Most students will never become a Chief Executive Officer or even a top manager in a large company.

So
why is it important for all business majors/accountancy students to study strategic management?

There are many ways to become a Chief Executive Officer or a top manager from a large
company. This is fact that we cannot deny. However, the big issue is that not everyone have
the potential to be one. I firmly believe that not everyone is capable, contrary to the popular
opinion that one can be as long as you have the perspective and skills needed. The major skill
needed is your leadership skills, but most people ado not fall to a leader type of a person.

Another fact that we cannot deny is the fact that you may have no chance of reaching that kind
of position because of many inherent factors that exist ever since. Aside from capabilities, we
should acknowledge the truth that in this business world unfairness will always exist. We know
that one of the major reasons why students take business courses is because somehow they
want a high position in the business world as most people earn well in this field.

With this truth about attaining a top management position or becoming a Chief Executive
Officer, strategic management subject has a huge significance in taking up a business course.

Learning strategic management helps in money ways. As most people especially the normal
ones are stuck in a low level position, skills in strategic management will sure open many
opportunities. By learning it wholeheartedly, we can understand a business well. From planning
to product development, marketing, finance, customer relations, production, materials
management, etc., the skills to learn will become your edge in managing a business well.

Strategic management is useful as problem solving and decision making will be made easier as
this subject will help us consider and evaluate all possible options when there are multiple
choices, each impacting the final outcome differently. Not only in business but also in everyday
lives, we can see how the skills and knowledge can be effectively applied. Because in life, the
type of decision we made today is very important because all our decisions are the determining
factors of what we will harvest tomorrow. Just like in business, life must be strategically
managed.
Famous businessman Edward Deming once said, “In God we Trust, all others bring Data”. What
did Deming mean in terms of developing a strategic plan?

Edward Heming or otherwise known as the ‘Father of Modern Quality Management’ is a well-
known businessman. He is famous for saying that in all divine things, we trust God and His
decisions, but in other respects, the data is the most important before we make a decision. This
is because data is critical to the development of any strategic plan. To discuss what Deming
really meant, the famous quote strongly means that measuring data as a key element in
achieving excellence. The quote also put emphasis in the belief that only natural occurrences
should be believed without looking for information, data and logic that explain the reason
behind. God is the creator of universe, therefore there is no use of questioning His Decisions as
He knows what to do and He is all-knowing. God all knows things even the future, that’s how he
is as supreme judge of everything. On the other hand, all other facets of our lives and every
decision we make must be supported in a meaningful way with carefully collected data and we
must strive to make meaningful and effective decisions. After gathering scientific facts and
figures, as well as surveys and research, strategic planning and development should be carried
out to obtain relevant data about our organization. One perfect example is when gathering data
for research and study about market trends. All relevant data must be carefully studied or
analyzed as such are the determining factors to make wise decisions that will benefit a
company. Without having all the essential information, it is risky to make a decision so it is
advisable to make some smart judgement and analysis first by collecting meaningful data.
Topping it all, this is how strategic management work. Effective measurement of the impact of
data brings value.