Strategic Management: Process, Impact of Internal and External Factors, and Organisation's Plan

Strategic management

Table of Contents
Introduction .....................................................................................................................................3
Main body........................................................................................................................................3
Definition of strategic planning..................................................................................................3
Process of determining a strategy...............................................................................................3
Impact of external and internal factors on the organisation's strategy........................................4
Organisation's strategic plan.......................................................................................................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

Introduction
Strategic management refers to the process of setting goals, objectives and procedures in order to
make sure that the company is ahead of competition. Strategic management helps the company
in becoming more competitive and make sure that there is proper planning in regard with the
tasks of the company so that the company will be able to achieve their assigned tasks and the
goals of the company (Samofatova., 2017.). In context to Marks and Spencer, is a major British
multinational retailer who is dealing majorly in clothing, food items and home products. The
company was incorporated in the year 1884 by Michael Marks and Thomas Spencer. The
company is headquartered in London, England, UK and they are currently operating in more than
100 countries including their online presence. In this report, the process of strategic management
along with internal and external environmental factors are given. An organisation's strategic plan
along with an overview of strategic planning is also demonstrated in the report.
Main body
Definition of strategic planning
Strategic planning refers to an ongoing process of planning, monitoring, analysing and
assessment of tasks which is needed to be done by the company in order to fulfil and achieve the
goals of the company. As the environment of the industry is constantly changing specially
fashion industry, it is important for the companies to make sure that they are constantly assessing
their management strategies and making essential changes according to the needs (Abd and et.
al., 2019.). It is important for the company to make sure that strategies are made in accordance
with all the aspects of the company as well as the purpose of the company. The benefit strategic
management is that it generally concentrates upon the future plans of the company. It is a
continuous process that helps the company and its employees in analysing and selecting a correct
path through which the company can avail benefits.
Process of determining a strategy
There are five steps in the process of formulating a competent and an effective strategy for the
company. It is important for the company to make sure that they are working according to the
strategy so that they will be able to achieve the company goals. The steps in the process of
strategy are given below: