Strategy and Management

" Strategy and Management"

Ms. Charushi Jain, Asst Professor 

Department of Commerce & Management

Poddar International College

What is strategic management?

Strategic management is the process of formulating, implementing, and evaluating decisions and actions that enable an organization to achieve its long-term objectives. It involves setting goals, analyzing internal and external environments, making strategic choices, and allocating resources effectively to ensure sustainable competitive advantage and organizational success. Poddar Business School gives practical exposure to the students which helps them in dealing with real-life problems in real-time in business.

The scope of strategic management encompasses several key areas:

• Goal Setting: Strategic management involves setting clear and specific long-term goals and objectives that align with the organization's mission and vision. These goals provide a sense of direction and purpose for the organization and guide decision-making at all levels. Poddar Business School teaches students the importance of goal setting as it plays a crucial role in achieving milestones set up by business owners and their companies. 

• Environmental Analysis: Strategic management requires analyzing both the internal and external environments in which the organization operates. This includes assessing factors such as market trends, competitive dynamics, technological advancements, regulatory changes, and macroeconomic conditions to identify opportunities and threats.

• Strategy Formulation: Strategic management involves developing strategies to achieve the organization's long-term goals and objectives. This includes identifying strategic alternatives, evaluating their feasibility and potential impact, and selecting the most appropriate course of action.

• Strategy Implementation: Strategic management encompasses the process of implementing the chosen strategies effectively throughout the organization. This involves allocating resources, defining responsibilities, establishing systems and processes, and aligning the efforts of employees with the strategic goals. Poddar Business School has partnered with Rajasthan Skill University to enhance the skill sets of all the students. To establish a profitable business, it is necessary to have a command of communication skills, leadership skills, critical thinking skills and several other skills.

• Performance Monitoring and Evaluation: Strategic management requires monitoring the progress of strategy implementation and evaluating performance against predetermined goals and objectives. This involves measuring key performance indicators, identifying deviations from the plan, and making adjustments as needed to ensure that the organization stays on track. Poddar Business School keeps track of the overall performance of all the students weekly, monthly and yearly. We ensure the best quality education for all our students. The school has partnered with Rajasthan Skill University to enhance the skill sets of all the students.

• Organizational Learning and Adaptation: Strategic management involves fostering a culture of continuous learning and adaptation within the organization. This includes gathering feedback, analyzing outcomes, and incorporating lessons learned into future strategic decisions to improve organizational effectiveness and agility.

• Corporate Governance and Ethics: Strategic management encompasses considerations of corporate governance and ethical practices to ensure that decisions and actions align with the organization's values and stakeholders' interests.

In summary, the scope of strategic management encompasses the entire process of setting goals, analyzing environments, formulating strategies, implementing plans, monitoring performance, fostering organizational learning, and ensuring ethical conduct to achieve long-term organizational success.

Strategy and management are closely linked concepts within the realm of business and organizational development. Here's how they are connected and why it's important to strategize before management:

• Alignment of Goals and Actions: Strategy provides the overarching direction and purpose for an organization. It defines the long-term goals and objectives that management aims to achieve. Without a clear strategy in place, management may lack direction and clarity in decision-making, leading to inefficiencies and misalignment of efforts.

• Resource Allocation: Strategy guides the allocation of resources such as financial capital, human capital, and time. Effective management involves making decisions about how to allocate these resources to achieve strategic objectives. Without a strategic framework to guide resource allocation, management may distribute resources ineffectively, leading to wasted resources or missed opportunities.

• Risk Management: The strategy involves assessing risks and uncertainties in the external environment and developing plans to mitigate them. Management is responsible for implementing these risk management strategies and adapting them as needed. By strategizing before management, organizations can proactively identify potential risks and develop contingency plans, reducing the likelihood of negative outcomes and enhancing resilience. Poddar Business School gives practical exposure to the students which helps them in dealing with real-life problems in real time in business.

• Long-term Planning: The strategy focuses on long-term planning and positioning the organization for future success. Management involves executing the plans and initiatives outlined in the strategy. By establishing a clear strategic direction beforehand, management can make informed decisions that support the organization's long-term goals, rather than focusing solely on short-term gains.

• Adaptation and Flexibility: Strategy provides a framework for adaptation and flexibility in response to changes in the external environment. Effective management involves monitoring external trends and internal performance metrics to ensure alignment with the strategic objectives. By strategizing before management, organizations can anticipate changes and proactively adjust their management practices to remain competitive and achieve their strategic goals.

In summary, strategy provides the foundation and direction for effective management by aligning goals, guiding resource allocation, managing risks, facilitating long-term planning, and promoting adaptation and flexibility. It's important to strategize before management to ensure that management practices are aligned with the organization's strategic objectives, leading to more efficient and effective outcomes. Poddar Business School provides all the required knowledge to run a successful business. Poddar Business School ranks as the number 1 B-School in Rajasthan and 30th all over India. The Business School not only teaches the hard skills but also soft skills that are required to run an efficient business or start-up.