A manager needs to be an all rounder. One may specialize with an MBA in marketing, human resource or finance but when it comes to decision making, a manager is required to be well versed with strategic management. Read further to understand how strategic management is helpful and why it is considered as an important aspect of management education.
Understanding Strategic Management
Strategic Management involves setting targets and making a road map to achieve them. These targets and the way in which they are going to be achieved need to be in coherence with the organization’s internal and external environment. Strategic management involves planning for predictable as well as unpredictable scenarios. This is not a onetime process. Strategies have to be reevaluated from periodically to ensure their effectiveness in the dynamic business environment.
Formulating a strategy is the first step involved in strategic management. Whether you are an MBA in finance, marketing, human resource or any other vertical, your task as a high-level manager would be to formulate strategies. These strategies are built on the premise of your target audience, competitors, the industry, economic scenario, external and internal environment along with other factors.
When it comes to implementation, strategic management lays the foundation for other functions like marketing management, operations management etc. This stage involves decision-making, delegation, monitoring and analysis.
Strategic management involves various concepts applied by a company. These concepts can be applied at various instances according to the need of the hour. Strategic management involves concepts like value chain, competitive advantage, core competency among others.
Managers need to be well versed with these concepts to excel in their field. Top management colleges ensure that their students are acquainted with the theoretical as well as the practical side of these concepts.
Tools and Frameworks
Organizations rely a lot on strategic management tools and frameworks like SWOT analysis, PEST analysis, Five Forces model etc. to deal with business scenarios. These tools and frameworks help managers to put things in perspective, make quick decisions and ensure productive practices.
The industry demands managers to be familiar with the nuances of strategic management. Considering this, management colleges have designed their curriculum to introduce strategic management to budding managers.
Industry expects management degree holders to stay ahead of their peers by taking quick, informed and productive decisions. Strategic management is the key here as it helps students successfully analyze crucial situations and meet industry expectations.
Thadomal Shahani Centre For Management (TSCFM) offers a Postgraduate Diploma in Business Management with a global exposure. The course curriculum is developed by industry experts. It focuses on strategic management and introduces students to its practical application. Its project-based learning approach is in synchronization with assignments executed in companies.
TSCFM relies on industry focus, international recognition, innovative teaching, and individual attention to forward its new school of thought. The faculty members have years of industry experience and they help students to learn beyond the textbook. To know more about the course, click here