What is Strategic Management
Strategic Management is a postgraduate course of two-years involving advanced lessons in psychology, sociology, and economics with the aim to develop an analytical approach in students which is an important factor of strategic issues management. The course is divided into four semesters, each for a period of six months.
The course teaches about how managers must employ the formal and informal relationships that exist between various organisations in an industry, originate solutions for various problems encountered by an organisation, and effectively formulate and implement an organization's key strategies, the results of which shapes the structure and functioning of an organization.
Strategic management trains the eligible candidates in developing functional and managerial skills, building relationships with organisations, providing the recruitments in corporate management and strategy along with providing a platform for students, teachers, and industry experts to exchange leadership and management concepts.
A strategic management student is required to use his/her knowledge from other domains and fields including business administration, finance and marketing, risk management, negotiation, statistics and human resource. There are various universities and colleges for business and economics which offer strategic management as specialization or a concentration track for a business management degree.
Eligibility Criteria (UG & PG) of Strategic Management
If the candidates meet the basic requirements mentioned above then they are required to clear the entrance examinations such as CAT, XAT, GMAT because the universities require entrance exam scores to analyse the capability of the student and the admission is granted on the basis of entrance exam.
Eligibility criteria can be defined as the minimum prerequisites prescribed by the government in order to be eligible for the admission to a particular course. Eligibility criteria for admission to MBA strategic management program is described below:
Candidates must hold a minimum 3-year bachelor’s degree in any discipline from a recognized university with a minimum of 60 percent aggregate.
The selection criteria not only involves the entrance exam scores but also academic qualification, work experience, interpersonal skills. Top institutes like IIM conduct personal interviews to judge the capability of the students.
Various universities across India offer admission to the MBA Strategic management programme. Students are required to follow the admission process for the university they are interested to apply in. Application process consists of a few important steps that are to be followed by the students in order to register themself for the admission.
The universities follow various selection criteria and the final list of selected students is released after the completion of the admission process. The fee structure for the programme varies according to the university and the geographical location of the college. The fees for the programme ranges from Rs. 2 lakhs to 17 lakhs annually.
Following is the general admission process for MBA strategic management programme in any university:
Candidates are required to fulfill the eligibility criteria as prescribed by the particular university.
Candidates should pass the required entrance examination as conducted by either the government or the individual university or college.
Candidates are required to fill the admission form and send it to the administration of the college or university.
After filling the application form, candidates are required to verify their documents by the college/university authorities. They need to make sure that the details mentioned on the documents match to the details mentioned in the application form.
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Scope of Strategic Management in India and Abroad
The scope for strategic managers is huge. There is an undeniable requirement of the post in each and every organization no matter what their work is. There is a huge advantage of the subjects taught and these help you excel in your career as a strategic manager.
A course on strategic management aims on how to advance and execute impactful business and corporate strategies. As a strategic management specialist one is required to determine the aspects accountable for formulation of the firm’s strategy keeping in mind the long term objectives and goals, SWOT analysis, critical approval of resources and the personal goals and ambitions of managers.
Strategic management processes must possess flexibility so that it can be adapted to environment and market capriciousness. A Strategic Management program enables one to absorb functional contemplations in industry decision making situations. It also teaches the individual to make a careful examination of situation, industry, competition, and cost.
The job scope and employment scale for Strategic Design Management is expanding with higher employment options. An individual can also excel selecting on cultural features or administration, as this domain covers both the niches.
A set of business specialists who can confidently, gently and creatively determine any challenge by preparing a unique strategy which will create a competitive space in the organizations, will be prioritized by the industries. Strategic management course has also annihilated major scope globally, which is building significance to the field of Strategic and Design Management in India.
To gain a higher position in the market or to be a successful business, the strategy applied in marketing any product, brand or industry will play an important role. An individual with a combination of various skills like creativity, administration, marketing, technology, arts and culture can grab good job opportunities in the domain of Strategy and Design Management. Also, a component that will add importance and weight to enhance their abilities is industry experience gained through internships.
