Strategic Management: Comparison of Approaches, Models for Environmental Impact and Innovation Benefits, Costs and Risks

Strategic management

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
SECTION 1......................................................................................................................................3
Critical comparison and contrast to the application of different approaches to strategy.............3
SECTION 2......................................................................................................................................6
4. Comparing two models accessible to the manager to evaluate environmental impact on
competitive positioning of an organization with the benefits and limitation of each..................6
5. Evaluation of benefits, costs and risks of using innovation for driving long term
organization..................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Strategic management is the ongoing process of planning, monitoring and analysing all
the important assessments for the necessities of the organization. It helps the business in meeting
the essentials needs for meeting the goals and objectives which changes in the business
environment. In this project the chosen organization is Tesco which is multinational retailer also
known as being the largest supermarket chain in UK. This project analyses the concepts and
models which are related to the organizational strategy. In this project the comparison between
the two theoretical model and evaluation of the benefits, costs and risks of innovation will be
discussed for an organization.
MAIN BODY
SECTION 1
Critical comparison and contrast to the application of different approaches to strategy
The strategic management of an organization like Tesco consists of development of
strategy and strategic planning which refers to the long-term direction towards which
organization attempts to achieving competitive advantages. There are different approaches to the
strategy application which are discussed as follows,
Prescriptive Approach :
According to Doyle and Brady, (2018) this approach is the creation of mission, vision and
core values which are stated as the objectives which defines the strategy of implementation. It
shows the intentional planning which is formulated towards the rationale of deliberate intentions.
This approach follows more of a top-down hierarchical structure which is authoritative towards
the management style of the organization. This process is considered to be very linear towards its
strategic analysis which helps in the strategic development which is helpful for the
implementation of the strategy. In this approach design, planning and positioning of the
organization.
Emergent approach :

As per the view of Sarrica and et.al., (2018) it can be that emergent approach which is
strategic of the emerging factor which the managers create in the development of the strategy
and operations decision-making. It shows the implication of strategy which is considered to be
intentional in planning from the top but their emergence is towards the decisions and actions
taken. This is the reason why this approach of strategy making is a more of an interactive,
incremental and unplanned process allowing flexibility and adaptation of the changes in the
business environment.
The comparison between the strategic planning approaches can be critically explained
with the help of the following table.
Prescriptive Approach Emergent Approach
Advantages
Its main objective are set for achieving the
major mission s of the organization (Brandt,
Wagner and Neumann, 2021). It also considers
the different visions which are encouraged for
encouraging the consideration of long-term
performance. In this approach the short-termism
is discouraged as the performance targets are
monitored accordingly for the long term goals.
It can be considered as the strategy which
emerges in incremental differences of the
individual which help in the preparation of
strategic changes that are formed and
implemented simultaneously in this
approach.
In this strategy he statements of vision, mission,
goals and objectives and values are clearly
stated which makes it easier for coordinating
the efforts of managers, strategic business units
and employees if such statement are not
available. This is the reason why this approach
is able to make strategic decisions which creates
enabling for following the given strategic
direction for the corporation of plan and
communication in the organization.
This strategy can be readjusted due to the
flexibility which the organization has
towards the responding in the environment
which can exploit opportunities for surfacing.
It can be considered to be the process which The experimentation of the trail and error