BME 3501 Strategic Management


Course Code BME 3501
Course Title Strategic Management
Number of Credits 5
Academic Year 3

Knowledge about strategic management is necessary for all managers working in any organization. It brings together and integrates the various disciplinary curricula from a holistic view point. At present, organizations face increasing environmental uncertainty with shortening product and technology life cycles and increasing competition. Managers need to develop an understanding of their organizations’ industry, structure, external environment as well as its internal strengths and weaknesses. It is also important that managers are able to think creatively in formulating and implementing their strategies to ensure their organization’s success in its industry. Thus, this course focuses on the relevant strategic management concepts, theories and principles that would enhance skills and abilities of students so that in the future they can contribute towards an organization’s competitive advantage. Further, this course emphasizes more on analysis, formulation and implementation of strategies in organizations.

  • To provide comprehensive understanding of the concepts of strategic management and components of the strategic management process, and strategic analysis
  • To develop the knowledge to understand how an organization can build and maintain a competitive advantage through its choice of corporate, business, functional and operational level strategies and understand the implementation process and monitoring and evaluation of strategies

 

To develop necessary skills to prepare, monitor, critique and edit strategic plan/ corporate plan of an organization.

At the end of the course, the student will be able to;

  • Identify the concepts of strategic management and components of the strategic management process.
  • Identify the nature of business environment and analyze internal and external environment and their relationship with strengths, weaknesses, opportunities and threats.
  • Identify the range of strategies available for an organization and understand how an organization can build and maintain a competitive advantage through its choice of corporate, business, functional and operational level strategies.
  • Describe the implementation process and monitoring and evaluation of strategies for the sustainable success of organizations.

Apply knowledge to prepare, monitor, critique and edit strategic plan / corporate plan of an organization.

Main Topics Sub Topics No. of Hours
1. Introduction to Strategy and   Strategic Management 1.1 Definitions of Strategy and its different perspectives, its origin and  characteristics of a good strategy

1.2 Organizational Strategy

1.3 Definitions of Strategic Management

1.4 Role of Strategic Management

1.5 How Strategic Management differs from other functional areas of Management

1.6 Importance of Strategic Management

06
2. Strategic Thinking and its Importance in Preparing for the Future 2.1 Approaches to prepare for the future

2.2 Analytical thinking and Creative

thinking

2.3  Strategic thinking and its characteristics

2.4  Strategic Thinking and Strategic Planning

2.5   Strategic Fit and Strategic Intent

03
3. Setting the Future Strategic Direction 3.1 Steps in Strategic Management Process

3.2 Strategic pillars needed to articulate the future direction

3.3 Industry Foresight

3.4 ArticulatingVision

3.5 Developing a Mission

3.6 Developing Goals and Objectives

06

 

 

 

4. Understanding the Strategic Position through SWOT Analysis 4.1  Strategic Analysis

4.2  Business Environment, its classification and components

4.3  SWOT Analysis, its aims, practical  application, benefits and pitfalls

06
5. Understanding the Strategic Position through Core Competency Assessment 5.1 Organizational Resources, capabilities and Competencies

5.2 Core Competencies and its  sustainability

5.3 Value Chain Analysis

06
6. Global, Societal and Industry Environment Analysis 6.1 Analysis of Global Environment

6.2 Analysis of Societal  Environment

6.3 Analysis of Industry Environment

09
7. Stakeholder Expectations and Organizational Purposes 7.1 Stake Holder Analysis

7.2 Corporate Social Responsibility

7.3 Corporate Governance

7.4 Business Ethics

06
8. Strategy Formulation at Corporate Level 8.1 Corporate strategic directions

8.2 Corporate strategic options and different organizational contexts

8.3 Corporate level Strategic options and different modes

06
 9. Strategy Formulation at Business  Level 9.1 Foundations of business level strategies

9.2 Business level strategic options for single and multi business organizations

9.3  Porte’s Generic Competitive Strategy Model, Hybrid strategies, Strategic Clock etc.

09
10. Strategy Evaluation and Selection 10.1 Common strategy evaluation criteria

10.2 Strategy evaluation Frameworks or  Models

10.3 Eliminating strategy selection errors

10.4 Qualitative factors influencing the strategic choice

06
11. Strategy Implementation 11.1 The task of strategy implementation

11.2 Planning of strategy implementation

11.3 The implementation problems and issues

11.4 McKinsey’s 7-S Framework

11.5 Structure, Culture and Leadership and Strategy implementation

06
12. Strategy Review and Control 12.1 Introduction to strategy review and control

12.2 Tools and Techniques of strategy  review and control

12.3 Financial and non-financial performance review

 

06
Mode of Evaluation Final examination will be conducted.
  • Johnson G., Scholes K., Whittington R. (2008) Exploring Corporate Strategy: Text and Cases,8th Edition, FT Prentice Hall Europe. ISBN 978-0-273-71192
  • Capon, C (2008) Understanding Strategic Management. FT Prentice Hall. ISBN 0273694987 or ISBN 978-0-273-69498-4Hill,

C.W.L and Jones G. R. (2008) An Integrated Approach to Strategic Management. Cengage Learning ISBN- 13 : 978-81-3150-3958-6