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Carl Kock
Strategy is a complex field and intrinsically related to economics. In this first week of this course you will learn the basic logic of how firms and markets function by using economic logic from a distinctly strategic perspective.
Read more
Strategy is a complex field and intrinsically related to economics. In this first week of this course you will learn the basic logic of how firms and markets function by using economic logic from a distinctly strategic perspective.
Read more
Strategy is a complex field and intrinsically related to economics. In this first week of this course you will learn the basic logic of how firms and markets function by using economic logic from a distinctly strategic perspective.
The economic logics discussed in the first week have shaped the field of strategic analysis from very early on. Porter’s Five Forces – probably the most well-known strategic analysis tool – directly builds on the notion of market structures and helps us to get a deeper understand of how the competitive environment affects the ability of firms to generate true economic profits. In this week, we´ll look at how Porter's Five Forces are related to market structures, economies of scale, and begin to touch on how firms leverage these to create competitive advantage.
Week three, we will move away from exclusively considering the external structure of an industry as the source of competitive advantage and instead focus our view on the internal resources and capabilities within firms – and the associated “resource based view” to look at how internal resources and capabilities play out in competitive situations.
Looking through the lens of the five forces at the industry, or through that of the resource-based view at firm internal resources and capabilities, feels a bit like swings of a pendulum – and, indeed, strategic theory and practice over the last decades has veered from a near-exclusive focus on the environment to being entranced by firms’ core capabilities. However, to get the full picture of where your firm stands (and where it and its industry may move) requires us to consider both of these perspectives! In this final week we will work on this crucial integration by building our understanding of what a competitive advantage truly is – and what distinct forms it can take.
Register for this course and see more details by visiting:
OpenCourser.com/course/xz57di/foundations
What's inside
Syllabus
Strategy and Value Creation
Strategy is a complex field and intrinsically related to economics. In this first week we will establish the basic logic of how firms and markets function by using economic logic from a distinctly strategic perspective.
Read more
Syllabus
Strategy and Value Creation
Strategy is a complex field and intrinsically related to economics. In this first week we will establish the basic logic of how firms and markets function by using economic logic from a distinctly strategic perspective.
Read more
Competitive Advantage – The External Perspective
The economic logics discussed in the first week have shaped the field of strategic analysis from very early on. Porter’s Five Forces – probably the most well-known strategic analysis tool – directly builds on the notion of market structures and helps us to get a deeper understand of how the competitive environment affects the ability of firms to generate true economic profits. In this week, we´ll look at how Porter's Five Forces are related to market structures, economies of scale, and begin to touch on how firms leverage these to create competitive advantage.
Competitive Advantage - The Internal Perspective
This week, we will move away from exclusively considering the external structure of an industry as the source of competitive advantage and instead focus our view on the internal resources and capabilities within firms – and the associated “resource based view” to look at how internal resources and capabilities play out in competitive situations.
Competitive Advantage – The Holistic View
Looking through the lens of the five forces at the industry, or through that of the resource based view at firm internal resources and capabilities, feels a bit like swings of a pendulum – and, indeed, strategic theory and practice over the last decades has veered from a near-exclusive focus on the environment to being entranced by firms’ core capabilities. However, to get the full picture of where your firm stands (and where it and its industry may move) requires us to consider both of these perspectives! In this final week we will work on this crucial integration by building our understanding of what a competitive advantage truly is – and what distinct forms it can take.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Explores the foundations of economics as they apply to strategy, which is key for learners with a business background
Taught by Carl Kock, recognized for their work in economics and strategy
Examines economic principles through a strategic lens to enhance understanding of strategy
Emphasizes Porter's Five Forces as a fundamental tool for competitive analysis
Develops understanding of resource-based view to identify internal sources of competitive advantage
Integrates external and internal perspectives to provide a well-rounded view of competitive advantage
Save this course
Save Foundations of Strategy to your list so you can find it easily later:
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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 Foundations of Strategy with these
activities:
Review basic economic concepts
Show steps
Strengthen your foundational understanding of economic principles to enhance your comprehension of the course material.
Browse courses on
Economics
Show steps
-
Review your lecture notes or textbook chapters on basic economic concepts.
-
Complete practice problems or quizzes to test your understanding.
Watch video tutorials on applying strategic analysis tools
Show steps
Enhance your comprehension of strategic analysis tools through guided video tutorials.
Browse courses on
Strategic Analysis
Show steps
-
Search for video tutorials on platforms like YouTube or Coursera.
