atrk Marketing vs Finance : The 2 parallel roads

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Marketing vs Finance : The 2 parallel roads

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Earlier, making a career in business was a great achievement. Well, not much has changed even today. A career in business is the most preferred profession even today. But with time, certain things have changed. We have a wide variety of divisions in this sector as well. However, the most popular ones are marketing and finance. The graduates who plan to do masters in business are often confused about which stream to prefer, marketing or finance. Some basic differences are given below so that the student s are able to clear up their muddled head a bit and decide what to opt for or the particular area in which they have their knack in.

Finance basically refers to handling or budgeting large amounts of money or assets. It is very similar to accounting as it includes computing and investing. If a person opts for studying finance, at the end he will be able to manage a debt effectively, manage an investment portfolio or efficiently monitor financial markets or trends.

For economic graduates, the term marketing may sound familiar. A market refers to the arrangement whereby buyers and sellers come in close contact with each other directly or indirectly to buy or sell their products or services. And the process of monitoring what happens in the market may be referred to as marketing. Hence marketing refers to activities of a firm associated with buying, advertising, selling or distributing a product or service.

However, the eligibility criteria remain the same for both cases. A minimum of 55% marks in bachelors are required to apply for these courses.

Job profiles one can opt for:

  1. Marketing

Marketing managers

  • Creating marketing strategies from objectives and market characteristics.
  • Promoting services or products through various marketing activities
  • Describing product offerings and strategies on pricing

Sales representative

  • Identifying prospective customers and following sales lead
  • Communicating with prospective customers about the features of the products/offerings.
  • Building and maintaining customer relations through regular check-ins.

Market research analyst

  • Gathering data on marketing conditions and possible sales of a product.
  • Determining a company’s position in the market and compare to competitors’ price and sales.
  • Collecting statistics and information through surveys, polls and questionnaires.

Communication specialist

  • Creating, maintaining and promoting the public image of the company through media.
  • Forming beneficial relationships between the company and consumers, communities or public interest groups.
  • Determining the objectives and needs of different companies and develop strategies to promote products or services.

Digital marketing specialist

  • Developing digital strategies to promote visibility and engagement of a product.
  • Analyzing online consumer behaviours in relation to the product and market
  • Monitoring and measuring outcomes and data for further optimization 

 2.Finance

Financial analyst:

  • Reporting on current and past financial data
  • Determining a company’s value and prospects through financial statements and meetings
  • Gathering trends and statistics and build investment portfolios

Accountant:

  • Keeping records of the company’s assets, liabilities, taxes and profits
  • Analyzing financial statements and reports for standardization and accuracy
  • Organizing tax returns and reports to meet tax requirements and standards

Business analyst:

  • Researching systems and operations that assist management in working more efficiently
  • Gathering and analyzing data to develop solutions
  • Following through with implementation and monitoring of the effectiveness of new strategies

Budget analyst:

  • Examining budget estimates for accuracy and conformance with procedures
  • Analyzing monthly department budgeting and accounting reports
  • Assisting business leaders with cost analysis, fiscal allocation and budget preparation

Financial controller:

  • Assisting companies or organizations in making financial decisions
  • Creating and monitoring budgets, financial plans, and investments
  • Writing and reviewing business reports, financial forecasts and annual budgets

 Skills required for marketing:

  • Sales
  • Marketing
  • Social media
  • Customer service
  • Business development
  • Market strategy
  • Scheduling
  • Sales management
  • Customer contact
  • Market research

Skills required for finance :

  • Accounting 
  • Financial analysis
  • Financial reporting
  • Financial statements
  • Economics
  • Business administration
  • Forecasting
  • Accounting principles
  • Account reconciliation
  • General ledger

However, like all others, marketing and finance each has its own set of pros and cons.

As you now have a detailed knowledge of both marketing and finance, you may choose your stream accordingly as per your strengths and interests.

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MBA V/S PGDM (FAQS)...

