This course introduces the key concepts, tools, and principles of strategy formulation and Competitive analysis. It is concerned with managerial decisions and actions that affect the performance and survival of business enterprises. The course is focused on the information, analyses, organizational processes, and skills and business judgment managers must use to devise strategies, position their businesses, define firm boundaries and maximize long-term profits in the face of uncertainty and Competition.
Strategic Thinking, Planning and Innovation is an integrative and interdisciplinary course. It assumes a broad view of the environment that includes buyers, suppliers, competitors, technology, the economy, capital markets, government, and global forces and views the external environment as dynamic and
Characterized by uncertainty. In studying strategy, the course draws together and builds on all the ideas, concepts, and theories from your functional courses such as Accounting, Economics, Finance, Marketing, Organizational Behavior and Statistics.
The course takes a general management perspective, viewing the firm as a whole, and examining how policies in each functional area are integrated into an overall competitive strategy. The key strategic business decisions of concern in this course involve selecting competitive strategies, creating and defending competitive advantages, defining firm boundaries and allocating critical resources over long Periods. Decisions such as these can only be made effectively by viewing a firm holistically, and over the Long term.
You Will Learn How To:
- Analyze the main structural features of an industry and develop strategies that position the firm most favorably in relation to competition and influence industry structure to enhance industry attractiveness.
- Recognize the different stages of industry evolution and recommend strategies appropriate to each stage.
- Appraise the resources and capabilities of the firm in terms of their ability to confer sustainable competitive advantage and formulate strategies that leverage a firm’s core competencies.
- Demonstrate understanding of the concept of competitive advantage and its sources and the ability to recognize it in real-world scenarios.
- Distinguish the two primary types of competitive advantage: cost and differentiation and formulate strategies to create a cost and/or a differentiation advantage.
- Analyze dynamics in competitive rivalry including competitive action and response, first-mover advantage, co-opetition and winner-take-all and make appropriate recommendations for acting both proactively and defensively.
- Formulate strategies for exploiting international business opportunities including foreign entry strategies and international location of production.