Do you know ‘Strategic Management’ is one of the most important papers on MBA program? So what’s the need of imbibing this particular topic in the MBA course structure of the top B-schools? This article would give some answers to it by explaining the concept of strategic management and thinking that goes behind it.
If strategic thinking of employees is in the right place than companies would be happy to bet on their skills which would lead to more improvement and it would be clearly visible in their performance. People who have already known this concept are aware of its working and its optimistic effect on the functioning of a company. Many corporate arrange for special strategic management training for their managers to upgrade their skills and thinking. So what does the concept of strategic management truly mean?
Strategic management procedure and strategic thinking are interlinked have created many interesting concepts. This procedure by and large helps companies recognize and define their strategies. Managers utilize the strategic management process for crafting company strategies that would help the company better its performance, increase productivity and bring in more motivation for the employees. This is an on-going process that needs regular evaluation of internal and external circumstances of the company. It requires to weigh the strengths and weaknesses of the organization eventually giving a helping hand in coming up with perfect business strategies. Companies that have been successful in generating proper strategies have a greater chance of proper functioning.
Management gurus regard strategic management which is a stepwise procedure with four steps to be covered, namely: strategy evaluation, strategy formulation, scanning of company environment and implantation of strategies. MBA program teaches to apply strategic thinking at each of these steps and mold their thinking in a strategic manner.
Every component of strategic management may seem to be individual but they are in perfect harmony with each and needs to interact at work level.