Aspiring students in the management field search for a higher education course which will provide them with a better and stable career. Here comes the dilemma because there are two different courses offering a similar type of education – Masters in Business Administration (MBA) and Post Graduate Diploma in Management (PGDM). It is very crucial that a student should have the complete information about both the courses.MBA and PGDM are the B-school courses with some differences that should be kept in mind before opting for anyone. MBA is a two-year management degree offered by colleges affiliated to any universities; a degree can only be given by universities. Whereas PGDM is a diploma course offered by an autonomous institution or college without any university affiliation, but only with the approval of All India Council for Technical Education (AICTE). The fee structure of PGDM colleges is comparatively higher than the MBA colleges. The syllabus in MBA colleges is designed and approved by the respective university and doesn’t undergo any change and thus gives a theoretical knowledge about the business environment. The syllabus offered in PGDM institutions is rather flexible and changes according to the needs of a business market, giving an industry exposure. Again a student can go for a higher degree of Ph.D. after pursuing the MBA degree, which is not required if he/she acquires a PGDM course. Even the start-up salary after the completion of both these courses remain the same depending on the colleges/institutions they have completed their academic degree or diploma and the performance of the student.Choosing between MBA and PGDM is a very tough task nowadays when the business market is full of competition. But with some of the top colleges like IIM, Symbiosis Institute of Business Management (SIBM), XLRI, Amity University, and SPJIMR the aspirants can get the best academic facilities. Recruiters from well known industrial and business sector also prefer these colleges during campus selection because of the standard and quality of education they impart.  Only with the right choice of the desired college/institution can give your dreams the best wing to soar higher above the clouds of doubt and fear.1. WHAT IS THE DIFFERENCE BETWEEN PGDM/PGP?The full form of PGDM is Post Graduate Diploma in Management and the full form of PGP is post graduate programs. So, PGP is not a course rather a programme that gives a Post Graduate Diploma in Management (PGDM). The reason behind naming a PG course in management as PGDM is that the institutions which are an autonomous body and not affiliated to any university cannot offer MBA degrees. The autonomous bodies keep upgrading their syllabus and course structure as per the changing business environment but MBA courses don’t change frequently rather once in 3 to 5years or more.2.WHAT PROGRAMMES IIMS AND XLRIS DO OFFER?? IIMs and XLRIs offer PGDM OR PGP Diploma. The degree is offered by the institutions recognized by University Grants Commission (UGC) and Diploma is offered by the institutions recognized by the Ministry of HRD and All India Council for Technical Education (AICTE).3. WHAT IS THE DIFFERENCE IN THE SYLLABUS AND COURSE STRUCTURE IN MBA AND PGDM?The syllabus of MBA is rigid in nature because they require approvals from University Curriculum.so, they are changed once in 3 to 5 years or more. And in government universities, theoretical aspect is given more importance. Whereas in PGDM, the course structure is flexible and Frequently Updated according to the Industry needs and job requirements so that students could get placement easily. Some reputed private B-schools also provide courses at par to the IIMs.4. WHICH PROGRAMME SHOULD I CHOOSE IF I  WANT TO MAKE A CAREER IN ACADEMICS???If you aim to be a lecturer/professor or want to pursue research in the field of management then MBA offered by Government Universities is more suitable for you. On the other hand, MBA offered by top Private Universities is good for both corporate career and academics.5. WHICH COURSE IS BETTER TO MAKE CAREER IN CORPORATE WORLD? Students who want to enhance their employability skills for a better corporate career, desire to do jobs in MNCs or want to start their own enterprise, then PGDM is the best option for them. 6. CAN I PURSUE Ph.D. AFTER PGDM?No, you cannot pursue Ph.D. right after doing PGDM or PGPM course. Because PGDM is a diploma course and for PhD, you must have A MBA degree. That's the only drawback of PGDM and PGPM.7. WHAT IS THE COURSE DURATION OF MBA AND PGDM?Both MBA and PGDM are the courses of two years duration.8. HOW IS PGDM FOR DISTANCE LEARNING?PGDM is a professional course, which teaches the practical aspects of the work through experimental learning. Which includes group activities, networking with corporates to organize events, etc.   The tight schedule for having too many courses in very short time trains students in handling pressure which is inevitable in work life. The knowledge one acquires by applying the things in the practical field what he/she has learnt in books is much more helpful than only learning the theories from the books. And of course, communication skills that are cultivated only when you have people around to interact with. These essential soft skills can be built only in a full-time course, and no other form of education can provide such a platform.9. WHAT ENTRANCE EXAMS YOU SHOULD QUALIFY TO STUDY MBA?The Government colleges governed by State Governments, admit thru state level examination like MAHCET, OJEE, PGCET, TANCET etc. Top private universities and Some Govt. Central Universities accept National level entrance tests like CAT/XAT or also conduct their own entrance tests.10. WHAT ENTRANCE EXAMS YOU SHOULD QUALIFY TO STUDY PGDM?Qualifying Common Admission Test (CAT) is mandatory to study in IIMs. Other B-schools select students on the basis of the scores in any of the 6 approved exams: CAT, XAT, CMAT, MAT, GMAT, ATMA.11. WHAT ARE THE PARAMETERS TO CHOOSE RIGHT B-SCHOOLS OR COLLEGES TO STUDY MBA OR PGDM?Things to be kept in mind while choosing a B-school or college are UGC recognition or affiliationRanking of the b-school Reputation of the institutionPlacement recordLegacy & Reputation of the B-schoolFee of the B-schoolStudent-faculty ratioQuality of students joining the MBA/PGDM Program

