The noun relevance describes either the state of being intimately connected or appropriate. In this case, relevance is the notion of one discipline being connected to another in such a manner that it is appropriate to consider the second discipline when considering the first. Put differently, when considering a Master’s Degree in Management with specialization in Acquisition and Supply Chain Management, for various reasons, it is also appropriate to consider strategic management.
Strategic management describes the process of establishing a hierarchy of organizational goals within the immediate, intermediate, and long-term timeframes. So, this management discipline forms the basis from which the chosen business direction can be justified. Furthermore, the application of this form of management is essential in identifying an organization’s market position, opportunities, and threats (Alkhafaji & Nelson, 2013). Further still, strategic management controls how an organization aligns its resources with its objectives. Whether it is the descriptive or prescriptive approach, not only does strategic management enhance organizational focus on long-term goals and objectives, it also informs the way the organization will attain such goals and objectives.
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That said, Alkhafaji & Nelson (2013) observe several factors that influence the efficacy of strategic management such as organizational culture and structure and the skills and competencies of employees. But, this only serves to underline the universal significance of strategic management across an organization. Further advancing this notion, almost certainly the responsibility for strategy lies with upper management. However, the actions and ideas of lower-level managers and employees often formulate strategies. Industries are evolving which means that businesses and organizations are also developing, thus learning from past strategies creates knowledge bases for developing future strategies (Alkhafaji et.al 2013). Hence, based on both an internal and outward perspective, strategic management informs the conduct of employees as it guides the organization towards its objectives.
Practically, strategic management enables an organizations’ competitiveness. This makes it crucial to the planning process because, by nature, planning involves identifying standards, manipulating both financial and human resources as well as leadership to oversee the creation and sale of either products or services (Christopher, 2016). Again, organizational objectives are subject to the evolving nature of industrial environments. This means that they are prone to reevaluation and modification or divorce depending on relevance. In the case of the latter, strategic management can once more be relied upon to chart fresh missions and objectives.
In a commercial setting, supply chain management is about handling the flow of goods and services, movement and storage of raw materials, intermediate and finished goods from one endpoint to the other. Furthermore, marketing has significance in this form of management (Mangan & Lalwani, 2016). Essentially, these associations imply that supply chain management has application as a strategic framework, out of which resources and leadership are availed to attain specific time-bound objectives in the context of planning and coordination. Here, a prescriptive view implies that supply chain management itself is a function of strategic management as it is developed under a specific strategic framework itself, thus, a framework within a framework. On the other hand, a descriptive viewpoint suggests that the nature of supply chain management lends itself to collaboration and acquisition among organizations of similar strategic management approaches. Succinctly, strategic management is a relevant study component for the degree course program.
References
Alkhafaji, A., & Nelson, A., R. (2013). Strategic Management: Formulation, Implementation, and Control in a Dynamic Environment . Boston: Routledge.
Christopher, M. (2016). Logistics & Supply Chain Management . Harlow, UK: FT Publishing International.
Mangan, J., & Lalwani, C. (2016). Global logistics and supply chain management . Southern Gate, Chichester, West Sussex, UK: Wiley.