Students with good command over the subject and appropriate knowledge about the strategy and management industry are given the first priority during the employment drive. In the present scenario, internships are considered an essential and important aspect in the career-building process. Also, the employers seek the students who possess industry experience exposure along with good academic performance.
Course Fees Strategic Management
| Minimum Fees | Maximum Fees | |||
|---|---|---|---|---|
| Private | Government | Private | Government | |
| UG |
69.00 K
B.A. in Strategic Management at Don Bosco College, Yelagiri
|
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Data not available
|
15.00 Lakhs
B.Sc. in Strategic Management at Vijay Patil School of Management, Navi Mumbai
|
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Data not available
|
| PG |
16.00 K
B.Com in Strategic Management at Municipal College Rourkela, Rourkela
|
76.00 K
MBA in Strategic Management at Devi Ahilya Vishwavidyalaya, Indore
|
13.86 Lakhs
MBA in Strategic Management at BML Munjal University, Gurgaon
|
76.00 K
MBA in Strategic Management at Devi Ahilya Vishwavidyalaya, Indore
|
| DOCTORAL |
1.58 Lakhs
Ph.D in Strategic Management at Sankalchand Patel University, Visnagar
|
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Data not available
|
6.00 Lakhs
Ph.D in Strategic Management at DY Patil University, Pune
|
---
Data not available
|
Course Subjects
Semester 1:
Organizational behavior
Quantitative analysis
Managerial economics
Financial accounting
Marketing management
Business communication
Production and operation management
Computer application in management
Semester 2:
Human resource management
Financial management
Marketing research
Economic environment of business
Knowledge and technology management
Supply chain management
Information technology management
Semester 3:
Corporate evolution and strategic management
International business government
Elective 1
Project 1
Semester 4:
Corporate governance and business ethics
Project management
Project report
Elective 2
Careers in Strategic Management
As a strategic planner one can work as an internal conference within the industry. One may work on provisional assignments within a firm unit or on a long-term situation within a central strategic planning unit of a large organization. As an entry-level strategic planner candidates are required to work on assignments under the administration of a more senior member of the group.
Work of a strategic planner involves collecting and examining the information, preparing consequences for presentation to senior management. As a vice president of strategic planning one will work with members of the administrative board (the CEO, president, CFO, COO) on long term objectives of the industries. As a strategic management graduate, they are required to manage the development of strategic vision, setting out the aims and objectives, formulating and implementing strategies, and introducing correct measures and solutions for the deviation to reach the organization's strategic intent.
People employed for Strategic management are required to hold front roles in the procedure of decision generating and are also required to deal with specialized operations such as fixing company objectives, evaluating the methods through which the goals can be achieved, the formulation and implementation of plans and procedure or anticipation of the results. Graduates of strategic management specialization are offered a variety of career prospects which include administrator, organisational manager, marketing manager, business consultant, planning specialist, brand manager, corporate service manager, development manager, or executive assistant.
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Job Profiles and Top Recruiters
Graduates of strategic management specialization are offered a variety of career prospects which include administrator, organisational manager, marketing manager, business consultant, planning specialist, brand manager, corporate service manager, development manager, or executive assistant.
IT manager: IT Managers oversee a company’s computer systems, ensure that computer systems meet a company’s needs, and upgrade technology and keep the system secure, and manage IT personnel.
As IT Managers, candidates are required to oversee and supervise a company’s computer systems. In addition to the supervision, they are also responsible for ensuring the requirements of computer systems are met by the organization;s need. They are required to upgrade technology by being aware about the current technologies being used by the various competitor organizations and keep the system secure, and manage IT personnel.
Financial Manager: Financial Managers are responsible for the supervision of all economy-related transactions and issues occurring within the organization. As financial manager, they are required to oversee the company's financial condition, prepare or review financial reports. They are also responsible for analyzing the trends and advising the top management personnel on finances and economy for profitability and optimization.
Financial Advisor: Financial advisors are required to provide investment, retirement, tax and insurance-related guidance to the customers, including financial objectives or investment strategies. As a financial advisor, their main motive is to attract clients for their organization.
