Strategic Management in Business Development

Strategic Management In
Business Development
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ABSTRACT
Strategic management is a significant process of organisation which leads it towards growth
and contributes in its development. All the organisations need to undertake strategic management
process in order to develop its business in the market. It provides various benefits to the
company in terms of improving effectiveness, operational efficiency etc. Proper assessment of
internal and external environment of business is very necessary to execute the strategic planning
in an effective way and accomplishing goals and objectives of company. Assessment of external
environment can help in developing effective strategies and execution of those strategies help in
developing the business in the market and gain competitive advantage over rivals.
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Contents
ABSTRACT.....................................................................................................................................2
TITLE: “STRATEGIC MANAGEMENT IN BUSINESS DEVELOPMENT”.............................4
1. INTRODUCTION.......................................................................................................................4
Theoretical background..........................................................................................................4
Aims and objectives...............................................................................................................5
Research Questions................................................................................................................5
Significance of the study........................................................................................................5
Scope of the study..................................................................................................................6
2. LITERATURE REVIEW............................................................................................................6
Role of strategic management in business growth.................................................................6
Steps taken in the strategic management to build an organization.........................................8
Rationale for the strategic management.................................................................................9
Importance of strategic management in the organization.....................................................11
Levels and the implementation of strategic management in business growth.....................13
3. RESEARCH METHODOLOGY...............................................................................................20
Research Philosophy............................................................................................................20
Research Approach...............................................................................................................21
Research Design...................................................................................................................21
Research Strategy.................................................................................................................21
Data Collection Method.......................................................................................................22
Sampling...............................................................................................................................24
Ethical Considerations..........................................................................................................25
Limitations of Study.............................................................................................................25
4. INTERPRETATION OF DATA, RESULTS AND FINDINGS...............................................25
Data analysis.........................................................................................................................25
Data Interpretation and findings...........................................................................................27
5. EVALUATION OF FINDINGS................................................................................................35
6. CONCLUSION..........................................................................................................................36
7. RECOMMENDATIONS...........................................................................................................37
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8. REFLECTION...........................................................................................................................38
REFERENCES..............................................................................................................................39
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TITLE: “STRATEGIC MANAGEMENT IN BUSINESS DEVELOPMENT”
1. INTRODUCTION
Strategic management is an important business strategy term in this article. This defines
strategy for strategic management and outlines key concepts: strategic vision, priorities, strategy
development, strategy implementation, evaluation, and corrective action initiation. The research
will also focus on strategic governance, the role of the board of directors in the design and
implementation of strategies. The paper also discusses the different types of selling strategies,
corporation, practical and operational. All such principles are discussed to illustrate their
relevance for the productive and successful management of organizations. Enterprise
organizations must understand how important it is to build sustainable, competitive advantages
in a dynamic and highly competitive operating environment (Saunders & Lewis, 2012)
Theoretical background
Business culture, employee skills and organizational structure are all important factors
influencing how an organization can achieve its stated goals. In a changing business
environment, inflexible firms may find it hard to succeed. Creating a barrier between strategy
development and implementation can make it difficult for executives to determine whether goals
have been met effectively. While the upper management of an organization is ultimately
responsible for its strategy, actions and ideas from lower-level managers and staff often spark the
strategies themselves. Instead of relying solely on the chief executive officer (CEO) for
guidance, an organization may have several employees devoted to strategy. Because of this
reality, organizational leaders concentrate on learning and examining the environment at large
from past strategies. In order to ensure that the entire organization is moving forward, collective
knowledge is then used to develop future strategies and to guide employee behaviour. Effective
strategic management needs both an inward and outward perspective for these reasons.
Aims and objectives
Research aim:
The aim in relation to this particular study is “To ascertain the role of strategic
management in development of business. A case study on Marks & Spencer”
Research Objectives:
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The objective of the research can be defined as:
 To understand the role of strategic management in business growth.
 To determine the steps taken in the strategic management to build an organization.
 To understand the rationale for the strategic management.
 To analyse the importance of strategic management in the organization.
 To identify the levels and the implementation of strategic management in business
growth.
Research Questions
 What is the role of strategic management in business growth?
 What are the steps taken in the strategic management to build an organization?
 What is the rationale for the strategic management?
 What is the importance of strategic management in the organization?
 What are the levels and the implementation of strategic management in business
growth?
