Over the past few years, there has been an incremental advance in the number of business schools opting for MBA Specialization in Strategy. This specialization has started to play a pivotal role in the student’s future in the field of business development. Strategy specialization draws in the basics of market and business fundamentals as well as adding the inter-disciplinary subjects of operations, organizations, marketing, accounting and finance. In today’s competitive market place, strategy has emerged as a critical management resource. Thereby the company’s activities can be aligned to meet the long time objectives. It also makes it easier to take a holistic view of the organization and the respective industry while making pivotal decisions. Thus, MBAs who are taught well about strategy are not only able to take their business forward; they are also able to add new directions and foundations in this outreach.
Skills Needed to Excel in MBA Concentration in Strategy Management
The very nature of teaching strategy in business schools is a very innovative and an involving process, demanding a set of dynamic skills and qualities in an individual. Sustainable competitive advantage must be understood for both non-market and dynamic market requirements. One also needs to understand the social, legal, political and economic or contract based transactions that are involved in the strategy making initiatives of the firms. Nevertheless, there’s no end in sight when it comes to nurturing the right skills in the right manner. Few of the important ones are as follows:
- Ability to integrate the key topics of marketing, operations, finance and economics with the strategies of the firm or corporate.
- Defining successful and influential non-market strategies which play a pivotal role in managing the news media and countering activist action.
- Capability to use structured decision analysis, scenario planning and Tornado diagrams
- Using the technology to innovate strategies in a holistic manner
- Comparing the economic and competitive effects of different types of strategies
- Ability to predict the upcoming adoption curve while dealing with new technologies and products to foresee their future.
- Inculcating step-by-step and value innovation strategies that are needed to create one’s own market space in the world of still competition
- Ability to evaluate the clock-speed of various industries and understanding the manners in which the industry’s converge
- Analyzing the key drivers that promote the holistic and strategic future of any corporation.
- Determining the optimal level of acceleration which is needed by the firms
Curriculum of MBA Specialization in Strategy Management
- Standards of Global Competition: The course discusses on the various geographies, products and industries a firm needs to compete at the global level and what are the methodologies to arrive at it. It also deals with the activities which are performed within the firm, be it public or private, when it comes to developing a robust global strategy. In short, the course teaches that how firms that are involved in competition globally are able to create value.
- Corporate Strategy: The course teaches ways in which business units can create their own effective corporate strategy, both in the long term and short term. It deals with everything from business portfolio, designing the organization structure, investing in the valuable resources and associating the business functions associated with it.
- Microeconomics of Competitiveness: The course deals with economic development and competitiveness which is understood from the microeconomic perspective. The cumulative effect of the production processes is also dealt in great detail. Case studies are used to teach the real life scenario. Also, significant amount of advance preparation is also needed for this course.
- Strategy and Technology: The unique aspects of effective investment and management strategies are discussed in detail, especially when it comes to dealing with technology holistic businesses and firms. Thus one is taught how technology has been leveraged for creating the multi-sided platforms. The students are taught regarding the essence of value which is incorporated through these market segments.
Potential Career Options on Graduation with Concentration in Strategy Management
The students can choose from various career options such as being a specialist in Strategic Management or a Project Developer, Managerial Executive in research agency of high reputation, Research and Development Manager, Business Consultant in Strategic Management, Strategic Programming Manager and others. What matters is to understand the theoretical and practical value of strategy that is employed in every work place on a day to day basis.