Strategic Management
Strategic Management is one of the new fields in management that mainly focuses on planning and execution of business strategies. Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives. Strategic Management is a continuous process of strategic analysis, strategy creation, implementation and monitoring used by organisations with the purpose to achieve and maintain a competitive advantage.
There are certain important roles for M.Sc Strategic Management students. The present article mainly focuses on few important roles available after M.Sc Strategic Management, they are:
1. Business Advisor
A business advisor is one who has genuine interest in supporting business and the ability to use the experiences that are gained in the profession across a range of specialisations.
Role
As a business advisor one will provide information, support, coaching, advice and guidance to business clients like individuals or huge organisations. As a business advisor one is responsible to provide support for a business to grow, scale up, change or diversify their business model.
Duties
As a business advisor one is needed to:
- Possess an in-depth understanding of the business support landscape and the ability to advice businesses on the range of options available
- Undertake diagnostic needs assessments with businesses including analysing the needs of the business and working with the client to put a business action plan in place
- Develop a professional network of associates who can provide a broad range of business and enterprise
- Build positive relationships with clients, partners, associates networks
- Have excellent mentoring and coaching skills
- Attend meetings with networks and associates to ensure you keep up to date with global, national, regional and local business support initiatives to ensure your client benefit
- Undertake research on behalf of a business
- Communicate with clients, networks and associates
- Provide start-up business with advice and guidance for assist
- Organise and deliver business networking events and business education seminar and workshops
2. Business Analyst
As a business analyst one will be responsible to evaluate and analyse business data and create solutions for the problems. They work with a variety of people and are expected to have a good grasp of management and information technology.
Role
As a business analyst one will work in an organisation and help it to manage, change and plan for the future in line with their goals. They are required to understand the current organisational situation, identify the future needs and create solutions to help meet those needs. They are also responsible to analyse the business data and create solutions to address them effectively.
Duties
As a Business analyst one is required to:
- Communicate with internal colleagues to understand the needs of departments and the organisation as a whole
- Work with external stakeholders to understand and investigate feedback into the service, function or product provided
- Use data modelling practices to analyse your findings and create changes
- Consider opportunities and potential risks attached to suggestions made
- Identify the processes and information technology required to introduce recommendations
- Gain agreement, usually from senior management of the best method of introducing the recommendations to the business
- Communicate the benefits of recommendations across the departments and help to address any uncertainty and concern
- Ensure plans are made and processes are created to evaluate the impact of the changes made, including taking responsibility for overseeing and reporting on this evaluation
3. Business Development Manager
Business development managers are responsible to drive an organisation towards success by enabling them to earn profits for the products and services they provide. They are responsible to develop new business opportunities for an organisation and help it to grow better and yield better profits.
Role
As a business development manager, one will be concerned with improving and growing a business by fostering and developing relationships with consumers, suppliers and other partners. They must work to improve profitability through careful strategic planning and positioning in the appropriate markets. Since they are the first-face of any organisation they have to be very good in promoting a product or a service and address the problems faced by the consumer.
Duties
As a Business Development Manager, one is needed to:
- Identify new business opportunities-including new markets, growth areas, trends, customers, products and services
- Seek out the appropriate contact in an organisation
- Generate leads and cold call prospective customers
- Meet with the customers/clients face to face or over the phone to promote the product or a service
- Understand the needs of customers and be able to respond effectively with a plan of how to meet the expectations
- Think strategically seeing the bigger picture and setting aims and objectives in order to develop and improve the business
- Discuss promotional strategy and activities with the marketing management
- Have a good understanding of the business products or services and be able to advice others about them
4. Corporate Investment Banker
As a Corporate Investment Banker, one is required to have a keen financial mind and also a clear understanding of how money is made and invested across different investment platforms
Role
As a corporate investment banker, one will provide a range of financial services to companies, institutions and governments. A corporate investment banker is responsible to manage the corporate strategic and financial opportunities like:
- Acquisitions
- Bonds and Shares
- Initial Public offering (IPOs)
- Lending
- Mergers
- Privatisations
Duties
As a Corporate Investment Banker, one is required to:
- Thoroughly research market conditions and developments
- Identify new business opportunities
- Carrying out financial modelling, developing and presenting appropriate financial solutions
- Coordinating with various authorities about finances and management of an organisation
- Work with a team of professionals, including accountants, lawyers and PR consultants on behalf of the management of an organisation.
Final Words
Above mentioned are some of the important career roles available for M.Sc Strategic Management students. The demand for skilled management professionals has seen an increase in the last decade. With new investments and companies that happened in the last decade the need for skilled professionals are in demand. So M.Sc Strategic Management students will not find any difficulty in getting a decent job in the management field.
The students who are interested to build their career in management field can join M.Sc Strategic Management course and experience a good career growth and reach top positions in their careers.