Report on Strategic Planning Process for an Organisation
Added on 2020-06-03
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Strategic Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1CONCLUSION ...............................................................................................................................9REFRENCES...................................................................................................................................9
INTRODUCTIONStrategic management refers to the creation and execution of major objectives andinitiatives taken by the top management of the company on the behalf of owners, by consideringresources and external and internal environment in which the firm competes. Strategic planningdefines the strategies of an organisation which provides direction and assists in decision makingregarding allocation of resources to pursue that strategy. In the present assignment, givencompany is TESCO Group which is a global retailing portfolio and powerhouse of retail brands.It offer non food and food items in all the countries of the world in various formats, includingonline retail stores (Ackermann and Eden, 2011). Report covers strategic planning process andits appropriateness for an organisation in its operating environment. It also covers the way inwhich firm determines its functional objectives in order to accomplish the planned strategy.TASK 1Question 1 : Assessing the appropriateness of strategic planning process for an organisation inits operating environmentStrategic planning refers to a process that ensures profitability of an organisation. It is thebasic requirement of every firm and is implemented by management team. It is a systematicprocess of planning which involves various steps that determines current position of thecompany, including its vision, mission, needs, goals and objectives, prioritized strategies andactions & monitoring plans. Strategic planning process provides a clear vision to TESCO andgives an idea about future position of the organisation. It is necessary for every firm to formulatestrategic plan in order to ensure success of the company. TESCO is the largest supermarket in UK (Boyd and et. al., 2012). It is an internationalgeneral merchandising and grocery retail chain and is a British retailer by its domestic marketshare as well as global sales. Planning process needs to have an overall goal and vision. It isrequired by top management of the firm to formulate appropriate strategy that provides thedirection to attain predetermined goals and objectives of TESCO. Strategic planning issystematic procedure of envisioning desired future, translating vision into defined objectives andgoals & process to accomplish them. It is a long term planning which lays down a platform andassist to meet calculated future needs. 1
Strategic planning processIn today's competitive business environment, forecasted and budget oriented planningmethods are not sufficient for an organisation to prosper and survive. So, it is necessary forTESCO to engage in strategic planning that defines clearly, the purposes & evaluate internal aswell as external environment in order to formulate strategy, execute it, assess the progress &make appropriate adjustments if necessary to keep on track (Bryce, 2017). The process of strategic planning has several steps which are as follows: Mission and objectives Situation analysis Strategy formulation Strategy implementation Evaluation and control Mission and objectivesMission statement of TESCO defines the vision of the company which includes purpose& unchanging values and visionary goals that provides directions to pursuit future opportunities.It conveys a purpose to projects and employees of a firm. In the process of strategy formulation,mission statement provides a vision, where the firm should go in future. Directed by this vision,manager of TESCO are able to define measurable strategic and financial objectives. These areconcrete goals that the firm seeks to reach. The objectives related to finance includes measureslike earning growth and sales target and strategic are related to business position of the companyand may involve measures like reputation and market share (David, 2011). These objectivesshould be achievable and challenging. It should also be measurable so that referred firm can beable to monitor its progress & make corrections as required.Situation analysis Once a company has defined its objectives, it initiates with its current position toformulate a strategic plan to attain these. Any change in external surroundings often exist newopportunities and ways to achieve the objectives. Environmental scan is conducted by the firm inorder to identify the present opportunities from the market. It is necessary for the company toknow its own abilities and limitations to grab the opportunity that provides a firm with higherpossibility of success. Situation analysis involves scanning of both internal as well as externalenvironment of TESCO. 2
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