Strategic Management: Definition, Process, and Impact on Tesco

Strategic Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Providing the definition of the strategic management:................................................................3
Analysing the process used by the organization to determine their strategies in the context of
the firm “Tesco Plc.”:..................................................................................................................4
Impact of Internal and External Environment of Tesco ..............................................................5
Strategic Business Plan................................................................................................................7
Action plan for Improving Internal Environment .......................................................................7
CONCLUSION............................................................................................................................8
REFERENCES................................................................................................................................9
Appendix........................................................................................................................................10

INTRODUCTION
Strategic management is the process of setting goals, procedure and objectives related to
the company in order to make the company more capable and competitive (Makadok, Burton,
and Barney, 2018). The report based on the strategic management of the firm Tesco plc. A
British multinational groceries and merchandize retailer. Operating with its headquarter in
Welwyn garden city, England. The firm operates with around 367321 numbers of the employees.
The report will be including the proper definition of the strategic management. A critical
assessment related to the process used by organizations to determine their strategy and the
impact of the internal and external environmental variation on the organizational strategy. Later
in the report, a review of the organization's strategic plane on the basis of the internal and
external environment will be shown.
MAIN BODY
Providing the definition of the strategic management:
Strategic management is the process that helps in defining the goal of the company,
procedures and objectives of the company to help it achieves the competitive edge in the market
and make it more capable to survive in the business run. Strategic management works by looking
in the effective way on the staff and use of the resources to achieve the overall goal. This
management includes the strategy evaluation of the firm, internal organizational analysis and its
strategy execution in the overall company process to make the firm achieve its goals and
objectives. The term strategic management helps the firms in finding more of the ways to
achieve the goals and become more of the competitive in the business run. Strategic management
helps in planning out the practices that are related to the planning process of the organization and
with its all important aspects (Bryson, and George, 2020).
Strategic management plays an important role in the development of the firm and analyse
their main areas of operations also by making them where the improvement is required to have
smoother business operations. The firm can follow out the analytical process that can help the
firm in identifying the threats and the opportunities for the business and helps the business to
grow by following some simple guidelines. Organization can follow either the prescriptive
approach or the descriptive approach of the strategic management. In the prescriptive model the
strategies are made in a that they help in development and execution of the firm. Under the
descriptive approach, it describes that how the firm can develop these strategies by implementing

them in the organization. Strategic management helps in the firm to have the financial and non
financial benefits. This management plan helps the firm to plan for its future and helps in setting
the direction for the organization and for its employees.
Analysing the process used by the organization to determine their strategies in the context of the
firm “Tesco Plc.”:
The primary purpose defined by the process is to help the firm, to set the goals for the company
and provides with the actionable plan to achieve those goals. The stages involved in the process
of the strategic management of the company are as under:
Understanding the need of the strategic plan: the first step of the plan is to identify the need of
the plan in the company. In the management process the thing needed is to be aware about the
environment in the industry with in which the firm is operating so it will be easy to identify the
opportunities for the development in the business and internal operations should also be taken in
to account so that the problematic spot can be identified and solved.
Setting goals: this comes as the second step in the process. The goal can be set up as per
individual department and for the overall business depending on the purpose. A goal for the
business must be set in a way that it must be specific to all members by making them understand
what all proper activities are to be performed to achieve the goal. Everything in the goal must be
detailed in the specific way (Witcher, 2019).
Developing the assumptions or the premises: while making the plan the things related to the
future must be kept in mind that makes to know about the development in the premises. Forecast
must be made to involving the certain plans for the future of the business. Development of both
internal and external premises is needed. Internal premises includes resources needed to facilitate
business operation and external premises includes the political, social and technological
environment.
Searching about the different ways for achieving the objectives: research on the different
ways to achieve the objectives must be done as it provide flexibility to the managers to direct
their team. Some might prefer innovative solutions and some might prefer traditional ways of
achieving the goal. The goal must be narrow down that it put down some choices. After the
identification of solutions, the best one must be used to achieve goal (Graebner, 2021).
Choosing in the action plan: the action plan must be chosen to make all the options help in
achieving the success for the business. For selecting the action plan few things must be kept in