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Strategic Management TABLE OF CONTENTS

   

Added on  2020-01-15

10 Pages2809 Words357 Views
STRATEGICMANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2...........................................................................................................................................4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONStrategic management is defined as a process of planning in advance on the basis ofavailable resources after evaluating internal and external environment of the organisation. Thisinvolves formulation of different strategies which increases firm's competitive advantage andperformance of employees. Strategic management intends to protect the venture from variousexpected and unexpected events, so that firm can handle the situation by preparing plans inadvance. Further, strategic management applies to every size of organisation, whether it is small,medium or big enterprise (Freeman, 2010). The present report is focussed on strategicmanagement's concept and its necessity in the organisations. For understanding its practicalapproach, TESCO PLC has been taken as it is one of the biggest retail firms in UK. It providesservices in diverse products worldwide which makes it more sensitive towards competition.Through application of various models on above mentioned firm, problems faced by company instrategic management and its solution will be explained. TASK 1Strategic planning is done for making firm competitive and it involves number of steps.Tesco has its branches in other countries as well which makes it more sensitive towardscompetition existing everywhere. To take a stand against this competition, firm has to dostrategic planning. Before going for making any plan, it is the first pre-requisite for the companyto analyse its internal and external environment (Hitt, Ireland and Hoskisson, 2012). For thepurpose of conducting internal investigation, SWOT analysis is done, while for externalassessment porter's five force models are applied. SWOT is an acronym of strength, weakness, opportunity and threat which a venture hasin its surrounding environment. To evaluate these factors affecting TESCO internally, SWOTanalysis will be done as described below: Strength: The main strength of the company is its brand name which already has a verybig impact in customer's mind. It provides large number of products worldwide of goodquality as it helps in building great image in front of customers (Hill, Jones and Schilling,2014). Besides this, it has increased its store at particular locations to increase itscustomer's base as shopping has become more convenient from there. Furthermore, firm1

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