Full Time MBA V/S Part Time MBA: 7 Factors You Mus...

The Master of Business Administration is a business-focused postgraduate program which has been designed to develop the skills required to work in business and management. An MBA degree is not only confined to business world it is also useful for those who want to become entrepreneurs, pursue career in the public sector, government, private industry, and other areas. An MBA programme provides practical skill along with theoretical knowledge in a wide variety of subjects like accounting, economics, marketing, human resource management, business operations and many more. The demand of this universally accepted degree is growing rapidly along with that the pattern and curriculum of the course is also changing. Now a days you can get a MBA degree by sitting at home too!! Yes, you have read it right. Apart from full time MBA courses one can also pursue part time and online MBA courses. Students often get confused between fulltime and part time MBA courses. What are its advantages and disadvantages and which one is right for them. So before taking any decision first ask these few questions to yourself.What are your purposes of pursuing MBA? Is it for the promotion in the same industry you are working or you are a fresher and have recently completed your graduation?What are your financial responsibilities? Are you single or have kids?How much debt are you able to take on?If your mind is still wrestling between the full time and part time MBA decision, here are six factors to consider when comparing part-time and full-time programs:1. Time duration-Full time MBA programme is a course of two years duration whereas most of the part time MBA programmes are completed within 3 to 5 years. Market demand changes continuously. There is a possibility that, if a part-time MBA student has targeted a specific course for a specific purpose,which may become less appealing after 3 to 4 years, when he will complete his MBA. 2. Purpose-People opt for into full-time programs to switch careers entirely. Usually the students who have recently completed their graduation or masters and desire to continue higher study prefer full time MBA. Otherwise the students who have keen interest in business administration, management and want to make career in that only, they go for full time MBA. On the other hand the persons who are already in a job and want promotion in the same field they opt for part time MBA. Part time MBA have both the advantage of uninterrupted career and steady income.  3. Finance- Sometimes, our decision changes with the changing bank balance of our account. Pursuing MBA or PGDM from reputed institutions is really a costly affair. On the other hand some MBA aspirant have financial responsibilities and in this case they cannot afford to leave their work to pursue a graduate degree. In these instances, the part-time program is appealing, as one can continue to work while going to school. Also, the course fee is comparatively less in part time MBA than full time MBA.4. Admissions-Academic requirements for full-time MBA admission are higher than those for part-time programs. If you want to study MBA in any reputed B-school but your marks are falling short then you can opt for part time MBA. Moreover, full time MBA have one joining date for all whereas in part-time MBA students can choose from 2-3 start dates a year.5. Learning process- In full time MBA programme the students spend most of the time together. They attend classes together, together work in projects and participate in discussions and seminars. As a result they develop team spirit and leadership quality. While in part time MBA, students lack all these things. 6. Work experience- When the students continue MBA along with their jobs, they get the opportunity to apply their lessons immediately on their job. While the full time MBA students have to wait for 1 or 2 years to apply their knowledge in practical field. But now a days the experimental learning in MBA programmes has removed this disparity up to many extent.7. Campus placement-Campus recruitment is the outstanding part of fulltime MBA programme. The institutions spend a huge resources for preparing the students to face the interviews as well as attracting reputed companies for campus placement. But, some of the institutions don’t allow their part time MBA students to participate in this process.By analyzing the above factors thoroughly, you could be able to get a better understanding of which program is right for you. All the best!!

