far beyond what even they imagined. In The Lords of Strategy, renowned business journalist and editor Walter Kiechel tells, for the first time, the story of the four men who invented corporate strategy as we know it and set in motion the modern, multibillion-dollar consulting industry:

- Bruce Henderson, founder of Boston Consulting Group
- Bill Bain, creator of Bain & Company
- Fred Gluck, longtime Managing Director of McKinsey & Company
-Michael Porter, Harvard Business School professor

Providing a window into how to think about strategy today, Kiechel tells their story with novelistic flair. At times inspiring, at times nearly terrifying, this book is a revealing account of how these iconoclasts and the organizations they led revolutionized the way we think about business, changed the very soul of the corporation, and transformed the way we work.

Frequently Bought Together

The Lords of Strategy: The Secret Intellectual History of the New Corporate World + The Boston Consulting Group on Strategy: Classic Concepts and New Perspectives + Case Interview Secrets: A Former McKinsey Interviewer Reveals How to Get Multiple Job Offers in Consulting
Price for all three: $65.48

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Editorial Reviews

Review

“[Kiechel’s] ‘The Lords of Strategy’ is a clear, deft and cogent portrait of what the author calls the most powerful business idea of the past half-century…” – The Wall Street Journal

“This enjoyable book deserves consideration for your physical or virtual bookshelf.” — The Journal of Product Innovation Management

“I must say that you’ve written a great book that reads almost like a juicy tell all.” – Consulting Magazine

“Even though we are only 4 months into 2010, it is pretty likely this is going to be the best business book of the year for me. If you are considering, currently in, or recently graduated from, an MBA program, you really must read this book. If this book had been written 10 years ago, it would have saved me a good deal of trouble making my own career decisions.” – RibbonFarm.com

Named one of “5 Smart Books” on the origins of the strategies – SmartMoney.com

“…Kiechel has done a real service…in bringing his subject to life. The book serves as a primer as well as a history, and as such almost any executive or B-school student would do well to pick it up.” —The Conference Board Review

“engaging book” - Strategy + Business

About the Author

Walter Kiechel III has been the editorial director of Harvard Business Publishing and the managing editor at Fortune magazine. He has written articles and columns on all aspects of business, and is the author of a previous book, Office Hours: A Guide to the Managerial Life (Little, Brown, 1989). He received AB, MBA, and JD degrees from Harvard, and served five years in the U.S. Navy.

Product Details

  • Hardcover: 320 pages
  • Publisher: Harvard Business School Press; 1 edition (April 1, 2010)
  • Language: English
  • ISBN-10: 1591397820
  • ISBN-13: 978-1591397823
  • Product Dimensions: 6.5 x 1.1 x 9.4 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (45 customer reviews)
  • Amazon Best Sellers Rank: #19,884 in Books (See Top 100 in Books)

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Customer Reviews

Some key points of this book: - It is very nice to read. Jose Ernesto Passos  |  12 reviewers made a similar statement
Excellent and insightful discussion of the trajectory of corporate strategy theory! Kevin Quinley  |  8 reviewers made a similar statement
Most Helpful Customer Reviews
102 of 104 people found the following review helpful
4.0 out of 5 stars The True Influencers March 3, 2010
Format:Hardcover
The debate over the value of high-level strategic consultants and academics has waged for decades. I was one such consultant for the better part of ten years who often spent the first part of any conversation defending my profession (I have since moved to advertising and now defend that profession). Kiechel covers the rise of strategy consulting firms--BCG, McKinsey, and Bain--and notable business school professors who contributed to the strategy revolution. His background provides the credibility to do so, he was a former Managing Editor at Fortune magazine and was the Editorial Director of Harvard Business Publishing from 1998 to 2002.

He sees the best strategists as objective intellectuals who see patterns of evidence and put them through conceptual frameworks to produce pragmatic insights. This largely began in the sixties and seventies when strategy began to be systematized and integrated. Cost, customer and competitors were the three primary areas strategists looked for patterns to exploit. In the nineties, the practices were more fad-like including reengineering and total quality management. This was the era I practiced in and I felt like the lone voice extolling the virtue of a simple but robust strategic planning process. I jumped for joy when in June, 1997, BusinessWeek had on their cover, The Return of Strategic Planning: Once More With Feeling. Which was the pivot point for Taylorism-like monitoring and measurement processes becoming more humanistic and holistic in their design.

The author tells some great industry stories but what struck me is just how important the role of strategy and management consultants is to business. The influence that such a small number of people and firms have had on modern business is truly staggering.
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30 of 31 people found the following review helpful
Format:Hardcover
Those who have studied business have probably heard of the Boston Consulting Group Matrix, the McKinsey 7-S Framework, Michael Porter's Value Chain, and various other strategy tools. But where did they all come from, and how did the theory behind them develop? The former managing editor at Fortune Magazine, Walter Kiechel III, explains the history of ideas in the field of strategy over the past 40 years in this book.

This is the most interesting book on strategy that I have read, because it tells the story of the individuals and consulting firms who created the strategy concepts and tools which revolutionised corporations around the world towards the end of the 20th century. The idiosyncrasies of brilliant strategists are described, as are their struggles to have their ideas accepted. The author's personal knowledge of the major players makes the narrative more compelling.

