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Strategic Management - Tools and Techniques

   

Added on  2021-02-21

13 Pages4314 Words138 Views
StrategicManagement

Table of ContentsEXECUTIVE SUMMARY ..........................................................................................................3INTRODUCTION ..........................................................................................................................4Choice of corporate strategy.......................................................................................................4Choice of business strategy.........................................................................................................7Evaluation of strategy and recommendation...............................................................................9Recommendation.......................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

EXECUTIVE SUMMARY This report provides an analysis of different tools and techniques of Strategicmanagement that is essential for an organisation in developing their product and services incompetitive marketplace. In this report an organisation are corporate and business strategic alongwith analysing different methods that are beneficial for an organisation. This report investigatesfact about product development and cost of leadership approach for their new product. There aresome of strength and weaknesses about the strategies they are adopted with product developmentprocess. Moreover, this report is analysing the complexity of developing product intocompetitive marketplace with appropriate suggestion and recommendation.

INTRODUCTION Strategic management is concerned with development of strategic vision, setting outobjectives, formulating and implementing strategies, introducing corrective measure fordeviation. It involves in setting out objectives, analysing competitive environment, internalorganisation, evaluating strategies which ensure management rolls out strategic across theorganisation. It helps an organisation to access their company's current situation as well asanalysing the effectiveness of implemented strategies. This strategy is all about identification anddescription of different strategies that are carried out by an organisation as to achieve betterperformance and competitive advantage in marketplace (Hill, Jones and Schilling, 2014). Anorganisation is said to be competitive in marketplace if its productivity and profitability is higherthan the average profitability of its competitors in the same industry line. It is a continuousprocess such as planning, monitoring, analysing assessment of all the activities that are necessaryfor an organisation to meet up its goals and objectives. Strategic management is necessary as itis a commitment to strategic planning to see both short and long term gaols which determines theaction that are needed to be taken to reach gaols. It also help an organisation to create a vision bydeveloping strategies as it help in identifying necessary process and allocation to achieve gaols.In this way an organisation can strengthen and support their core competencies. If strategies aredetermine by an organisation, then a business can make logical decision as well as develop newgaols within the changing business environment. In this report organisation chosen is SENTEKSolution, a world leading supplier company of products Hokuyo, PPT and SSZ in order toprovide safety, automation and navigation within an industrial environment to compete withcompetitors. This report is going to identify the possible strategies at corporate and at businesslevel along with proper justification of those possible strategies. Moreover, critically evaluatingdifferent scenarios using strategic models with appropriate suggestion and recommendation. Choice of corporate strategy As per the view Morden, 2016, Strategic management is a continuous process that helpan organisation to evaluates and controls the business and industries in which an organisation isinvolved. Such as evaluates its competitors and set gaols as well as strategies in order to meet upall existing potential competitors. It is a continual process in which strategies need to make

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