This foundational course introduces MMgt program students to the fundamental concepts and frameworks of strategic management. The course addresses the central paradox of strategy: why some firms consistently earn higher profits than others despite economic theory predicting profit convergence. Students explore the causes of persistent performance differences between firms and learn research-based explanations for superior firm performance. The course covers essential strategic management tools, including but not limited to industry analysis, competitive positioning, and strategic fit. Students develop fluency in strategic thinking through case studies, framework application, and analysis of real-world business scenarios.