Concept of Strategic Management -Tesco

PART 1

MAIN BODY

Strategic management is a vast concept which plays effective role in growth and development of firm. It is an effective process which is based on identification and description of the strategies which are carried by managers and organisational higher authorities as to achieving better performance and competitive advantage. In today's scenario organisations are widely concern on attaining competitive edge through gaining high profitability at market place. It is also necessary for an organisation to set some goals and objectives in order to implementing all business operations in effective manner. In an organisation manager plays vast role in implementing various strategies as to attaining competitive edge at market place (Doz and Kosonen, 2010). In today's era competition is so high at market place and organisations are widely concern on creating some aims and objectives as to providing an appropriate direction to the employees in order to accomplishing them within the desired period of time. Strategic management helps in providing an overall direction to the firm in which plans and policies are involved. This create value in attainment of organisational objectives through proper utilisation of resources. Strategic management is considered as a goal oriented decision and action in which organisational capabilities and sources are matched with the opportunities and threats in its business environment. Tesco Plc is a largest food retailer offering a variety of services for food and non-food items in which insurance, electrical, entertainment and many other elements are involved. The company employs more than 4,40,000 employees across the globe. As a large business enterprises it is essential for Tesco Plc to implement strategies as to moving their business operations in right direction towards attaining higher growth and success at market place. Porter's five force model is considered as the most essential strategy which plays vast role in managing organisational operations and functions in effective manner (Eden and Ackermann, 2013). Michael Porter created various effective frameworks for developing an enterprises strategy, the major purpose of strategist is to analyse the competition of market and cope with them as to reaching at higher position. In an organisation is the prior responsibility of manager to analyse the competition in order to as to providing high competition to their rivals through creating more effective strategy. Porter's five forces model is consist as the most renowned tool by which managers are making effective strategic decision through the utilisation of five competitive forces model which determined the structure of firm. As per the opinion of porter, the nature of competition in an organisation is analysed through the effective forces, which are described as under:

You may also check the following samples:

• Global Business Environment
• Impact on e-commerce
• Innovation and commercialization

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