Advantages of Strategic Planning Essay

Words: 2098
Pages: 9

Strategic Management Assignment 1

Table of contents Page

1. Introduction 2
2. Advantages of Strategic Planning
2.1. Financial Advantage 2

3. Disadvantage of Strategic Planning

3.1 Distortions and Deceptions 3

4. Friedman view of business social responsibility 3

5. Having a look at Sasol’s Social contribution 5

6. References 6

1. Introduction

There are a number of advantages and disadvantages of strategic management. To me the advantage that stood out was the financial advantage organisation can achieve by implementing a strategic planning process. There are evidence of this as a study was done on banks in the United States - they do
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Friedman also believed that social responsibility should not be forced by the government. While most economists agree with this notion, many believe that he may have gone to an extreme by saying that it is the company's only social responsibility. Companies can still maintain their successful path while pursuing several different methods of social responsibility simultaneously. Responsibility to stakeholders can still be achieved while helping to strengthen the community. For example, companies can conduct research to provide a safer product to consumers.

Alternative Perspective to Milton Friedman's Theory
There are many ways that an organization can be socially responsible. There are three that stick out the most to me. I feel that the three main focuses of a company wanting to promote social responsibility are the environment, the community, and their employees.

1. Environmental Social Responsibility
First, let's discuss the effects of social responsibility on the environment. We live in a world that is moving at unbelievable speeds. We are always looking for the fastest and most efficient ways to complete tasks. Unfortunately, some of the easiest paths are the most troublesome. It is important for organisations to be conscious of the environment around them.

Simple steps to environmental social responsibility can be taken such as cleaner smoke stacks or cautious examination of wastes dumped into water supplies. Most