Strategic Management Help
sample-assignment-management-strategic-management In the highly competitive market, organizations need to devise and follow the best suitable policies and strategies to gain a competitive advantage over the other rivals. In the words of Wood, Coe and Wrigley, (2016) strategic management can help these organizations to develop an extraordinary organizational culture for themselves and lead their employees in the right direction to achieve aims and objectives set by the company. The concept of strategic management can be explained as the procedure where the managers of an organization try to establish long-term goals and devise objectives to lead the performance of the employees in a particular direction. Strategies are also planned to achieve the objectives in the midst of every external and internal situation. In accordance to Wood, Wrigley and Coe, (2016) the managers of the organizations need to undertake suitable strategies to execute according to the action plan.
Hence, it can be said that strategic management within an organization is a mixture of formulating strategies and implementing them in the right manner (Hamister & Fortsch, 2016). The executive responsible for the strategic planning must take into consideration the internal as well as the external environment of the organization. The managers should be able to determine their position in the global market in the present situation and also determine where they want to reach and through which steps.
TESCO has been selected as the organisation of the present study and the researcher tries to find out the problems with the organisation by evaluating the working procedure through strategic management theories that are followed in the organisation. The external as well as the internal environment of TESCO is thoroughly analysed so that using the potentials that they have they can combat the threats that affects their success and grab the opportunities.
TESCO has incorporated certain strategic management theories in their decision making and they have received a mixed result from it. They are trying their best remain in the international market with the best possible outcome.
Theories associated with Strategic Management
The human resource-based theory is one of the best theories that can be applied to strategic management. TESCO, to improve their organisational performance and gain an advantage in the competitive market has incorporated the theory by making strategies according to the norms of the theory. According to Ward and Peppard, (2016) the theory clearly states that employees of an organisation are the real assets that can help in achieving the set objectives and target. For strategic management, the organisational culture, as well as motivation, drives the employees to achieve the objectives through completion of the tasks assigned to them. The employees are the main trump cards who help the organisation in achieving the ultimate success. The advantage that TESCO receives is greatly due to the effective workforce that functions within the workplace.