Is strategy necessary for success?

What is strategy and why do businesses need it? What distinguishes a good strategy from a bad one or a non-strategy? Not to be confused with goals or a company's ambition, strategy is a word that is often mis-used and misapplied. But in reality it can make the difference between success and failure - especially if it's adaptable to changes in the market. Evan Davis looks at where companies have got strategy right and where it's gone badly wrong.GUESTS:Michael Jacobides - Associate Professor of Strategy and Entrepreneurship at The London Business School.Jacqueline de Rojas, President of Tech UKAnn Cairns, President of International Markets, MasterCard.