Understanding strategic management Essay Example | Topics and Well Written Essays - 2250 words - 1

Understanding strategic management - Essay Example Decision makers and managers must apply their strategic skills in the process of managing an organisation. Increasing competition and changing nature of demand are the two prime reasons behind the increasing demand of strategic management process in the contemporary world. This paper will attempt to assess a company by using strategic management tools and models. The models and tools will be used for two proposes i.e. for environmental scanning and for strategy formulation. Environmental scanning will include internal and external analysis. The next section will show the company’s strategic position in the market. Based on the analysis and findings, relevant strategies will be recommended. Tesco Plc has been selected for the purpose of strategic management analysis. Tesco is a UK based company and is operating in the global retail industry. However, in this paper, the primary focus will be on the UK retail industry. Tesco Plc is a UK based leading retailer. The company was founded by Jack Cohen in 1919. The company was first listed in London Stock Exchange in 1947 and it launched its corporate website (Tesco.com) in 2000 (Tesco Plc-a, 2010). The company offers a wide range of product and retailing service through its numerous superstores. Tesco offers homes products, fast moving consumer products, clothing, consumer durable, electronics etc (Tesco-a, 2010). The latest annual report of Tesco disclosed that it owns 4810 stores in the global market and nearly 472000 employees are working with Tesco (Tesco Plc-b, 2010). It experienced very fast growth and after its global expansion, the company became the third largest retailer in the world after Wal-Mart and Carrefour. The company has developed its reputed brand image in the market. Specially, in UK, the company has gained a large share of the market (Silverthorne, 2010). Tesco has developed an effective and efficient strategic management procedure in