Summary: Thinking Strategically - BusinessNews Publishing - ebook

Summary: Thinking Strategically ebook

BusinessNews Publishing

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The must-read summary of Avinash Dixit and Barry Nalebuff's book: "Thinking Strategically: The Competitive Edge in Business, Politics and Everyday Life".This complete summary of the ideas from Avinash Dixit and Barry Nalebuff's book "Thinking Strategically" shows that strategic business skills build on and strengthen the competitive advantage of basic business skills. In their book, the authors explain how strategic thinking can give you a competitive edge as it focuses on maximising commercial opportunities, out-thinking rivals, forging strong bonds of cooperation and coordination, and deciding which business fields to enter. This summary highlights the importance of strategic thinking and why you should start developing your skills immediately to give yourself that competitive advantage.Added-value of this summary:• Save time• Understand key concepts• Expand your knowledgeTo learn more, read "Thinking Strategically" and find out why the future success of your company depends on your strategic skills.

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Book PresentationThinking Strategically by Avinash Dixit and Barry Nalebuff

Book Abstract

Important Note About This Ebook

Summary of Thinking Strategically (Avinash Dixit and Barry Nalebuff)

1. WHAT IS STRATEGIC THINKING?

2. THE FOUR RULES OF STRATEGIC THINKING

3. STRATEGIC THINKING IN ACTION

4. STRATEGIC BUSINESS THINKING

Book PresentationThinking Strategically by Avinash Dixit and Barry Nalebuff

Book Abstract

MAIN IDEA

Strategic business skills build on and strengthen the competitive advantage of basic business skills.

In any business field, there are generally a number of competitors who have roughly equivalent technical and commercial products or services. The companies which prosper do so because of better strategic skills - that is, they take those basic skills and apply them more effectively than do their competitors.

Strategic business thinking concentrates on maximising commercial opportunities, outthinking rivals, forging strong bonds of cooperation and coordination when it is in your own best interests, and even deciding which business fields not to enter. These decisions are all made on the basis of a thorough understanding of strategic interaction and sound strategic thinking.

Important Note About This Ebook

This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.

Summary of Thinking Strategically (Avinash Dixit and Barry Nalebuff)

1. WHAT IS STRATEGIC THINKING?

Main Idea

Strategic thinking is the art of outperforming a competitor while knowing that competitor is trying to do the same thing to you.

Corporations must base business operations on sound strategic thinking or they risk losing business to any competitors using a better strategy. The same need for sound strategic behaviour also applies in politics, sports and everyday life (including raising children).

Supporting Ideas

In any competitive situation, two types of skills are brought to bear:

Basic performance skills. In sports, these skills are the mastery of the basic actions of the game. In a business environment, basic skills are bought to bear in producing any product or service which is offered for sale. Basic skills are found in every company competing in the same business field.Strategic skills - deciding how best to apply the basic skills taking into account the actions of competitors and all other factors.

Strategic thinking starts with the basic skills and considers how to use them to maximum advantage taking into account the skill levels and actions of all competitors.

Example:

A team coach knows how well his team passes and runs. He also has a fair idea of the skill level of the opposition. He must then make a strategic decision as to whether to pass or run on each play.

Strategic behaviour is a constant stream of decisions made against a dynamic background of active participants each making decisions. The result is that an interaction occurs between all the parties

Businesses use strategic thinking to gain the maximum possible financial benefits from their unique competitive advantages. Politicians use the same strategies to seek election and implement their promises once in office. Sports coaches try to use strategy to deliver game winning performances against another team of equal technical competence.

Strategic behaviour is based on the reasons behind choosing one option over another, and takes into account the actions of others, the nature of the competitive battlefield, resources and so forth. The branch of academic social science which studies strategic decision making is called game theory.

Game theory was originally developed by a mathematician at Princeton University, John von Neumann in the early 1940s. Neumann’s pioneering work was generally based around zero-sum situations - that is, pure conflict competitions (like a sports match) where one team wins everything and the other wins nothing.