3- The History of Business Strategy – Mastering Strategic Management - Chapter 1 - Lesson 3
This lesson covers chapter 1, Lesson 3, The History of Strategic Management. Businesses can gain knowledge about what strategies do and do not work by studying the current actions of other businesses. However, this section discusses two less apparent sources of wisdom: (1) strategy in ancient times and (2) military strategy.
This section also briefly traces the development of strategic management as a field of study. The main topics in the video are:
• Consider how strategy in ancient times and military strategy can provide insights to businesses.
• Describe how strategic management has evolved into a field of study.
Universities contain many different fields of study, including physics, literature, chemistry, computer science, and engineering. Some fields of study date back many centuries (e.g., literature), while others (such as computer science) have emerged only in recent years. Strategic management has been critical throughout history, but the evolution of strategic management into a field of study has mostly taken place over the past century.
Looking to the future, it appears likely that strategic management will prove to be more important than ever. In response, researchers who are interested in strategic management will work to build additional knowledge about how organizations can maximize their performance. Executives will need to keep track of the latest scientific findings. Meanwhile, they also must leverage the insights that history offers on how to be successful while trying to avoid history’s mistakes.
Key Takeaways
Although strategic management as a field of study has developed mostly over the last century, the concept of strategy is much older. Understanding strategic management can benefit greatly by learning the lessons that ancient history and military strategy provide.
Main references
Video lessons on Strategic Management provide as learning supporting material for the book Mastering Strategic Management: Evaluation and Execution, 1st Canadian Edition, Author Janice Edwards. This textbook is an OpenBook available at BCcampus Open Education. The web version of the Mastering Strategic Management – 1st Canadian Edition can be accessed at https://opentextbc.ca/strategicmanage... .
Bracker, J. (1980). The historical development of the strategic management concept. Academy of Management Review, 5(2), 219–224.
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Topics covered in this video:
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