In the coming years, strategy-making will be thought of as an art and an innovative process. Strategy-making leads to strategic management.
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Strategic management is a discipline of management that helps the management of private, public, and non-profit organizations to set their focus on achieving their objectives and managing their resources. It is the process of building capabilities that allow a firm to create value for customers, shareholders, and society while competing with competitors in the market.
It is a tool for managers that helps them in identifying and monitoring the activities under their control which helps the organization in achieving its desired goal.
Strategy management includes doing activities like setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and implementing strategies. It includes elements of finance, accounting, HR, marketing, and strategy.
What skills do strategic management graduates have?
- They advise corporations on their business strategy
- They develop/maintain business support systems
- They formulate such strategies that generate revenue and cost-cutting strategies
- They research/implement management processes
- They collect, analyze and integrate multiple forms of information
- They have structured thinking and sound/logical judgments to influence change
- They have good communication skills both oral and written that adapt to a variety of audiences
- They identify priorities, manage multiple projects and meet deadlines
- They investigate, identify, and deliver strategic/tactical results
- They apply relevant information systems and technology
Today, the economy is growing on a large scale and India is playing a significant role in taking it forward. So, the strategic management process requires individuals that are competent and have the necessary skills to ensure the country’s success. Many companies have already accepted and embraced strategic management.
Several companies, in fact, have reformulated their missions and objectives. Due to the growing number of opportunities and increasing competition, companies are embracing corporate and competitive strategies. The path to success of a company is filled with innumerable highly competitive and fast-growing global markets. The challenge is to identify, produce and gain an advantage in a highly competitive globally connected market.
A company should be able to bring the concept of strategy to reality, develop management capacities at the top level, and bring a change while being aware and cautious of the countermeasures adopted by competition.
In an organized world, there is always a need to expand and maintain a competitive advantage. This has to be done through rapid growth and growth lies in the hands of the senior leaders. They must make strategic choices in two critical dimensions that are the avenue of growth like innovation, consolidation, or diversification, and modes of growth like internal development and alliances or acquisitions.
Strategic growth platforms are long-term initiatives to increase the scale of profit. For a business to flourish, it must incorporate high-growth strategies that consistently allow you to increase your profit and sale margins. Growth acts as a force to encourage future growth and expansion in the future.
Some areas that help a company gain a competitive edge are product development which helps in enhancing brand reputation, market penetration, and strategic diversification followed by goodwill from revenue generated. In the coming years, strategic management will be growing phenomenally. It will strengthen the ability to think and act strategically and take decisions in such a way that helps an organization to grow and be successful.
There are many ways in which you can use strategic management skill set in your career –
- Better Management of People
One of the most valuable skills a manager can have is understanding what is going on in the organization. By taking a strategic management course, you will learn how you can analyze different systems and how you can balance them for maximum efficiency.
As a result of this, the employees will become more productive and loyal to the organization because they know that the organization cares for them. In the course, you also learn about strategies that help in reducing costs without affecting quality and better management of expenses without having an impact on ROI.
- Functioning Of The Business
The fundamental steps of strategic management give a foundation on which you have throughout your graduate-level studies and beyond. Strategic management affects how firms make decisions that will affect their performance. Strategic management thus determines a firm’s ability to outperform its competition over time.
When you know how businesses work and function, you will be able to apply it throughout all the areas of your professional life irrespective of whether you are working in a company or are building one from scratch.
- Helps In The Development Of Critical Thinking Skills
An executive program in strategic management will teach you how to think critically about your business. It happens many times that the leaders of the business are busy executing the previous plan and they forget about the present.
A course in this will give them a perspective and it will avoid them from falling into the ruts of overthinking or overreacting.
- Helps In The Development Of Problem Solving Skills
You must know what to do but it is also important that you know when to do something else. A course in strategic management will tell you about the success and failure of a business from a holistic point of view.
It will allow you to make informed decisions in your professional life. An understanding of how different departments and decisions work together will help in the development of your problem-solving skills.
- Helps In Better Decision Making
When you are making a decision in your professional life, you want to evaluate all the alternatives and compare them using data and then make an informed decision. The course will help in gaining hands-on experience in putting its theories into practice.
Strategic management is becoming an important discipline of management. It helps in making better and more informed decisions for the organization which, ultimately, ensures the success of the organization.