Table of Contents
Before we look into the different courses and certifications available in the market, let’s understand the definition and process related to strategic management and understand what actually it is.
Definition:
Strategic management can be characterized as the craftsmanship and study of defining, actualizing, and assessing cross-practical choices that empower an association to accomplish its destinations, and strategic management has beneath two processes included.
- Strategic Management Process: the executives‘ procedure is a technique by which administrators imagine and actualize a system that can prompt a feasible upper hand.
- Strategic Planning Process is a precise or risen method of performing vital arranging in the association through beginning appraisal, careful investigation, methodology plan, its usage, and assessment.
Let’s watch a video to understand what is strategy.
What is that strategic planning process?
The technique of strategic planning records what steps the executives/directors should take to make a total system and how to actualize that methodology effectively in the organization. it may include from 7 to about 30 stages and will in general be increasingly formal in entrenched associations.
The manners in which that system is made and acknowledged contrast. subsequently, there are various models of the procedure. the models shift between organizations relying on:
- Organization’s way of life.
- Leadership style.
- The experience the firm has in making fruitful methodologies.
Components of strategic planning process:
Here are numerous parts of the procedure which are spread all through vital arranging stages. regularly, the key arranging process has 4 basic stages: Vital investigation, Methodology detailing, Execution, and Checking (David, Johnson, Scholes and Whittington, Rothaermel, Thompson, and Martin). For a more clear understanding, this article speaks to 5 phases of key arranging process:
- Initial assessment
- Situation analysis
- Strategy formulation
- Implementation of Strategy
- Strategy monitoring
Different strategic management models:
1. David’s strategy management model:
Stages
- Strategy formulation
- Implementation of Strategy
- Strategy evaluation
Steps
- Develop vision and mission
- External environment examination
- Internal environment examination
- Establish long-term destinations
- Generate, evaluate and choose strategies
- Implement techniques
- Measure and assess execution
2. Rothaermel’s the analysis-formulation-implementation (AFI) strategy framework
Stages:
- Analysis
- Formulation
- Implementation
Steps
- Initial analysis
- An external and internal investigation
- Business or corporate technique detailing
- Implementation
3. Thompson’s and Martin’s Strategic Management Framework
Stages
- Where are we?
- Where are we going?
- How are we getting there?
- How are we doing?
Steps
- Situation appraisal: Audit of corporate targets
- Situation appraisal
- Clarification of goals
- Corporate and serious techniques
- Strategic choices
- Implementation
- Monitor progress
The difference between the strategic management process and strategic planning:
- Strategic management and strategic planning terms mean the equivalent. The thing that matters is that the last one is progressively utilized in the business world while the previous is utilized in the scholastic condition.
- According to David, Strategic planning is now and then mistaken for procedure detailing, on the grounds that key arrangement is built in this stage.
We just understood the brief outline or the overview of “What’s strategic management and planning”, “What’s the distinction?” and we’ve additionally observed the “Diverse strategic models”.
Forgoing with our main topic, let’s see what are the different courses and the certification available in the market, and let’s also see how many free courses we can make use of or take advantage of our benefit.
1# EDX :
Syllabus:
- Week 1: Introduction to strategic management
- In Week 2: Analysing the external environment
- In Week 3: Analysing the internal environment
- Week 4: Competitive positioning
- Week 5: Managing the multi-business firm
The above is the course outline and the course duration lengths from 3 – 5 hours per week and lasts for 5 weeks duration. The course is absolutely free of cost and if you want to gain the certification, there’s a charge of $150 and you may have to complete the exam. The entire course and the certification are validated and verified by IIM Bangalore.
Link: https://www.edx.org/course/strategic-management#
2# Alison:
All Alison courses are absolutely free of cost and it has a variety of stages and levels of courses. definitely a strategic management course also has a diploma course which is indeed a gift and makes utilize of this benefit.
The total diploma course varies from 10 – 15 hours duration. the entire course and certification are published and verified by NPTEL, Mumbai.
Link: https://alison.com/course/diploma-in-strategic-management-revised
3# Coursera:
There are 4 different modules covered in this course:
- Strategic management
- Strategy formulation
- Strategy implementation
- Strategic management – capstone project
In this course — the first of a three-course specialization customized explicitly for the period of creativity and innovation — you will prepare for the difficulties of strategy formulation and execution in 21st-century business.
link: https://www.coursera.org/specializations/strategic-management#courses
4# Saylor Academy:
This course is comprised of the following units:
- U#1: Introduction to strategy
- U#2: Strategic planning
- U#3: Creating competitive advantage
- U#4: Corporate strategy
- U#5: 21st-century strategy
Course learning outcomes:
Upon fruitful consummation of this course, you will be able to:
- Define strategy, talk about the members in the strategic management process, and analyze various sorts of industry structures;
- Select and apply suitable strategic management tools to analyze internal and external elements facing organizations;
- Define and classify sorts of competitive advantage and explain associated best practices for creating and maintaining advantages;
- Explain the most usually utilized corporate strategies and analyze alternatives for creating long haul esteem;
- Apply modern/present strategic management techniques and pick the best alternatives in the face of rapidly changing technology; and
- Synthesize strategic management theory and concepts to explain competitive advantage in the time of globalization.
