Strategic Management in Business Development: Case Study and Analysis

This report delves into the critical role of strategic management in fostering business development. It begins with an abstract outlining the significance of strategic management for organizational growth and competitive advantage, emphasizing the need for internal and external environmental assessments. The introduction defines strategic management, outlines key concepts like strategic vision and implementation, and sets the aims and objectives of the research, including understanding the role of strategic management, the steps involved, and its overall importance. The literature review explores the role of strategic management in business growth, highlighting its impact on effectiveness, operational efficiency, and competitive advantage. It also discusses the steps in strategic management, rationale, importance, and implementation levels. The methodology section outlines the research philosophy, approach, design, and strategy, including data collection and ethical considerations. The report then presents data interpretation, results, and findings, followed by an evaluation of the findings, a conclusion summarizing key insights, and recommendations for future strategic management practices. Finally, a reflection section provides a personal perspective on the research process.

Strategic Management In
Business Development
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ABSTRACT
Strategic management is a significant process of organisation which leads it towards growth
and contributes in its development. All the organisations need to undertake strategic management
process in order to develop its business in the market. It provides various benefits to the
company in terms of improving effectiveness, operational efficiency etc. Proper assessment of
internal and external environment of business is very necessary to execute the strategic planning
in an effective way and accomplishing goals and objectives of company. Assessment of external
environment can help in developing effective strategies and execution of those strategies help in
developing the business in the market and gain competitive advantage over rivals.
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Contents
ABSTRACT.....................................................................................................................................2
TITLE: “STRATEGIC MANAGEMENT IN BUSINESS DEVELOPMENT”.............................4
1. INTRODUCTION.......................................................................................................................4
Theoretical background..........................................................................................................4
Aims and objectives...............................................................................................................5
Research Questions................................................................................................................5
Significance of the study........................................................................................................5
Scope of the study..................................................................................................................6
2. LITERATURE REVIEW............................................................................................................6
Role of strategic management in business growth.................................................................6
Steps taken in the strategic management to build an organization.........................................8
Rationale for the strategic management.................................................................................9
Importance of strategic management in the organization.....................................................11
Levels and the implementation of strategic management in business growth.....................13
3. RESEARCH METHODOLOGY...............................................................................................20
Research Philosophy............................................................................................................20
Research Approach...............................................................................................................21
Research Design...................................................................................................................21
Research Strategy.................................................................................................................21
Data Collection Method.......................................................................................................22
Sampling...............................................................................................................................24
Ethical Considerations..........................................................................................................25
Limitations of Study.............................................................................................................25
4. INTERPRETATION OF DATA, RESULTS AND FINDINGS...............................................25
Data analysis.........................................................................................................................25
Data Interpretation and findings...........................................................................................27
5. EVALUATION OF FINDINGS................................................................................................35
6. CONCLUSION..........................................................................................................................36
7. RECOMMENDATIONS...........................................................................................................37
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8. REFLECTION...........................................................................................................................38
REFERENCES..............................................................................................................................39
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TITLE: “STRATEGIC MANAGEMENT IN BUSINESS DEVELOPMENT”
1. INTRODUCTION
Strategic management is an important business strategy term in this article. This defines
strategy for strategic management and outlines key concepts: strategic vision, priorities, strategy
development, strategy implementation, evaluation, and corrective action initiation. The research
will also focus on strategic governance, the role of the board of directors in the design and
implementation of strategies. The paper also discusses the different types of selling strategies,
corporation, practical and operational. All such principles are discussed to illustrate their
relevance for the productive and successful management of organizations. Enterprise
organizations must understand how important it is to build sustainable, competitive advantages
in a dynamic and highly competitive operating environment (Saunders & Lewis, 2012)
Theoretical background
Business culture, employee skills and organizational structure are all important factors
influencing how an organization can achieve its stated goals. In a changing business
environment, inflexible firms may find it hard to succeed. Creating a barrier between strategy
development and implementation can make it difficult for executives to determine whether goals
have been met effectively. While the upper management of an organization is ultimately
responsible for its strategy, actions and ideas from lower-level managers and staff often spark the
strategies themselves. Instead of relying solely on the chief executive officer (CEO) for
guidance, an organization may have several employees devoted to strategy. Because of this
reality, organizational leaders concentrate on learning and examining the environment at large
from past strategies. In order to ensure that the entire organization is moving forward, collective
knowledge is then used to develop future strategies and to guide employee behaviour. Effective
strategic management needs both an inward and outward perspective for these reasons.
