feature of strategic_management

May 29th, 2015
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A. T. Still University
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Financial Benefits: 1.Improvement in sales.2.Improvement in profitability.3.Improvement in productivity. Non-Financial Benefits: 1.improved understanding of competitors strategies.2.Enhanced awareness of threats.3.Reduced resistance to change.4.Enhanced problem-prevention capabilities.Strategic planning is an involved, intricate, and complex process that takes an organization intouncharted territory. It does not provide a ready-to-use prescription for success; instead, takes theorganization through a journey and offers a framework for addressing questions and solving problems. Being aware of potential pitfalls and being prepared to address them is essential tosuccess.Some pitfalls to watch for and avoid in strategic planning are these:

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Strategic management Part -AQ1. Describe the benefits of Good Strategic Planning? Define and giveexamples of key terms of Strategic Management? Ans Strategic management allows and organization to be more proactivethan reactive inshaping its own future; it allows an organization to initiate and influence activities and thus toexert control over its own destiny.Small business owners, chief executive officers,presidents andmanagers of many for-profit and non-profit organizations have recognizedand realized thebenefits of strategic management.Historically, the principle benefit of strategic management has been tohelp organizationsformulate better strategies through the use of the more systematic,logical andrational approachto strategic choice.Financial Benefits:1.Improvement in sales.2.Improvement in profitability.3.Improvement in productivity.Non-Financial Benefits:1.improved understanding of competitors strategies.2.Enhanced awareness of threats.3.Reduced resistance to change.4.Enhanced problem-prevention capabilities.Strategic planning is an involved, intricate, and complex process that takes an organization intouncharted territory.It does not provide a ready-to-use prescription for success; instead, takes theorganization through a journey and offers a framework for addressing questions and solvingproblems.Beingawareofpotentialpitfallsandbeingprepared

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