Practice Questions

The most important part about comps is answering the question. To that end, I will be practicing some questions over the next few days. It is not my intention to write out the answers, but rather identify what is needed in order to answer the question. Practice question 1 Imagine two US firms in the …

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The End: Putting It All Together

Now that I have finished making a blog post for each of the major ideas for my exam, it is time to put it all together. I have previously mentioned how I was working on a mindmap in order to accomplish this. My remaining task is not just synthesizing, it is also memorizing. This represents a …

Strategic Management

I have now written about all the major topics related to the Economic Foundations, Sociological Foundations, and Contemporary Research in Strategic Management. However, this is not quite enough. I need to understand them together. In other words, I need to synthesize all these theories. As I begin this process, I will be using a mind-mapping …

Economic Foundations Conclusion – Part 2

This is the second part of the review of the Economic Foundations of Strategic Management. Part 1 here. Transaction Cost Theory Key idea: There are costs associated with having operations inside the firm (hierarchy) or outside the firm (market). Assumptions: Self-interested behavior, bounded rationality. Uncertainty and risks. Unit of Analysis: Transaction Costs. Seminal papers and …

Economic Foundations Conclusion – Part 1

This week, I spent my time reviewing theories used in strategic management that were derived from economics or grounded in economic concepts. In one of my classes, we were encouraged to summarize theories by looking at the assumptions they make, how they are similar to other theories, the unit of analysis, and the predictions that …