Strategic Management Report: Models, Tools, and M&S Application

This report delves into the core concepts of strategic management, defining it as a continuous process of planning, monitoring, and analyzing organizational needs to achieve goals and objectives. It emphasizes the importance of strategic management in gaining a competitive advantage, particularly for companies like Marks and Spencer. The report critically assesses the strategic planning process used by organizations, outlining its key steps from determining strategic position to reviewing and revising the plan. Furthermore, it evaluates critical models and tools such as SWOT, PESTEL, and VRIO, highlighting their roles in identifying strengths, weaknesses, opportunities, and threats. The report then applies these tools to a case study of Marks and Spencer, analyzing its strengths, weaknesses, opportunities, and threats. Finally, it briefly touches on the significance of change management in complex transformation processes.

Strategic Management

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
An introduction including a definition of strategic management.............................................................3
A critical assessment of the process used by organisations to determine their strategy...........................4
An evaluation of the critical models and tools used by organisations to determine their strategy...........5
An application of these tools to a real organization of your choice.........................................................6
Critically appraise the importance of change management based on the complexity of the
transformation process, its costs, risks and sustainability........................................................................7
CONCLUSION..........................................................................................................................................8
REFERENCES........................................................................................................................................10

INTRODUCTION
Strategic management can be defined as the ongoing process that involves planning,
monitoring, analysis as well as assessment of all the different necessities that are required by an
organization in order to achieve its goals as well. as objectives (Abdullah, 2020). Effective
strategic management helps an organization to gain a competitive advantage in the industry
against competitors. It can be said that strategic management is important for an organization
because it helps the management in making informed decisions and effective strategies
(Rosenbaum-Elliott, 2021). There are also various benefits of implementing strategic
management within the workplace such as enables the managers to measure the progress and
also provides a framework for effective decision-making. Organization chosen for this report is
Marks and Spencer, which is a British multinational retailer of clothing as well as household
products. the company was founded in the year 1884 by Michael Marks and Thomas Spencer.
The report includes critical assessment of the process used by organizations to determine their
strategy and an evaluation of the critical models and tools used by organizations to determine
their strategy.
MAIN BODY
An introduction including a definition of strategic management
Strategic management can be defined as the ongoing process of planning, monitoring and
analysing the different needs of an organization in order to achieve organizational goals as well
as objectives. Constant changes in the business environment can make it important for the
organizations to assess their existing strategies for achieving success. A company can implement
different strategies as per the requirement of the company (Belderbos, Tong and Wu, 2020).
Also, there are different benefits of strategic management such as it helps the organization to
develop effective strategies for the future so as to gain a competitive advantage as well as stand
out in the market. Strategic management is primarily based on an organization’s mission as well
as vision. The strategic management process comprises of different stages such as assessing the
current strategic direction of the organization, analysing the internal as well as external strengths
and weaknesses of the company, developing action plans, executing the action plans as well as
evaluating the success of the same (Strategic management, 2021). Strategic management within
an organization also contributes towards its sustainable growth and achieve goals thereby gaining

a competitive advantage in the industry. Apart from this, there are different types of strategic
management such as Balanced Scorecard and SWOT analysis. It can be said that strategic
management plays an important role in the success and growth of an organization.
Strategic management is an essential component of businesses and hence, it ensures that
that the business operations of the company run smoothly. Similarly, there are different functions
of strategic management such as it helps in analysing and identifying potential risks as well as
threats that can affect the operations as well as profitability of the company (de Oliveira and
et.al., 2020). For instance, the company is able to formulate effective strategies as well as
implementing the same so that the goals as well as objectives of the firm are achieved. Besides
having various advantages, there are different challenges that an organization can face due to a
lack of strategic management such as the company can fail in setting effective strategies and
there is a lack of alignment (Pramandita, W. and et.al., 2021). These challenges can affect the
overall productivity as well as performance of the company to a great extent. Implementation of
effective strategic management ensures that the employees have a clarity about their roles as well
as responsibilities. Hence, it can be said that strategic management also helps in improvement of
the business operations and hence, ensure that the goals as well as objectives are attained to a
great extent.
A critical assessment of the process used by organisations to determine their strategy
Strategic planning can be referred to as the process of documenting as well as
establishing a direction for the company. The strategic plan provides the company to track its
overall performance as well as develop action plans (Dingle and Mallen, 2020). In order to
determine their strategy, organizations across different industries use the strategic planning
process. The process comprises of five steps and is important because it lays down the goals as
well as objectives of organization. The strategic planning process is explained below -
Determining the strategic position - This coaching section sets the level for all work
going forward. The company needs to recognize in which you are to decide in which the agency
need to move and how it's going to get there. Get the right stakeholders worried from the begin,
thinking about both internal and outside assets. Identify key strategic issues by means of speak
me with executives at enterprise, pulling in consumer insights, and amassing enterprise and

