Vikas Kumar Manjhi (Manager Finance Transformation) (622 Points)
08 August 2010Hello Friends,
Kindly Guide Me How To Prepare For Strategic Management on My Own? Kindly Suggest Which Book To Buy For Self Study Besides Study Material & Should I Even Go For Study Material Or Not????????
Thanks & Regards
Vikas...(",)
CA Ravi Sisodia
(CA,CS,CMA)
(32226 Points)
Replied 08 August 2010
You can refer for Strategic Management- Padhuka Book , in addition to that book you should get overview of study material also.
Aravind..
(CA)
(1262 Points)
Replied 08 August 2010
study material is enough along with past year questions...
P.N.Prasanna venkatesh
(Senior Financial Analyst)
(134 Points)
Replied 08 August 2010
KIndly prefer padhukas book & study material... U can score well...
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 08 August 2010
First of all, ask yourself why you should read this subject ? Because it is in the syllabus or it is practically useful ?
Further ask; Whether Strategic Management is useful in our career ? Whether it is useful in our business ? Whether it is useful in our day-to-day life ? If you can say yes, it is useful and if you can give some explanations also why it is useful; then I think you can read this subject easily.
You may buy the book suggested by CA Ravi. You should also know how many books are available in the market. Go to shops of all book sellers which are there in your city. Ask them to show books of Strategic Management. Take their opinion which one is best sold. Ask your friends also. Then decide. This is also a strategy which should be followed before you buy a book. ( I think all this you do while deciding about a book - a very good strategy !).
Start from module with only one intention - to clear the concepts about Strategy. See carefully : Here two words are combined : Strategy and Management. Be alert and ask question to yourself (nobody else is there to answer when you are studying ) whether management does not adopt strategy ? Why only Management is not sufficient and Strategy has been added to the word Management.
See the various branches of Management which are prevalent in the business : Day-to-day Management; Inventory Management, Marketing Management, Production Management etc.etc...
What is strategy ? It aims towards better results (target for above average results) in the given conditions (available resources and circumstances)
In 2009, there was a recession. Many MBA institutes face difficulties now to find good number of admission of the students. Why ? Because till 2008; good number of students were available to them. They never thought that they would not have sufficient number of students in near future (failed to make a suitable strategy). They ignored the fact that so many new MBA institutes come into field. Even IIPM is struggling hard to find good number of students which claim one of the best institution. Why ? They failed to make proper strategy which were crystal clear before them (recession was already well known).
When Nano car was introduced in the market; there was a threat before Maruti . All thought that now it has to reduce the prices. But the management took another strategy. They found the possible delays in the project due to Singur incidents and raised its prices. The strategy was successful.
Whenever we take any decision in the business; we have to see so many factors :
1. Regular Demand,
2. Excess Supply,
3. Economic Conditions of country,
4. Purchasing power of the consumers,
5. Product's strength,
6. Introduction of new product in the market,
7. Financial position of competitors,
8. Exports possibilities,
9. Government policies towards industry in which we are engaged,
10.Future expansion plans of our competitors and its technical collaboration with foreign manufacturer and so on.
Looking to all the circumstances; we should aim towards best results from our limited resources.
Make a Case Study
Start reading the subject as if you have to install a new plant with an investment of Rs.500 crores and you have to see so many factors to run the industry (What a beautiful imagination). Start thinking how much you will invest your own in this project (more projects may be in pipeline), how much you will take from IPO, how much you will take finance (debenture, bank finance, private equity), how you would design the structure of your organisation and so on..
In my opinion; this is the subject which should be read first of all. You would be able to make proper strategy towards your studies and will get better results than others.
siddharth
(student)
(61 Points)
Replied 08 August 2010
Sir CA Surendra .........Awesome what i can say after reading your article !!!!!!! Great view !!!!!!
| Originally posted by : CA SURENDRA KUMAR RAKHECHA | ||
 |
First of all, ask yourself why you should read this subject ? Because it is in the syllabus or it is practically useful ? Further ask; Whether Strategic Management is useful in our career ? Whether it is useful in our business ? Whether it is useful in our day-to-day life ? If you can say yes, it is useful and if you can give some explanations also why it is useful; then I think you can read this subject easily. You may buy the book suggested by CA Ravi. You should also know how many books are available in the market. Go to shops of all book sellers which are there in your city. Ask them to show books of Strategic Management. Take their opinion which one is best sold. Ask your friends also. Then decide. This is also a strategy which should be followed before you buy a book. ( I think all this you do while deciding about a book - a very good strategy !). Start from module with only one intention - to clear the concepts about Strategy. See carefully : Here two words are combined : Strategy and Management. Be alert and ask question to yourself (nobody else is there to answer when you are studying ) whether management does not adopt strategy ? Why only Management is not sufficient and Strategy has been added to the word Management. See the various branches of Management which are prevalent in the business : Day-to-day Management; Inventory Management, Marketing Management, Production Management etc.etc... What is strategy ? It aims towards better results (target for above average results) in the given conditions (available resources and circumstances) In 2009, there was a recession. Many MBA institutes face difficulties now to find good number of admission of the students. Why ? Because till 2008; good number of students were available to them. They never thought that they would not have sufficient number of students in near future (failed to make a suitable strategy). They ignored the fact that so many new MBA institutes come into field. Even IIPM is struggling hard to find good number of students which claim one of the best institution. Why ? They failed to make proper strategy which were crystal clear before them (recession was already well known). When Nano car was introduced in the market; there was a threat before Maruti . All thought that now it has to reduce the prices. But the management took another strategy. They found the possible delays in the project due to Singur incidents and raised its prices. The strategy was successful. Whenever we take any decision in the business; we have to see so many factors : 1. Regular Demand, 2. Excess Supply, 3. Economic Conditions of country, 4. Purchasing power of the consumers, 5. Product's strength, 6. Introduction of new product in the market, 7. Financial position of competitors, 8. Exports possibilities, 9. Government policies towards industry in which we are engaged, 10.Future expansion plans of our competitors and its technical collaboration with foreign manufacturer and so on. Looking to all the circumstances; we should aim towards best results from our limited resources. Make a Case Study Start reading the subject as if you have to install a new plant with an investment of Rs.500 crores and you have to see so many factors to run the industry (What a beautiful imagination). Start thinking how much you will invest your own in this project (more projects may be in pipeline), how much you will take from IPO, how much you will take finance (debenture, bank finance, private equity), how you would design the structure of your organisation and so on.. In my opinion; this is the subject which should be read first of all. You would be able to make proper strategy towards your studies and will get better results than others. thank you well said |
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CA Manikandan Raghunath
( )
(609 Points)
Replied 08 August 2010
CAclubindia
