300-150: Strategic Management
The main question of Strategic Management or Management Strategy is “Why do some firms outperform other firms?” More specifically, strategic management examines how actions and events involving top executives, and industries influence a firm’s success or failure. Formal tools exist for understanding these relationships, and many of these tools are explained and applied in this course. But formal tools are not enough; creativity is just as important to strategic management. Mastering strategy is therefore part art and part science. Defining strategy is not simple. Strategy is a complex concept that involves many different processes and activities within an organization. To capture this complexity, Professor Henry Mintzberg of McGill University in Montreal, Canada, articulated what he labeled as “the 5 Ps of strategy.” According to Mintzberg, understanding how strategy can be viewed as a plan, as a ploy, as a position, as a pattern, and as a perspective is important. Each of these five ways of thinking about strategy is necessary for understanding what strategy is, but none of them alone is sufficient to master the concept. This course will provide the student with an overview of Strategic Management and its tools and uses. Concepts reviewed include: The History of Strategic Management, Leading Strategically, Evaluating the External Environment, Managing Firm Resources, Selecting Business-Level Strategies, Competitive & Cooperative Moves, International Markets, Corporate-Level Strategies, Organizational Design, and The Ethical Organization.