Steps to strategic management in business
Is it necessary to learn strategic management?
Yes, in order to have a successful business it is absolutely necessary to have a well planned strategy and a manager to execute it. According to statistics, around 17% of startups fail due to lack of awareness of their strategy being utilized unsuccessfully.
The business environment is dynamic and complex in nature. For a business to survive in the globalised era with much competition, it must plan a strategy considering various aspects in the initial stages of planning.
What is a strategy? Is it the same as planning?
Well strategy and plan are often considered the same terms but the truth is they aren’t. Plan emphasizes on questions “what and how” whereas a strategy gives you the reason for selecting a particular path.
For eg. planning will give you a way for reaching a goal while strategy will present you the best way of many other ways to achieve that goal.
What is strategic management?
Managers use Strategic management as a means to identify, plan and execute a strategy in such a way as to accomplish a well-defined goal of/for an organisation.
Let’s understand the different stages/ steps in the strategic management process to run a successful business.
What are the Different stages and steps to strategic management:-
To Have a clear vision: First step of every business is to have a clear vision and a set goal. Every business needs to have a vision, an objective,motto and the purpose it serves to the community and organisation. It is very important to clarify their vision to the employees working for it, so as to keep them on the same page working towards the same goal as a group. It needs to be realistic and comprehensive. This will give every job done a meaning.
Analysing and evaluating environment structure and patterns: Analysis is very important while planning a strategy as it gathers the data and information which is used in the later stages of strategic management. As the business environment is dynamic i.e changes continuously, Analysing and evaluating environment structure and patterns to get familiar with the needs (what,how, where and when) of the business considering the strengths and weaknesses, threats and opportunities.
Plan a strategy:As mentioned earlier, plan a strategy using the data gathered from analysis to select the best path to achieve the goal. This is the most important part for a startup to run since it is the first step to implementation and execution of work undertaken. The requirements of business resources needs to be determined to reach defined goals and objectives.
Implement and execute plan:For a successful business venture, a well planned strategy is important because it is the initial stage of taking a plan into action. The whole plan needs to be segregated to different people according to their responsibilities and duties. During this stage the company should put into emphasis the details, monitoring process and the effectiveness of the strategy in accordance to the environment.
Evaluation and control of the plan:The evaluation stage of the plan is necessary to correct the errors and failures while executing the work. For that, the result of the actual work completed needs to be compared with the desired strategy planned at the initial stages. Necessary measures need to be taken in order to keep the work going in the same direction as planned for a smooth functioning. Internal as well as the external issues of the organisation needs to be addressed and corrected in changes to the patterns of business environment.
And here it is, these are some of the most important steps to run a business.
Want to make your strategic management skill into a career?
Do you want to be a strategy manager?
Here is a complete guide to become a strategy manager:
ELIGIBILITY:-
Have a Bachelor’s degree
After graduation it is necessary to earn a bachelor’s degree. It is always better to have mastered a specialised area like business administration, management, economics, or finance.
Gain work experience
Many aspiring managers try having some work experience for practical knowledge and indirect education on management.
Earn an MBA or bba degree
Most of the bba graduates then go for a mba degree for having an expertise on the field of management and strategic planning.however one can even earn a mba degree after graduating from any program having expertise on finance,economics,marketing etc.
Opting for a specialised certificate in strategic planning
Many institutions offer a specialized strategic planning program for all the aspirants who plan to have a career as a strategy manager; these are basically short term programs of anywhere between 1-3 years.
Duration-
ANY undergrad program like BBA( bachelors of business administration ) has a span of 3 years specialising in areas of finance,marketing,economics etc.
MBA( masters in business administration ) in strategic planning is a 2 year course, it generally varies according to different institutions anywhere between 6 months to 48 months
Entrance exams/ professional exams required:-
For BBA:-
IPU CET, SET, NPAT,DU JAT- varying according to different institutions.
FOR MBA:-
CAT/GMAT/ NMAT by GMAC- varying according to different institutions,countries and locations
Fees structure:-
BBA PROGRAM- Average fee of top undergraduate BBA program is 1 Lakh - 7 Lakhs INR for a span of 3 years
MBA PROGRAM AND ENTRANCE TEST- Entrance exam fees for mba- 1000/- to 2000/- INR.Depending upon different institutions fees structure for MBA in strategic management is Anywhere around 3 Lakhs- 17 Lakhs INR
SYLLABUS
BBA SYLLABUS:-
The course is conducted in 4 semesters with 6 months for each semester.
Semester 1-
Principles of Management I
Quantitative Techniques I
Human Resource Management I
Computer Applications
Financial Accounting
Semester 2-
Effective Communication I
Principles of Management II
Business Law I
Managerial Economics I
Management accounting I
Semester 3-
Business Environment
Family Business Management
Business Law III
Management Accounting II
Project Work
Semester V
Marketing Management
Direct Taxes
Indirect Taxes
Operations Management
Research Methodology in Management
Semester 4 -
Effective Communication II
Financial Management I
Quantitative Methods in Business II
Managerial Economics II
Human Resource Management II
Semester VI
International Marketing
Export/ Import Management
Environment Management
Public Relations Management
Project Management
Semester 5
Supply Chain/ Logistics Management
Rural Marketing
Management of Co-operatives & NGO
Management of Services
Retail Management
Project Work
Semester 6
Financial Management II
Business Strategy for Entrepreneurship
Management of Small Scale Industries
Business Decision Making
Market Research
SYLLABUS FOR MBA IN STRATEGIC MANAGEMENT:-
It is a 2 year program divided in 4 semesters, 6 months for each semester
Semester 1
Organizational behavior
Quantitative methods
Managerial economics
Financial accounting
Marketing management
Business communication
Production and operations management
Computer application in management
Comprehensive viva
Semester 2
Human resource management
Financial management
Marketing research
Economic environment of business
Knowledge and technology management
Supply chain management
Information technology management
Comprehensive viva
Semester 3
Corporate evolution and strategic management
International business environment
Elective I
Project I
Semester 4
Corporate governance and business ethics
Project management
Project report
Elective II
TOP INSTITUTIONS PROVIDING BBA PROGRAMS:-
SVKMs NMIMS Anil Surendra Modi School of Commerce
Shaheed Sukhdev College of Business Studies (SSCBS)
Department of Management Studies Christ University
TOP INSTITUTIONS PROVIDING MBA IN STRATEGIC MANAGEMENT PROGRAMS:-
Birla global university
Christ university
Xavier school of management
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