Introduction to Business Economics

This course is designed to develop your ability to understand at a fundamental level how and why some firms achieve and sustain superior performance. The course draws on frameworks and findings from a number of academic disciplines, especially economics, organization theory, sociology, accounting, and management policy. Successful strategy design and implementation requires a broad-based understanding of the firm's external environment and competitive landscape, as well as its capabilities and potential positioning. The course is designed to develop this integrative view of the firm and its environment, along with appropriate analytical skills. The course aims to provide you with specific tools that will enable you to: 1. assess the structure of firms' external environment and understand how this affects expected long-run industry performance; 2. evaluate firms' competitive positioning and interaction, and understand the factors that affect expected long-run firm performance; 3. develop appropriate and superior strategies; 4. assess the dynamics of competition and understand how economic, social, political, and technological forces can determine the need for strategic re-positioning and affect long-term profitability.

1. Introduction to Strategy 2. Industry Analysis: 5 Forces 3. Competitive Advantage through Cost Leadership 4. Competitive Advantage trhough Differentiation 5. Competitive Interactions: Anticipating Rival's Reactions 6. Competing in Industries with Network Externalities 7. Corporate Strategy: Vertical Integration 8. Corporate Strategy: Diversification 9. Corporate Strategy: Internationalization

Case Analysis Strategic thinking and analysis are best learned through practice. The capstone business cases we will study concern real-world business situations. These cases are designed to provide you with data on real-life managerial problems, and case analysis is useful as a simulation of actual managerial activity. These integrative cases provide an opportunity to both apply the concepts that we discuss in class as well as to further develop our ability to think about business strategy. How much you learn from these strategic management cases depend on your preparation and active participation. Everyone is expected to participate effectively in each class to comment, question, and analyze. Group Work Discussing cases and preparing analyses outside of class helps to deepen your knowledge about strategic management. Group work will be essential for the major group project. Exam There will be an in-class (closed-book) final exam. This exam will test both your mastery of the concepts and your ability to apply them. Individual Participation Active participation in the class is an essential part of the learning experience. You are expected to contribute both to the case discussion and to discussion during the lecture sessions. In this course, you are allowed to use artificial intelligence tools to assist with your coursework. However, there are specific conditions and expectations associated with its use: Acknowledgment of AI Assistance: Transparency is Key: Whenever you use AI to help with assignments, research, or any course-related tasks, you must explicitly acknowledge this in your work. This could be in the form of a footnote, an appendix, or a statement within your submission that details how AI was used. Understanding and Responsibility: Demonstrate Your Understanding: It's essential that you do not merely present AI-generated content as your own original work. You should be able to explain the reasoning behind the AI's output and critically evaluate its relevance and accuracy. Accountability: You are responsible for the final submission. This means ensuring that the content meets academic standards and is in line with the assignment requirements. You must also verify the correctness of the information and arguments that AI tools provide. Educational Purpose: Enhancing Learning, Not Replacing It: The goal of allowing AI in this course is to enhance your learning experience, not to replace your own analytical and creative abilities. Use AI as a tool for generating ideas, understanding complex concepts, and engaging with the material in more meaningful ways. Ethical Use: Adhere to Ethical Standards: Ensure that the use of AI aligns with the ethical guidelines of academic integrity. This includes avoiding plagiarism, misrepresentation of AI-generated work as solely your own, and any form of academic dishonesty. By adhering to these guidelines, you can responsibly incorporate AI tools into your learning process, ensuring that your educational experience is both enriching and ethically sound.