Strategy Management | How to Become A Strategy Manager in 2022 | Salary, Skills, Job Role, Companies

Summary

In this video, Shreesh discusses the lucrative and lesser-known career of strategy management, highlighting its demand and potential for significant financial rewards. Using examples like Airbnb’s success and Kodak’s downfall, he emphasizes the importance of strategic thinking in business growth. The video covers five key points: what strategy management is, future scope and job opportunities, essential skills, roles and responsibilities, and a roadmap to building a successful career in strategy management. It also provides insights into education pathways and certifications, offering a comprehensive guide for aspiring strategy managers.

Takeaways

• 🎯 Strategic management is the process of setting goals, procedures, and objectives to make a company more competitive and profitable.
• 📈 The demand for strategy managers is high, offering lucrative financial rewards and opportunities for growth, especially in top companies like Accenture, Deloitte, and Airbnb.
• 💼 Strategy managers work closely with corporate executives and various teams to implement both short and long-term business strategies.
• 🏆 Success in strategic management requires key skills such as analytical thinking, business acumen, decision-making, and effective communication.
• 📚 A career in strategy management can be pursued through degrees in business or management, followed by gaining practical work experience and industry-specific certifications.
• 💡 Strategic management offers sustainability by helping businesses better use resources, streamline processes, and plan for the long term.
• ⚖️ Managers often use tools like SWOT analysis and the Balanced Scorecard to evaluate internal strengths and external opportunities for better decision-making.
• 🚀 Strategy managers must focus on long-term vision while being adaptable to changing environments, as demonstrated by the success of Airbnb and the downfall of Kodak.
• 🎓 For students and professionals, pursuing an MBA or certification in strategic management can significantly boost career prospects in this field.
• 💼 Entry-level strategy management roles include positions like business analyst, project management coordinator, and financial analyst, with opportunities for rapid advancement.

Q & A

What is strategy management?

Strategy management is the process of setting goals, procedures, and objectives in order to make a company more competitive and profitable. It involves long-term planning, decision-making, and collaboration across departments to implement operational strategies.

Why is strategy management important in business?

Strategy management is important because it helps businesses plan for long-term success, optimize their resources, and ensure all departments are aligned towards achieving the company's goals. Without it, businesses may struggle with direction and fail to capitalize on opportunities or respond effectively to challenges.

Can you provide an example of a successful strategy management case?

A great example is Airbnb. Initially struggling with low bookings, the company co-founders decided to personally take and upload high-quality photos of listings. This simple strategic move doubled and tripled sales within a month, showing the power of strategy in business.

What caused Kodak, once a market leader, to fail?

Kodak's downfall was due to its failure to adapt to the digital revolution. Despite inventing the first digital camera, the company continued to focus on traditional film cameras. This outdated strategy caused Kodak to lose its market share and eventually file for bankruptcy.

What are the key skills required for a successful career in strategy management?

Key skills include structural and logical thinking, business and management skills, problem-solving, decision-making, and excellent communication. Leadership, attention to detail, and the ability to work under pressure are also crucial.

What are the typical roles and responsibilities of a strategy manager?

Strategy managers are responsible for creating and implementing strategies to drive business growth. They collaborate with executives and departments, use tools like SWOT analysis, and ensure all business functions are aligned with the company’s objectives.

What are some common job titles related to strategy management?

Common job titles in strategy management include Strategy Manager, Business Analyst, Project Analyst, Financial Analyst, Business Development Coordinator, and Compliance Officer.

What is the future scope for careers in strategy management?

The future of strategy management is promising, with increasing demand in industries due to the dynamic shift in global businesses. The career offers high financial benefits, streamlined processes, and long-term sustainability for companies, making it a lucrative field.

Which companies are known for hiring strategy managers?

Top companies hiring strategy managers include Accenture, Deloitte, IBM, KPMG, Infosys, Mahindra, Tech Mahindra, Wipro, and JP Morgan.

What educational path should one follow to pursue a career in strategy management?

To pursue a career in strategy management, students can start by obtaining an undergraduate degree in business, management, or related fields. They can then specialize with a master's degree in strategic management or an MBA. Gaining practical experience through internships or entry-level positions is crucial for success in this field.