Confidence: 4 / 5 - LLMs do a great job explaining most strategic concepts in a general sense. You may notice they struggle with some industries.
In today's dynamic and competitive business environment, a solid understanding of strategic management concepts is essential for making informed decisions and creating sustainable value. This series of prompts is designed to help you master fundamental strategy topics, such as industry analysis, competitive advantage, value chain analysis, game theory, and more.
By working through these prompts, you will learn how to:
Analyze industries and assess their attractiveness using frameworks like [Porter's Five Forces] and [PESTEL analysis]
Identify sources of competitive advantage and develop strategies to sustain and enhance your organization's competitive position
Conduct value chain analysis to optimize operations, reduce costs, and improve performance
Apply game theory concepts, such as [Nash Equilibrium] and [Prisoner's Dilemma], to analyze competitive dynamics and make strategic decisions
Understand and leverage network effects, platforms, and two-sided markets to create value and drive growth
Evaluate the strategic rationale and value creation potential of synergies and corporate diversification
Focus on the 3 P's (Productivity, Performance, and Perceptions) to drive organizational effectiveness and competitiveness
Develop essential skills, known as the 4C's (Critical Thinking, Communication, Collaboration, and Creativity), to succeed in the modern business environment
Industry Analysis
Develop a comprehensive understanding of industry analysis tools and techniques.
Prompt
[Action]: Provide an overview of industry analysis frameworks, such as Porter's Five Forces and PESTEL analysis. Explain how to gather and analyze relevant data to assess industry attractiveness and profitability.
[Background]: I have a [basic,medium,high] understanding of industry analysis from my strategy courses but want to deepen my knowledge and apply it to my capstone project.
[Industry]: The industry I am focusing on for my project is [insert industry].
[Tools]: In addition to Porter's Five Forces and PESTEL analysis, I would like to learn about other industry analysis tools and techniques that may be relevant to my project.
[Application]: I plan to use industry analysis to identify key success factors, assess the competitive landscape, and inform strategic decision-making for my capstone project.
[Additional Requests]: Please provide case studies or examples of how industry analysis has been effectively applied in my sector
Value Chain Analysis
Master the application of value chain analysis to identify competitive advantages and improve performance.
Prompt
[Action]: Explain the concept of value chain analysis and provide a step-by-step guide on how to conduct a value chain analysis for a company in my target industry. Include examples of how to identify primary and support activities and assess their contribution to competitive advantage.
[Background]: I have a [basic, medium, high] understanding of value chain analysis from my strategy courses.
[Industry]: The industry I am focusing on for my project is the [industry]
[Application]: I plan to use value chain analysis to identify areas for [cost reduction, differentiation, performance improvement, etc...] in my project.
[Additional Requests]: Please provide guidance on how to use value chain analysis in conjunction with other strategic tools, such as benchmarking and best practices analysis.
Source/Sustainability of Competitive Advantage
Understand the sources and sustainability of competitive advantage in dynamic business environments.
Prompt
[Action]: Explain the concept of competitive advantage and provide an overview of the different sources of competitive advantage, such as cost leadership, differentiation, and focus strategies. Discuss the factors that influence the sustainability of competitive advantage over time.
[Background]: I have a [basic, medium, high] understanding of competitive advantage from my strategy courses but want to deepen my knowledge of how to identify and sustain competitive advantages in practice.
[Industry]: The industry I am focusing on for my project is the [industry].
[Application]: I plan to use the concepts of competitive advantage to analyze the strategic positioning of my project company and develop recommendations for sustaining and enhancing its competitive edge.
[Additional Requests]: Please provide examples of companies that have successfully built and sustained competitive advantages in the [industry]
Competitive Response and Game Theory
Learn how to analyze competitive dynamics and develop effective strategies using game theory.
Prompt
[Action]: Provide an introduction to game theory and its applications in strategic decision-making. Explain how to model and analyze competitive interactions using game theory frameworks, such as the Prisoner's Dilemma and Nash Equilibrium.
[Background]: I have limited exposure to game theory and want to learn how to apply it to analyze competitive dynamics in my [project]
[Industry]: The industry I am focusing on for my project is the [industry]
[Application]: I plan to use game theory to analyze the competitive responses of key players in the industry and develop strategies for my project company to anticipate and respond to competitive moves.