market facts to get a clean image of the location in the marketplace and within the minds of
customers.
Prioritize the Objectives - An evaluation of the critical models and tools used by
organisations to determine their strategy. An application of these tools to a real organization of
your choice.
Develop the Plan - It's time to create a strategic plan to efficaciously reach your goals.
This step requires determining the procedures important to attain your targets and designating a
timeline and clear communique of responsibilities (Enwereji and Portgeiter, 2020). Strategy
mapping is a powerful device to visualize your complete plan. Working from the top-down,
approach maps make it easy to view business approaches and become aware of gaps for
improvement.
Execute and manage the plan - Turn your broader strategy right into a concrete plan
through mapping your tactics. Use KPI dashboards to honestly speak crew duties. This granular
approach illustrates the of completion manner and ownership for every step of the manner.
Review and revise the plan – This is the last step that involves reviewing and revising
the strategic plan in order to ensure that the goals as well as objectives are attained (Yeğin,
2020). Therefore, it can be said that if an organization reviews its goals as well as objectives
from time to time, it is able to identify the potential risks as well as threats to a great extent.
An evaluation of the critical models and tools used by organisations to determine their strategy
There are various tools and models that organizations use for determining their strategy
such as SWOT analysis, PESTEL analysis, VRIO framework etc. These models and tools allow
a company to develop an understanding about its strengths as well as areas wherein it requires
improvement. Apart from this, the tools also allow the company to identify the various
opportunities as well as potential threats that can affect the overall growth as well as profitability
of the firm to a great extent (ERGASHEV and Ravshanov, 2021). For instance, PESTEL
analysis is a framework that can help organizations in identifying as well as analysing the
potential impact of the external or macro environment factors on the operations of the firm as
well as its brand image. If there are any opportunities or even threats identified by the company,
it can review or revise its existing strategies. Whether it's miles a start-up or a long-time business
enterprise, PESTEL analysis can assist every business proprietor in identifying tremendous

changes within the political, monetary, social, technological, environmental, and legal elements.
It helps businesses doing strategic planning to amplify their corporations. A PESTLE analysis is
frequently used as a large reality-finding pastime. It allows a corporation set up the outside
factors that would affect decisions made inside the organization. By knowledge these outside
elements, it is viable to maximize possibilities.
VRIO evaluation is a device in strategic making plans, utilized by corporations to make
powerful business decisions. The evaluation offers data and the consequences will hopefully
offer a aggressive benefit. Firstly, VRIO is an internal analysis. It's used to perceive and compare
sources in a organization. The VRIO framework is a strategic analysis device designed to help
corporations find and guard the assets and competencies that deliver them a long-time period
competitive benefit (Gajda, Mikalauskas and Navickas, 2020). The framework has to be put into
play after the advent of a imaginative and prescient declaration, but earlier than the strategic
planning technique. SWOT Analysis is a simple but beneficial framework for studying a
corporation's strengths, weaknesses, opportunities, and threats. It helps you to build on what it
does properly, to deal with what it's miles lacking, to decrease dangers, and to take the best
possible gain of probabilities for achievement. Hence, these are the tools and models that are
used by organizations in order to determine their strategy.
An application of these tools to a real organization of your choice
Marks and Spencer is one of the leading organizations in the United Kingdom that offers
a large variety of high-quality products to the customers. The company has clearly defined
strategies and the employees within the company are also aware about their roles as well as
responsibilities. The application of one of these tools, i.e., SWOT analysis to the respective
organization is explained below. SWOT analysis is one of the most commonly used strategic tool
that helps an organization in identifying the strengths, weaknesses, areas of opportunities as well
as weaknesses.
Strengths – One of the major strengths of the respective company, Marks and Spencer is
that it has a strong brand name. Also, the company has a presence across various geographic
regions across the world along with a large base of customers (Greer, 2021). The company
encourages its employees as well as leaders to participate in the process of decision-making and
provide their inputs. This has helped Marks and Spencer in not only developing effective

