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In strategic management what are the benefits and challenges?

In strategic management what are the benefits and challenges?
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Answer #1

Some of benefits in strategic management are:

  1. Make better business decisions
  2. Helps in identifying strategic directions
  3. Helps in increasing the market share and profitability
  4. Sustains the business in market for a long term
  5. Works as a pillar for a better future for the company.

Some of challenges in strategic management are:

  1. Emerging e-commerce and internet culture
  2. The tough competition exists in market
  3. The changes required to be done to catch up with the globalization
  4. To diversify the business
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