In­tro­duc­tion to Man­age­ment Stud­ies

Course content

The course aims to offer a comprehensive understanding of economic approaches to the business firm, including its organisational structure, business model, resources, internal operations, corporate governance, strategic choices, long-term development, and managerial decision-making across the firm’s life cycle. It also examines the firm's position within and across industries, highlighting how it interacts with and is influenced by its broader competitive environment. Hence, the course focus on three analytical levels – the individual decision-maker, the firm and the industry - and aims to provide students with a solid academic basis to support further learning in subsequent courses within the program.

Organisational structure 

This part of the course explores the internal configuration of a business firm, including its hierarchy, roles, and the division of labor. Students will learn about different organisational structures such as functional, divisional, and matrix structures, and how these affect the firm’s efficiency and decision-making processes. The course will also highlight how an organisation’s structure evolves as the firm grows and adapts to changes in its business model and environment.

Business models, resources and internal operations

The course explores the daily activities and core operations of a firm, including functions such as production, marketing, finance, and human resources. Students will gain an understanding of how operations are structured and coordinated, and how different kind of resources, both tangible and intangible, are allocated and utilised to support overall efficiency and organisational performance. The course also highlights how different business models shape operational priorities and value creation strategies.

Corporate governance

Corporate governance refers to the systems and structures that guide a firm’s management and decision-making, ensuring that the interests of shareholders, stakeholders, and other parties are balanced. This part of the course will view the firm as a bundle of contractural relationships and cover topics like “agency problems”, executive compensation, and differences between entrepreneurial and managerial decision making. Managerial decisions play a crucial role in guiding the firm through different stages of its life cycle, from startup to maturity. The course explores the complexities of decision-making at various organisational stages and how leaders balance short-term needs with long-term objectives. Theories and models that assume we are fully rational (“the economic man”) are compared with theories that assume we are bounded rational and biased, providing explanations for why we deviate from the norm of rationality and efficiency.

Strategic choices and development

This part focuses on the strategic decisions firms make to achieve competitive advantage and long-term growth. Students will explore various business strategies such as cost leadership, differentiation, and market expansion, as well as how firms adapt their strategies in response to changing market conditions. The course also discusses the process of strategic planning, the importance of innovation, and how firms evolve through different stages of growth.

Firm’s position in and between industries

In this part of the course, students will examine how a firm positions itself within its own industry and in relation to others. The course will look at market positioning, competitive forces, and industry dynamics, helping students understand how firms navigate within multi-industry landscapes. Topics such as horizontal and vertical integration, diversification, and the role of strategic alliances will be covered, providing students with a framework for analysing how firms leverage their position to achieve success and competitive advantage.