In order to be sustainably successful, a business must have a clear understanding of where to complete and how to compete. Strategic management is the means by which these decisions are made, implemented, and monitored. It is concerned with how a firm sets its direction and carries out activities, and sets in place policies and objectives to steer the business in this direction.
In this course, students learn pragmatic ways to analyze and design strategies that help them earn pragmatic ways to analyze and design strategies that help them earn a sustainable competitive advantage in challenging business environments. students learn to identify strategies that will fit a firm (align with its strengths and capabilities internally) and also competitor/environmental forces.
The questions answered in the course include:
- What is a strategy?
- How does a firm identify what strategy can work for it? (formulating or identifying a strategy)
- How can the business model and overall performance be handled according to the strategy? (Implementation)
- Especially for a business in SWVA, how can profitability be sustained in spite of a changing external/competitive landscape?