The study of strategic management involves an analysis of the factors which govern the success or otherwise of an organisation operating in contemporary society. The analysis includes an examination of factors external to the organisation which may either threaten its operations, or provide opportunities for development, and internal factors which either strengthen or weaken its capacity to develop, and perhaps, ultimately, to survive.
An examination is made of an organisation’s core competencies and its ability to take advantage of opportunities in a highly competitive global environment. Management decision making at the strategic level, which determines the future direction of the organisation is examined with a view to judging whether implementation, control and evaluation is feasible. The principles underlying the study of strategic management are applicable to both profit-making and nonprofit making organisations. Learning Outcomes
On completion of this unit, you should be able to:
- Have knowledge and understanding of the main theories, concepts and frameworks relating to strategy in organisations
- Be able to analyse factual situations presented in case studies and apply to that analysis those main theories, concepts and frameworks
- Be able to conceptualise and articulate strategy in terms of the complexity and uncertainty facing business organisations
- Be able to critically evaluate the usefulness and relevance of existing theories, oncepts and frameworks in dealing with issues in strategic management.
By undertaking this unit you should make progress in attaining the following attributes:
- To enable you to understand and explain central theory in strategic management
- To help you in applying strategic management principles to present of future work experiences
- To enable you to integrate conceptual approaches to strategic management and write real world experiences.