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3. Implementation and adaptation
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5. What is strategy?
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6. Understanding competitive advantage
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Printable Handouts
Navigable Slide Index
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Topics Covered
- Essence of strategy
- Competitive advantage
- Alphabet Inc.
- Google Glass
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External Links
Talk Citation
Ward, A. (2023, March 30). What is strategy? [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved September 1, 2024, from https://doi.org/10.69645/UQHQ7275.Export Citation (RIS)
Publication History
A selection of talks on Strategy
Transcript
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0:00
My name is Andrew Ward.
I'm a professor at
Lehigh University
and this talk is titled:
"What is Strategy?".
0:10
I'm often asked the
question, what is strategy?
Strategy, at its essence, is
the continuous pursuit of
competitive advantage.
Another talk in this series
will deal with exactly what we
mean by competitive advantage.
But at the moment,
let's just think of it
as the things that
lead the firm to
engaging in profitable
transactions with
the customer and beating
other competitive firms
to that transaction.
0:40
When we think of the things
that the firm can do to beat
its competition, to engage in
profitable transactions
with its customers,
strategy is, in
essence, an intention.
It's an intention of what
does the organization intend
to do and how does
it intend to do it.
But in constantly pursuing
competitive advantage,
it means that this
intention is continuously
subject to changes
based on the dynamic
competitive environment in
which the firm finds itself.
It's a bit like, if
you've ever been in
a job interview, and
been asked the question,
where do you see
yourself in 10 years?
Now, you can give an
answer to that question
but whatever you answer,
the chances of actually
being precisely in
that position in 10 years are
quite remote or unlikely.
But what the
interviewer is actually
asking you is what
is your intention
and how do you think about
how that intention could be
achieved, and the type
of things that you are
going to do to pursue
that intention.
The same is true in strategy.
A firm has an intention
of what it's going to do,
how it's going to pursue its
mission or its intention.
But in the end, there's
lots of things that might
change between now and say,
10 years from now, when that
intention might be realized.