Is doing MBA after Engineering Worthwhile?...

Every year, the number of engineers willing to take management courses are growing.  Either they show interest for MBA courses by analysing the current market demand or they come for it only by following their seniors blindly.  This is because the Masters in Business Administration degree increases the job prospects of students and also keeps them one step ahead. This helps them unleash both their technical as well as management skills in the organisation. The intensely-competitive Indian market is flooded with thousands of startups which require skilled professionals who are versatile and good at multi-tasking. The lucrative salary packages and high profile job roles are the main reasons why engineers prefer doing MBA after attaining technical knowledge in their engineering years. Then is salary is the only factor for which a student would like to contribute 2 valuable years of his life? Because salary can be increased with work experience too.  So before choosing MBA after engineering one should know the benefits of the course for him/her.What is MBA? Master of Business Administration, is a highly valued degree designed to develop the skills required for careers in business and management. Attaining an MBA allows you to learn how to successfully manage, lead, organise and adapt in a variety of business environments. The skills learned through an MBA program prepares you with practical skills as well as theoretical knowledge that one can further one’s business aspirations with. An MBA can translate one’s raw potential into great opportunities. Most MBA programs include a core curriculum of subjects, such as accounting, economics, marketing, and operations, as well as elective courses that allow participants to follow their own personal or professional interests.  Some of the major subjects of MBA are finance, human resource management, accounting, international business, marketing etc.          Even though business administration and engineering are almost like the two different poles of a magnet still they are somehow needed together to survive in competition. Business administrator manages and controls the business while the engineer deals with the technical aspect s as per the requirement of the company. But if there will be no coordination among the employer and employee then how would the organisation progress and succeed?? So if an engineer have additional MBA qualification then it would be easier for him to understand the nature and style of doing business of his company. Similarly a business administrator having MBA qualification makes more favourable decisions regarding the welfare and development for a software company than an ordinary MBA. So in this way engineering and MBA has interdependence to run a successful software company.Benefits of MBA after engineering1. Gives knowledge about business world-An MBA program gives engineers more exposure to business and management related aspects which are not taught in an engineering program. With the help of this qualification they gain the knowledge before entering into a job, otherwise they would have learnt it with their experience after doing job for many years. An MBA degree adds strategic & qualitative skills to students’ analytical capability, making them a perfect choice for any employer.2. For faster promotions-Getting faster promotions is every employee’s one of the major goals and MBA is a stepping stone for this. Having an MBA degree one can develop team leading & group management qualities which helps them when they do projects in team. Also, engineers with MBA perform better than non-MBAs.3. For better job opportunity-Finding a job in this cut throat competition is really very tough in today’s market. So one have to stand out of crowd in order to get a satisfactory job. And having an MBA will help a candidate to do the same in the crowd of just engineers. So, getting a good job is another benefit of doing MBA after engineering degree.4. For the Engineers who don’t have  interest in technical field-There are a lot of engineers who are not actually interested in computers or technology. They just got into engineering by luck or family pressure. This mistake can be overcome by opting for MBA after completing engineering. Students can save their career from ruining by going for desired field in MBA as it is open for graduates in all fields.5. MBA for engineers who want to become entrepreneurs-There are so many engineers who don’t want to do 9 to 5 job and start their own business. In this case only having technical knowledge is not enough. Because to do business one needs versatile knowledge. He has to deal with his team, recruit them, motivate them, and even have to think about their welfare. On the other hand he should have capacity to analyse the market demand, competitor’s tricky moves etc. so in this case MBA qualification will guide them and make then live their own dream.6. MBA for self development-MBA programs teaches time management, team work, calculated risk taking capacity, discipline and many more. So in order to stand out of the crowd one needs MBA along with engineering degree.    Institutions providing MBA courses- There are so many reputed management and B schools which are providing developed MBA programmers exclusively for engineers. The esteemed institutions like IIMs are one of them. They provide part time MBA courses which one can continue along with his job, they provide scholarship to the good students. And also in some institutions candidates with work experience are given more weightage than the freshers.        

Gateway to dream institutions-CAT or NMAT??...

