Strategic Management as the name suggests manages the different strategies of the organization. Any decision making process is incomplete without the analysis of the strategies which have been planned. Strategic Management basically deals with analysis of strategies like how many resources should be allocated to what department and how much expenditure should take place for the same. By now you must know about SWOT analysis; strategic management helps in the analysis of all these external and internal factors that are associated with SWOT analysis and helps in taking the right decision before any plan is put into action.
Strategic Management starts from the creation of the strategy and evaluates it, followed by constant analysis of the same during the process of it being put into action to evaluating it post the completion of the work. It considers all the aspects of the strategy and analyses it in depth to avoid any mistakes and flaws that may lead to losses and increase the profits. It can be applied all different departments in an organization.
We study this subject because it is very important to know the feasibility of a plan before it is put into action. As a manager or an entrepreneur in the future it will be foolish of us if we take any decisions without proper strategy making and its analysis. This subject teaches us a lot of the basic theories and concepts that need to be known by a business professional which is why studying this subject is quite important. It is a complete theory based subject and you will have to study it just that way, no sums, no formulas and no diagrams to help you out with it. But when everything goes to #ThisIsSoBoring mode the one to help you out of it is of course BMS.co.in so we surely will work out a very simple and entertaining pattern to deal with such 100% theory subjects that make us fall in love with our bed even more!
The Topics covered in this subject are as follow:
Introduction to Strategic Management
Definitions & Concepts
(Company / Business / Management levels)
Nature, importance & benefits of strategic Management
Strategic Management models & guidelines for effective Strategic Management
Overview of Strategic Management Process
-Setting objectives (Vision, Mission, goals)
-Analysing internal and external environment (SWOT)
Entrepreneurial Model •
Adaptive Model •
Planning Model •
Types of strategies
Analysing and choosing the right strategy
Implementation of strategy to functional areas
– Human Resource Management
-Others (R & D, Innovation, Quality enhancement etc)
General Characteristics of an effective Evaluation System
Contingency planning and auditing
How can you Study this subject?
Well like all complete theory subjects it is really easy to study this subject by following these 5 formulas:
- Read the chapter.
- Underline the key words.
- Follow it up by reading the case studies given at the back of the chapter.
- Solve doubts in class.
- Learn the answers.
With a subject like strategic management, the most interesting part of this subject is the case studies that you will solve, so make sure you read them well!
These 5 points are like golden rules for any theory subject that you learn; you can definitely score good marks if you follow this pattern. But if it gets too boring, what is it that will drive us to learn this subject? Well I myself was driven to study marketing or human resource management because I knew I could make a career in those subjects, but when I studied strategic management I was quite bored, logically so because I didn’t know that there is a career opportunity available in this field as well.
You can make a career as a strategic manager and it is quite an interesting profession too! Basically strategic managers help organizations and companies in taking core decisions by analysis of their current processes and financial position, so if Kodak which was into making camera rolls plans to get into making digital cameras will the company succeed or make losses? if a company like the Bennett and Coleman co. who owns TOI plans to start a television channel will it work? if it has to work what sort of content will they need to showcase? How will they start it? So many such questions that need answering will be answered by strategic managers by basis of analysis and research and analysis.
In the beginning you will work under the guidance of senior members and as a part of a team and later on as you develop experience and knowledge you can start working individually and head departments as well. It is a very interesting and high flying career option to be considering for someone who wishes to make a hard core career in the corporate world. So now that we know there is a good opening for making a career with a lot of growth opportunities in this field the interest levels for knowing a subject that acts as a passport to such an interesting career option rise considerably.
As far as scoring good marks in exams are considered you need to devote an hour a day for a week in before your internals so that you can cover up the syllabus well in time. Once you follow the above given pattern to study the subject you can follow it up by learning the important question answers given at college. This subject is not difficult, if you study it well in time but if you try and cram up everything in the last minute then there may be chances of getting a KT in this subject.
Do I need to join a Coaching Class?
There is no need to join a coaching class for this subject, but devoting an hour a day is a must to be able to score really good marks. You do not need to refer to two or three textbooks and make notes, just make sure you have one good text book that covers everything from your syllabus and you can clear the exams easily.
How can I do LMS?
If you are short on time and need to pass, then do not mug up or cram the notes into your mind, this may lead to your forgetting the answers easily. Instead of that you can follow these steps for last minute studies:
- Read each chapter and mark the important points.
- Take up important question banks given at college and study the answers given there.
These two steps will help you cover a lot of your syllabus and increase your chances of passing in the exams without getting blank while attempting the paper.
Where can I get Reference notes for this subject?
The LMS debate:
LMS or last minute studies are like the sole reason many of us clear our first four semesters in BMS and a few use the technique for the last year too! It’s kind of cool actually to study at the very last day/ week/ month for a semester and the worst will be that you will get a KT right? what more can happen? A few marks here and there won’t decide who you are in the end will they? Well actually they will! These few marks have a direct impact on your GPA and when you fill forms for higher education at different colleges this GPA gets you eliminated from your dream.
The best of the best won’t want to admit 3-4 pointers would they? The ones who hire you too will prefer a minimum of 5 on your GPA score if its a really good organization and this simple statement is enough to let you know why LMS is never the right option. It may sound really glamorous and cool to study at the end, because studying in time is like way too nerdy right? But at the end of the day its your future and your dream at stake right?
Think about it and all the best for strategic management!