Strategic Management

Strategic management is a set of managerial skills used by an organization to do a better job and helps in determining mission, vision, values, goals, objectives, roles and responsibilities of the organization. Strategic planning is a disciplined and organized activity to take fundamental decisions and actions that help in shaping the future of an organization.

 Firms need to take some key decisions to survive. These include:

Selection of goals

• Choice of products and services to offer
• Design and configuration of policies
• Design of organization of structure and administrative systems and policies

A Strategic Management course focuses on how to develop and implement effective business and corporate strategies. As a strategic management specialist you are required to analyze factors responsible for formulation of enterprise strategy keeping in mind the long term objectives and goals, SWOT analysis, critical appraisal of resources and the personal goals and aspirations of managers.

Strategic management process should have flexibility so that it could be adapted to environment and market volatility.

A Strategic Management program equips one to incorporate functional considerations in corporate decision making situations. It also teaches the individual to make a careful analysis of environment, industry, competition, and cost.

Skills of a Strategic thinker:
 

• Lifelong learner: You must be flexible and open to adaptation and changes to different thoughts and ideas. You must strive for continuous development. You must seek advice from others and learn from experiences of peer group.
• Time management: You must be an excellent user of time. A great strategic management professional knows best to effectively use time.
• Awareness: In most enterprises you can find clues both internal and external that can help you run your business effectively.
• Patient: You cannot make strategic decisions without being patient. You must formulate policies keeping long-tern goals in mind.
• Vision: You should have the ability set goals and define milestones for your company.
• Flexibility: You must be flexible and open-minded. You must acknowledge and embrace the best industry standards.
• Realistic vs creativity: Be realistic in your ideas but creative in your implementation.
• Strategic breaks: You must set time aside for yourself and take strategic breaks for rejuvenation.

Career prospect of strategic mangement professional:

• Strategic Outsourcing Consultant
• Strategic Project Manager
• Strategic Planning Manager

As a strategic planner you can work as internal consultants within the company. You may work on temporary assignments within a business unit or on a long-term position within a central strategic planning unit of a large corporation. As an entry-level planner you will be required to work on assignments under the direction of a more senior member of the group. Work of a strategic planner involved gathering and analyzing data, preparing results for presentation to senior management. As a vice president of strategic planning you will work with members of the executive committee (the CEO, president, CFO, COO) on long term goals of the company.