HR Manager: As an HR Manager, one is responsible for directing administrative actions for an entire industry. In addition to this, hs/she is also responsible for managing the work of the organization, recruiting and hiring for the various positions across various domains present in their organization.
Management Analyst: Management Analysts are responsible for recommending the improvement and scope of enhancements to companies on costs, personnel, finances, alternate practices and work on solving specific problems.
Top recruiters:
Accenture
Alibaba group
Amazon
Coca cola company
Deloitte
Google
L’Oreal
McKinsey & Company
Sia Partners
The Boston Consulting Group
Unilever
Average Salary
The average salary for candidates who have successfully completed strategic management as a post graduation course is somewhere around Rs. 20 lakhs per annum. For an entry-level candidate, with less than one year of experience, the average total compensation offered is somewhere around Rs. 7 lakhs per annum to Rs. 10 lakhs per annum approximately. After gaining some experience in the industry, candidates can expect an average salary of Rs. 20 lakhs per annum approximately which includes overtime pay, bonuses, and tips. After gaining a considerable amount of experience in the industry, candidates can expect a salary of somewhere between Rs. 40 lakhs per annum to Rs. 50 lakhs per annum approximately.
Experience level | Salary |
Marketing manager | Rs. 7 lakhs p.a to Rs. 10 lakhs p.a approx. |
Strategy manager | Rs. 20 lakhs p.a approx. |
Chief executive officer | Rs. 40 lakhs p.a to Rs. 50 lakhs p.a approx. |
Required Skillset for Strategic Management
Required Skill Sets for Strategic Management Course
Written and oral communication skills: Open communication and cooperating with your team are keys to success. Writing skills are necessary for clear and reasonable reports. A very wise business leader once said that he knew he didn’t really understand something until he could explain it concisely, in writing, to someone else. Working on presentations and conspiring on special projects with workers outside of your department will help you enhance this skill set.
Management and organizational skills: Managing your work isn’t simple when a stack of papers have been accumulated on your desk for the past three months. Organized workers have the most rationalized processes because they know where to find what they’re looking for, whether it be paper or digital. Arrange your digital filing system in a clear and continuous manner; make sure the files are properly backed up, and necessary schedules and documents are available to your colleagues in your absence.
Leadership quality: Leadership skills are necessary and significant for strategic managers at every level of an organization or workforce. Taking charge of your work and your team will demonstrate your advanced behaviour. A leader emerges when the group is introduced with a challenge, and one person demonstrates dedication and proficiency to make sure the team delivers.
Time management: Deadlines are a necessary part of your jobs as management accountants. You are required to complete what you have - administrative filing deadlines and ever-increasing constraint for a fast monthly close. Managing your time well decreases the tension of the deadline and allows you to prioritize your work. Simplifying the repeated work and completing it earlier in the month gives you more time to focus on new projects and targets.
Use of technology: In the age of digital offices and tele-conferencing, you are required to be one step ahead of the cyber swindlers. This means you’re consistently scrutinizing the perspective for improvised processes and accounting software and leading (or co-leading with the IT department) its execution.
Course Curriculum for Strategic Management
Organizational behavior
Quantitative analysis
Managerial economics
Financial accounting
Marketing management
Business communication
Production and operation management
Computer application in management
Human resource management
Financial management
Marketing research
Economic environment of business
Knowledge and technology management
Supply chain management
Information technology management
Corporate evolution and strategic management
International business government
Elective 1
Project 1
Corporate governance and business ethics
Project management
Project report
Elective 2
Popular Strategic Management Entrance Exams in India
Popular Strategic Management Colleges in India VIEW ALL
Dr MGR Educational and Research Institute, Chennai
- Fees: ₹ 60000
Galgotias University
- Fees: ₹ 276000
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Jain University
- Fees: ₹ 240000
Frequently Asked Questions (FAQs)
Question: What is the eligibility criteria for a strategic management course?
Answer :
Following is the general admission process for MBA strategic management programme in any university:
Candidates are required to fulfill the eligibility criteria as prescribed by the particular university.
