Strategic Management: The Cornerstone of Online MBA Management Concentrations

The leading online learning platform Coursera ranks strategy first on its list of “8 Common and In-Demand MBA Concentrations.” That said, it’s no secret that this concentration is highly sought after by those aspiring to lucrative careers as consultants, operations managers, and product managers.  

Read on for a targeted examination of why strategic management is considered the cornerstone of today’s online MBA management concentrations. 

Introduction to Strategic Management

Strategic management is a rapidly changing art and science, but it is delineated by some basic and fundamental tenants, applications, and objectives. 

Strategic Management Definition and Importance

Briefly defined, strategic management refers to the setting of clear and deliberate objectives for an organization and then directing an organization’s resources toward the realization of those objectives. The strategic management approach stresses opportunity leverage and tactical efficiency to set an organization apart from others of its kind. Beyond its obvious competitive advantages in the business world, the strategic mindset has proven extremely valuable in the government and nonprofit sectors. 

Evolution of Strategic Management Concepts

In their peer-reviewed article, Luis Ángel Guerras-Martína, Anoop Madhokb, and Ángeles Montoro-Sánchez outline the ways in which the discipline has expanded over the years to embrace concepts such as “internationalization, cooperation between firms, strategies and competition in the markets for products and factors, strategic leadership, and the relationship between a firm's strategy and its corporate social responsibility.” 

Core Components of Strategic Management

Although it can vary considerably when practiced by administrators at various organizations competing in different markets, strategic management involves the following core components: 

Vision and Mission Statements

Their ability to establish and dictate an organization’s core purpose and direction make vision and mission statements essential elements of strategic management. They should always be referenced when planning and making key tactical decisions. These statements should embody goals that are clear, applicable, and assessable. They should also carefully balance ambition with attainability. 

Environmental Scanning

Environmental scanning involves collecting, evaluating, analyzing, and interpreting information to guide strategic management. All environmental scanning processes must center around one or more relevant objectives in the spirit of an organization’s core vision and mission statements. 

Strategy Formulation

Using what you have learned from environmental scanning, you can begin to formulate strategies to help you reach the objectives you have set. Like your objectives, your strategies should be clear, applicable, and assessable. They should also be feasible to implement. 

Strategy Implementation

Test the feasibility of each proposed management strategy by ensuring that you have all the resources necessary to implement and support them. Implementation is a crucial phase of strategic management because it transforms mere ideas into real projects. Like all other phases of the strategic management process, implementation must be completed with overall goals firmly in mind. 

Strategy Evaluation

There is good reason that to take great care to make both your goals and strategies highly assessable -strategy evaluation. This is the last and perhaps most crucial step in the strategic management process, as it is the ongoing examination and analysis of your objectives and operations to ensure that they are delivering optimum results. Constant evaluation is necessary to refine your strategic management efforts and adapt to ever-evolving market and environmental conditions. 

Strategic Management in Online MBA Programs

To gain a full understanding of strategic management and its many diverse intricacies, you will want to pursue relevant advanced academic or professional training. One of the best ways to ensure success in the field is to secure an MBA in strategic management -and it is hard to beat the convenience of earning an MBA online. 

Curriculum Overview

The Master of Business Administration (MBA) has long been a trusted mark of administrative expertise by large and small employers across business sectors and industries. The degree is also highly valued in the government and nonprofit arenas. This is because MBA programs thoroughly cover all the administrative basics from accounting and finance to marketing and communications. An MBA with a focus on strategic management will stress courses and concepts that boost productivity and enhance competitiveness. 

While duration and credit requirements for MBA programs may vary slightly, they all require significant investments of time and effort. For instance, the typical MBA program at Lindenwood University Online takes 33 credit hours and between two and three years to complete. 

Key Courses and Topics

Important topics to highlight in your strategic management MBA studies include traditional and disruptive operations management and planning. You may also seek out courses that emphasize strategy in areas such as financial policy, business analytics, and managerial accounting . Coursework in entrepreneurship might also prove helpful in teaching innovation and strategic management. 

Learning Outcomes and Objectives

Some MBA programs are highly theoretical in nature, while others take a more practical approach. The MBA program at Lindenwood University Online concentrates on real-world insights and skill development in all areas critical to strategic management. Our driving purpose is to prepare students to serve in general business administration or as a specialist in any number of discipline-specific roles. 

