"A firm's theory about how to compete successfully — based on its understanding of the environment and its positioning, determined by its resources and capabilities. Success depends on the accuracy of the theory, the implementation of the theory into actions, and the revision of the theory as necessary." — Megan Lawrence, Strategic Management

What this masterclass is

A working playbook synthesized from Vanderbilt Owen's MGT 6355 Strategic Management (Spring 2025, Professor Megan Lawrence): 8 lecture sessions, 1 multi-round Capstone 2.0 simulation, 8 cases (Patagonia, Lego, IKEA, Taj Hotels, Sterling Financial, Laundromat, fertility services, Flying J), 5 academic / business-press readings (Coyne & Horn 2009 Predicting Your Competitor's Reaction, HBR When Machine Learning Goes off the Rails, WSJ articles on robotics/manufacturing, NYT and HBR Patagonia coverage, FT on fertility / longevity), the Profitability for Patagonia one-pager, and the Sterling Financial 2023 annual report used for the strategic-decision exercise.

Where the Corporate Strategy masterclass answered what businesses to be in, this one answers how individual businesses create competitive advantage in their industries — the foundational business-strategy course. The two are sister masterclasses; expect cross-references throughout.

If you read it cover-to-cover, expect ~5–7 hours. Treat it as reference and you'll return to it for every business-level strategy question you face.

How to use it

First pass (60 minutes): Read this page, then skim each module's opening section and cheat sheet. You'll come away with the conceptual map and know which modules to deep-read first.

Deep-read pass (per module): When you face a real business-strategy question — industry analysis, competitive-position assessment, market entry, response to a competitor's move, crisis pivot — pull the relevant module. Each module ends with a cheat sheet usable during real decisions.

The simulation pass: Module 8 covers the Capstone 2.0 lessons. If you're playing a strategy simulation (any flavor) or actively running a business in a competitive market, that module compresses the most useful operational insights.

The 8 modules + Master Playbook

1. What is Strategy? — the WTP stick, Porter's positioning, Rumelt's kernel of good strategy, generic strategies
2. Market Attractiveness — Five Forces in depth, PESTEL, the industry-analysis process
3. Resources, Capabilities & Competitive Advantage — Resources vs. capabilities, core competencies, VRIN, sustainability mechanisms
4. The Value Chain & Generic Strategies — cost leadership vs. differentiation, focus, internal value-chain configurations
5. Competitive Interaction — Porter's Competitor Response Profile, Coyne & Horn's three-question framework
6. Strategy in a Crisis — distress, bankruptcy types, Kotter's 8 steps, reorganization pitfalls
7. Strategy in a New Market — the four fundamental questions, market-creation versus market-entry
8. The Capstone 2.0 Simulation — forecasting, sequencing, organizational structure, lessons that lectures can't teach
9. The Master Playbook — situations → frameworks lookup and the 5 things to remember

Decisions → Frameworks lookup (start here in a hurry)