Strategic Management: Importance, Process, and Analysis

Strategic Management
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TABLE OF CONTENTS
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
1) Introduction and definition of the strategic management...............................................................3
2) process to determine effectiveness of strategy...............................................................................4
3) Critical Models to determine the strategy......................................................................................5
4) Tool to analyze compaction in the market.....................................................................................7
5) Change management importance and their transforming, cost and risk.........................................9
CONCLUSION.....................................................................................................................................9
REFERANCESS.................................................................................................................................10
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INTRODUCTION
Strategic management include the setting of the goals and objectives. it ensures to
proper evaluation of strategies and ensure the roll of the management out the strategies
across the organization.
This report will cover the case study of Marks and Spencer which is UK’s one of the
top retailer company (Certo and et.al., 2016). They are dealings with the products such as
clothing, kitchen appliances and food product. This report will provide brief introduction of
the strategic management and explain their importance for the company. It will also explain
the process of the strategic management in the organization and analyse how organization
make strategies. This report will analyse the internal and external environment of the Marks
and Spencer with the help of PASTEL and SWOT analysis. It will include porter’s five
forces. in the end of this report will analyse the impertinence of the change management.
MAIN BODY
1) Introduction and definition of the strategic management
Strategic is the term which is use to introduce the branch of the management which
concern with the development of thy companies strategic vision, In this process superiors of
the company set the company’s objective to achieve in the future. the formulation and
implementation of the strategies. It has two major objectives- to gain competitive advantages
, with an aim of the outperforming the competitors, to gain the dominance over the market ,
To act as an guide of the Marks and Spencer company to help them surviving the changes in
their workplace environment (Aguinis, Edwards and Bradley, 2017). During the change in
the internal and external environment it is important for the Marks and Spencer to make new
strategies so they take competitive advantages and set the goals for the future. Internal
changes such as change in the business polices which are introduced by the managers, they
make the proper strategies and set goals for the company. Eternal changes such as change in
technology trend can be key driver of the change on company so it is important for the
companies superiors to bring new technology at their workplace so they can gain competitive
advantages, with the implementation of new technology it is important for the companies
superiors to provide training and communicate with them so they can increase employees
motivation and achieve competitive advantages.
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2) process to determine effectiveness of strategy
Strategic management is the process of managing, analysing, planning in order reach
to the set goals by the Marks and Spencer Company. Strategic management helps to them to
see where they are standing new and where they can reach in the future and where they like
to go in the future (Holloway, 2018). This takes benefits of the company’s resources to
create the strategy which helps this company to reach nearby their set goals and achieve
success in their business and show their presence in the market. The process of the strategic
management includes overall five major stages which are Goals setting, analysis, strategy
implementation and strategy monitoring, here is explanation of all the steps of the strategic
management. This helps marks and Spenser to develop a strategy and plan a series of action
for future.
Goal setting
This is one of the first step in which superiors of the company set the goals and plan
the goals. Goals set by Marks and Spencer organization are important to share with each and
every member of the organization because they are part of the organization (Barney, 2017).
This will help the organization to make their employees understand their future perspective,
their target in a better manner. They have to explain how contribution from the each member
of the company have impact on the organization to reach to the set goals This will give each
group members a purpose and will give their job meaning. Leaders an manager of the
company make goals by analysing the companies previous performance and find out where
they can go and where they want to reach in the future.
Analysis
It is another important aspect of the determining organizational strategy. Analysis of
data or information collected helps an organization like Marks and Spenser to understand
what are their main strengths and weakness that are required to be focused on by them. In the
middle of the process that utilise each data to gain the appropriate results. Collecting of the
data can be helpful for the superior to create better strategy to reach to the companies goals
(Lange and Bundy, 2018). This step of the strategic management entails becoming aware of
any kind of the issues at the workplace and understand the all needs of the company. They
have to find the information and there is any weakness of the Marks and Spencer then they
have to find and after find the all information about the problems and issues they have to
make strategy to overcome from the issues’
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