Aims and objectives
Research aim:
The aim in relation to this particular study is “To ascertain the role of strategic
management in development of business. A case study on Marks & Spencer”
Research Objectives:
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The objective of the research can be defined as:
 To understand the role of strategic management in business growth.
 To determine the steps taken in the strategic management to build an organization.
 To understand the rationale for the strategic management.
 To analyse the importance of strategic management in the organization.
 To identify the levels and the implementation of strategic management in business
growth.
Research Questions
 What is the role of strategic management in business growth?
 What are the steps taken in the strategic management to build an organization?
 What is the rationale for the strategic management?
 What is the importance of strategic management in the organization?
 What are the levels and the implementation of strategic management in business
growth?
Significance of the study
Two key explanations for the company organization's strategic significance. First,
management must proactively figure out how the company's operation is carried out. We always
claim that a straightforward and well-created approach is the market improvement method, a
blueprint for strategic success, a game plan for attracting consumers and financial results. The
study is effectively significantly allowing researchers to have proper understanding of the topic,
in addition to this it cover different aspects through which researcher can gain in depth insight as
well as knowledge about the role of strategic management and business. With the help of this
researcher can evaluate number of solution and challenges
Scope of the study
The study will define the ideas and suggestions to compliant with the business
development address their challenges and provide significant solution. In addition to this it has
been identified that this study actually provides benefits for organisational as well as academic
purposes, as it is conducted on the brooder topics which is associated to the role of strategic
management. This objective allows scholars to conduct further research in an effective manner.
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This research study will be assistive for organisation to effectively evaluate the future benefits of
introducing strategic management in organisation.
2. LITERATURE REVIEW
Role of strategic management in business growth
As per the view point of chs and Feuerriegel, 2020 strategic management act as an
essential component of any business organisation irrespective of its size and scope. According to
the analysis it has been identified that strategic management play key essential role in functions
of organisation that involves marketing, human resource, finance, production, operation and
other functional areas of management. It has been underlined that strategic management play a
very important role in business organisation in terms of providing strategic vision (Barbosa and
et. al., 2020). With the help of strategic management organisation can have a strategic vision
from which leaders and managers can design a picture of company’s strategic vision and can
undertake significant processes to accomplish them. In addition to this it has been identified that
strategic management play significant role in creating high performance and competitive
advantage. With the help of undertaking use of strategic management process organisation can
significantly enhance their overall profitability as well as rate of return. Furthermore, according
to the analysis it has been underlined that strategic management allow organisation to
continuously monitor internal as well as external trends, event and crisis and implement changes
on timely basis. With the help of this organisation can enhance their adaptability to adopt change
and can increase their competitiveness in respective industrial sector. In addition to this is it has
been underlined that the most important role of strategic management is that it inspires
employees with definite goals (Williams Jr and et. al., 2020). In addition to this, strategic
management motivate employees to effectively utilise their intelligence and make application of
their imagination to accomplish organisational purpose with higher effectiveness. Along with is
it develops commitment and encourages employee for action and orientation. Along with this it
happened underlined that strategic management encourage individuals to share their values and
also act as a tool of motivation. With the help of adopting strategic management techniques
leaders and managers with an organisation can encourage intelligent risk taking within
organisational workplace structure and can effectively strength and improve sense of
effectiveness.
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In addition to this going to the evaluation it has been underlined that strategic management
also play a major role in pathfinder to view business opportunities. It duly provides the
framework for all major business decisions through which organisation can undertake significant
decisions related to product, business project, market, investment and organisational structure.
With the help of strong strategic management practices organisation can significantly avoid
costly mistakes can make investments in an effective manner. Furthermore, according to the
analysis it has been outlined that strategic management allow organisation to effectively
undertake innovation in time to time and undertaker advantage of more opportunities that are
prevailing in dynamic environment. Strategic management effectively develops an awareness of
the process through which organisation can accomplish the corporate objectives with more
effectiveness (Kasemsap, 2020). It creates the architecture of the organisation through which
business can encourage innovation, creativity, learning and experimentation within
organisational workplace premises. Along with this, it has been underlined that strategic
management is deeply involved with major concepts which is associated to risk taking,
leadership empowerment, integrate vision and creativity. These aspects are playing essential role
for company growth and development. Thus according to the above mentioned in analysis it has
been identified that strategic management is playing significant role in organisational workplace
through which organisation can create more value. In addition to this strategic management also
allow organisation to capture the full potential and undertake to risk for future development.