-
Choose tutorials that cover specific tools or concepts you want to learn more about.
-
Take notes and actively engage with the material.
Read 'Economics and the Firm' by Kenneth E. Boulding
Show steps
Reinforce the economic principles covered in Week 1 through the lens of Kenneth E. Boulding's insights.
View
Melania
on Amazon
Show steps
-
Purchase the book through an online retailer or library.
-
Read the book at your own pace, taking notes on key concepts and ideas.
-
Summarize the main arguments and theories presented in the book.
-
Identify and explain how the book's insights relate to the course material.
Six other activities
Expand to see all activities and additional details
Show all nine activities
Complete practice questions on Porter's Five Forces and the RBV
Show steps
Strengthen your understanding of these frameworks by practicing their application through targeted exercises.
Browse courses on
Porter's Five Forces
Show steps
-
Find practice questions online or in textbooks.
-
Attempt the questions and check your answers.
-
Identify areas where you need more practice.
Create a collection of case studies or examples of competitive advantage
Show steps
Reinforce your understanding of competitive advantage by collecting and analyzing real-world examples.
Show steps
-
Gather case studies or examples from reputable sources such as business journals, industry reports, or academic papers.
-
Organize the collection based on different types or industries of competitive advantage.
-
Summarize the key takeaways and lessons learned from each case study.
Conduct an industry analysis using Porter's Five Forces
Show steps
Apply the concepts learned in Week 2 by conducting a comprehensive analysis of an industry using Porter's Five Forces framework.
Browse courses on
Industry Analysis
Show steps
-
Choose an industry to analyze.
-
Gather data on the industry's structure, conduct surveys, and interview industry experts.
-
Identify and assess the five forces of competition (entry barriers, supplier power, buyer power, threat of substitutes, and rivalry among existing competitors).
-
Develop recommendations based on your analysis.
-
Present your findings in a report or presentation.
Create a visual representation of the Resource-Based View (RBV)
Show steps
Deepen your understanding of the RBV by creating a visual representation that illustrates its key concepts and components.
Browse courses on
Resource-Based View
Show steps
-
Identify the key concepts and components of the RBV.
-
Choose a visual format, such as a diagram, infographic, or flowchart.
-
Design your visual representation, ensuring clarity and accuracy.
Attend industry events and conferences
Show steps
Expand your professional network and gain insights by attending industry gatherings.
Show steps
-
Research industry events and conferences relevant to your field.
-
Register and attend the events.
-
Connect with professionals, exchange ideas, and explore new opportunities.
Develop a competitive advantage strategy for a real-life company
Show steps
Integrate the concepts learned throughout the course by developing a comprehensive competitive advantage strategy for a company.
Browse courses on
Competitive Advantage
Show steps
-
Select a real-life company to analyze.
-
Conduct a thorough analysis of the company's industry, competitors, and internal resources.
-
Identify potential competitive advantages.
-
Develop a strategy to leverage these advantages.
-
Create a detailed plan for implementing the strategy.
Review basic economic concepts
Show steps
Strengthen your foundational understanding of economic principles to enhance your comprehension of the course material.
Browse courses on
Economics
Show steps
Show steps
Show steps
- Review your lecture notes or textbook chapters on basic economic concepts.
- Complete practice problems or quizzes to test your understanding.
Watch video tutorials on applying strategic analysis tools
Show steps
Enhance your comprehension of strategic analysis tools through guided video tutorials.
Browse courses on
Strategic Analysis
Show steps
Show steps
Show steps
- Search for video tutorials on platforms like YouTube or Coursera.
- Choose tutorials that cover specific tools or concepts you want to learn more about.
- Take notes and actively engage with the material.
Read 'Economics and the Firm' by Kenneth E. Boulding
Show steps
Reinforce the economic principles covered in Week 1 through the lens of Kenneth E. Boulding's insights.
View
Melania
on Amazon
Show steps
Show steps
Show steps
- Purchase the book through an online retailer or library.
- Read the book at your own pace, taking notes on key concepts and ideas.
- Summarize the main arguments and theories presented in the book.
- Identify and explain how the book's insights relate to the course material.
Six other activities
Expand to see all activities and additional details
Show all nine activities
Complete practice questions on Porter's Five Forces and the RBV
Show steps
Strengthen your understanding of these frameworks by practicing their application through targeted exercises.
