Week 1



Week 1

Question 1

Before starting with the stages of the strategic management process, it is very important to discuss the concept of the strategy. However strategy is piloting the changes in the business relation system, along with its environment. According to Michael porter, the strategy itself is the allotment of the choice where resources are attained which could be human, technological, financial etc., in order to commit the company's short and long term goals and to maintain the level of indulgence in the human wellbeing and the corporate social responsibility. Strategy is all about setting goals, which could be focused on the basis of the environment and the resources within the organization in order to achieve the competitive advantage (Mullins, 2006).

Strategic planning process

There are many steps that are involved in the strategic management process; however the basic steps for formulating the strategic process are as follows.

The main step if to evaluate and find out the best suitable way of achieving the corporate objectives for the company's long term goals.

The next step is to find out the internal factors which are related to the organization, and the external factors which are linked with the environment outside the organization, along with developing positive relationship and associations with the employees and the customers.

The third step is to finally prepare the strategic process, which have further sub process which are as follows:

Preparing a mission statement, having the company's business definition along with the plans for future

Analysis of the environment

Organizational self-assessment

Establishing goals and objectives

Impact on the management of technology and innovation

Strategic management process has a very great impact on the technology and innovation management, as by proper planning, a company could invest on the right technologies, which are to be needed in order to fulfill and achieve the ultimate goal of the organization. However thorough research in the same area can help the managers and the organization to work towards the betterment and help with the insights and knowledge about the right technology and understanding by assessing the core values of the business.

Tesco

Tesco is one of the retail firms that are known as one of the leading retailers in UK. Tesco follows cost leader ship strategy. This strategy helps the organization to create effectiveness internally that will help them to resist pressures externally. Tesco choose to limit their product to market areas and to offer a limited line of products to the market in general, therefore, remain a focus or niche strategy, and maintain to develop its mission statement on the basis of the concept of the retailing they follow. Tesco have implemented the below strategies and tactics

They are providing lower cost, than their competitors.

Offering quality commodity, with few superfluous

Transforming the products attributes to provide the lowest cost possible

Good quality product on low prices

References

Mullins J,, (2006), “Marketing Management: A Strategic Decision-Making Approach”, McGraw-Hill/Irwin, pp. 25

Question 2

A Brief History of Wal-Mart

As a retail company, Wal-Mart offers a wide array of products to consumers. These products include groceries, toys, and apparel for women, men and children, jewelry ...