Strategic management is playing significant role which is linked with organisation development,
it provide better and effective control of uncertainty through which organisation can assure long-
term growth as well as sustainability in respect industrial sector. Thus, as per according to the
above mentioned in analysis it has been identified and strategic management is playing most
important role for business growth this will not only lead organisation to undertake effective
organisational decision but also allows them to enhance the overall profitability as well as
productivity at great extent.
Steps taken in the strategic management to build an organization
As per the view point of Imran and Abbas, 2020 strategic management play essential role
for strategic objective and growth of organisation. It is essential for organisation to undertake
effective strategic management process in order to identify and describe the strategies for better
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performance and competitive advantage. In this aggressive competitive environment it is
essential for organisation to ensure more competitive edge as well as profitability compared to
other rivals in industry. For this with the help of strategic management process organisation can
define strategy through which business managers can undertake steps is related to effective
strategies for organisation that will allow company to achieve better performance. It has been
identified that strategic management is defined as a continuous process that allow business
organisation to assure more competitiveness comparatively to other competitors in industry.
However, in order to implement effective strategic management it is essential for organization to
emphasize upon certain steps in order to build an organisation (Lamberg, Ojala and Gustafsson,
2020). In this it is essential for organisation to emphasize upon the most important step of
strategic management process which is associated to defining the mission statement, in this step
company managers or senior managers is required to evaluate organisation positioning in
respective industry and underline current mission and goals accordingly. It has been identified
that the mission defines the organisation aspiration and values and further facilitate organisation
to direct other individual toward the same. Thus, with the help of having definite goals or
mission, company can determine measurable growth outcomes in effective manner. In addition
to this entity is also required to emphasize upon the step which is associated to environmental
scanning it is one of the most essential step in which entity is required to engage in the process of
evaluating, scrutinizing and providing information for strategic process. This will allow
companies to evaluate the internal as well as external factors that can have negative or positive
influence upon company growth and development. After the evaluation of this process
management is required to continuously engage in the environmental analysis process in order to
assure competitiveness in respective industry. After this step organisation must require to
emphasise upon the step which is related to strategy formulation. It is an essential process that
allows company to decide best course of action in order to achieve organisational objectives with
higher effectiveness. After the evaluation of environmental scanning process managers of
organisation are required to develop business corporate and functional strategy, it will allow
company to have a definite purpose. In addition to this the next step is associated to strategy
implementation, in this type organisation is required to implement the chosen strategy into action
and make it work accordingly. According to the analysis that has been identified that strategic
implementation process mainly includes designing the organisational structure, develop decision-
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making, distribution resources and effectively manage human resources of organisation in an
effective manner (Haider and Kayani, 2020). It is one of the most important processes as it also
involves human resource those who are significant for company growth and development. Thus,
organisation is required to focus upon the next step which is related to strategic evaluation; this
stage mainly involves praising internal as well as external factors measure performance and
undertakes corrective actions. In this management is required to evaluate the organisational
strategy and identify its effectiveness, as according to the analysis it has been identified that there
are some certain steps which is essential for strategic management to build an organisation. All
these steps effectively allow organisation to ensure long-term growth as well as sustainability in
business organisation. According to the analysis it has been identified that with the help of
considering all the steps and components of strategic management process organisation can
effectively enhance their competitiveness in respective industry and can further ensure long-term
growth in respective industrial sector (Pröllochs and Feuerriegel, 2020). With the
implementation of the steps organisation can enhance their profitability as well as productivity at
great extent.
