Question

Q1(a). Discuss briefly five (5) benefits of adopting the Strategic Management Process.

Q1(b). Indicate whether or not the organization where you are employed engages in strategic management and planning. If Yes, how has this benefitted the organization?

Q1(c). If No, give your perceptions regarding the limitations and why the organization does not engage in strategic management and planning.

Answer 1

Answer 1 (a): The benefits of adopting the Strategic Management Process are, such as – It helps in formulating, implementing and evaluating the business strategies to accomplish objectives; It helps organization to remain proactive in challenging times; It helps all the workforce to understand and helps top management to communicate them the mission, vision and goals (objectives); It helps in information collation from internal and external environment to analyze the organizational conditions required for the business success; It offers a structured approach to the organization.

Answer1(b): This forces an organization to enforce top management to actually analyze day to day business operations to plan for better future and robust framework for the decision making capability. It allowed buy-in from all the employees in the organization and offered great deal of organizational perspective at each management level.

Answer1(c): Some of the limitations of strategic management process are, such as, it is useful for long term success and planning but not for the short term gains; future prediction is sometime an expensive affair for an organization and inappropriate application of the process may dealt in failures.