Strategic Management

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

This report demonstrates the evaluation of current performance of JD Sports Company. Method of Analysis includes Ansoff’s matrix and Porter’s generic growth strategies to discuss the nature of the market which JD Sports invest in. The financial methods are including the flexibility and stability of JD sports which judged by the liquidity, current ratio, operation capital, gearing and profit margin of this company. These figures could be collected from the annual report or balance sheet. This report analyzed the JD sport’s position in the market, and used generic and external growth method to expand market size. Such as acquired a lot stores to improve business profitability. Obviously, JD has expanded to the European

The key component to strategy is to set the organizations objectives. Once objectives and the factors influencing their selection have been made, it is easy to determine the strategic decisions. The second step is evaluating the Internal and External Environment of the organization. In this step the organization can identify its own strengths and weaknesses as well as their competitions. The third step involves establishing goals. This is done to evaluate the contribution that might be made by different departments or products. The fourth step is strategic planning. This is where contributions are made by everyone in the organization and planning is done. The fifth step is performance analysis. This includes discovering and analyzing the range between the planned and desired performance of the organization. The sixth step is the choice of strategy to be pursued. The best course of action is chosen after the consideration of organizational goals, strengths, potential and limitations along with external opportunities. The seventh step is implementing the strategy and evaluating its effectiveness.

‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment

“Strategy can be thought of as a long term plan of action or execution designed to achieve particular objectives, such as achieving competitive advantage for an organisation. It reflects the values, expectations and goals of those who are in power within the organisation.” (RDI course material-Strategic Management module; Unit 1-Nature and scope of strategic management; Lesson 1-Nature)

This step is designed by the corporate level of the strategic management .The strategy formulation involves following steps.

Globalization changes have impacted Burger King in the following ways; since the company began in 1953 with its first restaurant in Jacksonville, Florida and opened several locations across the United States, the company began its international expansion in 1969 with its first international franchise location in Canada, followed by Australia in 1971, and Europe in 1975. The setting up of franchises outside the United States was as a result of fast food opportunities arising outside the United States. So as to fully integrate in the international market, Burger King had to adopt and embrace

When we talk about the strategic management practices of organisations, it is first necessary to understand what strategic management is. It is considered that organisations exist for a purpose and this purpose is well stated in the organisation’s mission statement. A strategy refers to the plans made by management of an organisation to develop and sustain competitive advantage so that the organisation’s mission is accomplished. Strategic management is a process by which the management analyses the environment in which it is operating before even making the strategy and then makes a plan for implementing and controlling the strategy after it is made for

According to Pearce and Robinson 2004, a company should select long-term objectives and grand strategies that will achieve the most desirable options. Strategic management involves the planning, directing, organizing and controlling of a company 's strategy-related decisions and actions. (Pearce, Robinson 2004)

Future- oriented: Strategic management encompasses forecasts, what is anticipated by the managers. In such decisions, emphasis is placed on the development of projections that will enable the firm to select the most promising strategic options. In the turbulent environment, a firm will succeed only if it takes a proactive stance towards change.

When it comes to strategic management many defined it as the management that link strategic planning decision-making. It is sometimes over looked unless it is specifically brought up when it comes up in strategic planning. With this management in place an organization can achieve its long-term goals. As well as plan out its future goals and endeavors for the organization to be successful. Strategy itself has many forms and levels as well; it is broken down into smaller parts of planning. For strategy there are usually four parts to it. Having the overall Idea is the first step, it consist of everything what you are trying to accomplish and what is trying to get done. After that you go into how to do it and break down the procedure of what you are trying to do as well. After you have the planning and operational level, when you plan and let the operation of the plan go into effect. Implementation is the last step when you actually put all of your planning into affect and see the results of it as well. Strategic management consists of six key elements, using these tools can assure a successful strategic plan. These tools are; Vision, Mission, Core Value, Strategic areas of Focus, Strategic Goals, and Action Plan. When creating a successful strategic management plan you must include these elements. Each is necessary in creating a blueprint that will not crumble. Having the correct vision of a strategic plan can help you plan out and create a mental picture for the goal you

The strategic management process is based on the belief that businesses should continually monitor internal and external events so timely changes can be made. To survive, firms must be able to identify and adapt to change. This involves timely planning, directing, organizing and controlling of the strategy-related decisions and actions of the firm (Camerer, 195-219).

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

Strategy formulation is the first part of an organization’s strategic planning process. It involves multiple steps from environmental analysis, to measuring performance, to deciding on the best course of action for an organization. Strategy formulation also takes up most of the time in the strategic planning process since it’s crucial to get the plan right before actually implementing the plan. If you fail to plan, then you plan to fail.

Development of strategy is vital for every organization as it entails mission and vision statement, goals and objectives, strategic direction of an organisation. So strategy is course of actions that are carried out by the organisation to achieve the desired target or goals and objectives. Strategic direction is also important part of strategy and its responsibility is of strategic managers. In general, strategic managers are employed by organisations who carry out the actions for correct and supportable decision making related to the strategic direction of the company. To develop strategic direction and strategic decision, managers need to develop their personal and professional skills so that he can fulfil the demands of