The basic purpose of performing a strategic management review is to analyze where you stand at present and also where your competitors are. After doing this evaluation, you can come to a decision regarding how you plan to do business in the future. You also analyze you strategic alternatives like those related to segmentation, Value-chain etc. The advantages of doing all this are:
- You can plan the future to some extent and you have a strategy to compete in the industry.
- You can think of ways to maintain your strengths and increase your competitive advantage by thoroughly planning.
- You can anticipate, to some extent, what is going to happen and when it does happen, it doesn’t come as a surprise.
Some of the disadvantages are:
- The research takes a lot of time and the whole process is time-consuming
- A little miscalculation while the analysis can result into a loss for the company.
- The failure to follow the plan or the failure to implement the strategy can have bad effects.
- You can plan the future to some extent and you have a strategy to compete in the industry.
- You can think of ways to maintain your strengths and increase your competitive advantage by thoroughly planning.
- You can anticipate, to some extent, what is going to happen and when it does happen, it doesn’t come as a surprise.
Some of the disadvantages are:
- The research takes a lot of time and the whole process is time-consuming
- A little miscalculation while the analysis can result into a loss for the company.
- The failure to follow the plan or the failure to implement the strategy can have bad effects.
