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SOME BASIC CONCEPTS B290 Simon Rodan Antecedents to strategy Strategy requires action… Action...
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Transcript of SOME BASIC CONCEPTS B290 Simon Rodan Antecedents to strategy Strategy requires action… Action...
Antecedents to strategy
• Strategy requires action…• Action requires understanding…• Understanding requires– Simplification, – Prioritization
• Simplification and prioritization are aided by… – Context switching– Metaphor– Abstraction
Finance and Economics
• Time value of money• Markets
– Efficient Market Hypothesis– Financial Markets– Information asymmetry
• Self interest / ‘individualism’• Agency theory (motivation)• (Stable) Equilibria• Market failure (‘lemons’)• Performance measures• Human capital
Psychology
• Motivation– Extrinsic / intrinsic– Expectation– Procedural justice– Equity
• Biases– Estimation– Attribution– Salience
• Decision making– Logic of consequence or appropriateness– Evoked (action) schemas– The role of emotion
• Mental models– Representations of causality
• Creativity– Knowledge recombination
Sociology
• Institutions– Structure and processes
• Power of Social Networks– Important nodes and Holes– Information flow– ‘Patterns’
• Status– Middle status conformity
• Social capital• “Enacting” environments
– Testing– Shaping
Other ‘sources’
• Variation, Selection, Retention– Liability of contingency– Population ecology
• Interpretive frames– Cuban missile crisis– Levels of analysis / aggregation
• Commonly found relationships– Monotonic – U shaped – S shaped
• These concepts help– Categorize, organize, prioritize things
we encounter– Speed up the buildings of mental
models– Are high levels of abstraction– Aid understanding… – And enable action