A survey of nearly 50 corporations in a variety of countries and industries found the three most highly rated benefits of strategic management to be:
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Clearer sense of strategic vision for the firm. |
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Sharper focus on what is strategically important. |
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Improved understanding of rapidly changing environment. |
To be effective, however, strategic management need not always be formal process. It can begin with a few simple questions:
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Where is the organization now? |
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If no changes are made, where will the organization be in 1 year? 2 years? 5 years? 10 years? |
| Are the answers acceptable? | |
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If the answers are not acceptable, what specific actions should management undertake? |
| What are the risks and payoffs involved? |