Significance of the study
Two key explanations for the company organization's strategic significance. First,
management must proactively figure out how the company's operation is carried out. We always
claim that a straightforward and well-created approach is the market improvement method, a
blueprint for strategic success, a game plan for attracting consumers and financial results. The
study is effectively significantly allowing researchers to have proper understanding of the topic,
in addition to this it cover different aspects through which researcher can gain in depth insight as
well as knowledge about the role of strategic management and business. With the help of this
researcher can evaluate number of solution and challenges
Scope of the study
The study will define the ideas and suggestions to compliant with the business
development address their challenges and provide significant solution. In addition to this it has
been identified that this study actually provides benefits for organisational as well as academic
purposes, as it is conducted on the brooder topics which is associated to the role of strategic
management. This objective allows scholars to conduct further research in an effective manner.
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This research study will be assistive for organisation to effectively evaluate the future benefits of
introducing strategic management in organisation.
2. LITERATURE REVIEW
Role of strategic management in business growth
As per the view point of chs and Feuerriegel, 2020 strategic management act as an
essential component of any business organisation irrespective of its size and scope. According to
the analysis it has been identified that strategic management play key essential role in functions
of organisation that involves marketing, human resource, finance, production, operation and
other functional areas of management. It has been underlined that strategic management play a
very important role in business organisation in terms of providing strategic vision (Barbosa and
et. al., 2020). With the help of strategic management organisation can have a strategic vision
from which leaders and managers can design a picture of company’s strategic vision and can
undertake significant processes to accomplish them. In addition to this it has been identified that
strategic management play significant role in creating high performance and competitive
advantage. With the help of undertaking use of strategic management process organisation can
significantly enhance their overall profitability as well as rate of return. Furthermore, according
to the analysis it has been underlined that strategic management allow organisation to
continuously monitor internal as well as external trends, event and crisis and implement changes
on timely basis. With the help of this organisation can enhance their adaptability to adopt change
and can increase their competitiveness in respective industrial sector. In addition to this is it has
been underlined that the most important role of strategic management is that it inspires
employees with definite goals (Williams Jr and et. al., 2020). In addition to this, strategic
management motivate employees to effectively utilise their intelligence and make application of
their imagination to accomplish organisational purpose with higher effectiveness. Along with is
it develops commitment and encourages employee for action and orientation. Along with this it
happened underlined that strategic management encourage individuals to share their values and
also act as a tool of motivation. With the help of adopting strategic management techniques
leaders and managers with an organisation can encourage intelligent risk taking within
organisational workplace structure and can effectively strength and improve sense of
effectiveness.
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In addition to this going to the evaluation it has been underlined that strategic management
also play a major role in pathfinder to view business opportunities. It duly provides the
framework for all major business decisions through which organisation can undertake significant
decisions related to product, business project, market, investment and organisational structure.
With the help of strong strategic management practices organisation can significantly avoid
costly mistakes can make investments in an effective manner. Furthermore, according to the
analysis it has been outlined that strategic management allow organisation to effectively
undertake innovation in time to time and undertaker advantage of more opportunities that are
prevailing in dynamic environment. Strategic management effectively develops an awareness of
the process through which organisation can accomplish the corporate objectives with more
effectiveness (Kasemsap, 2020). It creates the architecture of the organisation through which
business can encourage innovation, creativity, learning and experimentation within
organisational workplace premises. Along with this, it has been underlined that strategic
management is deeply involved with major concepts which is associated to risk taking,
leadership empowerment, integrate vision and creativity. These aspects are playing essential role
for company growth and development. Thus according to the above mentioned in analysis it has
been identified that strategic management is playing significant role in organisational workplace
through which organisation can create more value. In addition to this strategic management also
allow organisation to capture the full potential and undertake to risk for future development.
Strategic management is playing significant role which is linked with organisation development,
it provide better and effective control of uncertainty through which organisation can assure long-
term growth as well as sustainability in respect industrial sector. Thus, as per according to the
above mentioned in analysis it has been identified and strategic management is playing most
important role for business growth this will not only lead organisation to undertake effective
organisational decision but also allows them to enhance the overall profitability as well as
productivity at great extent.
Steps taken in the strategic management to build an organization
As per the view point of Imran and Abbas, 2020 strategic management play essential role
for strategic objective and growth of organisation. It is essential for organisation to undertake
effective strategic management process in order to identify and describe the strategies for better
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