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Tobias Kretschmer
In this six-module course, you will learn how businesses and organizations behave in situations in which strategic decisions are interdependent, i.e. where my actions affect my competitors' profits and vice versa. Using the basic tools of game theory, we will analyse how businesses choose strategies to attain competitive advantage.
This course is also available in Chinese. Please go to our course catalog to access the Chinese version of Competitive Strategy.
Register for this course and see more details by visiting:
OpenCourser.com/course/mvb0t3/competitive
What's inside
Syllabus
Take Care of Your Competitors
In this module, we introduce the basic concepts of game theory and use strategic games to learn competitor analysis. We answer “what is a strategy?” and look at the different ways to determine a best or dominant strategy. We also discuss the concepts of Nash Equilibrium and Prisoners’ Dilemma - and learn that it is important to anticipate and take into consideration the actions of the other players. Lastly, we analyse what happens when we change the game from simultaneous (where everybody acts at the same time) to sequential (where players move after each other).
Read more
Syllabus
Take Care of Your Competitors
In this module, we introduce the basic concepts of game theory and use strategic games to learn competitor analysis. We answer “what is a strategy?” and look at the different ways to determine a best or dominant strategy. We also discuss the concepts of Nash Equilibrium and Prisoners’ Dilemma - and learn that it is important to anticipate and take into consideration the actions of the other players. Lastly, we analyse what happens when we change the game from simultaneous (where everybody acts at the same time) to sequential (where players move after each other).
Read more
Why Firms Work Together
According to economic theory, companies compete with each other in the marketplace. In reality, they are often friendly and cooperate with each other. In this module, we attempt to understand this strategy, and why it is good for the organizations involved. With this, we evaluate the factors that encourage or hinder cooperation and apply them in different examples.
Complementary Products and Strategic Partnerships
In this module, we introduce complements and discuss what they mean to us in economic terms. We study why companies like to sell their products in a bundle - and how complementarity creates switching costs. We also discuss the importance of that coordination among companies with complementary products. Finally, we look at strategic partnerships as a powerful tool to align companies’ interests in this specific setting.
Entering a New Market
This module is about market entry. We first look at different tools to assess the attractiveness of a market – and then discuss strategies that have proven to be helpful for entering a new market, such as positioning and marketing strategies. We also look from the other perspective, and analyse what established businesses can do to keep new competitors out of the market.
Why Worry About Research and Development
In the context of R&D, a number of important strategic questions arise consistently; in this module, we take a closer look at these questions. Though many innovations are created by a stroke of luck, it seems that the majority of innovations are created because their inventors actively strive towards this specific innovation and differentiation strategy.
Designing Products Wisely
In this module, we focus on strategic aspects of product design and pricing strategy. We analyse how companies can adjust their products in a way that lowers the competitive pressure in the market. Later on, we look at some generic strategies for product design and pricing – and discuss the problems related to being stuck between these strategies.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Examines competitive business strategy in the context of game theory
Teaches skills that are essential for business strategy and leadership
Taught by Tobias Kretschmer, who is recognized for their work in game theory
Requires knowledge of basic game theory concepts
Explores both theoretical and practical aspects of competitive strategy
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Reviews summary
Well-received competitive strategy course
According to students, this well-received course makes complex topics easy to understand. It engages learners while presenting practical examples. Learners largely agree that the instructor is effective. One learner remarks that the course presents topics in a broad manner which learners found useful.
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Competitive Strategy with these
activities:
Explore Online Resources and Tools for Competitive Strategy
Show steps
Enhance understanding of competitive strategy concepts by exploring additional resources and tools.
Browse courses on
Online Resources
Show steps
-
Search for online courses, articles, and videos related to competitive strategy.
-
Evaluate and select resources that provide valuable insights and perspectives.
Organize Course Materials and Resources
Show steps
Build a solid foundation by organizing materials and resources for easy access and review.
Browse courses on
Resources
Show steps
-
Create a system for storing and organizing notes, handouts, and other materials.
