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Analyzing Porter's Five Forces for Sainsbury's Competitors

   

Added on  2019-12-28

12 Pages3357 Words286 Views
Business DevelopmentLeadership ManagementPolitical Science
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STRATEGIC DRIVERS
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Evaluating the range of key issues in strategic management......................................................1Understand a range of key theoretical models.............................................................................2Critically review strategic management practices.......................................................................5Apply academic models...............................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTION Strategic management is the process of achieving the stated goals and objectives withinbusiness. The decisions related to the process are taken by the top level management of thecompany. It plays a very important role in the company’s success. The purpose of this report isto research and evaluate a range of key issues in this kind of management. It will talk about thekey theoretical models. Different types of examples will be used for proper justification of themodels. Evaluating the range of key issues in strategic managementFollowing are the key issues prevailing under the above practice:Leadership – One of the most talked about aspects is effective leadership. Success cannotbe achieved until and unless right direction is showed to the employees. Leaders hold theresponsibility to decide what is right and wrong (Agrwal, 2012). Workers learn from theiractions and contributions. For example; Steve Jobs was a remarkable leader for Apple.Company achieved immense level of success under his guidance. He taught theemployees about how to work in innovative business environment while under hisabsence company was struggling to find its existence (Armstrong and Taylor, 2014).Hence, a good leadership is very important in the process of strategic management. Thegreat decisions come from the minds of leaders only while in absence of leadership, theemployees can deviate from their path. Stakeholder management – Another key issue in the process is dealing with theexpectations of different stakeholders. Shareholders always expect better returns from thebusiness (Gannon, Doherty and Roper, 2012). Customers want that company mustproduce worthy goods and service for them. Employees wish that they should be givenrewards, better salary and growth opportunities. Creditors want to have timely paymentof the fund which they had given to the company. Government keeps an eye on thebusiness particles. Hence different stakeholders carry different expectations (Mello,2014). Non-fulfilment of that can create many issues for the organization. Environmental scanning - Process of strategic management also requires good level ofenvironmental scanning. It is related with the analysis of prevailing trends and conditionswithin the industry (Wright and McMahan, 2011). There is a need to collect and analyse1
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the information about relevant trends existing in the external environment. For instance;UK leading retailer Tesco uses a Clubcard approach to collect data related to itscustomers. It modifies products and promotions specifically for the individual customers.Company has leveraged this approach to increase its share in the grocery market.Therefore, it can be said that environment scanning is very crucial from the businesspoint of view (Bradshaw and Urquhart, 2015). Globalization – Another prevailing issue is the globalization. This phenomenon hasincreased the international competitiveness within the business world. The strategies areto be formulated and implemented in cautious manner (Burlton, 2015). It is because; atthe global level, the conditions are different; the consumer behaviour is also difficult tounderstand. Without an understanding of the global forces, company will not be able tounderstand the competitive environment. For instance; Retail giant Wallmart requireshigh level of growth to continue its survival in the retail market. It is possible onlythrough globalization (Hitt, Ireland and Hoskisson, 2012). Company entered into the UKmarket by using the acquisition strategy. Hence, it can be said that globalization is a bigchallenge in front of an organization in the process of strategic management. Technology – Another issue faced by the companies is the use of technologies within thebusiness. In the present context, the strategic management of the firms is incompletewithout the mention of technology (Huber, 2011). The marketing world is totally into thecluster of technology. Companies cannot perform their business activities withouttechnological tools and approaches. For instance; the social media is the ongoing storm inthe environment. Understand a range of key theoretical modelsProcess of strategic management is enclosed with different types of theoretical models.These models are as follows:2
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