Contributing Scholar - Phillip A. Gibbs, Washington and Lee University

3 Semester Credit Hours

Course Description

Functions over a given domain normally behave in predictable fashion. However once you begin to approach a border, or an obstacle, prediction of behavior becomes much less certain. Figuring out what will happen at such boundaries often requires solving complicated differential or partial differential equations.

Businesses and their functional groups also generally behave in predictable fashion when the environment or "domain" is stable. But when forced to operate beyond their comfortable boundaries, forecasting outcomes for these entities becomes a risky business. Businesses can minimize the risks of unexpected outcomes through the use of successful formulas for strategic thinking, decision making and negotiation.

This course is designed to provide engineers and technical professionals with an understanding of the theory, concepts, and assumptions of strategy, decision making, and negotiation. Students will be introduced to the fundamentals of strategy at the corporate level to provide a context for strategic thinking at various levels within the enterprise, enabling technical managers to gain insight into how their roles improve the organization’s capabilities for value creation and distribution. Strategic thinking and decision-making that supports the execution of corporate strategy will be explored. Effective managers in today’s fast-paced and ever-changing business and technical environments must also develop the capability to negotiate both externally and internally. This course also focuses on theory and implementation strategies of negotiation, examination of the causes of conflict and conflict management techniques. These skills will be examined in the context of achieving goals and strategy.

Prerequisites

Admitted status or Chair permission

Course Objectives

Students will:

• Understand how corporate strategy is developed and managed
• Become aware of and understand methods to systematically analyze the environment and the strategic functions of an organization
• Become aware and understand the responsibilities and strategic issues facing executives in manufacturing and operations
• Become aware and understand the various opportunities, environmental constraints, and adverse pressures under which decisions are made
• Understand how business units and middle managers affect and support corporate strategy
• Understand how to execute strategy in a changing environment
• Understand the elements of risk and uncertainty involved in making decisions about the commitment of resources
• Develop skills for strategic thinking and management,
• Discover ways to achieve positive results and solutions where goals and resources compete,
• Understand the essential role communication plays in negotiation,
• Learn to ask the right questions
• Learn how effective negotiation can contribute to improved problem solving and conflict resolution

Course Topics

The following topics will be covered in the order given.

• Course Overview and Administration
• Identifying the Strategy of a Business
• The General Manager and the Role of Strategy
• Conflict Management
• Personal Negotiation Skills
• Internal Negotiations: Cross-functional Teams
• Resources and Rents
• Competitive Advantage
• Finding New Markets for Disruptive Technologies
• Creating and Claiming Value: Negotiation
• The Strategy Process
• Leveraging Resources Through Diversification
• Capturing and Creating Value in the Value Chain
• Creating Value with Strategic Alliances
• Organization Design and Organization Capabilities
• Organization and Competitive Advantage
• Linking Strategy and Innovation
• Creating Value Through Globalization
• Creating Value With Strategic Alliances
• Negotiation as a Competitive Advantage
• Industry Analysis
• The Spectrum of Competition and Niche Markets
• Negotiation Strategies with External Constituencies
• Complementarity and Co-opetition
• Entry and Advantage of Incumbency
• Strategic Management in a Changing Environment
• Strategy in Markets with Demand-Side Increasing Returns 
• Negotiating Corporate Change
• Entry in Rapidly Evolving Markets
• Conclusions/Lessons/What's Next?