This is a profound plunge course that involves 62-hour span and understudies will get a free certificate of completion from Saylor. In order to get the proctor sponsored certificate, students should pay a nominal amount of $25.
link: https://learn.saylor.org/course/view.php?id=54
5# Open2Study or OpenEdu:
Topics covered
- The strategic management processes
- The external environment
- Organizational resources and competitive advantage
- Strategic leadership and strategic direction
- Corporate goals and objectives
- Strategy analysis and choice
- Strategic implementation
- Strategic control and restructuring
This course is an exceptionally for broad 14 weeks and is completely for nothing out of pocket.
link: https://www.open.edu.au/subjects/university-of-tasmania-strategic-management-tas-jnb519
6# Free Video Lectures:
Syllabus:
- Introduction
- Board of directors (BODs) and top management
- Environmental analysis
- Case study 1
- Strategy formulation and analysis
- Case study 2
- Strategy implementation
- Case study iii.
- Evaluation and sis
- Other strategic issues SMES and NPOS
Link: https://freevideolectures.com/course/3014/strategic-management
7# Udemy:
This is a brisk introductory course into the Strategic Management and Planning.
Syllabus:
- Strategic Analysis Introduction
- Understand the Competitive Market
- Industry Structure Analysis
- Firm Capability Analysis
- Competitive Dynamic Analysis
- Determine Competitive Positioning
- Determine Firm Scope
In this course, we’ll explore the underlying theory and frameworks that provide the foundations of a successful business strategy. Managers, entrepreneurs, social entrepreneurs, analysts, and consultants all may find value in mastering these fundamentals.
A 7-hour free course is designed by a World Class Faculty and is definitely a must look for course.
Link: https://www.udemy.com/course/foundations-of-business-strategy/
8# Master Class Management:
As we’ve seen some online classes and certifications, let’s divert our concentration towards a couple of Textual based online learning. Master Class Management is a very discreet and detailed course for Strategic Management, which gives a lot of explanation and understanding of the Strategic Management and Planning process and application of the process.
Syllabus:
How to:
Be a Great Manager through Strong Leadership
Manage and Organize your Department to Meet the Goals
Manage your Employees & Build a Strong Team
Hire & Retain the Right People
Deal with Conflict, Problems, Difficult Employees & Firing
Delegate, Manage your Time, Solve Problems & Make the Right Decisions
Get Your Point Across through the Art of Business Communications;
and,
Business Basics Part I – Business Types, Ethics& Law, Economics, Finance & Accounting
Business Basics Part II – Operations Management, Customer Service, IS & HR
And Business Basics Part III – Marketing & Sales
Although this is an online Textual based learning, it provides an opportunity to complete the certification. Moreover, this is not just a course for Strategic Management, but in terms, it helps in the overall Business Management and Corporate Strategies, which is really useful and free of cost.
Link: https://www.masterclassmanagement.com/Table-of-Contents-1x.html
9# MIT Open Courseware:
This course has two modules or I would say Course ware.
- Strategic Management I and
- Strategic Management II
Syllabus:
Strategic Management I:
- Introduction and Overview of Strategic Management
- Business Strategy
- Technology and Industry Transformation
- Corporate Strategy
- Aggregate and Granular Metrics
- Integration
Strategic Management II:
- Course Overview
- Customer Segmentation and Customer Value Proposition
- Group Presentations and “Customer Segmentation and Customer Value Proposition” Assignment 1: Customer Segmentation and Customer Value Proposition
- The Firm as a Bundle of Competencies
- Group Presentations and “The Firm as a Bundle of Competencies” Assignment 2: Bundle of Competencies
- The Mission of the Firm and the Craft of the Strategic Agenda
- Group Presentations and “Mission and Strategic Agenda” Assignment 3: Mission and Strategic Agenda
- Operational Effectiveness
- Group Presentations and “Operational Effectiveness” Assignment 4: Operational Effectiveness
- Innovation
- Group Presentations and “Innovation” Assignment 5: Innovation
- Aggregate and Granular Metrics and Financial Evaluation
- Group Presentations: Aggregate and Granular Metrics and Financial Evaluation
- Final Wrap-up
Throughout the course, Prof. Arnoldo Hax will discuss the appropriate methodologies, concepts, and tools pertinent to strategic analysis and will illustrate their use by discussing many applications in real-life settings, drawn from his own personal experiences.
10# Open Learning World:
18 hours of detailing about Strategic Planning and Management, we found this one course which helps students to get a better understanding of Strategic Management thoroughly. Upon completing this course, one will definitely benefit:
- Describe what business strategy is all about
- Describe the options available in the business strategy
- Understand various business strategies
- Understand how to apply them in practice
Link: http://www.openlearningworld.com/innerpages/Business%20Strategies.htm
Summary:
Strategic management process is a continuous technique. There are 3 ranges in this system: strategy formulation, approach implementation, and assessment, and manipulation.
Strategy management is also regarded as a collection of steps. Therefore, the strategic- management manner can first-rate be studied and applied using the model. A evaluates of the essential strategic management models indicates that they all encompass the subsequent steps: appearing an environmental analysis, establishing organizational direction, formulating organizational method, implementing organizational strategy, comparing and controlling strategy.
The strategic management technique, on the whole, involves top management, a board of directors, and planning staff. In its very last form, a strategic decision is molded from the streams of inputs, decisions, and actions.
All groups engage in the strategic control technique. The achievement of a company is normally structured upon the strategic control and organizational talents of the managers.
Many studies show both financial and nonfinancial advantages which may be derived from a strategic-control technique to choice making.
Moreover, the concept of strategic control is still regarding and could hold to go through change. Therefore, knowledge and the following and complete process of strategic management may be useful for practicing managers to gain businesses’ objectives.
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