Candidates should pass the required entrance examination as conducted by either the government or the individual university or college.
Candidates are required to fill the admission form and send it to the administration of the college or university.
After filling the application form, candidates are required to verify their documents by the college/university authorities. They need to make sure that the details mentioned on the documents match to the details mentioned in the application form.
Question: What are the major dimensions of strategic management?
Answer :
The major dimensions of strategic decisions are strategic decisions involve top-management performance, strategic decisions require trust of organisational resources, strategic decisions conpell consideration of factors in the organization’s external environment, strategic decisions have a significant influence on the long-term profitability of the firm, strategic decisions are future aligned, and strategic decisions have major multifunctional or multi-business results.
Question: Is strategic management a good career?
Answer :
The scope for strategic managers is huge. There is an undeniable requirement of the post in each and every organization no matter what their work is. There is a huge advantage of the subjects taught and these help you excel in your career as a strategic manager. Hence, a student won’t regret pursuing such a career.
Question: How do you become a strategy manager?
Answer :
To become a strategy manager, earn a bachelor's degree in finance, business, or a related field. Acquire an entry-level position at a company in the industry in which you wish to work to gain experience.
Question: What is a strategic management course?
Answer :
Strategic management is a postgraduate course of two-years involving advanced lessons in psychology, sociology, and economics with the aim to develop an analytical approach in students which is an important factor of strategic issues management. The course is divided into four semesters, each for a period of six months.
Questions related to Strategic Management
Showing 11 out of 11 Questions
96 Views
strategic Management or Risk Management... which one is better ???
28th Feb, 2022
Hello aspirant,
Hope you are doing well...!!
Strategic Management is the method involved with defining objectives, methodology, and targets to make an organization or association more aggressive. Commonly, essential administration takes a gander at actually sending staff and assets to accomplish these objectives.
Example of Strategic Management includes procedure incorporating item methodology, advertising system, human asset technique, and monetary system. The utilitarian procedure is worried about fostering an unmistakable capability to give a specialty unit an upper hand.
Risk Management is a cycle that permits individual gamble occasions and generally speaking gamble to be perceived and overseen proactively, upgrading accomplishment by limiting dangers and augmenting amazing open doors and results.
Risk management is the term applied to a consistent and efficient technique for laying out the unique situation, recognizing, investigating, assessing, treating, observing, and conveying changes related to any movement, capacity, or cycle that will empower associations to limit misfortunes and augment potential open doors.
Now, go for that which suits you.
Hope this helps you!
All the best!!
Answer later 122 Views
Please help me i am confuse in 1) Marketing management 2) strategic management 3) Event management Which is best
22nd Apr, 2019
I will give you a basic idea of the above courses and my take on each of them.
Some parameters that I will take into consideration will be
Salary
Work life balance
Promotions
Roles
Marketing management:
this field is all about working with people. If you like being in charge of people, this is your fit. You need to have good communication skills because you will be constantly talking to clients. Not only will you be in charge of sales people but you will also have to pitch in and do the selling part. Ones who like it will enjoy this part.
Roles: Every industry needs Marketing and hence the roles variety offered is more in marketing. You will get to work in a lot of industries. But be careful as the learning curve is very high when you change industries.
Salary and promotions: very good starting salaries. Increments too are incredible. But with higher increments, greater expectations are put on the person to perform.
Work life balance: This is a travelling job. You will have to travel a lot in this field. You might not be able to give family a lot of time in this field. But for those who like travelling, this is a dream job.
Strategy Management: Strategic management essentially means the implementation and formulation of various strategies in order to achieve the goals of the company.
Roles: As a strategy manager your role will depend on the situation of the company. It could be that you have to strategize the company's expansion or save it from the competition of other companies. Strategists are required when needed, and this puts greater pressure on the manager to perform.
Salary and promotions: salary depends on company and your role. If you are successful in bringing value, you will be paid handsomely. Strategy managers can find themselves a seat among he board of Directors too.
