strategic management

AYO! Welcome back to the Luck Management Podcast with Alex and Carter! Today we have a special one for you, we have on our first-ever professor podcast. We are so happy to introduce episode 33 with Professor Timothy Hubbard.  He received his Ph.D. from the University of Georgia and holds degrees from the Thunderbird School of Global Management and the University of Illinois. Tim’s research focuses on strategic leadership and governance, with a particular emphasis on cognitive and social factors influencing strategy. He leverages experimental methods—including biometric and virtual reality tools—to better understand executive behaviors. Tim also worked for Caterpillar and IBM. Tim was an absolute pleasure to have on the podcast- he is funny, interesting, and engaging, and makes the classroom an interactive experience. This chat is special, we get deep and personal, and we explore so many incredible topics. He most definitely lives the luck management lifestyle! 

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Businesses have been turned upside down by the pandemic and, though restrictions are slowly being lifted, navigating a world still coming to terms with a new normal has left traditional strategy tools found wanting for many, while Russian's invasion of Ukraine has added a new layer of uncertainty.
Christian Stadler, Professor of Strategy, reveals a new strategy-making method - open strategy. He discusses its real world application with Rolls-Royce CEO Warren East, who has guided the company through these unprecedented times.
Join Core Insights host Audrey Dias as she discusses with the pair how open strategy can help companies deal with these uncertain and turbulent times.

Core Insights host Trevor Barnes talks to Jeff Reuer, Distinguished Research Environment Professor at Warwick Business School and the Guggenheim Endowed Chair and Professor of Strategy and Entrepreneurship at the University of Colorado. Professor Reuer explains how R&D partnerships are both necessary and can be done without either company exposing their trade secrets to each other. He has researched how knowledge leaks in these sort of partnerships and puts forward four ways in which companies can make sure any partnership they enter remains water tight.  Read more on the subject here and why companies partnering with their closest rival can actually work well here.

Companies have been falling victim to the competency trap for many years, most notably Kodak, which failed to anticipate the switch to digital cameras in time and disappeared from our lives. Jerker Denrell, Professor of Behavioural Science, explains to Core Insights host Trevor Barnes just what the competency trap is and how firms can avoid it,  detailing the mindset and steps needed. Read more on how to avoid the competency trap here.

Research by Sotirios Paroutis, Professor of Strategic Management, has found the much-derided PowerPoint is in fact a vital tool in the development of strategy, giving meaning and understanding to the abstract ideas contained in many company's vision. Professor Paroutis tells Core Insights host Trevor Barnes how his Visuals Strategy Framework can help those building a strategy to maximise their presentations with the right visuals and information to bring clarity and agreement.  Read more on the Visuals Strategy Framework here.

Strategy is moving out of the C-suite. More and more companies are involving not just their executives, but employees on the shopfloor and even stakeholders outside of the firm to devise their strategy. Christina Wawarta, Associate Fellow at Warwick Business School and Senior Manager Corporate Strategy at Europe's biggest home appliances manufacturer BSH, explains how open strategy works and its advantages. She also details the tools companies will need to carry out their own open strategy process to Core Insights host Trevor Barnes. For more on open strategy read 'Six lessons on open strategy from Wikimedia' and 'What tools do firms need for open strategy'.

Over nine years Sotirios Paroutis and Luciano Oviedo were able to go behind the scenes at Cisco and see how the company reacted to the emergence of Amazon Web Services' cloud platform that disrupted its established business model. Cisco was able to come back and Core Insights host Trevor Barnes interviews the pair to find out the five lessons they learned through their research that other companies can use to come back from a disruptive innovation. Read more on the research here.

