MM309-Business Evolution

Module Provider: International Business and Strategy
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Prof Peter Scott
Email: p.m.scott@henley.ac.uk

Type of module:

Summary module description:

This module examines time-dependent phenomena in business & management and explains how evolutionary processes can lead to radically different outcomes to those predicted by neoclassical economics. The module looks at various time-dependent business phenomena and their impacts on firm survival, growth, domination, or extinction. A combination of theoretical models, case-studies, and statistical data are used to explain the models and their explanatory and predictive value. 

Aims:

The module examines a variety of time-dependent models in business and management (first-mover advantages; managerial rigidity; disruptive innovation; “Kodak problems,” “the wheel of retailing”, etc.)  and tests their salience and importance via detailed case-studies and other evidence. It thereby gives the students an insight into factors that are threats, and/or opportunities for firms and how to avoid the risk of product, industry, or business model decline or “redundancy”. 

Assessable learning outcomes:

Students will be made aware of time-dependent models that predict outcomes differently from neoclassical economics. 

Students will be able to test these models, using firm and industry case-studies and evaluate their importance and generalisability.

Students will be able to critique standard neoclassical models of business using an evolutionary perspective. 

Additional outcomes:

Students will be able to critique real-world business phenomena, using both static and evolutionary theories. They will also be able to benefit from essay writing and case-study skills.

Outline content:

Indicative topics include:  

• business model inertia;  


• path dependence;  


• radical innovation;  


• the “wheel of retailing” and similar evolutionary models; 


• first mover advantages;  


• product cycles;  


• financialization and short-termism. 

Brief description of teaching and learning methods:

Lectures that will introduce the phenomenon, look at the dominant neoclassical economics models, then moving on to time-dependent models. The models will then to be tested using case-studies, statistical data, and other data, to see which models are most useful for explaining and predicting outcomes. 

Summative assessment- Examinations:

A two hour  “open book”  exam (choice of two questions out of six). 

Summative assessment- Coursework and in-class tests:

One 2,500 word essay to be submitted in teaching week 10 of the spring term. 

Formative assessment methods:

The seminars will provide opportunities for formative feedback, as will the essays. 

Penalties for late submission:

Standard penalties apply.

Assessment requirements for a pass:

A weighted mark of 40%. 

Reassessment arrangements:

By examination only. Re-examination for Finals takes place in August of the same year (students can choose two out of six questions).

Additional Costs (specified where applicable):

N/A

Last updated: 12 April 2023