Activity: Connecting the Dots

An image of a connect the dots drawing

Required Preparation

Before this activity, please complete the following:

  1. Read the assigned reading “Introduction to Strategy”.
  2. Complete the corresponding Canvas quiz.

Description: This activity helps you solidify your understanding of key strategic management concepts and make connections between them. Working in groups, you’ll randomly select five concepts from a provided set and engage in a structured discussion to explore their definitions, relationships, and real-world applications. You’ll then share your insights with the class, contributing to a collaborative learning environment.

Learning Objectives

By the end of this activity, you will be able to:

  • Recall and define key strategic management concepts.
  • Explain the relationships between different concepts.
  • Apply the concepts to real-world business scenarios.
  • Communicate your insights effectively to the class.

Key Concepts

Business model Trade-off Fit Resource-based view Five forces Blue ocean Emergent strategy Customers' willingness-to-pay Suppliers' opportunity cost Value creation Value capture Business landscape Cost leadership Differentiation Competitive advantage Economies of scale Economies of scope Product market Geographic market Corporate strategy Global strategy Dynamic consistency Imitation Substitution Holdup

Steps:

  1. Concept Selection: Each group will randomly select five concepts from the set of concepts listed.

  2. Group Discussion: Discuss the following for each of the five selected concepts:
    • Definition: Define the concept in your own words.
    • Connection to Strategy: Explain how this concept relates to the overall process of strategic management.
    • Relationships: Identify any connections or relationships between this concept and other concepts in the set. Summarize why it matters.
    • Real-world Example: Provide a real-world example of how this concept applies in a business setting.
  3. Visual Representation: Create a visual representation (e.g., mind map, concept map) to illustrate the connections between the five concepts.
  4. Class Presentation: Share your group’s insights and visual representation with the rest of the class.

Self-assessment:

  • Active participation in group discussions.
  • Clarity and depth of insights shared during the class presentation.