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Strategic Business Management

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Benefits of Using SWOT Analysis for Strategic Management

2601 Downloads I Published: 21 Jan ,2019

Introduction

In any organisation all the works are done according to the management. Strategic business management (Armstrong and Taylor, 2014). Strategic business management are involves the formulation and implementation of the target which are decided by the organisation which helps to them to take initiative to achieve it. It improves the organisation's effectiveness and efficiency which helps them to increase the revenues. It has a large impact of the internal and external factors which are working as a force on them. The top level makes the policies and goals, the middle level helps them to conduct them to the others and the lower management helps them to implement them in a effective way. Each level have some special skills to do the work in a effective and efficient manner.

Task 1

1.1

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Organisation should operate with a quality of management team. So, that it can allot the work according to its hierarchy and chief strategy must be managed by the top level managers. There are various level of management in an organisation (Hill, Jones and Schilling, 2014). The broad description is written under:

Top level: The main work of top management is just to make the general guidelines and the policies so the management can run properly. They also make the goals for the organisation so that they can be attain in the effective manner without wasting the resources.

Middle level: The middle level management, They implement top level strategy for execution. They supports lower level management to conduct their demand to the top level. So,that the balance can be maintained between them.

Lower level: The lower level or operational management helps the organisation to achieve their goals and maintain the policies. They also have the responsibility to share the ideas related to the technology.

1.2

Each level have some special skills to do the work in a effective and efficient manner. They can gain these skills whether from the institutes or from somewhere else. So, these skills make them, different from each other. The skills of each level is written below:

Top level: They are the executive level of management who allot the work and made policies. They have special skills to start the work in a effective manner (.Jeston and Nelis, 2014). They combine the entire unit as integrated and made them as a team. They have the policies of doing work.

Middle level: They get their skills by institutes or any other organisation. They have their code of conduct for doing their work. They are the managers of the organisation.

Lower level: they have the ability to complete the task and projects. They do not have any kind of special knowledge. They are generally workers who only knows how to work. But their skills are very important for organisation.

1.3

Management practice and style developed over the 20th century because of enhanced knowing of human being and business behaviour. In the mid century many thinkers develop management theories to control group of people, processes and substances, they hardly came to know that on a certain factor in a business history they need to identify that what employee did in the organisation before was not quite enough. There are certain theories which need to develop for making efficient working environment and for invention and growth. Company have to occupy its employees on a new and innovative management style (Karpen and et. al., 2012). There are some management style which have been developed which are mentioned hereunder:

Management Approach: It is the technique which is used by the top management. It includes the following points:-

  • Control- In this the top level authority tell what employee need to do and in what manner to do.
  • Fix goals- Top authority fix goals and and subordinate staff have to attain them.

Concept to invention: How key authority figure out strategic issues and create innovation in term of products:

1.4

Corporate social responsibility is a company's task to evaluate and take duty for improvements of environmental and social welfare. It is the duty of the company to do some kind of social and environmental activities for uplifting the society. These are the initiatives which are not mandatoraly required but it is done by company's desire. It is also termed as “corporate citizenship”. It creates value to the company in terms of goodwill and enhancing brand image. Company which follows CSR policy urge the corporate world to do CSR activities.

Task 2

2.1

SWOT Analysis: It concise the company's key strength and weaknesses. Under this SWOT analysis, covers the new product line and evaluate the opportunities and threats which sainsbury's is going to face:

Strengths:

  • Company's icon specialization in regards to brand name.
  • Employees is well trained and customer oriented.
  • Structured networks of stores.
  • Real clients base.

Weaknesses:

  • Problems in terms of searching the dedicated employees.
  • Less experience in the fresh industry.
  • Operations restricted to UK only.
  • Giving interesting benefits on a regular basis (Kasemsap, 2013).

Opportunities:

  • Fast developing markets around the world.
  • Emerging new people with exploding need.
  • Employ the present 'Nectar' information for determining real clients.

Threats:

  • Natural calamities such as current Icelandic volcanoes eruption.
  • Extremely competitive industry.
  • Delayed impacts of fall off economy.

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Sainsbury has ever focused to its consumer's foremost choosy for food, distribute superior products at reasonable price (Meskendahl, 2010). The firm is trying get the objectives of major margin with various markets and producing sound revenue every year.

