Theory is, by definition, a simplification of reality. A useful theory is parsimonious in that it reflects the most important details of the context and allows for reasonably accurate predictions (see a review of Weick and Thorngate’s discussion here). In a similar fashion, strategy frameworks and tools are simplifications designed to guide decision-makers. Ultimately, the question is, what are the essential elements of the problem that must be analyzed? This is what a simplified framework is designed to capture. Ignacio Canales has designed a class exercise that brings this to the forefront and makes a great introduction to the topic before diving into individual frameworks. With no warning, he asks the class to take out a piece of paper and draw a bull. He then invites them to post their pictures in the front of the class and pick the best drawing. The debrief focuses on what are the essential elements needed for the drawing to clearly be a bull? He then introduces Picasso’s study of a bull and how this is used in Apple’s training to focus designers on the most essential elements. Here is a more detailed description of the exercise and here are some slides of the Picasso art.
Contributed by Ignacio Canales
As Netflix’s strategy unfolds it becomes clearer the extent to which it threatens traditional media companies. Initially, Netflix was a welcome partner who paid for access to older entertainment assets – new income streams for studios. More recently they have developed new content and lure top talent away from traditional media companies. Now, by offering a compelling portfolio of options, they compete more directly against traditional media companies. AT&T, Comcast, Fox, and Disney have taken notice of Netflix’s increasingly vertically integrated business model that bypasses traditional distributors (cable, DSL, satellite) and doesn’t rely on advertising revenue. 
Class participation is typically a major component of grades in strategy courses. Some students are quite comfortable participating. Others not so much. This video from 
Generic strategies are easy enough to explain and students typically feel that they understand. But do they really? Could they develop and implement a sound strategy? Sometimes it’s worth a bit of additional hands-on experience to make sure the lessons stick. Probably the most important message is alignment — the need to design the organization and product to fit the strategy. In other words, to make the appropriate tradeoffs. 
Entrepreneurship students often think they’ve found a “no brainer” idea – one that everyone “obviously” will want. We’ve all seen it before – an idea that is so good that it requires zero dollars for customer acquisition because word of mouth and social media will lead to infinite sales, virtually overnight.
Strategies rarely work out as planned but somehow, students remain eternally hopeful that everything will go exactly as they expect. This experiential exercise allows students to “feel” 
Inflate ball & sit on it. Ask 2 volunteers to inflate a heavy duty inflatable ball using a small air pump (one can buy these a sport store) and try to sit on it afterwards for a minute. While introducing the exercise, the instructor should keep the plug hidden in her/his pocket. Inflating the ball is amusing (both the volunteers and the audience). It is not easy or quick to inflate the ball.
takes the plug out admitting that she/he had it all the time. The class will laugh. It may be frustrating for the volunteers but then we begin the debrief and explain the reason for the deception in the exercise.
The augmented reality (AR) game, 
Successful strategy is often a combination of luck firm specific skills and favorable conditions. AmorePacfic makes a great ripped-from-the-headlines case since it rose to be the #1 South Korean firm buoyed by a growing and large domestic demand from a growing population. Hallyu – the Korean equivalent of Hollywood was also a driving factor as South Koreans want to look like their favorite stars and use the same cosmetic products and that includes men. In fact, it is estimated that a whopping 20% of South Korean men use cosmetic products on a regular basis. AmorPacific capitalized on this growing trend by building up its brand and investing in R&D and ultimately riding the popularity of K-pop and K-movies to expand internationally. At a time that demand is softening, K-cosmetics are still growing with exports increasingly exceeding imports and Korean cosmetics brands now more popular than European brands in China and increasing their penetration in many countries including China, Hong Kong, Japan, the US, Vietnam, and in a surprising list of other countries such as Poland where their addition to Sephora’s product line and other large retailers will ensure broad distribution. How has a $150 1.7 oz managed to gain global popularity? Some materials for the case might include:
Economics-games.com
Here is a simple exercise to demonstrate competitive advantage on the first day of class. Hold up a crisp $20 bill and ask “Who wants this?” When people look puzzled, ask, “I mean, who really wants this?” and then “Does anyone want this?” Continue this way (repeating this in different ways) until someone actually gets up, walks over, and takes the $20 from your hand. Then the discussion focuses on why this particular person got the money. How did their motivation differ? Did they have different information or perception of the opportunity? Did they have a positional advantage based on where they were sitting? Other personal attributes (e.g., entrepreneurial)? The main question, then, is why do some people/firms perform better than others? This simple exercise gets at the nexus of perceived opportunity, position, resources, and other factors that operate both at the individual and firm level. Note that instructors should tell the class not to share this with other students. However, if you do have a student who has heard about the exercise (and grabs the money), asymmetric information about an opportunity is certainly one aspect of the discussion. The following “
The “Vision Thing” exercise is designed to help students distinguish the activities of leaders and managers in a fun and engaging manner. The exercise involves creating a three-tiered hierarchical structure. One person is the CEO, another is the manager, and a third is the employee. The CEO prepares a vision statement in advance and works with the manager to determine how to translate the vision to a tangible “product” using the toy construction set. The manager then guides the employee on building the “product.” The process is iterative in nature—the manager can communicate with the CEO and employee as often as necessary. But there is a finite amount of time available to implement the vision. Once the exercise is complete the team comes together to examine how close the team came to implementing the CEO’s vision. The learning objectives are:
especially for executive audiences. While there are large gaps in our understanding of personality and leadership, research does provide several pointers that can help assess who would be a good organizational leader in different contexts. 
s/year. A 
They have offered $600 million more for Family Dollar than the preferred suitor. Two things may be preventing Family Dollar from switching partners: 1) concerns that a Dollar General deal would be thwarted by anti-trust regulators, and 2) the Family Dollar CEO would lose his job if Dollar General takes over. Of course, they say the second issue is not on their minds. This makes a great “ripped from the headlines” case (
Glad to have that cleared up. Years later, mission statements are still a key focus in the practice of strategy despite being almost ignored in the academic literature. One could ignore this in teaching strategy (many do) or one might discuss when mission statements are a grand waste of time and when they may prove to be useful. Automated mission statement generators help to make this point. While there are several good ones, 
Carpenter Strategy Toolbox 