-
Identify key resources and create a list of bookmarks or links.
Read Introduction to Game Theory
Show steps
Review key concepts in game theory to establish a solid understanding of the basic principles.
View
Models in Microeconomic Theory: 'She' Edition
on Amazon
Show steps
-
Read Chapters 1-3 of the book to understand the fundamental concepts of game theory, including rational behavior, Nash equilibrium, and dominant strategies.
-
Work through the practice problems provided at the end of each chapter to test understanding.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Conduct Market Research and Analysis
Show steps
Gain hands-on experience in gathering and analyzing market data to inform strategic decision-making.
Browse courses on
Market Research
Show steps
-
Define the research objectives and identify target market.
-
Select and implement appropriate research methods, such as surveys, interviews, or focus groups.
-
Analyze data to identify customer needs, preferences, and trends.
-
Develop a market research report that summarizes findings and insights.
Analyze Competitor and Industry Data
Show steps
Develop the ability to gather and interpret data to make strategic decisions in competitive environments.
Browse courses on
Competitor Analysis
Show steps
-
Use online tools and resources to collect data on competitors, including market share, pricing, and marketing strategies.
-
Analyze industry trends and identify potential opportunities and threats.
-
Create visual representations of data to communicate findings and support decision-making.
Discuss Case Studies and Real-World Examples
Show steps
Gain different perspectives and insights from peers by engaging in discussions and sharing knowledge about competitive strategy.
Browse courses on
Case Studies
Show steps
-
Meet with a group of peers to discuss a specific case study or real-world example related to competitive strategy.
-
Share individual perspectives and analysis of the case.
-
Engage in brainstorming and generate new ideas and solutions.
Develop a Competitive Strategy Framework
Show steps
Solidify understanding by creating a framework that outlines key elements and principles of competitive strategy.
Browse courses on
Strategic Planning
Show steps
-
Review course materials and identify key concepts and frameworks for competitive strategy.
-
Create a visual or written representation of a strategic framework that incorporates these concepts.
-
Share the framework with others for feedback and critique.
Create a Competitive Analysis Report
Show steps
Demonstrate the ability to conduct thorough competitive analysis by creating a comprehensive report.
Browse courses on
Competitive Analysis
Show steps
-
Conduct in-depth research on a specific industry or market.
-
Analyze competitor strategies, market dynamics, and industry trends.
-
Develop actionable recommendations based on analysis.
-
Create a written report that clearly presents findings and insights.
Explore Online Resources and Tools for Competitive Strategy
Show steps
Enhance understanding of competitive strategy concepts by exploring additional resources and tools.
Browse courses on
Online Resources
Show steps
Show steps
Show steps
- Search for online courses, articles, and videos related to competitive strategy.
- Evaluate and select resources that provide valuable insights and perspectives.
Organize Course Materials and Resources
Show steps
Build a solid foundation by organizing materials and resources for easy access and review.
Browse courses on
Resources
Show steps
Show steps
Show steps
- Create a system for storing and organizing notes, handouts, and other materials.
- Identify key resources and create a list of bookmarks or links.
Read Introduction to Game Theory
Show steps
Review key concepts in game theory to establish a solid understanding of the basic principles.
View
Models in Microeconomic Theory: 'She' Edition
on Amazon
Show steps
Show steps
Show steps
- Read Chapters 1-3 of the book to understand the fundamental concepts of game theory, including rational behavior, Nash equilibrium, and dominant strategies.
- Work through the practice problems provided at the end of each chapter to test understanding.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Conduct Market Research and Analysis
Show steps
Gain hands-on experience in gathering and analyzing market data to inform strategic decision-making.
Browse courses on
Market Research
Show steps
Show steps
Show steps
- Define the research objectives and identify target market.
- Select and implement appropriate research methods, such as surveys, interviews, or focus groups.
- Analyze data to identify customer needs, preferences, and trends.
- Develop a market research report that summarizes findings and insights.
Analyze Competitor and Industry Data
Show steps
Develop the ability to gather and interpret data to make strategic decisions in competitive environments.
