Assignment on Strategic Management Definition

Running Head: STRATEGIC MANAGEMENT
STRATEGIC MANAGEMENT
Name of the Student
Name of the University
Author Note

1STRATEGIC MANAGEMENT
Table of Contents
Introduction................................................................................................................................2
Background of Company.......................................................................................................3
Discussion..................................................................................................................................3
Knowledge Creation...............................................................................................................3
Organizational Learning and Management of Knowledge....................................................4
Techniques and Tools used for the Knowledge Management...............................................6
Conclusion................................................................................................................................11
Reference..................................................................................................................................12

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Introduction
Strategic management is described to be the science and the art of formulation,
implementation as well as evaluation of the cross-functional decisions, which enables the
entity for achieving objectives. The main purpose of strategic management is combing energy
of the functional areas of organizations into one focused effort for achieving superior
performance. It is not about future predictions rather it is about preparing for it as well as
understanding the exact steps that needs to be taken by company for implementing strategic
plans and achieving competitive advantages. It helps the company for identifying direction in
which company is moving (Perry, 2014).
Further, the knowledge concept is not considered to be new in the strategic thinking.
It is era of the knowledge-based society, where markets are dynamic, regulatory environment
is changing rapidly, products are evolving, innovations are done continuously, behavior of
customer is fluid and competitors are innovative. Therefore, it becomes vital for the company
for maintaining competitive advantage. Ikujiro Nonaka is the professor, who is known
globally for his knowledge creation theory. He explained that knowledge is not considered to
be specialized activity rather it is the way in which entity should behave. Nonaka and
Takeuchi have outlined knowledge conversion and creation mechanism. Both have stated that
there exists link in between the learning and the knowledge that is articulated usually as
difference between the explicit knowledge and tacit knowledge (Botha, Kourie & Snyman,
2014).
Hence, this paper aims to discuss the viewpoint of Nonaka and determines the way it
is applied to the strategic management of the organizational learning and knowledge of
Woolworths Group. Further, evaluation will be done on the company’s uses of strategic tools

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and techniques, which includes competitive advantage, strategic marketing, strategic
development, sustainability and management of strategic corporate changes.
Background of Company
Woolworth Group is the listed company of Australia that operates in the industry of
retail-consumer staples. It offers retail operations. Woolworths operates in supermarkets and
general merchandise consumer stores and is engaged in products, food and liquor
procurement. Apart from these business operations, the company also operates gaming, food,
pubs and accommodation operations. This company serves their customers in both Australia
as well as New Zealand. It is one of the biggest company of Australia.
Discussion
Knowledge Creation
Knowledge is described as understanding, awareness or the familiarity of something
or someone, for instance skills, description, information and facts that is acquired by learning,
discovering or perceiving. It is referred to the practical or theoretical understanding of
subject. Knowledge creation is defined as the continuous transmission, combination as well
as conversion of the various types of knowledge. Creation of the knowledge is through
education, interaction, collaboration and practice. Knowledge is not passive exercise; hence,
it is required to be explored for understanding the involved activities. This thought matches
with Nonaka that the knowledge becomes the way of behavior, hence it is getting embedded
in culture of corporate. In addition, knowledge can be inferred from the processes of
hypothesizing, identification of variable as well as measurement within the experienced
designs that results in causality identification and the predictions being made regarding facts
that have been evaluated properly by the logic of mathematics. Further, there are existence of
various other definitions of the knowledge, but they seem for recognizing significance of