Strategic Management: Process, Models, and Tools

Strategic Management

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
An introduction including a definition of strategic management.............................................................3
A critical assessment of the process used by organisations to determine their strategy...........................4
An evaluation of the critical models and tools used by organisations to determine their strategy...........5
An application of these tools to a real organization of your choice.........................................................6
Critically appraise the importance of change management based on the complexity of the
transformation process, its costs, risks and sustainability........................................................................7
CONCLUSION..........................................................................................................................................8
REFERENCES........................................................................................................................................10

INTRODUCTION
Strategic management can be defined as the ongoing process that involves planning,
monitoring, analysis as well as assessment of all the different necessities that are required by an
organization in order to achieve its goals as well. as objectives (Abdullah, 2020). Effective
strategic management helps an organization to gain a competitive advantage in the industry
against competitors. It can be said that strategic management is important for an organization
because it helps the management in making informed decisions and effective strategies
(Rosenbaum-Elliott, 2021). There are also various benefits of implementing strategic
management within the workplace such as enables the managers to measure the progress and
also provides a framework for effective decision-making. Organization chosen for this report is
Marks and Spencer, which is a British multinational retailer of clothing as well as household
products. the company was founded in the year 1884 by Michael Marks and Thomas Spencer.
The report includes critical assessment of the process used by organizations to determine their
strategy and an evaluation of the critical models and tools used by organizations to determine
their strategy.
MAIN BODY
An introduction including a definition of strategic management
Strategic management can be defined as the ongoing process of planning, monitoring and
analysing the different needs of an organization in order to achieve organizational goals as well
as objectives. Constant changes in the business environment can make it important for the
organizations to assess their existing strategies for achieving success. A company can implement
different strategies as per the requirement of the company (Belderbos, Tong and Wu, 2020).
Also, there are different benefits of strategic management such as it helps the organization to
develop effective strategies for the future so as to gain a competitive advantage as well as stand
out in the market. Strategic management is primarily based on an organization’s mission as well
as vision. The strategic management process comprises of different stages such as assessing the
current strategic direction of the organization, analysing the internal as well as external strengths
and weaknesses of the company, developing action plans, executing the action plans as well as
evaluating the success of the same (Strategic management, 2021). Strategic management within
an organization also contributes towards its sustainable growth and achieve goals thereby gaining