This is the only subject qualified as GLOBE in my portfolio (although most courses have started off on the same note). The first lecture was all about strategy and its role in management. Lets look at the various jargons of the subject being taught/discussed till now.
Business Objective
In pure management language it means "to maximize value for the stakeholders; alternately to earn profits which in turn deliver value to shareholders and on a more macro level brings value for the economy.
To illustrate the concepts let us put football in place of a business. There the objective of a team, which is analogous to an organization in business, is to continue winning games.
Strategic Management
The terms refers to management by strategy; that is, to run a business keeping in view the objectives and there by adopting various plans and tactics to achieve the objective. One important point here is that the objective, vision as we call it in management jargon, is itself a product of strategy.
The analogy with football would be the way professional clubs are run. The club managers are required to fulfill certain objectives as set by the board. These objective themselves are determined based on some thinking considering the past performance, player ability, financial status and so on. The mangers have to formulate the game plan- the formations, team combination, transfers, technical assistants etc. This approach to managing the game where a lot of thinking is put into place even before the actual game starts can be compared with strategic management as carried out by corporates.
In sport’s sense a definition of strategy would be “to formulate the game plan which will enable a team to defeat its opponent”. Thus it a game plan around which a team works in order to realise its objective- achieving victory.
Most of the professional clubs have well defined game plans or strategies to achieve their respective objectives. (.........unfinished)
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