Strategic management is an essential business function that enables organisations to define and execute strategies to meet their goals and outperform competitors. Through a series of structured processes, companies can evaluate internal and external factors, allocate resources effectively, and ensure long-term success.
Key components of strategic management
Strategic management comprises several core elements that organisations must address:
- Goal setting: The process begins with defining clear, measurable, and attainable goals. These objectives guide the overall strategy and ensure everyone in the organisation is aligned with a common purpose.
- Environmental and internal analysis: It’s crucial to evaluate both external opportunities and threats (such as market trends and competitors) and internal strengths and weaknesses (such as resources, skills, and organisational structure).
- Strategy formulation: Based on the analysis, companies create a plan to achieve their objectives. This could involve making decisions about how to compete in a particular market or how to allocate resources across departments.
- Implementation: Once the strategy is defined, the organisation must align its resources, processes, and people to execute the plan. This phase requires effective leadership and communication.
- Monitoring and evaluation: Strategic management is an ongoing process. Continuous monitoring allows organisations to assess performance and make adjustments to stay on track with their goals.
Benefits of strategic management
Strategic management provides several key advantages:
- Competitive advantage: By analysing both internal strengths and external opportunities, companies can differentiate themselves from competitors and stay ahead of market trends.
- Resource optimisation: Ensures the efficient allocation of financial, human, and technological resources, aligning them with the organisation’s strategic objectives.
- Adaptability: Strategic management enables organisations to respond quickly to shifts in the market and adapt their strategies accordingly.
- Risk management: By identifying potential risks and creating mitigation strategies, companies can prevent unforeseen challenges and safeguard long-term success.
The strategic management process
The strategic management process can be broken down into five key steps:
- Defining the direction: Establish clear, specific, and measurable goals that align with the organisation’s vision.
- Analysing the current situation: Conduct a SWOT analysis to understand the internal and external factors that will influence strategic decisions.
- Outlining a strategy: Develop a realistic and actionable plan that leverages the organisation’s strengths and addresses its weaknesses.
- Executing the plan: Implement the strategy by aligning resources, assigning responsibilities, and closely monitoring progress. Strategic management happens at broader levels like organisation-wide leadership, but it can also be implemented at a department or team level.
- Evaluating and adjusting: Assess the success of the strategy regularly, using key performance indicators (KPIs) to measure progress and make necessary adjustments.
Why learn strategic management at SPJIMR?
Strategic Management is a part of the curriculum of the PGPM programme at SPJIMR. It is designed to develop strategic thinkers capable of making informed decisions in complex environments.
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This module empowers participants to articulate their strategy and decode the strategies of other players. The module covers classic concepts and tools such as value chain analysis and advanced frameworks such as judo strategy and corporate strategy. It is designed for both breadth and depth of coverage. Concepts will be illustrated through contemporary examples, interactive discussion, and multimedia case studies. Participants are also encouraged to apply the learnings to their individual business context and clarify their thinking by asking questions in a safe and non-judgmental environment.
Here’s what students can expect to learn:
- Strategic thinking: Understand the balance between long-term vision and short-term goals, even amidst great complexity.
- Building a competitive moat: Identify strategic challenges and respond systematically to enhance your business’s competitive advantage.
- Understanding strategic landscapes: Analyse national and international market dynamics, customer interfaces, and industry trends like SaaS and AI.
- Decoding business strategies: Analyse your own and competitors’ strategies and make informed recommendations to strengthen your company’s position.
- Navigating contemporary developments: Understand the impact of trends like outsourced business models, informatics, and modular product systems.
- Multi-stakeholder management: Manage various stakeholder interests, including workforce and communities, to align with strategic goals.
- Economics of strategy moves: Evaluate the economic implications of strategic decisions in varying return conditions.
This module combines theoretical knowledge with practical applications through case studies, simulations, and interaction with industry leaders, providing a comprehensive strategic education for aspiring leaders.
Students’ speak on the module
“Strategic Management lectures have been immensely enjoyable for me. Learning about different strategies like Porter’s 5 forces, the Diamond Framework, the Environmental Analysis Framework, the CAGE Framework, etc., and their global implementation has sparked even more interest in this subject. The case studies discussed in the class with Prof. Rajiv Agarwal, Prof. Renganathan Krishnamurthy, and Prof. Debraj Ghosal gave valuable insights of how things are in this industry. I absolutely cannot wait to go to Germany and start my master’s in Strategy and International Management. Not only has this subject given me valuable insights into the realm of international business and managing organisations on a global level but has also helped me strengthen the foundation for my further studies in this field.
~ Shefali M.
World-class faculty members shaping strategic management programme at SPJIMR
The strategic management curriculum at SPJIMR is taught by experienced faculty members who bring a wealth of knowledge to the programme.
Bindu Kulkarni, Associate Professor, Strategy
Passionate for pedagogy, her intellectual contributions and research interests include teaching styles, learning styles, learning outcomes, Blue Ocean strategy, and design thinking. She has 25 years of overall experience, with a seven-year stint in industry before joining academics.
Bikramjit Ray Chaudhuri, Associate Professor, Strategy
Bikramjit Ray Chaudhuri holds a Ph.D. (FPM) in strategic management from the IIM Calcutta and an MBA from IIM Kozhikode. He has been ardently pursuing research in various facets of strategic management and corporate sustainability strategy, with recent research interest in the behavioural strategy domain.
Arindam Das, Professor, Strategy
Arindam Das, a practitioner-turned-academic, specialises in the areas of corporate strategy, governance, and digital transformation. For more than two decades, he worked with technology consulting and services’ organisations before joining academia.
His current research spans diverse areas of business performance such as technology-enabled business model transformation, cross-border investments of emerging market firms, and sustainability initiatives of multinational enterprises.
Faculty members who bring practical insights and extensive industry experience, making the programme highly relevant for future leaders.
What are the career opportunities in strategic management?
Mastering strategic management opens doors to a wide range of leadership roles across industries, including:
- Strategy Consultant
- Corporate Strategist
- Business Development Manager
- Operations Strategist
- Management Consultant
These roles are highly sought after in industries such as finance, technology, healthcare, and government, making strategic management an essential skill set for aspiring leaders.
Master strategic management with SPJIMR’s PGPM
SPJIMR’s PGPM programme is uniquely designed to help aspiring leaders develop the skills necessary to excel in strategic management. With a curriculum focused on real-world applications, guided by experienced faculty, and enhanced by industry interaction, students gain the knowledge and tools to lead organisations strategically. Whether you aim to excel in corporate strategy or lead transformational business initiatives, SPJIMR provides the ideal platform to master strategic management and become a future leader in the business world.