The two of the toughest Management exams in India- Common Admission Test (CAT) and Narsee Monjee Institute of Management Studies-Management Aptitude Test (NMAT) - both are the gateway into India’s well known Institutions. But there are many different aspects to study before opting for any one/both the exams. This article will provide you a clearer idea in details about CAT & NMAT for a strategic preparation for your higher education.CAT:Common Admission Test (CAT) is a national level Management entrance examination offering admission into IIMs and 100 other B-schools which accept CAT score. It is considered that cracking CAT exam is very hard and with the passing time CAT is getting all the more difficult. It is even harder to make your path into the 20 IIMs. NMAT:NMAT is also a national level entrance test conducted by the Graduate Management Admission Council (GMAC) every year. Over a period of last 2 years the difficulty level of NMAT has increased and is considered to be tougher than CAT. The NMAT score is accepted by 22 B-schools in India.Pros and Cons:Cracking CAT in one attempt in the market full of competition is really a tough call, but NMAT is equally tough and has its plus point of 3 attempts a year. Being held within a period of 3 months, NMAT provides a scope for the students to re-appear in the exams to improve their score in their 1st or 2nd attempt. This gives the golden opportunity to the students to schedule their own exam by selecting date, time and center as per their convenience. Both the exams are held through online mode. CAT includes both objective as well as subjective type questions, whereas in NMAT entrance only objective type questions are asked. Both CAT and NMAT don’t include the General Awareness and unlike CAT, NMAT is less calculation intensive test. Each section in CAT is conducted for an hour, but NMAT includes different and less sectional timing- Verbal Ability is of 22 minutes, Quantitative Skills is of 60 minutes and Logical Reasoning is of 38 minutes.CAT NMATNo. of attempts Once in a year 3 times in a 75 day window with an extra fee for each attemptExam Pattern Quantitative Ability- 34 ques.Verbal Ability & Reading Comprehension- 34 ques.Data Interpretation & Logical Reasoning- 32 ques.Language Skills- 32 ques.Logical Reasoning- 48 ques.Quantitative Skills- 40 ques.Marking300 marks in total3 marks for correct answer-1 for wrong attempt360 marks in total3 marks for correct answerNo negative markingTime Duration 180 minutes120 minutesTests your speed (2hrs for 120 question)Preference for choosing order of sectionNo such opportunity as it is held once in a yearYou have the chance of scheduling your own examApplication feesRs 1900 for General categoryRs 1000 for Reserved categoryRs 1900-2000 + inclusive taxIIM institutes:Institutes ProgrammesIIM Ahmedabad PGP, PGP-FABM, ePGPIIM Amritsar PGPIIM Bangalore PGP, PGPEM, PGPPMIIM Bodh Gaya PGPIIM Calcutta PGP-PGDMIIM Indore PGP (Indore, Mumbai), EPGP, PGP-HRMIIM Jammu PGPIIM Kashipur PGP, EPGPIIM Kozhikode PGPIIM Lucknow PGP, PGP-ABM, PGP-SMIIM Nagpur PGPIIM Raipur PGP, PGPWEIIM Ranchi PGDM, PGDHRMIIM Rohtak PGP, EPGP, EPGPXIIM Sambalpur PGPRGIIM Shillong PGP, PGPEXIIM Sirmaur PGPIIM Tiruchirappalli PGP, PGPBMIIM Udaipur PGPIIM Visakhapatnam PGPInstitutes accepting NMAT score:SVKM’s Narsee Monjee Institute of Management Studies, Mumbai, Bangalore, HyderabadXavier University, BhubaneswarMISB Bocconi, MumbaiICFAI Business School (IBS), Hyderabad and other locationsAlliance University, BangaloreBSE Institute LimitedAmity University, Delhi NCRThapar School of Management, ChandigarhSRM University, Chennai, Delhi NCR SonipatShiv Nadar University, Greater NoidaUniversity of Petroleum & Energy Studies (UPES), DehradunWoxsen School of Business Management, HyderabadBML Munjal University, DelhiVIT University, VelloreITM Business School, Navi MumbaiMody University, RajasthanGITAM School of International Business, VisakhapatnamHyderabad Business SchoolGITAM University, Hyderabad

