Strategic management is a core function of businesses across all sectors. The leadership of an organisation relies on strategic management to help with revenue generation, business decision making, corporate strategy and brand positioning. As strategic management is made of a series of essential business functions, a degree in this area can make graduates competitive job candidates.
If you are planning to study a strategic management course, this article will give you insight into this crucial business function.
What is strategic management?
Strategic management can be broadly defined as the continuous planning, monitoring and assessment of all necessary business functions. It is the process of defining a firm’s strategy, which boosts productivity and performance of the products and services it offers. Organisations rely on this line of work to reach its goals.
What will you learn in a strategic management course?
- Business operations management: Business practices are administered using operations management to maximise the efficiency of an organisation. In this module, you will learn how to plan and implement operations management strategies in a global setting.
- International marketing and leadership: This module will help you understand how to plan and execute international marketing strategies. It will also train you to predict future trends in global businesses by analysing a given data set.
- Global business strategy: In this module, you will gain leadership and international corporate strategy skills. Strategic decision making is integral to all businesses, so you will learn how to make informed decisions and implement them effectively in real life situations.
- Accounting and corporate finance: For efficient strategy management, it is important to accurately evaluate the finance front of a business and the financial risks it may encounter in a changing economy. In this section of the course, you will learn financial concepts for making business decisions.
- Research skills: Exceptional research skills are essential for strategic management. This course emphasises theoretical and practical research skills, which helps you assess real-world critical business situations effectively and create efficient solutions.
What skills do you need for strategic management?
- Planning and execution: As a strategic management professional, you will be required to plan, organise and execute strategies that benefit an organisation. One of your key responsibilities in this role is to optimise the organisation’s available resources, time and ideas.
- Communication skills: In this career, you will interact with your teammates to design effective strategies. You must be able to communicate your ideas effectively, as well as listen and understand other people’s opinions.
- Critical thinking: In order to succeed in this line of work, you must objectively analyse information and make an effective judgement. This skill will help you tackle problems with an unbiased and logical approach.
- Business acumen: Since you will be an invaluable member of a business team, having exceptional business acumen is crucial. It will help you understand effective ways to deal with a business situation and improve your leadership skills.
What are the career options in strategic management?
- Business analyst: These professionals are responsible for analysing business operations and integrating technology into business processes. Their primary responsibilities include assessing the business, analysing risks, setting budgets, forecasting market trends and defining business requirements.
- Product strategist: This role may change depending on the organisation. In general, product strategists are responsible for keeping a project on schedule, as well as collaborating with the design and development team, analysing customer feedback and being involved in user research.
- Marketing consultant: As a marketing consultant, you will be required to devise marketing strategies, track sales progress, analyse customer feedback and modify marketing strategies according to user demand.
- Financial analyst: These professionals participate in the financial decision-making process of an organisation. One of the primary responsibilities of a financial analyst is to gather data and create financial models to support business decisions. This role also includes tasks like improving the financial health of an organisation, monitoring market trends, analysing past and predicting future trends.
- Business development coordinator: This role requires you to generate leads, develop sales strategies, understand the requirements of existing clients and devise strategies to attract new clients.
How much can you earn after earning a strategic management degree?
According to payscale.com, the annual average salary of a strategy manager is £51,331. However, salaries vary depending on the industry you are in and the amount of experience you have.
With the increasing need of strategic management in businesses, the demand for specialists in this field is growing. Several educational institutes are offering courses in the area to help students understand strategic management’s role and importance in a business.
Edology offers an MSc Strategic Business Management programme, in which you will acquire skills that you can use in local, national and international business settings. Edology is an online platform that offers various professional courses and facilitates world-class education for students who want to learn online.
If you are interested in taking up strategy management as a career, enrol for the course now.