Browse courses on
Porter's Five Forces
Show steps
Show steps
Show steps
- Find practice questions online or in textbooks.
- Attempt the questions and check your answers.
- Identify areas where you need more practice.
Create a collection of case studies or examples of competitive advantage
Show steps
Reinforce your understanding of competitive advantage by collecting and analyzing real-world examples.
Show steps
Show steps
Show steps
- Gather case studies or examples from reputable sources such as business journals, industry reports, or academic papers.
- Organize the collection based on different types or industries of competitive advantage.
- Summarize the key takeaways and lessons learned from each case study.
Conduct an industry analysis using Porter's Five Forces
Show steps
Apply the concepts learned in Week 2 by conducting a comprehensive analysis of an industry using Porter's Five Forces framework.
Browse courses on
Industry Analysis
Show steps
Show steps
Show steps
- Choose an industry to analyze.
- Gather data on the industry's structure, conduct surveys, and interview industry experts.
- Identify and assess the five forces of competition (entry barriers, supplier power, buyer power, threat of substitutes, and rivalry among existing competitors).
- Develop recommendations based on your analysis.
- Present your findings in a report or presentation.
Create a visual representation of the Resource-Based View (RBV)
Show steps
Deepen your understanding of the RBV by creating a visual representation that illustrates its key concepts and components.
Browse courses on
Resource-Based View
Show steps
Show steps
Show steps
- Identify the key concepts and components of the RBV.
- Choose a visual format, such as a diagram, infographic, or flowchart.
- Design your visual representation, ensuring clarity and accuracy.
Attend industry events and conferences
Show steps
Expand your professional network and gain insights by attending industry gatherings.
Show steps
Show steps
Show steps
- Research industry events and conferences relevant to your field.
- Register and attend the events.
- Connect with professionals, exchange ideas, and explore new opportunities.
Develop a competitive advantage strategy for a real-life company
Show steps
Integrate the concepts learned throughout the course by developing a comprehensive competitive advantage strategy for a company.
Browse courses on
Competitive Advantage
Show steps
Show steps
Show steps
- Select a real-life company to analyze.
- Conduct a thorough analysis of the company's industry, competitors, and internal resources.
- Identify potential competitive advantages.
- Develop a strategy to leverage these advantages.
- Create a detailed plan for implementing the strategy.
Career center
Learners who complete Foundations of Strategy will develop knowledge and skills
that may be useful to these careers:
Corporate Strategy and Development Manager
Corporate Strategy and Development Manager
Corporate Strategy and Development Managers advise executives on long-term strategic planning, analyzing economic trends and their impact on the organization, and proposing strategic initiatives to meet business goals. A background in the course's study of market dynamics, competitive advantage, and value creation can be highly valuable for this role.
Management Consultant
Management Consultant
Management Consultants provide advisory services to organizations on strategy, operations, and technology, helping them improve their performance and achieve their goals. The course's emphasis on understanding industry dynamics, competitive advantage, and resource allocation can be highly beneficial for success in this role.
Product Manager
Product Manager
Product Managers are responsible for the lifecycle of a product, from its planning and development to its launch and marketing. The course's focus on market analysis, competitive strategy, and value creation can be highly valuable for Product Managers in understanding market dynamics and developing successful products.
Investment Analyst
Investment Analyst
Investment Analysts evaluate and recommend investments for clients, taking into account economic conditions, market trends, and company performance. The course's emphasis on understanding industry dynamics, competitive advantage, and economic logic can be highly beneficial for Investment Analysts in making informed investment decisions.
Marketing Manager
Marketing Manager
Marketing Managers develop and execute marketing campaigns to promote products or services, with the goal of increasing sales and brand awareness. The course's focus on market dynamics, consumer behavior, and competitive advantage can be highly valuable for Marketing Managers in understanding target audiences and developing effective marketing strategies.
Business Analyst
Business Analyst
Business Analysts analyze business processes and data to identify areas for improvement and recommend solutions. The course's emphasis on understanding industry dynamics, competitive advantage, and economic logic can be highly beneficial for Business Analysts in understanding business needs and developing effective solutions.
Operations Manager
Operations Manager
Operations Managers oversee the day-to-day operations of an organization, ensuring efficient production and delivery of products or services. The course's focus on understanding industry dynamics, competitive advantage, and resource allocation can be highly beneficial for Operations Managers in optimizing operations and improving efficiency.
