introduction_2008_Presentation - What is Strategy?...

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1 Introduction to Management Strategy What’s in this class? We will sign all add/drop slips after class 2 Cornel University What is Strategy? From the dictionary: “A plan of action intended to accomplish a specific goal.” “The art or skill of using stratagems in endeavors such as politics and business.” So what’s a stratagem? “A plan or a scheme, especially one used to outwit or deceive an opponent.” 3 Cornel University What is Management Strategy? Decisions made by a firm’s management to achieve its goals Different strategies lead to heterogeneity in firm performance Study of strategy addresses the fundamental question of business: 4 Cornel University Fundamental Question of Business How do firms earn supernormal profits (rents, economic profits, create and capture value)? Strategy study often provides descriptive rather then prescriptive answers Strategy is not a discipline, it is the application of disciplines
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2 5 Cornel University
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This note was uploaded on 02/20/2009 for the course AEM 4240 taught by Professor Blalock,g. during the Fall '07 term at Cornell.

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introduction_2008_Presentation - What is Strategy?...

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