strategies, but also implementing them in a way that the company stans out from the competition.
One of the other strengths of the company is that it develops as well as implements strategies in
order to stay relevant as well as competitive in the market.
Weaknesses - There’s a perception among the majority that M&S don’t provide clothes
to the young and teens. Many understand that the enterprise serves best older people. Although
this belief is inaccurate; but it has price the agency plenty. If the majority of customers are aged,
it doesn’t imply that it handiest serves older people. One of the most important drawbacks of
Marks & Spencer is that the corporation closely relies on manual operations. It is highly-priced
and consumes numerous times (Koev and et.al., 2020). Many antique agencies and organizations
have already followed the latest era to mechanize diverse approaches. If the enterprise adopts the
ultra-modern tech, then it would the emblem to shop time, value and turn out to be green.
Opportunities – The respective company has an opportunity to expand its business
operations in to new as well as developing markets. This can be done by implementing effective
strategies through proper planning. As we realize that Marks & Spencer is a multinational brand
and the agency has spread out stores in international locations like India, Russia, Brazil, Poland,
and Indonesia. Now the business enterprise desires to make bigger in those countries. It method
that the brand has to play an lively position by means of growing more and more branches in the
ones nations. Marks & Spencer additionally has an internet shop. But while we examine the
enterprise’s function with other international’s main online retail e-trade shops like Amazon or
eBay. Then M&S is a way behind within the opposition. Even though the organization is old,
properly experienced, and has a robust brand name.
Threats – There are different threats that can have an impact on the company’s overall
performance. For instance, intense competition from existing as well as new brands can affect
the overall performance as well as strategy of the company (Lynch, 2021). Hence, it is important
for the company to take into account the same and hence develop effective strategies as well as
make informed decisions to overcome the threats in an effective manner.
Critically appraise the importance of change management based on the complexity of the
transformation process, its costs, risks and sustainability
Change management can be referred to as the methods that a company uses in order to
describe as well as implement change within its internal as well as external processes. Change

management is important for any organization because it helps them in implementing as well as
managing the change within the workplace in an effective manner. Change management
performs an more and more crucial function in cutting-edge organizations. Change management
makes a specialty of the ‘humans’ aspect’ of exchange, while project management specializes in
handing over the ‘product facet’ of factors. Project control grants technologies and systems into
companies. Change control ensures those technology is utilized by the humans running inside
them. Change control is turning into an increasingly more crucial role within organizations and
Change Management schooling is a famous training ground for a success change control career.
External elements play a large position in organizational change. Globalization and the rapid
traits in new virtual solutions are forcing organizations to respond. Ignoring such outside factors
is in all likelihood to jeopardize your business enterprise’s fulfillment.
The transformation process involves a lot of costs as well as risks that can affect the
overall business operations of a firm. Therefore, it can be said that by implementing change in
the workplace, a company is able to reduce any unnecessary costs as well as expenses (McGee
and Channon, 2021). Also, if the change is implemented in an effective manner by taking into
account the need as well as requirement of the organization, there are better results and the
company is able to achieve its goals as well as objectives in a much more effective manner.
Many businesses use exchange control methodologies to allow ideas to succeed. Working
alongside mission managers who deliver new competencies into a corporation, alternate
managers and trade marketers assist make certain staff are able to fully utilize the brand-new
capabilities (Mirbagheri Roodbari and Kordestani, 2020). A key a part of dealing with change in
an business enterprise is to engage the ones humans stricken by a exchange initiative. Staff may
be worried in the trade process eventually, consequently speaking and tasty with group of
workers approximately a exchange plan early allows lay the groundwork for its later fulfillment.
When n business enterprise adapts improved methods of working, it tends to growth
productiveness. At the same time, it encourages innovation. As a result, it guarantees advanced
performance and locations an organization in more fit surroundings higher capable of be
successful.

