Management Policy and Strategy

Topics: Management, Strategy, Plan Pages: 3 (360 words) Published: November 24, 2012
Unit 1 Learning Journal
Kaplan University
MT460: Management Policy and Strategy
Professor Wendy Finlay
November 12, 2012

Strategic management gives a business the opportunity to produce the best strategy to be more

proactive in creating its future by influencing activities to control the direction of the company. The

benefits of strategic management is that it helps provide a framework for the organization because

the business is able form better strategies in areas of research, development, marketing, sales and

financial aspects. Businesses are able to ensure that these practices are strategically managed to

improve both productivity and revenues in the company so that the company is successful. Due to

this process, business can benefit from improvements in sales, profits, and productivity. Other

benefits of strategic management include awareness of strengths, weaknesses, opportunities and

threats for opportunity of improvement were necessary. In addition, the company benefits because

they are able to develop advancement in understanding strategies of the competitor, reduce

resistance to change and enhance in problem prevention capabilities. Overall, the most important

benefit of strategic management is to assist the company to form better strategies by utilizing a

process that has a more systematic and logical approach to strategic choices.

There are many risk associated with strategic management due to the unforeseen circumstances

that can occur when processes and procedures are implemented in the company. Managing

strategically in business can be both difficult and messy; in addition it can require a considerable

amount of work. It also can place a new set of demands on employees that they were not expecting

to oversee in their daily activities this can impact their daily responsibilities. Due to these aspects,

some of the risks in strategic management are that it can be...
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