The Economic Environment and Strategy area covers the domains of Economics, Business Law, Environment Management, International Business and Strategic Management. The Area is well endowed in terms of faculty resources for dealing with these subjects.
The objective of offering Economics as a core course to various management programs is to acquaint the student managers about the economic environment within which businesses are conducted. Primarily four categories of Economics papers are offered – Managerial Economics, Macroeconomics, Business Environment (Indian and Global) and International Economics. With the rapidly changing business environment and an increasing dependence on the market mechanism, understanding business environment has become more important than ever. Globalization has added another dimension to the changing business environment where business decisions, in addition to the local business environment, are also subjected to international economic and political environment. The courses in Economics are aimed at training the student managers about the micro-level decision making process, be it for a firm or a consumer, increasing their understanding about various market structures, inter-linkages between various factors influencing market decision making process, as also about the factors which affect such decisions greatly, yet are much beyond the control of an individual firm or a consumer.
The area also offers subjects, which cover legal aspects of domestic and international business. The subjects offered on business law aim to provide insight into the legal process and legal provisions specifically with reference to business and corporate functioning. The various subjects offered on business law, across different programs are International Business laws and taxation; Business laws in India; Legal aspects of Business.
The core subjects offered in the strategy area acquaint the students with the process oriented approach to formulation and implementation of strategy; to the finer issues of creating the right context. The subjects deal with the complexity of decision making in the highly dynamic and competitive global business environment. There is an effort to familiarize the students with issues of critical importance at the business and corporate level, beyond the functional and more immediate challenges organizations confront, thus providing a holistic perspective. Apart from the core subject of strategic management the strategy area includes subjects on International Business, Value and Ethics, Corporate Governance and Social responsibility; Managing Innovation and Creativity; Entrepreneurship Development.
The area also offers Environment Management as a subject. In recent times, principles of environmental and natural resource management are getting increasingly integrated into core business systems and strategies. In most businesses, advantage is accrued from capabilities like industrial ecology, eco design, demand side management, life cycle assessment, environmental audit, eco labelling, green marketing and so on. As markets go global, the challenges of sustainable development emerge as an important factor in expanding markets. Business and Industry have a major role in environmental degradation and resource depletion, therefore they have to recognize environmental management as the priority area and key determinant to sustainable development. Therefore the focus of the course is to sensitize future managers towards above issues for carrying out socially and environmentally responsible business.
Members of the Area offer a number of core and elective courses for the various programs of the institute. They are also actively involved in guiding various students on industry projects. The Area offers specialization for the doctoral level Ph.D. program of the Institute. Other Area activities include case writing by faculty members, sponsored research and consulting. Themes of current business and research interests form the basis for a number of Management Development Programs.
|