This topic covers the concepts and skills required for managers to formulate and implement an effective strategic plan efficiently to attain a sustainable competitive advantage in the contemporary international business environment. These concepts have particular relevance to managers and executives in economies undergoing significant economic changes in effectively managing resources in widely differing contextual environments. The topic considers the primary functions of strategic managers as they work to achieve the required performance outcomes. The topic first demonstrates the association of vision/mission with the strategy, the relevance of ethics, social responsibility and sustainability, and the importance of information about global markets and internal/external environmental scanning in strategic planning. Then it covers the sequence of the strategy development process with the emphasis on strategy formulation, implementation and evaluation.
This topic aims to provide students with a solid understanding of a wide range of strategic management theory and practice as a resource which can be applied to business or state-owned enterprises as they develop into modern competitive outcomes-focused organisations.