The goal of strategic management is to help organizations stay competitive by creating, implementing, and monitoring strategies. With it, organizations carry out an in-depth analysis of the internal and external environment to formulate strategies that align with business objectives. Ken Simmonds defined the strategic management process as the collection of management accounting information about a company and its competitors for use in the development and monitoring of business strategy. According to Greenley, there are 14 benefits of strategic management.
Here are the top 10 benefits that can help organizations remain competitive and successful. Organizations that use strategic management have a distinct advantage over those that don't. Strategic management helps businesses integrate new processes and manage operations, create strategies at the business, corporate, and international levels, and develop frameworks for strategic analysis. It also includes five stages: planning, analysis, strategy formulation, strategy implementation, and strategy monitoring.
Without strategic management, it is not possible for a company to survive in the long term. Strategic management offers a variety of financial and non-financial benefits. It helps organizations plan loyalty campaigns, discounts, special offers, and other strategies in time to keep customers away. It also helps them identify their strengths and weaknesses in order to make better decisions, identify opportunities for growth, and develop strategies to respond to changes in their environment. Organizations that understand the importance of strategic management can create effective strategies that will help them achieve their goals and objectives. By taking advantage of the benefits of strategic management, businesses can remain competitive in today's market.