[Additional Requests]: Please provide guidance on how to gather and analyze relevant data for game theory modeling and how to communicate the insights effectively to stakeholders.
Network Effects
Understand the concept of network effects and its impact on business strategy and value creation.
Prompt
[Action]: Explain the concept of network effects and provide examples of how network effects can create value and competitive advantages for businesses. Discuss the different types of network effects, such as direct and indirect network effects, and their implications for strategy.
[Background]: I have a [basic understanding of network effects from my economics courses] but want to learn how to apply the concept in a strategic context.
[Industry]: The industry I am focusing on for my project is the [industry].
[Application]: I plan to use the concept of network effects to analyze the competitive dynamics in the industry and develop strategies for my project to leverage network effects for growth and profitability.
[Additional Requests]: Please provide case studies or examples of companies that have successfully harnessed network effects to create value and build sustainable competitive advantages.
Platforms/Two-Sided Markets
Master the strategic implications of platforms and two-sided markets for business success.
Prompt
[Action]: Provide an overview of the key concepts and characteristics of platforms and two-sided markets. Explain the strategic challenges and opportunities associated with platform businesses, such as achieving critical mass, managing network effects, and balancing the interests of different user groups.
[Background]: I have limited knowledge of platform strategies and want to learn how to apply these concepts to my project.
[Industry]: The industry I am focusing on for my project is the [industry].
[Application]: I plan to use the concepts of platforms and two-sided markets to analyze the competitive landscape in the gig economy and develop strategies for my project to build and maintain a successful platform business.
[Additional Requests]: Please provide guidance on how to design and implement effective pricing strategies, governance mechanisms, and user incentives for platform businesses.
Logic of Synergy and Corporate Diversification
Understand the strategic rationale and value creation potential of synergy and corporate diversification.
Prompt
[Action]: Explain the concept of synergy and its role in corporate diversification strategies. Discuss the different types of synergies, such as operational, financial, and market synergies, and provide examples of how they can create value for businesses.
[Background]: I have a [basic understanding of corporate diversification from my strategy courses] but want to deepen my knowledge of how to evaluate and realize synergies in practice.
[Industry]: The industry I am focusing on for my project is the [industry].
[Application]: I plan to use the concepts of synergy and corporate diversification to analyze the strategic fit and value creation potential of a potential acquisition target for my project company.
[Additional Requests]: Please provide guidance on how to conduct a thorough synergy analysis, including identifying and quantifying potential synergies, assessing risks and challenges, and developing an integration plan.
3 P's- Productivity, Performance, and Perceptions
Learn how to drive business success by focusing on productivity, performance, and perceptions.
Prompt
[Action]: Explain the 3 P's framework and how it can be applied to improve organizational effectiveness and competitiveness. Provide examples of strategies and best practices for enhancing productivity, optimizing performance, and managing stakeholder perceptions.
[Background]: I have not encountered the 3 P's framework before and want to learn how to apply it in the context of my project.
[Industry]: The industry I am focusing on for my project is the [industry].
[Application]: I plan to use the 3 P's framework to identify areas for improvement in my project company's operations, develop performance metrics and targets, and create a stakeholder communication plan.
[Additional Requests]: Please provide guidance on how to prioritize initiatives and allocate resources effectively across the three dimensions of productivity, performance, and perceptions.
4C's-Critical Thinking, Communication, Collaboration and Creativity
Develop essential skills for success in the modern business environment.
Prompt
[Action]: Provide an overview of the 4C's framework and explain why critical thinking, communication, collaboration, and creativity are crucial skills for business professionals. Share strategies and best practices for developing and applying these skills in a business context.
[Background]: I have a general understanding of the importance of the 4C's but want to learn how to cultivate and demonstrate these skills more effectively.
[Industry]: The industry I am focusing on for my project is the [industry].
[Application]: I plan to use the 4C's framework to assess my own strengths and weaknesses, identify areas for personal and professional development, and showcase my skills in my project deliverables and presentations.
[Additional Requests]: Please provide examples of how the 4C's have been successfully applied in real-world business situations and how they can contribute to individual and organizational success.