Work life balance: good balance can be achieved here. You will be pulled in work when the required deadline comes closer but at other times you are mostly less worked after you have given the road map for the organization to follow.
Event management: Creating and executing an event from scratch is what is taught in the course. You will have to be able to multi task if you want to thrive in this field. It gets very stressful very often.
Pay: This field is very volatile and there may be times when there are no events to be done and you will be sitting with no work. And at other times you will be loaded with work uptill your neck. Pay depends on the size and importance of the event.
Roles: Variety of roles and a variety of work is available in this field. You get to meet interesting people and experience things. You can even start your own event management company once you have enough experience.
Now all being said, it's up to you to choose.
Money: marketing > strategy > event
Work life balance: strategy > event > marketing
Satisfaction: strategy > event > marketing..
This is just my opinion and your choice should be based on your interest and passion.
Some parameters that I will take into consideration will be
Salary
Work life balance
Promotions
Roles
Marketing management:
this field is all about working with people. If you like being in charge of people, this is your fit. You need to have good communication skills because you will be constantly talking to clients. Not only will you be in charge of sales people but you will also have to pitch in and do the selling part. Ones who like it will enjoy this part.
Roles: Every industry needs Marketing and hence the roles variety offered is more in marketing. You will get to work in a lot of industries. But be careful as the learning curve is very high when you change industries.
Salary and promotions: very good starting salaries. Increments too are incredible. But with higher increments, greater expectations are put on the person to perform.
Work life balance: This is a travelling job. You will have to travel a lot in this field. You might not be able to give family a lot of time in this field. But for those who like travelling, this is a dream job.
Strategy Management: Strategic management essentially means the implementation and formulation of various strategies in order to achieve the goals of the company.
Roles: As a strategy manager your role will depend on the situation of the company. It could be that you have to strategize the company's expansion or save it from the competition of other companies. Strategists are required when needed, and this puts greater pressure on the manager to perform.
Salary and promotions: salary depends on company and your role. If you are successful in bringing value, you will be paid handsomely. Strategy managers can find themselves a seat among he board of Directors too.
Work life balance: good balance can be achieved here. You will be pulled in work when the required deadline comes closer but at other times you are mostly less worked after you have given the road map for the organization to follow.
Event management: Creating and executing an event from scratch is what is taught in the course. You will have to be able to multi task if you want to thrive in this field. It gets very stressful very often.
Pay: This field is very volatile and there may be times when there are no events to be done and you will be sitting with no work. And at other times you will be loaded with work uptill your neck. Pay depends on the size and importance of the event.
Roles: Variety of roles and a variety of work is available in this field. You get to meet interesting people and experience things. You can even start your own event management company once you have enough experience.
Now all being said, it's up to you to choose.
Money: marketing > strategy > event
Work life balance: strategy > event > marketing
Satisfaction: strategy > event > marketing..
This is just my opinion and your choice should be based on your interest and passion.
63 Views
Average salary we get after doing this course and also tell te highest salary
15th Apr, 2019
Dear Krushna,
The average salary of strategic management specialist is around INR 4,00,000 to 18,00,000 after post graduation. Some job position are IT manager (11,00,000) , financial manager (9,00,000) , finance advisors (4,00,000) , etc.
Regards
10124 Views
Difference between strategy and strategic management
17th Feb, 2019
Hello aspirant,
I can help you with better information.
Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for an organization.
It is a continuous process that evaluates and controls the business and the industries in which an organization is involved.
The business management on other hand, is the day to day job of the manager. It consist of 5 functions planning, organising, staffing, directing & controlling.
Hope above information is helpful to you
Thank you
150 Views
Hi, I got 90.69 in CAT 2019, but only in 69.26 in QA. Can i expect any calls? I am in General category. Can i edit my profile?
5th Jan, 2019
Hi Sam,
Congrats on a good overall score.
Chances for IIM calls are bleak. But you can expect calls from GIM,TAPMI,KJ SIMSR etc. I would suggest you to apply to top 10 best private bschools which accept CAT scores.
All the best,
Cheers.
