Strategic management is integral to the present day business studies. This is because the world of business has become increasingly complex, volatile and competitive. The modern manager has to be able to strategize and execute strategies that will catapult the organization to the forefront. To understand why Strategic Management is a crucial module in the MBA program we need to have clarity on what the subject of Strategic management is. Unlike other subjects such as Marketing and Human resources, Strategic management is not limited to one domain and often straddles multiple areas which include Finance, Marketing, HR and Operations. Creating and executing strategy has to be based on a sound understanding of the other subsystems in a business entity.
A clear understanding of the business environment and a talent to forecast and predict possible trends is what helps the organization to survive and excel. As business students, it then becomes inevitable that they gain exposure to this skill and learn the basics of strategy formulation and implementation. Although the business graduate might not immediately start with formulating strategies, the hands-on knowledge of the methods of implementation would be a great asset in any strata of management. As the students progresses in to higher echelons of the management the formulating and analysis aspects become more relevant. As a part of the strategic management module the student would get an in-depth understanding of the following:
The strategic management process
Strategy drivers and forecasting techniques
Environmental analysis tools and techniques
Challenges faced in strategy execution
Designing organizations for strategic advantage
Managing human performance, innovation and change
Evaluation of strategies and success factors
While mastering the strategic process and the complexities of the market is a work of a lifetime, the strategic management module in the MBA program will equip the student with the principles and techniques to become successful managers.