Prereq: 15.900 or permission of instructor. Builds on 15.900 and 15.902 to explore key concepts that have shaped the field of strategic management and strategy consulting over the past several decades. Uses lectures, readings, case studies, and videos to review the evolution of strategy teaching, research, and practice; differences between strategic thinking versus strategic planning; and the sources as well as enduring principles related to competitive advantage. Key themes include the role of platform strategies and services, as well as capabilities, pull mechanisms, economies of scope, and flexibility, with examples from a variety of industries. Develops an understanding of what has made some firms successful in the past as well as what managers can do to compete in an uncertain future.