Christian Stadler, Professor of Strategic Management, has spent many years studying Europe's century-old firms. Listen to this podcast with Core Insights host Trevor Barnes to discover what he learned about building enduring success and the common themes that has seen companies like Shell,  Allianz, Siemens and Legal & General prosper for so long. Professor Stadler details the four principles that can help companies lay the foundations for developing a sustainable competitive advantage. Read more about Professor Stadler's research on enduring success here. You can also read his book on the subject, plus, Professor Stadler reveals the five reads you need to build a strategy in uncertain times like the current global pandemic.

Does luck play a part in business? According to Chengwei Liu's research it plays a huge part, with good luck largely underestimated by managers and bad luck overestimated. Listen to the Associate Professor of Strategy and Behavioural Science tell Core Insights host Trevor Barnes how luck and people's ignorance of it can be used to build a strategy to beat your rivals. Read more on how to use luck to your advantage by using Dr Liu's Analytical Behavioural Strategy here. You can also read an extract from Dr Liu's book Luck: A Key Idea for Business and Society here.

Named after the Roman God Janus, who could survey two or more directions simultaneously, in this episode Loizos Heracleous explains how Janus Strategy is the route to success for today's top companies. The Professor of Strategy explains to Core Insights host Trevor Barnes how Janus Strategy sees companies adopt two seemingly contradictory objectives to take a competitive advantage in their industry, with Apple being the prime example. Listen to hear how the Silicon Valley giant has done it and generated huge profit margins. And read more on Janus Strategy in this excerpt from Professor Heracleous' book here.

In 1999 Dow Chemical decided to embark on one of the most ambitious transformations in US corporate history. It decided to pivot from low-margin chemicals into high-margin speciality chemicals and embarked on the acquisition of 138 companies, enter 122 joint ventures and unravel 156 divestitures. Koen Heimeriks, Professor of Strategy, has studied the journey and reveals to Core Insights host Trevor Barnes the lessons learned and the tools needed for others to transform their business successfully.
Read more on corporate transformation from Professor Heimeriks here.

Design thinking has become the de facto way to innovate for successful companies these days, but it is now moving further up the organisational hierarchy. Core Insights host Trevor Barnes talks to Pietro Micheli, Professor of Business Performance and Innovation, on how organisations can use design thinking in building a strategy and why the concept is so helpful in today's climate of uncertainty. Read more on how design thinking can aid a company's strategy and the six factors involved in using it here. Further, find out how design thinking can help build a strategy from the bottom-up here.

Good management and managers are centric to business success. Successful people management is the core of managers' responsibility, and at the heart of that success lies the manager's appreciation. That doesn't mean it is the only skill a manager needs. They still need to hire well, set expectations, drive performance, and interact productively with their superiors, to name a few. However, they need to play chess instinctively. 

Marcus Buckingham pictured the average manager as the checker player, a management style where all pieces look the same and move the same way, while a great manager is the chess player where each piece is different, and to win, you need to know how each piece moves. The ability to distinguish what is unique about each individual and capitalize on it to drive performance. It is what sets great managers from others. 

The mediocre managers would paint all employees with the same brush considering them to be motivated by the same thing and driven by the same goals, that they'll desire the same kind of relationship and learn in the same way. It is a management style where a manager's role is to transform each employee into the perfect version of the function. 

In contrast, great managers don't push the knight to move the same way as the bishop. They understand that individual traits are enduring and resistant to change. They invest their time knowing how to capitalize on employee's strengths and how best to incorporate them into the overall plan. 

THEN, WHAT GREAT MANAGERS DO? 

Marcus answered this question in his book The One Thing You Need to Know: About Great Managing, Great Leading, and Sustained Individual Success. Great managers get to know individual strengths, triggers that activate those strengths, and the skill of understanding employee learning style.

Tune in to the Management Insights podcast on The Power of Case Teaching with today’s guest, Frank T. Rothaermel. Learn tips and tricks on how to teach effectively with cases.

Tune in to the Management Insights podcast on Flipping the Classroom with today’s guest, Frank T. Rothaermel. Learn tips and tricks on how to flip the classroom (at least a little bit).

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