Lecture
This lecture introduces the concept of corporate strategy, covering the background and experience of the instructor, Dr. Nanja Strecker. It delves into the importance of strategy in various industries, emphasizing the need for strategic thinking and the evaluation of firm performance. The session explores the origins of strategy, its evolution in economics and business sciences, and the key differences in defining strategy. It also discusses the relationship between vision, mission, values, and strategy within a company. The lecture provides insights into strategy across different hierarchy levels of a firm, highlighting the significance of strategic business units and the intended versus realized strategies. Additionally, it touches upon the pursuit of unique strategies by companies like IKEA and the criteria for achieving superior financial returns.