Strategic Management process in simple words is all about planning and formulating effective internal and external environment procedures, strategy control plans, and operational initiatives, which aid in the development and growth of a business organization. From accounting to leadership, it involves constant implementation, analysis, and assessment of important decisions, policies, and plans in the company that potentially contribute to the short-term and long-term goals and objectives of the organization.
There are tremendous advantages and benefits of strategic management process and planning to business organizations. Firstly, an approachable strategic plan allows corporate associations to achieve their expected results/goals while keeping up with their competitors in the market by providing a better insight of business opportunities, emerging technologies, and changing customer expectations. Likewise, having a good action plan helps an organization to structure a hassle-free work environment by strengthening and supporting the company's core values and competencies. Here are some more advantages given in points:
Just like any other human resource management process, the strategic management in HRM comes with a certain disadvantage and drawbacks.