Assignment on Strategic Management in Company

Added on - 21 Apr 2020

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Running head: STRATEGIC MANAGEMENTStrategic ManagementName of the StudentName of the UniversityAuthor’s Note
1STRATEGIC MANAGEMENTTable of ContentsIntroduction......................................................................................................................................2Company and Industry Background................................................................................................2Appropriateness of Strategic Objectives.........................................................................................3Evaluation and Determination of Strategies....................................................................................5Components of Strategy Execution.................................................................................................7Conclusion and Recommendations..................................................................................................8References........................................................................................................................................9
2STRATEGIC MANAGEMENTIntroductionTwenty-first centuries is considered as the era of business as massive development inbusinesses all over the world can be noticed. Businesses all over the world are growing in a largepace. In this situation, Strategic Management is considered as one of the major factors for thecompanies all over the world. In order to ensure that the organizations are developing in a steadypace, the organizational managers are required to develop effective strategies (Hitt, Ireland andHoskisson 2012). Thus, strategic management refers to the process of developing and managingstrategies in order to achieve the organizational goals and objectives. In addition, with theemployment of effective strategic management in the organizations, the businesses can get thenecessary competitive advantages. Hence, it can be seen that strategic management has animportant role to play in the overall development of the companies (Hill, Jones and Schilling2014). In this context, it is required to mention that there needs to be an effective alignmentbetween the organizational objectives and strategies as strategic objectives provide theorganizational managers with the necessary direction to achieve organizational goals andobjectives (Eden and Ackermann 2013). This study takes an honest attempt to analyze andevaluate various aspects of strategic management and strategic planning for a businessorganization. Thus, for this study, Woolworths Limited is taken into consideration. Variousstages of this report attempts to analyze and evaluate different aspects of strategic managementand strategic planning for Woolworths. Lastly, based on the whole discussion, a conclusion andrecommendations are provided.
3STRATEGIC MANAGEMENTCompany and Industry BackgroundWoolworths Limited is one of the major Australian companies operating in the retailmarket of Australia and New Zealand. This company is considered as the second largestcompany in Australia in terms of revenue. Woolworths was established in the year of 1924 andthe company is headquartered at New South Wales, Australia. It can be seen that Woolworthsoperates in different business segments; they are supermarkets, petrol, food, liquor, generalmerchandise, home improvements, hotels and others. Woolworths has an employee base of202,000. In 2016, the company registered revenue and operating income of AUS$59 billion andAUS$1.6 billion (woolworthsgroup.com.au 2017).The Australian retail industry is considered as one of the major industries as it contributestowards the economic development of the country. At present, the retail industry of Australia isgrowing in a fast pace with the help of social as well as economical development. The keyfactors contribute towards the development of Australian retail sector are string economic growthof Australia, rising population of the country and the increase in purchasing power of theAustralians. It is expected that the Australian retail industry will expand at a rate of 2% duringthe year 2013 to 2018 (deloitte.com 2017).Appropriateness of Strategic ObjectivesAs per the above discussion, it can be seen that strategic management is one of the majorfactor for the success of the business organizations (Slack 2015). There is not any exception ofthis fact in case of Woolworths. The major organizational goal of Woolworths is to make thecompany in such a way that they become the first preference of their customers across all brands.
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