CONCLUSION
From the above report, it can be concluded that strategic management is an important
aspect for any organization. This is because it helps it in attaining goals as well as objectives and
develop strategies that can help in achieving enhanced performance. also, there are various
benefits of strategic management such as it helps the company in assessing the future needs and
hence, developing plans and strategies. There are different models that organizations can choose
from in order to determine their strategy such as SWOT analysis, Pestel analysis etc. Also, there
can be various factors that can affect the business performance as well as productivity of the
organization. Hence, it is important for the company to assess or revise its strategies and develop
new ones. Therefore, it can be said that strategic management should be included in every
organization.

REFERENCES
Books & Journals
Abdullah, N.H.N., 2020. Assessing Strategic Management Accounting Practices in Public
Interest Companies in Malaysia. Indonesian Journal of Economics, Social, and
Humanities, 2(1), pp.13-25.
Belderbos, R., Tong, T.W. and Wu, S., 2020. Portfolio configuration and foreign entry decisions:
A juxtaposition of real options and risk diversification theories. Strategic Management
Journal, 41(7), pp.1191-1209.
de Oliveira, P.H. and et.al., 2020. Strategic Management in Public Administration: A Balanced
Scorecard Applicability Framework in School Management. Future Studies Research
Journal: Trends and Strategies, 12(3), p.458.
Dingle, G. and Mallen, C. eds., 2020. Sport and Environmental Sustainability: Research and
Strategic Management. Routledge.
Enwereji, P.C. and Portgeiter, M., 2020. Strategic Management for Establishing a Responsible
Payment Culture for Municipal Services in the North West Province. Gender &
Behaviour, 18(1), pp.15101-15117.
ERGASHEV, R.K. and Ravshanov, A.D., 2021. Ways of Strategic Development and Increase of
Competitiveness of Agricultural Enterprises. JournalNX, 7(1), pp.99-105.
Gajda, W., Mikalauskas, R. and Navickas, V., 2020. Employees assessment of strategic
management opportunities in sport federation. Ad Alta: journal of interdisciplinary
research, 10(1), pp.188-194.
Greer, C.R., 2021. Strategic human resource management. Pearson Custom Publishing.
Koev, S.R. and et.al., 2020. Resource Strategy for Enterprise Management as a Tool to Ensure
Its Competitiveness. Academy of Strategic Management Journal, 19(4), pp.1-8.
Lynch, R., 2021. Strategic management. SAGE.
McGee, J. and Channon, D.F., 2021. The Blackwell encyclopedia of management. Strategic
management. Blackwell Publishing Ltd.
Mirbagheri Roodbari, S.A. and Kordestani, G., 2020. Utilizing Strategic Management
Accounting Techniques in Iranian Firms. Environmental Energy and Economic
Research, 4(3), pp.197-214.
Pramandita, W. and et.al., 2021. The Influence of Authentic Leadership and Strategic
Management Skills on Organization Performance Mediated by Knowledge Management
at TNI Academy. Business and Entrepreneurial Review, 21(1), pp.61-80.
Rosenbaum-Elliott, R., 2021. Strategic advertising management. Oxford University Press.
Yeğin, T., 2020. Strategic analysis: a research on furniture sector. International Journal of
Management and Administration, 4(7), pp.100-111.
Online
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