Video Transcript:

"In this segment, we will provide an introduction of the first field that we'll cover, which is strategy and we are going to discuss some ruling models of strategy. Now, strategy has been studied for thousands of years. Many managers still read the "The Art of War" by Sun Tzu, but the systematic analysis of strategy in the corporate context is a much newer phenomenon with only a handful of our records prior to 1960s.

Johnson and Scholz defined strategy as the long-term direction and scope of an organization, as that organization pursuits advantage thru its configuration of resources to meet the needs of markets and to fulfill shareholders expectations.

As a management field strategy is sometimes divided into two categories. Corporate strategy addresses which businesses the corporation is going to participate in. For example, when GE looks at the businesses it's going to compete in and decides it's going to be jet engines, home appliances, broadcasting, lacing, and other businesses.

Business strategy focuses on how particular business competes within its industry. For instance, when GE's jet engine division determines how it's going to compete with Rolls Royce that is business strategy. Other that some work from Michael Porter, that we will look at first which aligns towards the corporate strategy, most of the material we going to cover in the set of lectures of strategy are going to tilt more toward business strategy."

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