By Natalie Maxam (MBA '24)
Entering the BC full-time MBA program has been an exciting adventure, filled with opportunities to learn and grow. My decision to return to Boston College to pursue my MBA in the fall of 2023 was guided by my desire to to develop a broader knowledge of financial, technical, and analytical components of business and marketing.
Among the many courses I embarked on during my first year, the core Strategic Management course stands out as a pivotal experience. This course provided me with a deep understanding of strategic management principles and allowed me to apply them to real-life case studies spanning various industries. It instilled in me the importance of strategic, cross-functional thinking—a skill that is indispensable in the dynamic world of business.
The Nuts and Bolts of Strategic Management
Throughout the seven-week course, we explored various strategic analysis tools to understand why some industries are more profitable than others and what sets one firm apart from its competitors within a given industry.
The professor encouraged us to think critically about market dynamics, competitive forces, and the strategic choices companies make to gain a competitive edge.
We also delved into corporate strategy, particularly in multibusiness firms, examining how decisions related to corporate scope—be it horizontal, vertical, or international—impact the creation or destruction of value within these organizations. This part of the course broadened our perspective beyond individual business units and helped us understand the intricacies of managing a portfolio of businesses within a larger corporate entity.
Finally, understanding that strategic decisions are only as good as their execution, we explored the organizational structures, systems, and processes that are essential for effectively managing a corporation.
Key Takeaways
Holistic Perspective: Strategic management requires a holistic perspective that considers external market forces, internal capabilities, and long-term objectives. This broad outlook helps in crafting comprehensive and effective strategies.
Implementation and Alignment Matters: Even the most brilliant strategy is worthless without proper implementation. The course stressed the importance of aligning organizational structures and processes with strategic goals.
Continuous Learning: Strategic management is an ever-evolving field. Staying updated on industry trends, emerging technologies, and global dynamics is essential to remain competitive.
Looking back, the course was a transformative experience that sharpened my analytical skills and honed my strategic thinking abilities.
The real-life case studies and rigorous analysis of companies across industries challenged me to think critically and make informed decisions.
As I progress in my MBA journey and beyond, the principles and insights gained from this course will continue to guide me in navigating the complex landscape of business strategy.
Natalie Maxam is a second-year full-time MBA student and the marketing graduate assistant in the Carroll School Graduate Admissions Office. She received her BA in Communication from the Morrissey College of Arts and Sciences at Boston College.