Browse courses on
Competitor Analysis
Show steps
Show steps
Show steps
- Use online tools and resources to collect data on competitors, including market share, pricing, and marketing strategies.
- Analyze industry trends and identify potential opportunities and threats.
- Create visual representations of data to communicate findings and support decision-making.
Discuss Case Studies and Real-World Examples
Show steps
Gain different perspectives and insights from peers by engaging in discussions and sharing knowledge about competitive strategy.
Browse courses on
Case Studies
Show steps
Show steps
Show steps
- Meet with a group of peers to discuss a specific case study or real-world example related to competitive strategy.
- Share individual perspectives and analysis of the case.
- Engage in brainstorming and generate new ideas and solutions.
Develop a Competitive Strategy Framework
Show steps
Solidify understanding by creating a framework that outlines key elements and principles of competitive strategy.
Browse courses on
Strategic Planning
Show steps
Show steps
Show steps
- Review course materials and identify key concepts and frameworks for competitive strategy.
- Create a visual or written representation of a strategic framework that incorporates these concepts.
- Share the framework with others for feedback and critique.
Create a Competitive Analysis Report
Show steps
Demonstrate the ability to conduct thorough competitive analysis by creating a comprehensive report.
Browse courses on
Competitive Analysis
Show steps
Show steps
Show steps
- Conduct in-depth research on a specific industry or market.
- Analyze competitor strategies, market dynamics, and industry trends.
- Develop actionable recommendations based on analysis.
- Create a written report that clearly presents findings and insights.
Career center
Learners who complete Competitive Strategy will develop knowledge and skills
that may be useful to these careers:
Consultant
Consultant
Consultants analyze business problems and provide solutions for organizations. The skills you will learn in a Competitive Strategy course may help you to succeed in this role by teaching you how to assess market conditions, identify opportunities, and develop strategies to achieve business goals. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Business Analyst
Business Analyst
Business analysts work with organizations to improve their performance. The skills you will learn in a Competitive Strategy course may help you to succeed in this role by teaching you how to analyze business problems, identify opportunities, and develop and implement solutions. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Product Manager
Product Manager
Product managers are responsible for the development and marketing of products. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to understand customer needs, develop competitive strategies, and manage product launches. You will also learn how to manage stakeholders and resources.
Marketing Manager
Marketing Manager
Marketing managers are responsible for developing and implementing marketing campaigns. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to understand customer behavior, develop competitive strategies, and manage marketing budgets. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Sales Manager
Sales Manager
Sales managers are responsible for leading and motivating sales teams. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to develop sales strategies, manage sales pipelines, and negotiate with customers. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Operations Manager
Operations Manager
Operations managers are responsible for overseeing the day-to-day operations of an organization. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze business processes, identify opportunities for improvement, and implement new systems and procedures. You will also learn how to manage resources and coordinate with other departments.
Financial Analyst
Financial Analyst
Financial analysts provide investment advice to individuals and organizations. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, identify investment opportunities, and make recommendations to clients. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Investment Banker
Investment Banker
Investment bankers advise companies on mergers and acquisitions, capital raising, and other financial transactions. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, understand market conditions, and develop and execute financial strategies.
Private Equity Investor
Private Equity Investor
Private equity investors invest in private companies with the goal of generating a return on investment. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, identify investment opportunities, and negotiate with company management teams. You will also learn how to manage risk and develop investment strategies.
Venture Capitalist
Venture Capitalist
Venture capitalists invest in early-stage companies with the goal of generating a return on investment. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, identify investment opportunities, and negotiate with company management teams. You will also learn how to manage risk and develop investment strategies.
Hedge Fund Manager
Hedge Fund Manager
Hedge fund managers invest in a variety of assets with the goal of generating a return on investment. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, identify investment opportunities, and manage risk. You will also learn how to develop and execute investment strategies.
Portfolio Manager
Portfolio Manager
Portfolio managers invest in a variety of assets on behalf of clients. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, identify investment opportunities, and manage risk. You will also learn how to develop and execute investment strategies.