Benefits of a Strategic Management Education

An MBA in strategic management can lead to a rewarding administrative career due to the considerable amount of learned business knowledge and acumen. Here are just a few personal and professional advantages that you can gain by pursuing a strategic management-focused MBA: 

Enhanced Leadership Skills

An MBA program with a solid focus on strategic management should prioritize education that will improve your ability to spearhead teams and projects with an emphasis on goal-oriented leadership. For example, the study of SWOT Analysis can help professionals holistically and objectively assess an organization’s strengths and weaknesses, as well as opportunities and threats presented within the market, industry, or general environment. 

Improved Decision-Making

Among other basic strategic management principles, a SWOT Analysis can help business leaders make more informed decisions. While pursuing an MBA in strategic management, you will hone your critical thinking and problem-solving skills with a focus on optimizing operations and gaining competitive advantage. 

Increased Organizational Performance

Improved decision-making can lead to continuous improvement in many ways. By accurately measuring organizational performance and assessing organizational operations, you can drive progress toward organizational goals. This drive to perform better can spread to every component part of an organization and lead to incredible innovation. 

Career Opportunities with Strategic Management

An MBA in strategic management can lead to high-paying careers such as: 

• Research Analyst 
• Investment Analyst 
• Human Resources Director 
• Sales Manager 
• Marketing Manager 
• Product Manager 
• Operations Manager 
• Executive Administrator 

Executive Leadership Roles

While many a young business professional aspires to become a chief executive officer (CEO), a chief operating officer (COO) can be just as financially, professionally, and personally rewarding. Plus, the average chief compliance officer, who oversees adherence to relevant laws and regulations, commands a higher salary than the average CEO or COO. All these coveted executive leadership roles are attainable for experienced professionals with an MBA in strategic management. 

Management Consultant Positions

In addition to executive leadership positions, management consultant positions are highly desirable among strategic MBA graduates. Management consultants help organizations capitalize on opportunities, address current challenges, and anticipate future trends to further fundamental goals. They advise organizations on matters that range from mergers and acquisitions to digital transformation. 

Entrepreneurial Ventures

No matter how attractive a career in executive leadership or management consultancy can be, these positions involve working for others or adhering to a predetermined set of rules. In contrast, many strategic MBA graduates choose paths in entrepreneurship. A quality MBA program that stresses strategic management will lay the groundwork of knowledge and skill that an entrepreneur needs to succeed. 

Choosing the Right Online MBA Program for Strategic Management

After deciding to pursue your MBA in strategic management online, you must commit to a specific program at a specific academic institution. From overall quality of education to immediate practical concerns, it is important to choose your MBA program with care. Here are just a few important factors to keep in mind: 

Accreditation and Reputation

Whether conducted online or on-campus, your chosen online MBA program must be accredited if you want to ensure that your degree is of value and quality. Dedicated to maintaining the highest standards of academics and educational services, Lindenwood University Online holds accreditation through the Higher Learning Commission. Our various business programs are accredited through the Accreditation Council for Business Schools and Programs.

Faculty Expertise

The benefits of an experienced business professor go beyond just subject knowledge. Research from the Association to Advance Collegiate Schools of Business shows effective professors excel in several areas. They meticulously prepare for class, fostering a collaborative learning environment. They connect the dots for students, making complex concepts clear and digestible. Their teaching methods are interactive, and they consistently emphasize the practical relevance of the course material. Lindenwood University Online prioritizes this approach, assembling a faculty with both industry experience and a passion for effective teaching. 

Flexibility and Format

Regardless of concentration or specialization, some MBA programs will be quite rigid in terms of schedule and pacing, while others will be quite flexible. However, programs that present distance learning courses online tend to operate under systems and structures that are highly flexible. Other benefits of the online learning format include more reasonable tuition fees. By avoiding many of the overhead costs that go hand in hand with operating a brick-and-mortar institution, online college programs can keep costs remarkably low. 

Networking Opportunities

A quality business program, whether online or on campus, will allow you to start building the network of contacts that will fuel your business career. By connecting with faculty, alumni, and your fellow students, you can build bridges to post-program employment and lay the groundwork for other valuable professional opportunities. Online MBA programs serve as excellent platforms for networking. From email outreach to alumni chat groups to webinars and virtual gatherings, a large amount of networking activity takes place online today. A good online MBA program will have the digital savvy necessary to drive modern networking. 

Explore Strategic Management and Other MBA Concentrations at Lindenwood University

If you want to take a deep dive into strategic management or another popular MBA concentration, take a look at the MBA programs of Lindenwood University Online. For more information about any of these programs, you can request information by filling out a short online form.