- Do you want to learn how to develop a strategy for your firm to counter your competitor’s move in a perfectly competitive market?

Professor Tobias Kretschmer of LMU Munich is here to help you prepare a competitive strategy and maximize your firm’s profit in a perfectly competitive market. In this totally free online course, spanning six weeks, you will learn how companies behave in situations where their strategic decisions affect their competitor’s profits and vice versa. This course will primarily use game theory to explain how firms make their strategies to gain advantage over their competitors; however, other theories will also be touched to help the participants understand how game theory is a better option.

This course emphasizes on the behaviour of firms in perfectly competitive markets. Competition from rival firms forces an entrepreneur to look ahead and anticipate his competitor’s move, for example if your rival is expected to react to a price cut, you should take the expected reaction into account before actually reducing the price of a certain commodity.

This six-week long course will explain strategic interdependence using real business situations as example. Participants will study basic concepts of game theory as a toolbox which can be used to address and analyze strategic games in real life situations in a systematic and exciting way. No specific background is required for participation in this online course; however, some knowledge of calculus and introductory course in business or management will be helpful. Students who will successfully complete this course will receive a Statement of Accomplishment signed by the instructor.

Author Bio

Professor Tobias Kretschmer teaches Strategy, Technology and Organization at the LMU Munich. He got his PhD in Economics from London Business School and an MSc in Strategy from the University of St. Gallen. Before joining LMU Munich, Tobias taught Strategy and related subjects at the London School of Economics and HEC, Paris.