Research Analyst
Research Analyst
Research analysts provide investment advice to individuals and organizations. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, identify investment opportunities, and make recommendations to clients. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Strategy Consultant
Strategy Consultant
Strategy consultants help organizations develop and implement strategies to achieve their goals. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze business problems, identify opportunities, and develop and implement strategies. You will also learn how to communicate your findings and recommendations in a clear and persuasive manner.
Corporate Development Manager
Corporate Development Manager
Corporate development managers oversee the strategic planning and execution of mergers and acquisitions, joint ventures, and other corporate transactions. The skills you will learn in a Competitive Strategy course may help you succeed in this role by teaching you how to analyze financial data, understand market conditions, and develop and execute financial strategies.
For more career information including salaries, visit:
OpenCourser.com/course/mvb0t3/competitive
Reading list
We've selected 42 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Competitive Strategy.
Save
This comprehensive textbook provides foundational concepts and applications of cooperative and non-cooperative game theory. Its mathematical rigor and coverage of advanced topics enhance the understanding of strategic decision-making in competitive environments.
Save
Provides a comprehensive introduction to game theory, covering both the basic concepts and more advanced topics. It valuable resource for anyone who wants to learn more about game theory and its applications.
Save
Provides a practical guide to strategic thinking and decision-making. It valuable resource for anyone who wants to learn how to develop and implement effective strategies.
Save
This widely-used textbook offers a comprehensive overview of strategic management principles and practices. Its case studies and real-world examples illustrate how organizations develop and implement competitive strategies.
Provides a framework for understanding why established companies often fail to innovate. It valuable resource for anyone who wants to learn how to create and sustain a culture of innovation.
Explores the reasons why large companies often fail to innovate. It valuable resource for business leaders who want to learn more about the challenges of innovation.
Provides a practical guide to building and managing a successful startup company. It valuable resource for anyone who wants to learn how to launch and grow a new business.
This practical guide introduces the principles of Lean Startup methodology, emphasizing the importance of building, measuring, and learning from minimum viable products. It offers valuable insights for entrepreneurs and organizations seeking to validate new business ideas.
Provides a framework for understanding how to compete in markets that are characterized by uncertainty. It valuable resource for anyone who wants to learn how to develop and implement strategies that are resilient to change.
Save
Provides a comprehensive overview of competitive strategy. It valuable resource for anyone who wants to learn more about the theory and practice of competitive strategy.
Save
Provides a simple and practical framework for developing and evaluating strategies. It valuable resource for anyone who wants to learn how to develop and implement effective strategies.
Save
Provides a comprehensive overview of strategy and strategic thinking. It valuable resource for anyone who wants to learn more about the theory and practice of strategy.
Provides a comprehensive overview of strategic management. It valuable resource for anyone who wants to learn more about the theory and practice of strategic management
Save
Provides a framework for creating new markets and avoiding competition. It valuable resource for anyone who wants to learn how to develop and implement innovative strategies.
Save
Provides a practical guide to economics for managers. It valuable resource for anyone who wants to learn how to use economic principles to make better business decisions.
Provides a behind-the-scenes look at the McKinsey consulting firm. It valuable resource for anyone who wants to learn more about the theory and practice of management consulting.
Save
This foundational work introduces Porter's Five Forces framework and other analytical tools for understanding industry structure and competitive dynamics. Its insights provide a solid foundation for developing and implementing competitive strategies.
This practical guide introduces the Value Proposition Canvas, a tool for designing and refining value propositions that meet customer needs. Its focus on customer-centricity complements the course's emphasis on understanding and responding to competitive dynamics.
Provides a practical guide to building and managing a successful technology company.
Explores the role of cooperation in game theory, economics, and politics. Axelrod's famous computer tournament showed that cooperation can emerge even in situations where it seems unlikely.
This engaging and accessible book presents a game-theoretic approach to strategy. Its examples and case studies illustrate how strategic thinking can be applied to a wide range of business and life situations.