7 Smart Approaches to Crack CAT in Three Months!!...

Common Admission Test (CAT) is considered as one of the toughest exams in our India. A lot of students prepare for years together to score well in CAT. Because, good percentile in CAT is the key to unlock the gates of the IIMs, the prestigious institutions of India and other prominent B-schools.  This year, Indian Institute of Management (IIM) Calcutta has decided to conduct the exam on November 25, 2018. So, approximately 3 months remained for the exam. If you have filled the form for the CAT exam but not started your preparation yet, at the same time you are getting panic by seeing other aspirants who are working very hard for the exam right from the beginning of the year. Then please calm down!! You still have time to prepare well for the exam to get a good percentile in CAT to make it to a good MBA college. Just prepare a good strategy by considering the following points and work accordingly.1. Gather all the important materials required for preparation- Break your preparation into 3 parts i.e. basic, intensive, mock tests. First of all, read the books/materials (according to your syllabus) thoroughly to make your concept clear.  Once you understand the fundamentals, try to solve the difficult level questions. Then go for the mock test series. So collect your materials accordingly. Don’t forget to collect and practice previous year question papers. 2. Every day counts, so be consistent-Keep a calendar on your study table and mark every passing day to know how less time left for the exam. You must know that you do not have a single day to waste on unproductive things. If you keep taking breaks, you are sure to lose your pace of study instead of accelerating it. Make a date wise routine and finish your tasks accordingly.3. Concentration and time management-Concentration is a very vital factor to succeed in any exam. Especially the working persons who cannot allot major portion of their time for study should be more focused. They should study 2-4 hours in weekdays and 7-8 hours in weekends with full concentration. Every aspirant should make it a habit of studying for 2 – 2.5 hours with full focus then taking a break of 5-10 minutes and again sitting for another 1-2 hours for study. 4. Improve your vocabulary and the ability to solve numerical data- In CAT exam, vocabulary and ability to solve logical and numerical data is given more importance. If you are strong in all these things then the result can be in your favour. So, take care of this thing and prepare accordingly.5. Know your strengths-One need not be equally strong in all subjects. So learn to play to your strengths. Attempt more questions in the segment in which you are strong. 6. Cultivate quick thinking ability-Try solving one problem in many different ways. Try to master the shout cuts. It helps you cultivate a quick-thinking ability and as a result of which you can attempt more questions with accuracy in the exam.7. Take up mock tests- Initially, your scores might be pathetic but do not get panic. Keep on practising test series. The most important thing you must do after giving every test series is to analyze the question patterns and your performance, identify your strength and weakness.Be confident, never give up and always keep yourself motivated. ALL THE BEST!!

Strategic management as a career...

Strategic management can be defined as a bundle of acts and decisions which is undertaken by the manager of the firm as it decides the firm’s performance. Strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement.A strategy is Significant because it is not possible to foresee the future. Without a perfect foresight, the firms must be ready to deal with the uncertain events which constitute the business environment.Strategy deals with long-term developments rather than routine operations, i.e. it deals with the probability of innovations or new products, new methods of productions, or new markets to be developed in future.A strategy is created to take into account the probable behavior of customers and competitors. Strategies for dealing with employees will predict the employee behavior.The strategy is a well-defined roadmap of an organization. It defines the overall mission, vision and direction of an organization. The objective of a strategy is to maximize an organization’s strengths and to minimize the strengths of the competitors.Strategy, in short, bridges the gap between “where we are” and “where we want to be”.Career options after strategic management are-Financial Analyst.Research Investigator.Business Analyst.Product Strategist.Project Analyst.Project Management Coordinator.Process Coordinator.Marketing Consultant. Some popular higher education opportunities include:Strategic Management - Master Master of Business Administration (MBA) Master of Human Resource Management (MHRM) Project Management (PMP) - CertificateCertified Management Consultant (CMC) - CertificateCanadian Securities Course (CSC)Microsoft - specialized courses Use LinkedIn! Therefore, we can see that strategic management is a combination of strategy formulation and strategy implementation. It is the highest level of managerial activity, usually performed by an organization’s Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise. Strategy formulation involves doing a situation analysis-both internal and external; both micro-environmental and macro-environmental, concurrent with this assessment, objectives are set. This involves crafting vision statements (long-term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives, these objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of how to achieve these objectives.Strategic management can, therefore, be summed up in the following points.Specifying an organization’s objectives, Developing policies and plans to achieve these objectives, Allocating resources to implement the policies.

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