Financial Analyst
Financial Analyst
Financial Analysts evaluate the financial performance of companies and make recommendations on investments. The course's emphasis on understanding industry dynamics, competitive advantage, and economic logic can be highly beneficial for Financial Analysts in understanding company performance and making informed investment decisions.
Entrepreneur
Entrepreneur
Entrepreneurs start and run their own businesses, taking on the risks and rewards of ownership. The course's emphasis on understanding industry dynamics, competitive advantage, and value creation can be highly valuable for Entrepreneurs in developing successful business models and strategies.
Market Researcher
Market Researcher
Market Researchers gather and analyze data on consumer behavior, market trends, and industry dynamics to help organizations make informed decisions. The course's emphasis on understanding industry dynamics, competitive advantage, and market analysis can be highly beneficial for Market Researchers in conducting effective research and providing valuable insights.
Sales Manager
Sales Manager
Sales Managers lead and motivate sales teams, setting targets and developing strategies to achieve sales goals. The course's emphasis on understanding industry dynamics, competitive advantage, and value creation can be highly beneficial for Sales Managers in developing effective sales strategies and managing sales teams.
Supply Chain Manager
Supply Chain Manager
Supply Chain Managers oversee the flow of goods and services from suppliers to customers, ensuring efficient and cost-effective delivery. The course's emphasis on understanding industry dynamics, competitive advantage, and resource allocation can be highly beneficial for Supply Chain Managers in optimizing supply chains and improving efficiency.
Economist
Economist
Economists study and analyze economic data and trends to provide insights on economic issues and policies. The course's emphasis on understanding economic logic, market dynamics, and competitive advantage can be highly beneficial for Economists in developing economic models and forecasts.
Policy Analyst
Policy Analyst
Policy Analysts research and analyze policy issues to inform policy decisions. The course's emphasis on understanding economic logic, market dynamics, and competitive advantage can be highly beneficial for Policy Analysts in developing effective policies and analyzing their potential impact.
Teacher
Teacher
Teachers educate students at various levels, providing instruction and guidance in different subjects. The course's emphasis on understanding economic logic, market dynamics, and competitive advantage may be beneficial for Teachers in developing lesson plans and teaching students about economic concepts.
For more career information including salaries, visit:
OpenCourser.com/course/xz57di/foundations
Reading list
We've selected 13 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
Foundations of Strategy.
Save
This widely respected book introduces Porter's Five Forces framework and discusses the impact of those forces on companies' competitive advantage and overall profitability.
Save
Provides a straightforward framework for developing and implementing effective strategies, focusing on the key elements that distinguish good strategies from bad ones.
This classic work examines the challenges that established companies face when attempting to innovate and adapt to disruptive technologies.
Save
Introduces the concept of creating new market space with products or services that are different from those offered by competitors.
Promotes a lean approach to business strategy, emphasizing the importance of testing and iterating ideas quickly and efficiently.
Save
Profiles eight CEOs who achieved exceptional results by focusing on long-term value creation and avoiding fads and short-term thinking.
Save
Provides a comprehensive overview of the history of strategy, from ancient times to the present day.
Save
Explores how businesses can attract customers and create value by focusing on providing value to them.
Save
This book, commonly used as an introductory textbook for undergraduate business courses, presents a comprehensive overview of strategic management.
Challenges traditional approaches to strategy and emphasizes the importance of human capital, probability, and taking bold moves.
Argues that competitive advantage is temporary and businesses must continually adapt and innovate to stay ahead.
Save
This book, written by the former CEO of P&G, presents a practical approach to strategy development and execution.
This article by Michael Porter, which served as the basis for his Five Forces framework, valuable resource for understanding industry analysis and competitive dynamics.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/xz57di/foundations
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Effort
4 weeks of study, 2-3 hours per week
Level
Introductory
Via
Coursera
Institution
IE Business School
Instructor
Carl Kock
Language
English
Transcripts
Español
Français
Português
Deutsch
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中文
العربية
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हिंदी
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Polski
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Bahasa Indonesia
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tiếng Việt
Good to know
Explores the foundations of economics as they apply to strategy, which is key for learners with a business background
Taught by Carl Kock, recognized for their work in economics and strategy
Examines economic principles through a strategic lens to enhance understanding of strategy
Emphasizes Porter's Five Forces as a fundamental tool for competitive analysis
Develops understanding of resource-based view to identify internal sources of competitive advantage
Integrates external and internal perspectives to provide a well-rounded view of competitive advantage
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