GAME THEORY

Game theory lessons – Introduction to Game theory



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This lesson on Game theory introduces the concept behind game theory.

Hope you will enjoy the video! Here’s a link to the full course on Udemy:
https://www.udemy.com/course/mba-in-a-box-business-lessons-from-a-ceo/?referralCode=F6026A89249995D14BCD

This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers.

The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours.

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Strategy module table of contents:

MBA in a Box: Introduction
1. What does the course cover?

Section: 2

Strategy: An Introduction
2. The role of Strategy and what makes a Strategy successful
3. The difference between Corporate and Business Strategy
4. The importance of the Mission, Vision, Goals, and Values statements

Section: 3
Strategy: The industry lifecycle model
5. The four stages of the industry lifecycle model – An introduction
6. The strategic importance of the industry lifecycle model
7. The Introduction stage – A new industry is born
8. The Growth stage – An industry in its expansion phase
9. The Maturity stage – An industry at its peak
10. The Decline stage – An obsolete industry

Section: 4
Strategy: Porter’s Five Forces model – The competitive dynamics in an industry
11. Michael Porter’s Five Forces model
12. The threat of new entrants
13. The threat of substitute products
14. The intensity of current competition
15. The bargaining power of suppliers
16. The bargaining power of clients
17. Porter’s Five Forces framework applied in practice

Section: 5
Strategy: Game Theory – Studying the interaction between multiple parties
18. An introduction to Game Theory
19. Zero-sum games – approaching situations with a win-lose perspective
20. Non-zero-sum games – considering both cooperation and confrontation
21. Tobacco companies – a real-life example of Game Theory application

Section: 6
Strategy: Focusing on the inside of a business
22. Focusing on the inside of a business – An Introduction
23. A company’s lifecycle model – what should be done at different stages

Section: 7
Strategy: Acquiring a competitive advantage
24. The quest for a competitive advantage – An Introduction
25. The importance of building a sustainable competitive advantage
26. The role of resources and capabilities
27. Acquiring an actual competitive advantage

Section: 8
Strategy: The three main competitive strategies
28. The three main competitive strategies
29. Cost leadership – sell cheap
30. Differentiation – be different
31. Niche (Focus) strategy – find your niche market
32. The danger of hybrid strategies

Section: 9
Strategy: Corporate growth strategies
33. The types of growth opportunities companies pursue
34. Organic growth – building a solid foundation
35. Inorganic growth – leveraging M&A transactions
36. Horizontal integration
37. Vertical integration

Section: 10
Strategy: The SWOT analysis framework
38. An introduction to SWOT analysis
39. SWOT analysis in practice – Starbucks

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What happens in the real business world in practice is that the decisions made by one firm depend on the decisions made by the other companies in the industry. The Game theory framework allows us to model these interactions.

Game theory could be considered the science of competitive strategy. It is a tool that allows us to explore decision-making situations, where the choices made by one party have repercussions for the other parties. The decision-making situations are called games, while the individuals and groups are called players.

Game theory studies human and corporate interaction, cooperation, and conflict reactions in a competitive situation. There are two types of games – cooperative and non-cooperative.

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