CORPORATE STRATEGY & MEGATRENDS

The course examines the logic, tools, and practice of corporate strategy in environments characterized by major long-term transformations. It focuses on how firms create, sustain, and renew advantage at the corporate level when confronted with technological disruption, sustainability pressures, geopolitical instability, demographic shifts, changing consumer preferences, and other megatrends reshaping industries and business systems. The course develops a rigorous understanding of corporate-level strategic choices, including corporate scope, diversification, vertical integration, international expansion, strategic alliances, mergers and acquisitions, strategic renewal, and business model transformation. Particular attention is devoted to the interaction between macro-level change and firm-level strategic decision-making. The course also discusses the externalities of strategic actions, examining how corporate decisions may generate broader economic, social, environmental, and institutional consequences beyond the boundaries of the firm. Students will therefore be encouraged to consider not only whether a strategy creates competitive advantage, but also how its effects are distributed across stakeholders, industries, and society, and what unintended consequences may arise from strategic choices. A central objective of the course is the development of critical thinking in strategy. Students are expected not only to understand established frameworks, but also to assess their assumptions, identify their limitations, compare alternative interpretations of strategic problems, evaluate the strength of evidence, and formulate justified recommendations under conditions of uncertainty and ambiguity. Strategy is therefore treated not as the mechanical application of models, but as a process of disciplined judgment. The course combines conceptual learning, case discussion, applied analysis, written assignments, and oral presentations. It is designed to strengthen analytical rigor, intellectual independence, and the ability to produce evidence-based strategic arguments.

No formal prerequisites are required. However, prior exposure to management, economics, or business strategy topics is highly recommended.

At the end of the course, students will be able to: - understand the main concepts and frameworks of corporate strategy; - identify and interpret the strategic implications of major megatrends; - analyze corporate-level choices concerning growth, scope, integration, and transformation; - apply strategic frameworks to complex business situations; - evaluate alternative strategic options and justify recommendations with evidence and coherent argumentation; - assess the assumptions, strengths, and limitations of strategic frameworks and managerial narratives; - recognize ambiguity, trade-offs, and unintended consequences in corporate strategic decision-making; - evaluate the broader externalities of strategic actions for firms, stakeholders, markets, and society; - communicate strategic analysis effectively in oral and written form.

The course covers the following topics: - foundations and scope of corporate strategy; - value creation at corporate versus business level; - environmental analysis, uncertainty, and strategic foresight; - megatrends and their implications for firms and industries; - resources, capabilities, and dynamic capabilities; - diversification and corporate parenting; - vertical integration, outsourcing, and ecosystem strategy; - alliances, mergers, acquisitions, and integration challenges; - international strategy and geopolitical risk; - digital transformation and business model innovation; - sustainability, resilience, and long-term value creation; - strategic renewal, transformation, and execution; - externalities of strategic actions and their broader economic, social, environmental, and institutional implications.

The readings listed below are provisional and are intended to provide the conceptual and analytical cornerstone of the course. Not all of the listed literature is required to be read in full; rather, it serves as the core body of reference material supporting the course. Additional readings may be assigned on a session-by-session basis where appropriate. The specific reading requirements for each class will be communicated during the preceding session. Textbooks - Grant, R. M. (2025). Contemporary strategy analysis (12th ed.). Wiley - Volberda, H. W., Hollen, R. M. A., Pereira, J. R., Sidhu, J. S., & Heij, K. (2024). Strategic management: From confrontation to transformation (1st ed.). Sage. Foundational and classical strategy readings - Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. - Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10–11), 1105–1121. - Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179–191. - Porter, M. E. (1996). What is strategy? Harvard Business Review, 74(6), 61–78. - Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. Recent megatrends readings - Hillebrand, L., Raisch, S., & Schad, J. (2025). Managing with artificial intelligence: An integrative framework. Academy of Management Annals, 19(1), 343–375. - Naughtin, C. K., Schleiger, E., Bratanova, A., Terhorst, A., & Hajkowicz, S. (2024). A systematic review of the megatrends literature. Futures, 157, Article 103325. - OECD. (2024). Megatrends and the future of social protection. OECD Publishing. - World Economic Forum. (2024). The future of growth report 2024. - Delmas, M. A., Clark, K., Minor, D., & Timmer, T. (2026). Improving the credibility of corporate sustainability metrics. Academy of Management Perspectives. Advance online publication. https://doi.org/10.5465/amp.2024.0202 - Hillebrand, L., Raisch, S., & Schad, J. (2025). Managing with artificial intelligence: An integrative framework. Academy of Management Annals, 19(1), 343–375. - McKinsey & Company. (2025, July 1). Technology trends outlook 2025.

The course combines lectures, guided discussion of readings, case-study analysis, individual written assignments, group work, presentations, and in-class exercises. The teaching methodology is designed to promote active learning and critical engagement. Students are expected to move beyond descriptive understanding and develop the ability to interpret evidence, question assumptions, compare competing strategic narratives, assess externalities, and formulate reasoned judgments. Class participation is based on the quality of contributions rather than frequency alone. Valuable contributions are those that clarify concepts, identify assumptions, surface trade-offs, use evidence effectively, consider broader implications, or challenge prevailing interpretations in a constructive and rigorous manner.

Continuous assessment (30%) Final exam (70%)

In addition to content knowledge, grading will reflect the student’s ability to reason critically, apply concepts appropriately, and develop evidence-based arguments. Fail (<18): Fragmentary and superficial knowledge; major conceptual errors; inability to apply concepts; weak or unsupported reasoning. 18–20 (Sufficient): Basic understanding of core concepts; limited analytical depth; partial ability to apply frameworks; arguments remain descriptive rather than critical. 21–23 (More than sufficient): Appropriate understanding of course content; adequate application of concepts; emerging ability to evaluate strategic issues, though analysis may remain underdeveloped. 24–25 (Fair): Good breadth of knowledge; fair analytical ability; ability to identify key issues and formulate coherent arguments, though with limited depth or originality. 26–27 (Good): Precise and complete knowledge; good application of concepts; solid analytical reasoning; ability to evaluate alternatives and draw justified conclusions. 28–29 (Very good): Broad, complete, and in-depth knowledge; very good analytical and synthesis skills; strong ability to compare perspectives, challenge assumptions, and develop robust strategic arguments. 30–30 cum laude (Excellent): Excellent mastery of content; outstanding analytical rigor; highly developed ability to question assumptions, integrate multiple perspectives, deal with ambiguity, and produce original, persuasive, and evidence-based strategic judgments.