Strategy Formulation from Coursera

The purpose of this course is to present, analyze and discuss the different facets of business strategy formulation. Emphasizing that strategy can be seen as a unified theme that provides coherence and direction to the actions and decisions of a firm, we will cover a variety of business strategy topics concerned with firm positioning in the context of different markets, industries and locations.

At the end of the course, you will be able to:

- Identify why a strong strategy is essential for the future business success

- Formulate a business strategy that suits the needs and visions of your organization

- Explain why managers too often formulate sub-optimal strategies

- Extrapolate measures to optimize current business strategies

Workload: 2-4 hours per week.

What's inside

Syllabus

Introducing strategy formulation

In the first module of this course, we will examine and discuss the foundations of strategy formulation, emphasizing key concepts such as competitive advantage, value creation, planned vs emerging strategy, and strategic fit.

Industry analysis

Building on the insights generated in the first session, in the second module we explore different industrial organization frameworks and discuss the importance of industry effects on firm performance. Keywords of this module include competition, industry attractiveness, and the ‘Five forces’-framework.

Resources and capabilities

The purpose of this session is to understand the role of firm resources and capabilities in building and formulating a strong strategy. In particular, we will discuss concepts such as the value chain, core capabilities, heterogeneous resources, and the VRIO framework.

Global strategies and the multinational corporation

The opportunities and challenges of operating internationally are substantially different to the domestic context. Thus, to understand strategy in a global context, we focus on the multinational corporation and discuss strategic terms like foreign entry mode, location strategies, global integration/local adaptation, and distance.

Strategic decision making

In this module, we will investigate the processes of strategic decision making and explore how this matters for firm performance. We will discuss topics such as ‘bounded rationality’, management politics, and hidden costs.

Formulating a Strategy in a 21st Century Creative Company

Drawing on the content covered in this course, your job is to formulate a strategy for the Danish design company e-Types. Specifically, based on an analysis of the firm and the environment, you should formulate a strong strategy for how e-Types should move forward. Background information on the company and the assignment is provided below.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Taught by Marcus Møller Larsen, who are recognized for their work in strategy formulation for firms

Covers multiple facets of business strategy formulation, building a strong understanding

Develops a firm foundation in strategic decision making, which is essential in today's business environment

May help learners identify opportunities and challenges in a global context, empowering them to navigate the complexities of international business

Requires students to have a solid understanding of business concepts and practices

May not be suitable for complete beginners in business strategy

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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 Strategy Formulation with these activities:

Read 'Good Strategy/Bad Strategy' by Richard Rumelt

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Reading 'Good Strategy/Bad Strategy' will provide insights into the key principles of effective business strategy formulation.

View The Crux: How Leaders Become Strategists on Amazon

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Read and summarize the key ideas presented in the book
Analyze real-world business strategies and identify examples of both good and bad strategies

Industry analysis exercises

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Conducting industry analysis exercises will strengthen your ability to identify opportunities and challenges in different markets.

Browse courses on Porter's Five Forces

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Apply Porter's Five Forces framework to analyze an industry of your choice
Identify potential barriers to entry and exit
Analyze the competitive landscape and identify key players

Form study groups for strategic decision making

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Participating in study groups will enhance your understanding of strategic decision making processes and promote critical thinking.

Browse courses on Strategic Decision Making

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Form a study group with fellow students
Discuss case studies and analyze strategic decisions
Identify and address potential biases and political influences

Four other activities

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Create a business plan for a start-up company

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Creating a business plan will provide an opportunity to apply your knowledge of business strategy formulation to a real-world scenario.

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Identify a business opportunity and define the target market
Develop a value proposition and competitive strategy
Outline operations, marketing, and financial plans

Develop a business strategy for a multinational corporation

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Undertaking a project to develop a business strategy for a multinational corporation will provide practical experience in applying course concepts and improve your understanding of the challenges of operating globally.

Browse courses on Multinational Corporations

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Select a multinational corporation and analyze its current operations
Identify potential growth markets and develop entry strategies
Evaluate different modes of foreign entry
Develop a comprehensive business strategy for global expansion

Contribute to open-source business strategy projects

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Participating in open-source projects will provide opportunities to collaborate with others and contribute to the development of innovative business strategy tools and frameworks.

Browse courses on Open-Source Software

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Identify open-source projects related to business strategy
Contribute to discussions, code reviews, or documentation

Mentor students in business strategy concepts

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Mentoring others will reinforce your understanding of business strategy concepts and provide opportunities to share your knowledge.

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Offer to mentor students or newer professionals
Provide guidance on business strategy concepts and best practices

Career center

Learners who complete Strategy Formulation will develop knowledge and skills that may be useful to these careers:

Strategy Consultant

A Strategy Consultant is responsible for providing advice and guidance to organizations on strategy development and implementation. A course in Strategy Formulation may be useful for this role by providing a comprehensive understanding of the different facets of business strategy formulation. This course may also help prepare an individual to analyze business situations and goals with the objective of optimizing a business strategy.

See salaries and explore the career path for Strategy Consultant

Corporate Strategist

A Corporate Strategist is responsible for developing and implementing long-term strategies for an organization. This role typically requires an MBA and several years of experience in business strategy. A course in Strategy Formulation may be useful for this role by providing a comprehensive understanding of the different facets of business strategy formulation. This course may help prepare an individual to analyze business situations and goals with the objective of optimizing a business strategy.

See salaries and explore the career path for Corporate Strategist

Management Consultant

A Management Consultant is responsible for providing advice and guidance to organizations on a variety of management issues. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and management principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

See salaries and explore the career path for Management Consultant

Sales Manager

A Sales Manager is responsible for leading a team of salespeople and achieving sales goals. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and sales management principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Product Manager

A Product Manager is responsible for managing the development and launch of new products. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and product management principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Technology Consultant

A Technology Consultant is responsible for providing advice and guidance to organizations on technology-related issues. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and technology consulting principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Financial Analyst

A Financial Analyst is responsible for providing financial advice and guidance to clients. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and financial analysis. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Risk Manager

A Risk Manager is responsible for identifying, assessing, and mitigating risks. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and risk management principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Venture Capitalist

A Venture Capitalist is responsible for investing in early-stage companies. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and venture capital principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Market Research Analyst

A Market Research Analyst is responsible for conducting market research and providing insights to clients. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and market research techniques. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Systems Analyst

A Systems Analyst is responsible for analyzing and designing computer systems. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and systems analysis principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Project Manager

A Project Manager is responsible for planning, executing, and closing projects. A course in Strategy Formulation may be useful for this role by providing a solid understanding of business strategy and project management principles. This understanding helps analyze business situations and goals with the objective of optimizing a business strategy.

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Consultant

A Consultant is responsible for providing expert advice and knowledge to organizations or individuals on a specific subject matter. A course in Strategy Formulation may be useful for this role by providing a comprehensive understanding of the different facets of business strategy formulation. This course may help prepare an individual to analyze business situations and goals with the objective of optimizing a business strategy.

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Business Analyst

A Business Analyst defines and documents business processes, information technology systems, and other business-related processes. This role typically requires an advanced degree, and a course in Strategy Formulation may help build a foundation in analyzing business situations and goals with the objective of optimizing a business strategy. Strategy Formulation may be helpful for this role.

See salaries and explore the career path for Business Analyst