MM4311

Vivian Wei Guo

MM4311 LTL010
Whats your name?

Write down your names on a piece of blank paper

Fold it and put it in front of you for every class
Two Truth & 1 Lie
Each person says three "facts" about themselves, except one of the
"facts" is a lie.
Be sure to be random about the order of your "facts
Try to recite the facts in the same voice, so you don't give away the
lie. For example:
#1 "My uncle studies African lions and named one after me."
#2 "Over seven summers in high school and college, my father and
I traveled to more than 30 cities in China."
#3 "Two summers ago we had a family reunion. There were 237
relatives there.
 While the person who gave the facts stays quiet, other people guess
which one is a lie and vote
The person sets the record straight by saying the lie. For example:
#2 my father and I traveled 30 cities was a lie.
You may also explain the circumstances for the other two facts.
Record the statement numbers for the ones you thought were lies
One smiling card will be given to the top 3 students who got the
highest number of lies correctly
Vivians Two Truth & 1 Lie

I lived in New Zealand for three

years when I was 18.

I used to be a dancer, specializing in

Chinese folk dance.

I used to be a journalist, working for

a television station in China.
 Washington, China
D.C., U.S

West Auckland,
Virginia, New
U.S Zealand
Syllabus &
Ground Rules
What is Strategy?
Wei (Vivian) Guo
MM4311
What is Strategy?

How many of you have heard the term strategy before?

How many of you have learned strategy from other subjects, such as
marketing strategy, advertising strategy, or finance strategy?

How many of you think you have a good understanding of what

strategy is?
Exercise: What do you think is strategy?
Individually write down keywords that come to your mind when
you think of strategy (2 mins)
In groups of 5 or 6, share and discuss your answers (5 mins)
Discuss what you AGREE and DISAGREE with each other and
write down the things that you agree and things you dont agree (3
mins)
Select a group spokesperson and be prepared to share your groups
ideas with the class
For a profit-generating organization:
Strategic management consists of the analyses,
decisions, and actions an organization undertake in
order to create and sustain competitive advantage.

A strategy is a commitment to undertake one set

of actions rather than another.
True or False
Write down your answers
Compare with your group members
Write down your groups answer
Be prepared to explain your reason for each answer
True or False

The success of a firm is a matter of only luck.

Doing the same activities but more efficiently than competitors is a

viable strategy.
Strategy is necessary for all organizations regardless its size, nature,
and location.

A company will be successful once it has a strategy.

A firms strategy is always about doing something different from

competitors.
Four Attributes of Strategic Management

It is directed towards overall organizational goals and objectives,

not just a single functional area.
It includes multiple stakeholders in decision making.
It requires incorporating both short-term and long-term
perspectives.
It involves the recognition of the trade-offs between effectiveness
and efficiency.
Effectiveness = Doing the right thing; Efficiency = Doing things right
 Sources of Strategy
Choosing to focus on a subset of an industrys
products different from ones competitors.

Choosing to serve a particular group of customers

rather than all.

Choosing to serve a particular group of customers

who are accessible in different ways (e.g., rural vs.
urban)
The Essence of a Good Strategy is

Choosing to perform activities differently

or to perform different activities than rivals

- Michael Porter, 1996

 As a field of study?
Large variations among firms in performance and
approaches to products and markets.

Understanding these differences and how they impact on

firm success is fundamental to the study of strategy.

Strategic management theories explain why some organizations

succeed and others fail.
Why is Strategy Important TO YOU?

Identify good and successful company to work for

To identify strategic issues for your current company
Prepare you for upper level positions
Helps you identify opportunities if you want to start a
business in the future
 Are They Different?

Strategy vs. Strategic Management

Business Policy Strategic Planning Strategic Management Strategy

The Art of War

Strategy is the great

work of the organization.
In situations of life or
death, it is the Tao () of
survival and extinction.
Its study cannot be
neglected.
The End.
Warm up

Stand up!
Go around and talk to people you dont know or people you dont
know well to find TWO new friends (e.g., who are you, where are
you from, why do you want to take this course, and what is your
ideal job when you graduate) (10 minutes)
Find out TWO other people who has similar career aspirations as
you (i.e. who wants the same ideal job when they graduate as you)
(5 minutes)
People with similar career aspirations stand together