Rationale for the strategic management
As per the view point of Varelas and Apostolopoulos, 2020 strategic management process aid an
organisation to effectively emphasise upon its future existence and undertake effective decision
making for continuous planning and monitoring of organisational activities in order to assure
more profitability and effectiveness. Strategic management is based around organisation of their
understanding of its mission. With the help of implementing strong strategic management
process business organisation can assure long-term growth in a well defined and effective
manner. According to the analysis, strategic management involves planning of strategic activities
decisions and resource allocations in order to accomplish organisational goals and objectives are
more effectiveness. This concept is related company to manage strategy and keep pace with
evolving technology business and market condition. With the help of strategic management
business organisation can improve market share and can maximize competitive advancements in
respective industrial sector. It has been identified that strategic management process mainly
includes five stages that is associated to evaluating company’s strategic direction, identify
internal and external strength as well as weakness, developing action plan, executing action plan
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and determining the degree of success of the action plan. It is essential for organisation to
undertake advantage of effective data collection and communication in order to execute strategic
management process in an effective manner, as it has been determined that lack of
communication can lead organisation to face challenges while implementing strategic
management practices within organisational premises (Annie, 2020). Strategic management is
defined as a strategy that allow business organisation to accomplish organisational objectives and
goals with more effectiveness. With the help of this process company can have proper guide
towards the vision and can undertake benefits of strategic decisions for future growth and
development.
Furthermore according to the analysis it has been identified that strategic management mainly
involve setting of organisational objectives, evaluating actions of competitors, review
organisational internal structure, determining current strategy and confirm the strategy in order to
implement the same. With the help of strategic thinking and planning organisation can
accomplish goals with more effectiveness. Strategic management is having significant purpose
that facilitate organisation to ensure more competitive advancements in respective industrial
sector, it also facilitate company to achieve goals with the help of formulating efficient steps and
practices. In addition to this strategic management also play a significant role in providing
sustainable growth to organisation (Petera and Šoljaková, 2020). It also increases managerial
awareness through which leaders and managers of company can become more aware of the
industrial challenges and trends. Strategic management is playing significant role for
organisation growth and development through which company can have proper direction of
developing plans and policies introduced to this has been identified that with the help of strategic
management organisation can gain a competitive edge over other fibres in industry strategic
management significantly reduces the risk of operations through which entreprise can
significantly enhance their competitive growth with more effectiveness strategic management is
becoming important aspect for business organisation as it allows company to a shoulder long
term growth and development in respective industrial segment does going to the above
mentioned in analysis it has been identified that strategic management is playing significant role
that a short organisation to run in an efficient and effective manner it take for organisation
towards a particular direction allow company to inspire individual and encouragement of team
works with the help of strategic management organisation can effectively utilise their resources
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while reducing wastage cementing strategic management organisation can have excess of Moore
Market opportunity through which they can significantly enhance their overall profitability as
well as productivity in respective industrial segment (Flammer and Ioannou, 2020).
Importance of strategic management in the organization
As per the view point of Belás, 2020 strategic management has become crucial for business
organisation around the world. It has been identified that there is a dynamic changing prevailing
in business environment which is essential for organisation to effectively embrace in order to
stay aligned with the changes as to assure sustainability within respective industrial segment.
Strategic management play key essential component for business as it is associated to the
formulation and implementation of initiative as well as goals that are basically involved in
strategy. Along with this, strategic management also play significant importance for decision-
making process for an organisation. With the help of strategic management organisation can
undertake important strategies that support business functions and operations in a well-defined
an effective manner. Strategic management is a broad term that basically involves innovative
thinking, operational strategizing, and strategic planning process. According to the analysis it has
been identified that strategic business management is playing important role for business and it is
associated to planning, resource allocation, evaluating strength and weaknesses and identifying
factors prevailing in environment for more growth and development. With the help of strategic
management organisation can effectively formulate efficient strategies and prepare strategic plan
by putting strategies into practices. In addition to this, it also facilitate organisation to develop a
structure and system by managing the behavioural and functional implementation of strategy.
Strategic management is playing important role for organisation as it effectively guide
organisation to move in a specific direction. Furthermore, according to the analysis it has been
identified that strategic management allow company to have goals and realistic objectives. In
addition to this it has been underlined that strategic management allow organisation to become
proactive and evaluate actions of competitors (Bhattacharyya, 2020). This facilitate organisation
to undertake necessary steps in order to compete with other rivals with more effectiveness.
Furthermore, according to the analysis it has been underlined that strategic management is
playing important role for organisation, as it usually act as a foundation for company. In addition
to this it has been identified that strategic management assures long-term survival of organisation
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