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L.M.Prasad (2008): Strategic Management.

L.M.Prasad (2008)

Strategic Management,

Sultan Chand & Sons, New Delhi

Pages: 518, Price: Rs. 235.00

In today's "Post-Industrial Era", economic growth is mainly driven by the accumulation of knowledge and application of strategy. The word "strategy" derives from the Greek word stratcgos; which derives from two words:

* "stratos"--meaning army

* "ago"--which is the ancient Greek for leading/guiding/moving

Strategic management is the art and science of formulating, implementing and evaluating the cross-functional decisions that would enable an organization to achieve its objectives. This is the process of specifying the organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives.

The present book by L. M. Prasad certainly adds new vistas to the area of Strategy Management. The text book has been organized in five parts wherein strategy has been discussed under the tenets of process, choice, implementation, emergent phenomenon and through case studies. Normally, the core strategy authors deal with strategy formulation, implementation and control for a managerial text. Similarly, this text book has also graded the strategy, although the nomenclature is more standardized to Indian scenario.

Part one of the book has two chapters dealing with the introduction of theoretical strategic framework as well as the strategy process definition. Part two is further divided into six chapters that dwell on strategic intent, environmental and organizational analysis, corporate and business strategies and finally the strategist's choices. Part three presents the next five chapters explaining the strategy implementation, structural implementation, behavioral and functional implementation besides strategic control. Part four presents the strategic issues proliferating across the globe. On one extreme the author has mentioned e-commerce and on another innovation in novel organizational frameworks. Part five has a compendium of ten state-of-the-art case studies that give ample exercise material for tests and examinations from the perspective of the faculty.

A creative bent has been demonstrated by the author with inclusion of Chinese quotes to build interest in each chapter. Certainly, by way of further improvement some pictographical adornment could help build a theme of each chapter since it would elicit more interest of readers. As a researcher in strategy and related areas, one suggestion is to include the Internal and External factor analysis matrices in the strategy analysis section off the text book. The qualitative approach is well justified in the text along with thorough examples and case studies. But, some light needs to be thrown at its quantitative approach and viability for the young strategy aficionados with the help of quantitative numerical and instructors guidance material in order to make the book at par with the standard business management text books popular in Indian and international B-Schools. By way of critical review perhaps the author may benefit by including the above in the revised edition in the near future.

Emphasis is laid on Indian business examples in the present edition of the text. This fifth edition has five more chapters added to encapsulate the current business situations globally. Keeping with the students requirements, author has provided the endnotes with each chapter in the form of key concepts, discussion questions, practical exercises and relevant cases. On the whole, the book has made a good attempt to throw some light on strategy process from an Indian perspective along with a plethora of case studies and real life business applications. Over all, the language of the text book is suitable to the readers in the industry and academia on account of its simple and easy to understand English language deployed in the text. The relevant reader base for this text book is mainly students of strategy as well as practitioners in the field who would benefit from referring to authors insights and comments on the art and science of strategic management.

Manasi Shukla

Asia-Pacific Institute of Management, New Delhi

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Author:Shukla, Manasi
Publication:Asia-Pacific Business Review
Date:Apr 1, 2008
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