Strategic Management Option Area
What is Strategic Management?
Why have some firms become dominant in their industries whereas others have faded into obscurity? How can one company continually report profits, while its competitors frequently lose money? Why do some mergers or acquisitions result in substantial increase in shareholder value, whereas others result in losses in the hundreds of millions of dollars? Do these companies succeed or fail because some are luckier, day-after-day, or is it something else?
Strategic management is built on the premise that managers make decisions that influence the overall success of their organizations. We concentrate on how top managers create and maximize value for their stakeholders, how companies compete against each other in the quest of achieving high performance and market victories, and how and why some companies are successful while others are not.
The primary task of strategy is the allocation and commitment of critical resources over relatively long periods of time in pursuit of specific goals and objectives. Strategic decisions take account of the conditions that prevail within the industry environment, both favorable and unfavorable, and the resources and capabilities available to managers for meeting environmental challenges and opportunities. Strategy also involves the creation and management of internal systems that sustain value.
Area Description
While our perspective in strategic management is that of the general manager, the skills and knowledge of the general manager are relevant not only to those at the top of the organization, but also to those who head business units, as well as staff people and consultants who work with general managers. Whatever your position in an organization, you are likely to be more effective if you understand your organization’s strategy. The strategic management option provides you with the opportunity to integrate your knowledge of the functional disciplines and develop an enterprise-wide perspective. In particular, it will help you prepare for an immediate or eventual position in general management, senior functional management, management consulting, or establishing a new business venture.
Available Courses
10 elective credit hours (5 classes) are required beyond the core courses.
MGMT 65200: Management of New & Small Firms
MGMT 65500: Competitive Strategy
MGMT 65700: Manufacturing Strategy
MGMT 68800: Developing a Global Business Strategy
MGMT 59000: Biomedical Entrepreneurs Thought Leaders Workshop
MGMT 59000: Biomedical Entrepreneurship and Innovation Practicum
One of the following courses may be counted:
MGMT 56400: Management of Service Operation
MGMT 61100: Advanced Corporate Finance
OBHR 69000: Strategic Human Resource Management
While not a requirement, you are also encouraged to undertake a strategic management consulting project in MGMT 69000: Management Projects.