Save
Provides a practical guide to getting customers for your startup. It valuable resource for entrepreneurs who want to learn more about the traction strategy.
Provides a candid look at the challenges of building a successful business. It valuable resource for entrepreneurs who want to learn more about the realities of entrepreneurship.
This textbook provides a comprehensive overview of strategic marketing principles and practices. Its coverage of market research, segmentation, targeting, and positioning aligns well with the course's focus on developing and implementing competitive strategies.
Save
Provides a practical guide to venture capital deals. It valuable resource for entrepreneurs who want to learn more about the legal and financial aspects of venture capital.
Save
This practical guide offers a systematic approach to innovation. Its five-step framework provides a roadmap for organizations seeking to develop and implement innovative ideas.
This classic work on military strategy is also a valuable resource for business leaders. It provides insights into the principles of competition and conflict.
This provocative and thought-provoking book challenges conventional wisdom about entrepreneurship. Its emphasis on creating monopolies and building companies that are truly different from anything else aligns with the course's focus on developing competitive advantage.
Save
This classic work on political strategy is also a valuable resource for business leaders. It provides insights into the nature of power and the art of persuasion.
Provides a fascinating look at the history of innovation and progress. It valuable resource for anyone who wants to learn more about the forces that drive economic growth.
This practical guide provides a concise overview of Lean Six Sigma methodologies for process improvement. Its tools and techniques can be applied in a wide range of industries and organizations, including those seeking to enhance their competitive advantage.
Explores the role of uncertainty in our world. It valuable resource for anyone who wants to learn more about the risks and opportunities that we face.
Save
Explores the science of habit formation and how we can use it to improve our lives and businesses.
This accessible guide introduces the principles and practices of competitive intelligence. Its step-by-step approach and case studies provide valuable insights for organizations seeking to gather and analyze information about their competitors.
Provides a sweeping history of humankind. It valuable resource for anyone who wants to learn more about the origins of our species and the challenges we face today.
Provides a practical guide to the lean product development process. It's a great resource for anyone who wants to learn how to develop and launch new products quickly and efficiently.
Save
Explores the role of habits in our lives. It valuable resource for anyone who wants to learn more about how we can change our habits and improve our lives.
Save
Explores the two systems of thinking that our brains use: System 1, which is fast and intuitive, and System 2, which is slow and deliberate. It's a fascinating look at how we make decisions.
Explores the irrational ways that we often make decisions. It's a great way to learn how to make better decisions in business and life.
Save
Uses economics to explore a wide range of topics, from crime to parenting to sports. It's a fun and informative read that will change the way you think about the world.
Provides 22 laws of marketing that are essential for any marketer to know. It's a great resource for anyone who wants to learn how to create and execute effective marketing campaigns.
Provides a framework for marketing and selling technology products to mainstream customers. It's a must-read for anyone who wants to learn how to successfully launch and sell new technology products.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/mvb0t3/competitive
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Effort
10 hours of videos and quizzes
Via
Coursera
Institution
Ludwig-Maximilians-Universität München (LMU)
Instructor
Tobias Kretschmer
Language
English
Transcripts
Español
Français
Português
Deutsch
Italiano
中文
العربية
한국어
日本語
हिंदी
Nederlands
Svenska
Pусский
Türkçe
Polski
Ελληνικά
українська мова
magyar nyelv
Bahasa Indonesia
ไทย
қазақша
اُردُو,
فارسی
বাংলা
tiếng Việt
پښتو
آذربایجان دیلی
This course belongs to a
collection
called
Competitive Strategy and Organization Design. It's comprised of four courses:
- Advanced Competitive Strategy
- Strategic Organization Design
- Competitive Strategy (viewing)
- Competitive Strategy and Organization Design Project
Good to know
Examines competitive business strategy in the context of game theory
Teaches skills that are essential for business strategy and leadership
Taught by Tobias Kretschmer, who is recognized for their work in game theory
Requires knowledge of basic game theory concepts
Explores both theoretical and practical aspects of competitive strategy
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