Intro - Strategic Management – The Competitive Edge

Summary

This course on strategic management provides a comprehensive introduction to the key concepts and practices necessary for success in today's competitive marketplace. The course is divided into seven modules, covering topics such as the evolution of strategic management in India, the role of the board of directors, environmental scanning, strategy formulation and implementation, and knowledge management. The instructor recommends two essential books for the course, which offer valuable insights into the Indian context. This course is ideal for those looking to enhance their strategic management skills and apply them in real-world scenarios.

Takeaways

• 🎓 The course is an introduction to strategic management, focusing on its importance for company survival and market progress.
• 📚 The course is structured into seven modules, each covering different aspects of strategic management.
• 🇮🇳 The first module introduces strategic management with a focus on its development in the Indian context.
• 👥 The second module discusses the role of the board of directors and its relevance in the modern corporate environment.
• 🌍 The third and fourth modules cover environmental scanning, both external and internal, to help formulate strategy.
• 📊 Strategic factors matrices, such as EFAS, IFAS, and SFAS, are key tools introduced for strategy formulation.
• 🏗️ The fifth module focuses on implementing the formulated strategy within an organization.
• 🔄 The sixth module addresses the need for corrective actions, evaluation, and control mechanisms during strategy implementation.
• 🧠 The final module covers additional strategic issues, including knowledge management and technology management.
• 📖 The course recommends two key textbooks authored by the instructor, both relevant to strategic management in the Indian context.

Q & A

What is the primary focus of the course on strategic management?

The course primarily focuses on the important aspects of strategic management, highlighting its significance for both the survival and progression of companies in the marketplace.

How many modules are covered in this strategic management course?

The course is covered in seven modules.

What will be discussed in the first module of the course?

The first module will cover an introduction to strategic management, focusing on its development in the Indian context.

What is the focus of the second module?

The second module focuses on the board of directors of a company and its significance in the present-day context, particularly in relation to important sections of the Indian Companies Act.

What topics are covered in the third and fourth modules?

The third and fourth modules cover environmental scanning and strategy formulation, including both external and internal environmental scanning, and the development of strategic factors matrices (EFAS, IFAS, and SFAS) for the organization.

What is the purpose of the strategic factors matrix (SFAS) in the course?

The SFAS matrix is used to combine external and internal factors matrices to help formulate strategies for the organization.

What will be discussed in the implementation module?

The implementation module will discuss how to implement the formulated strategy in an organization and address any necessary corrective actions, including evaluation and control mechanisms.

What strategic issues are covered in the final module of the course?

The final module covers additional strategic issues such as knowledge management, technology R&D, and technology management in the present-day context.

What textbooks are recommended for this course?

Two textbooks are recommended: 'Strategic Management: The Indian Context' (6th edition, 2020) and 'Case Studies in Marketing: The Indian Context' (7th edition, 2018), both authored by the course instructor and published by Prentice Hall.

Why does the instructor suggest purchasing the recommended textbooks?

The instructor suggests purchasing the recommended textbooks as they are affordable, published in the Eastern Economy Edition, and serve as valuable resources for understanding strategy and case studies in the Indian context.