Theory and Practice of Strategic Management

Theory and practice of
strategic management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Potential benefits in strategic management, which could have come further analysis................3
Ansoff Matrix..............................................................................................................................4
One strategic management concern of the modern era................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Strategic management is concerned with an approach using which organisations ensure
that they are able to achieve their goals and objectives in best possible way. This essay will
discuss about strategic management in context of IKEA. It is a multinational group of Swedish
companies. It was founded in 1943 and is headquartered at Delft, Netherlands. Company designs
and sells ready to assemble furniture, kitchen appliances and home accessories. Essay will
involve review of strategic programs, application of Ansoff Matrix and analyse incorporation of
CSR in organisational model.
MAIN BODY
Potential benefits in strategic management, which could have come further analysis.
As per case analysis, Ikea can use Ansoff’s matrix for identifying the current side of
management where it emphasizes in order to make their product more valuable, demanding and
unique (Golensky and Hager, 2020). The marketing management of Ikea has to take in focus on
evaluation of strategic process where each and every customer can understand the overall
business performance and efficiency in marketplace. Ikea is based on the planning model that
help for identifying the current market strategy.
The corporate strategy is primarily focused on the collection of enterprises in which Ikea
competes, develop and coordinate with enterprise portfolio. This type of strategy deals with
corporate responsibilities include goal identification, process of management. It may support of
Ikea to define the competitors for developing synergies while coordinating, investing personnel,
sharing and financial resources. In context of corporate social responsibility, corporate strategy
will support for Ikea to handle the current situation of business. As per case study, it has been
examined that Ikea is liable to create more value through their enterprises by maintaining overall
business portfolio, which make sure that enterprise can gain long-term opportunities.
For Example- Ikea’s growth potential in other countries such as China. There was an
increases growth within international companies where globalization has forced company to deal
with existing consumers. By considering the CSR strategy, Ikea is able to maintain their
centralised control over functional activities (Johnston and Sheehan, 2020). It takes more