Benefits of Strategic Management Essay Example | Topics and Well Written Essays - 250 words

Benefits of Strategic Management - Essay Example Companies that utilize strategic management can greatly benefit from its implementation. Strategic management allows managers the ability to forecast the future. The proper use of strategic management can increase the productivity and profitability of a business. An example of a strategic management decision is using only a few of the patents a company develops in order to postpone the release of new products for the future. An industry in which this occurs a lot is the pharmaceutical industry. Another benefit of strategic management is that it can be used to change the corporate culture of a company. The use of strategic management can also help an organization gain a competitive advantage. The accounting department benefits from strategic management because it allows the firm to make better budgeting decisions (Hainescentre, 2012). Planning for the future allows a firm the ability to predict future expenditures and income streams. Strategic management can also be used to improve decision making (Robinson, 2005). Robinson, R. (2005). The advantages and disadvantages of strategic management. Retrieved February 10, 2013 from