Strategic Management 6051 Busbm

Welcome In this module, we examine how strategy is developed in organisations, and how sustainability issues can be coupled with the mainstream strategy. We will cover different aspects of business strategy with real life examples. We first introduce the concept of business strategy and factors that help in its implementation. The external environment influences and shapes the choice that an organisation have. The internal environment provides the limit to which an organisation can pursue those choices. And, it is this interlocking of external and internal environments that provide the context of business strategy formulation. Further, factors like employee engagement and culture ensure that business strategy is widely and efficiently implemented within an organisation. Corporate governance is a framework that makes sure that strategies that are formulated and implemented are aligned with shareholders’ interests. Although traditionally, goal of strategy is mainly seen as profit maximization, there is a growing consensus that profit maximization should not come at the cost of society and environment. Therefore, business strategy and its profit maxim should be balanced with society and environmental concerns. This is formally known as Corporate Social Responsibility (CSR). Last lecture makes use of the knowledge we have gained of internal and external analysis to talk about the strategic CSR and its context. As the consumers and managers of tomorrow, you need not only to know how to formulate and implement business strategies that will bring in profit for your organisations, but importantly, how to make a profit while still taking care of society and the environment surrounding you.