2.2

Strategic management process is to determining the company's strategy as it is a process where managers outlines the series of strategies for the company that will allow such strategy to accomplish performance. There are four steps of strategic management. Which are mentioned here under:

Environmental scanning: It refers to collection process, examination and giving database for strategic aim.

Strategy formulation: It is the process of best course action for achieving business goals.

Strategy implementation: It refers to implement the strategy into action. As it covers framing the company's structure,improving decision making process (Rothaermel, 2015).

Strategy evaluation: It is the last step of strategic management process. Major strategy evaluation tasks are : evaluating internal and external parts, evaluating performance and taking accurate actions

2.3

The strategic management process means maintaining the policies for the organisation according to the management work like planning, staffing , directing, controlling. It is generally made so every individual in the organisation can understand the strategy. There are five steps of strategic management that are as follow:

Goal setting: The purpose behind this strategy is to clarify the ideas in the organisation workforce. Without setting up the goal and target a firm and individual not get success. The effective goal setting helps the person to do the task effectively. The goal setting process helps the management to attain their goals as fast as possible.

Analyse: The analysing means to analyse all the deviations and alternatives which can be helpful in completing the goal. It means to gather all the relevant data and then use it as a USP for the business.

Strategy formulation: This steps helps the organisation to formulate the stage in an effective manner which the management makes (Smith, 2010). So,they have to work according to the strategy so that they can attain their target and also made some alternatives due to uncertain environment of business.

Strategy implementation: The strategy implementation means to implement the task and start work on it by using available resources. Once the resources choice completed the task execution have to be followed.

Evaluation and control: The evaluation task can be completed when all the resources and actions are done under management. The task have to be evaluated in a manner and also have to maintain the internal and external crises of the business in a systematic way.

Task 3

3.1

As the above presented management level these all are a having different types of plans which are made by the board of members, managers and line managers. Here is a brief on the plans which are made by them:

Higher level: On this level board of members play their role, they makes plans and policies for their future objectives, the make strategies on to attain the objectives and mostly these are long term plans with a proper vision (Wheelen and Hunger, 2011).

Middle level: Mostly departmental manager works on it and makes plan for their work by which they can increases the work of the employees.

Lower level: On this level line manager makes plan to how to arrange their workers in an appropriate way to increase the efficiency of them.

3.2

Emotional intelligence are related to the human tendency which rules on the thinking level and thoughts on the human beings. Spiritual intelligence are related to the spiritual parallels which is mostly used by the philosophers and psychologist. These all are helpful for the organisational manager to take decisions on the conflicts in between the employer and employees. Also it helps to the organisation to increase the work efficiency of the employees. So it helps to the company to attain their targeted goals (Morris and Pinto, 2010).

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Coclusion

On the basis of above report and concepts mentioned therein it can be concluded that the organisation can use SWOT analysis for making various strategies as it delivers the organisation an idea about their strength and weaknesses. Other then this an entity should also understand its environment in which it exists so that they can achieve its business objectives and goals. Strategic business management helps to the business entity to increase the effectiveness of them to increases their business revenues. So it has a huge impact on the employees performance and as well as the qualitative work of the employees.

References

  • Armstrong, M. and Taylor, S., 2014. Armstrong's handbook of human resource management practice. Kogan Page Publishers.
  • Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
  • Jeston, J. and Nelis, J., 2014.Business process management. Routledge.
  • Karpen, I.O. and et. al., 2012. Linking service-dominant logic and strategic business practice: A conceptual model of a service-dominant orientation. Journal of Service Research. 15(1) pp.21-38.
  • Kasemsap, K., 2013. Strategic business management: A practical framework and causal model of empowering leadership, team cohesion, knowledge-sharing behavior, and team performance. Journal of Social and Development Sciences. 4(3) pp.100-106.
  • Meskendahl, S., 2010. The influence of business strategy on project portfolio management and its success—a conceptual framework. International Journal of Project Management. 28(8) pp.807-817.
  • Morris, P. and Pinto, J.K., 2010. The Wiley guide to project, program, and portfolio management.(Vol. 10). John Wiley & Sons.
  • Rothaermel, F.T., 2015. Strategic management. New York, NY: McGraw-Hill.
  • Smith, R.F., 2010. Business process management and the balanced scorecard: using processes as strategic drivers. John Wiley & Sons.
  • Wheelen, T.L. and Hunger, J.D., 2011. Concepts in strategic management and business policy. Pearson Education India.
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