Why Case Study Business Learning Can Give You the Edge
The business school model is rapidly changing as employers move away from seeking employers with...
“Strategy is a commodity, execution is an art,” says consultant, educator, author, and “the man who invented management”, Peter Drucker. While the need for business strategy has always been paramount, it is especially vital for today’s organizations as they navigate the transformed post-pandemic world and what comes next. Indeed, the decisions business leaders make today don’t just have bearing on the immediate success of their organizations, but also years into the future.
Which begs the question: How can today’s MBA, Executive MBA, and DBA students prepare themselves with the knowledge and skills they'll need to innovate and act in the ever-changing business landscape? Strategic management studies can make a profound difference. Here’s a closer look at what business strategy is, why it matters, and how current and future top managers can gain the business strategy skills they need.
What is strategy?
While we all have a basic idea of what “strategy” means, many attempts have been made to define it. In an article for Forbes, founder of consulting firm Uncommon Clarity, Ann Latham, proposes, “A strategy is a framework for making decisions about how you will play the game of business.” These decisions pertain to a range of priorities, including business model, capital investments, operations, marketing, branding, production, hiring, and sales. In addition to overarching “big picture” strategies that address the structure and core functions of a business, specific strategies are also vital. These comprise manufacturing strategies, hiring strategies, marketing strategies, and sales strategies.
The strategy does not delineate how to make everything happen, but it does set forth the basics regarding how an organization will deliver value to owners, customers, partners, and society. In providing the guidelines by which an organization will reach its goals, a strategy becomes a roadmap for organizations to follow as they move forward. “Without a strategic framework to guide these decisions, the organization will run in too many different directions, accomplish little, squander profits, and suffer enormous confusion and discord,” adds Latham.
It’s not enough to merely deploy strategic management, however. In order to understand whether their strategies are succeeding or falling short, organizations must also have the mechanisms in place to assess, measure, and review results.
Why business strategy matters now more than ever
Business strategy and Strategic management have always been important. However, they may be more important now than ever. As innovation and technological advancement continue to rapidly galvanize global economies, companies with the ability to respond and react will gain a competitive advantage.
Strategy and leadership thought leader Anthony Taylor explains, “If you are going to run a successful organization in the future, you need to understand what's going on both within and beyond your competitive environment. You need to be quick to adapt to these shifts and changes by creating organizational structures that support all levels of your organization to implement changes that align with your strategic goals.”
There’s no more relevant example of the value of strategic management than the COVID-19 crisis. The seismic changes to the business world caused by the pandemic underscore the importance of agility in the face of abrupt disruption. It’s not just about the ability to pivot, however; but also to do so in a sustainable way. Strategic priorities highlighted by COVID-19 include resilience, planning for the upheaval resulting from ecological and environmental threats, preventative planning over short-term profits, and the integration of government policies alongside business economics.
Putting strategy front and centre
At Mantissa College, we deliver the part-time EMBA Programme and MBA programmes Master of Business Administration programme, a programme in collaboration with Paris Graduate School of Management, France case studies comprise an impressive 50 per cent of assessments while the remaining 50 per cent is designated for assignments. The takeaway? When it comes to an active, engaging and hands-on business degree, you’d be hard-pressed to find one better than this MBA.
Mantissa College’s MBA program boasts a dynamic global network of more than 80,000 alumni. One recent alumnus, Harrison Jub, says, “I took the 15-month Master of Business Administration course and in the first week, I was discussing the Real Case Study with groups of working professionals from different fields. And so I was learning from real people with real problems. Thanks to the case study based learning approach I am now capable of taking up more projects because I had been exposed to a wider perspective on handling matters from my learning experience.”
Certainly, evidence attests to the tremendous value of case studies in business education. Between its focus on this learning style and many other desirable attributes, Mantissa College’s Master of Business Administration offers an invaluable inside edge for aspiring business leaders.
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