FE 1 of 4: Strategic Management

Strategic Management
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Strategic Management
List and briefly describe five of the ten major benefits of strategic management, as stated by Greenley
Strategic management refers to the logical analysis of the internal and external environment of the firm to offer a basis for maintaining the most favorable management practices. It aims to achieve better placement of policies and strategic priorities. According to Greenley, firms can accrue several benefits from strategic management.
Strategic management allows the firm to identify, prioritize and exploit opportunities (Bonfire, 2013). By so doing, the organization can choose the most viable ideas by aligning them in the order of importance. Thus, it explores the ventures that aim at increasing profitability while disregarding those that can result to a decline in returns. Furthermore, strategic management ensures that firms have an objective view of management problems (Bonfire, 2013). It means that the firm can analyze the weaknesses of the management and make the necessary changes as desired.
Moreover, strategic management represents a framework...