Strategic Planning for BSc (Hons) Business Management Top up - BMP6002 Strategic Management

BSc (Hons) Business Management Top up
BMP6002 Strategic Management
Strategic Planning
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Contents
Introduction 3
Definition of strategic management 3
A critical assessment of the process used by organisations to determine
their strategy 3
A critical evaluation of the impact of internal and external environmental
variation on organisational strategy 5
A review of an organisation’s strategic plan (Business Plan), providing an
action plan for the organisation on the basis of a change in either the
internal OR external environment. (The Business Plan is included as an
Appendix) 6
Conclusion 9
References 10
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Introduction
Strategic planning is a method that leads a company’s leaders to demonstrate their vision and
mission for their upcoming period and also clarify their goals and objectives in order to
achieve success in the company (Mahieu, Melillo and Thompson, 2022). This report carries a
brief description on strategic management, process used by the company to demonstrate their
strategy, analysis on the effect of internal and external environmental changings on
company’s strategy. This report also explains about the review of company’s strategic plan
with the help of business plan and action plan in relevance to the internal and external
environmental fluctuations on the strategy of the company.
Definition of strategic management
Strategic management is a method that defines the strategic goals, procedures and
objectives for making an organisation achieve its goals and being more competitive than
others in the market. Generally, this helps in effectively hiring the employees and attain the
resources for achieving the aim. It is the procedure of planning, directing, evaluating and
reviewing all the requirements of the company so that they can achieve the goals and
objectives (Sitaniapessy, Usmanij, and Ratten, 2022). As the environment of the business
changes then they need to review their strategy so as to maintain their level of growth. This
process helps the company to maintain their stocks of the current period, make strategies,
utilize them accordingly and evaluate the effectiveness of the applied strategies in
management. This process also helps in leadership to know their future plan for their future
growth among their competitors. Tesco is a global company that deals in groceries and basic
retailing, its headquarters are situated in Welwyn Garden City, England. It ranks in the third
biggest retailing company.
A critical assessment of the process used by organisations to
determine their strategy
This is a big level of managerial task. The strategy management joins the tasks of
different functional areas of a company so as to achieve the objectives and goals of the
organisation. There are different components of the strategic management process. The
strategic management carries five stages used by the companies to handle their strategy
which are as follows –
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