The author even-handedly discusses both the good points and the bad points of the various strategic ideas, but on the whole he is an admirer of the lords of strategy and tends to exonerate them from blame for the mess the world now finds itself in, whereas others might be inclined to accuse them of encouraging companies to undertake unwise levels of risk in order to maximise short-term shareholder returns. I found some parts of the book a bit dry, but for the most part it was highly engaging.
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30 of 36 people found the following review helpful
5.0 out of 5 stars The Must Read Biz Book of 2010 (really) February 10, 2010
Format:Hardcover|Amazon Verified Purchase
In the Lords of Strategy, Walter Kiechel deftly unpacks many of the ideas that many of us take for granted -- from competitive advantage to value chain to core competencies -- and explains their history, impact, and relevance with insight and wit. He takes material that could have been as dry as day-old toast and instead creates an engaging and compelling read.

Kiechel approaches his subject neither with reverence nor venom: he helps us understand the pioneering thinkers who created the world of "business strategy" by exploring the ways in which they reshaped the corporate landscape, how their personalities influenced their work, and the lasting impact (for better and worse) that they have had. He's equally prescient about how the Lords bolstered the careers of their client CEOs and enriched shareholders (eventually) -- and why, especially for middle managers, a deep consulting engagement can feel more like a rectal exam than an exercise in improving the company. He traces the rising dominance of left-brained analytical thinking in the consulting firm and the executive suite as well as the increasing "fierceness" of capitalism.

I've learned more reading this book than in any 10 average business books (and I've read a lot of them). It really is a must-read for anyone in business or entering the corporate world. It will explain much, prepare you well, and expand your understanding of contemporary business thinking.

Full disclosure: the author is a former colleague. The principal impact that has had on this review is that I can say unabashedly that in this book he demonstrates the same erudition, wit, and ability to bring together seemingly disparate ideas, people, and events into a thoroughly compelling narrative just as he did when we worked together.
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7 of 7 people found the following review helpful
4.0 out of 5 stars History of Strategy Consulting October 19, 2011
Format:Hardcover|Amazon Verified Purchase
Let's clarify what The Lords of Strategy is and what it isn't.

It is ...

... a historical view of the strategy consulting industry as driven by Boston Consulting Group, Bain & Co., and McKinsey& Co. in the US, and eventually worldwide, from 1963 until 2010. Some other consultancies are acknowledged to have existed but with minimal impact on the industry.

... a look into the careers and personalities that were successful in influencing the strategy consulting industry, in how clients were procured, how projects were run, and how the products/ideas that were sold.

... a view that the academic contributions to business strategy thought stemmed mostly from Michael Porter alone although sometimes with some help from a handful of others with Harvard connections.

... a rosy view of strategy consultants and their work. There are time when the author talks about when the consultants steered into some trouble, but they come off as brilliant, well-intentioned souls who have made the world a far better place.

... a well-written story. M. Kiechel tells the tale in a very readable manner and likes to pepper in words that you don't often read in business books. If you like reading lines like this, "Begin with the element of propinquity.", you will enjoy reading this book.

... biased towards all things associated with Harvard. M. Kiechel goes a long way to explain the education credentials of people and ideas and how they relate in some way to Harvard. It starts to feel like the author is being paid for a Harvard commercial, and it gets tedious by the end.

It is not ...

... a beginner's guide to business strategy. The reader is assumed to have some familiarity with the subject.
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Most Recent Customer Reviews
4.0 out of 5 stars Valuable on Objective and Personal Levels
This reviewer found Kiechel's "The Lords of Strategy" revealing and useful on a number of levels. From an objective level, the book provides an overview of the strategy consulting... Read more
Published 2 months ago by Fred Cheyunski
5.0 out of 5 stars Must-read in the consulting industry
Very good book that shows the history of the greatest consulting firms ever. Specially helpful if familiar with the consulting industry.
Published 2 months ago by Santiago Sanchez Badia
5.0 out of 5 stars Bringing the Intellectual Pedigree of Strategy to Live
"The Lords of Strategy" by Walter Kiechel is a must read for anyone interested in understanding the intellectual pedigree in the field of strategy. Read more
Published 5 months ago by Frank T. Rothaermel
4.0 out of 5 stars great book
great book. would highly recommend to anyone in b-school. can be wordy at times but overall very entertaining. yeah, yeah
Published 6 months ago by Greg
4.0 out of 5 stars Great history book about a rather dry topic
The Lords of Strategy fills a void - the history of Strategy and how it came about. As a management consultant who had worked for one of the major consultancies, I was first a bit... Read more
Published 15 months ago by Michael Froehls
4.0 out of 5 stars Only buy if you are interested in the history of strategic management
This is an entertaining and well-written book about the history of strategic management or strategy. Read more
Published 16 months ago by Jackal
2.0 out of 5 stars Interesting but not what I expected
The book is interesting and well written, but not what I really wanted to read about.
Makes focus in consulting firms, lots of info on that and turns the book to 'slow' in... Read more
Published 18 months ago by D.Z.
3.0 out of 5 stars Authoritative, but Difficult to Read
While this book is probably the best non-textbook I've read discussing corporate strategy, I had a tough time getting through it. Read more
Published 20 months ago by YYYRat
5.0 out of 5 stars Fantastic
Kiechel's The Lords of Strategy is an in-depth look into the development of management consulting, and the evolution and impact of strategic thinking on global business. Read more
Published 20 months ago by Oscar Wilde
5.0 out of 5 stars Very well researched, very well told
The amount of time and research put into this book is immediately evident from the rich historical accounts Kiechel provides. Read more
Published 20 months ago by Googlin
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