The strategic problems managers face are typically ambiguous and do not lend themselves readily to solutions using formulae or models. Strategic management helps us to understand the practical realities behind organizational decision-making. Strategic management solutions are required to answer questions such as: What products should you make? Which markets should you enter? What type of organization should you build? How should you respond to competitors’ behavior? Which operations should you outsource?
The Chicago Booth curriculum emphasizes an interdisciplinary approach involving psychology, sociology, and economics to develop analytical frameworks that examine the strategic issues managers face. This three-pronged approach provides an understanding of how managers employ the formal and informal relationships that exist between firms in an industry, and devise solutions to the externally-focused questions facing a company. The strategic management concentration builds the skills needed to formulate and implement an organization's key strategies, the results of which will shape the structure and functioning of your firm.