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Strategic Management

 

 

In contrast to the faculty who teach in the accounting or marketing streams, those of us who teach courses in the area of Strategic Management occasionally get asked by 1st and 2nd year students “What does strategic management involve?” So, let’s begin with a definition….

One business strategy textbook claims that:

“Strategic management is the pattern of decisions that managers take to achieve the business organization’s goals.”

Or, more simply . . .

“Strategic management is the pursuit of a business’ game plan”

Strategic managers are sometimes compared to the coach or manager of a sports team. Every soccer playing nation has a goal of winning the FIFA World Cup. The manager’s role is to create and oversee a four-year plan as to how that is to happen.

Strategic managers take a high level view of all of the factors that are likely to determine their organization’s future success or failure. In so doing, they are attempting to answer three key some questions:

  • Where do I want the business to be in 5 years time?
  • Where is the business now?
  • How do I get to there from here?

The Strategic Management Process

Strategic analysis – assessing a business’ current position, including its strengths, weaknesses, opportunities and threats.

Strategy formulation – establishing what the business needs to do and where it needs to go, along with a series of short-, medium-, and long-terms goals to be milestones in its journey.

Strategy implementation – assembling the right people, capital, and other resources, and putting those pieces into place.

Strategy evaluation – Periodically, checking whether you are getting there as planned

 

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Strategic Management Courses at U of T Scarborough  

 

The courses offered by the Department of Management in the field of Strategic Management assume that students are well-rounded, and have a breadth of knowledge in the other functional areas of business management. In other words, the Strategic Management courses assume that students are comfortable understanding basic issues of marketing, finance, human resources and organizational behaviour. 

Relevant courses include:

 

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