An advanced degree course, such as an MBA, typically endows professionals with a variety of leadership skills, extremely valuable at a workplace. Where a specialization becomes significant is in preparing them with the knowledge most needed on the path they have chosen for their career. Thus, if an MBA student desires to work on the long-term path for an organization and direct its critical day-to-day functions, the best advice would be to pick a specialization in strategic management.

What is strategic management?

Strategic management, as defined by Investopedia, is “the management of an organization’s resources to achieve its goals and objectives. Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization.” These strategies must be regularly evaluated to judge their effectiveness and need for adjustment or replacement.

Here are some key points:

• Strategy is important as the future cannot be predicted with certainty, and firms must be prepared to deal with business uncertainties.

• Strategies focus not on day-to-day operations but long-term developments and projections.

• Strategies look at probable behaviors of employees, customers, and competitors.

In essence, a strategy specifies organizational objectives, develops plans and policies to achieve the objectives, and allocates resources toward those plans and policies.

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