Basically Report Assignment Help
Introduction The following assignment is basically a report on a chosen organisation which is TESCO and it mostly deals with the importance of strategic management and the components associated with the same which is mostly associated with the company Tesco. Proper analysis of the process of strategic planning has been done by conducting environmental as well as organizational audit on the chosen organization Tesco. The new strategies that are required to be implemented by the company Tesco as well as the resources required for the same have been identified in the following report. Also implementation of strategic planning has been discussed with explanation of resource requirement and SMART objectives.
Task One LO1 Understand the process of Strategic Planning Assess how business missions, visions, objectives, goals and the core competencies inform strategic planning
Strategic planning can be broadly defined as a process which is mostly used for determining the direction, strategy as well as the resource allocation of the organization in order to achieve its desired objectives successfully (Zhou and Wu, 2010). However in order to ensure effective strategic planning it is very important to analyze the current situation or the condition of the organization and its future requirements must also be determined carefully. Some of the major components of strategic planning include – 
Mission – Organizations basically summarizes their goals as well as objectives in their statements of mission and vision. Mission is mostly considered to be the aim of the business enterprise or the organization. It mostly states the reason for the establishment of the organization as to why it exists, what does it aim to achieve and how. Its importance to the organization lies in the fact that it inspires as well as motivates the employees to
work harder and it even facilitates the process of team building within the organization which in turn makes the process of achievement of the company’s vision much easier. However it is the duty of the employer or the top management of the company to ensure that the company’s mission is in harmony with its functioning. For example the mission statement of Tesco involves providing value to the customers so as to earn their lifetime loyalty. Mission statementof Tesco is as follows – “Creating value for the customers to earn their lifetime loyalty”
Vision – It determines or rather outlines the where or what the organization wants to be in the near future. It plays a significant role in communicating the values as well as the purpose of the concerned organization or the business enterprise. Vision statement of an organization are mostly directed towards the long term goals of the business as well as the future operations related with the achievement of such long term goals. It proves to be helpful in setting the goals of the organization as well as the allocation of the time period for the same. Vision statement is considered to be emotive as well as inspirational of the concerned business enterprise. For example the vision of Tesco mostly comprises of five elements –
1. Having a global approach 2. Innovative and modern as well as evolving with new ideas
Inspiring and earning trust as well as loyalty of the customers
The vision statement of Tesco is as follows – “To be the most highly valued business by: the customers we serve, the community in which we operate, our loyal and committed colleagues, and of course our shareholders”
Goals – It is mostly any specific which the individual or the organization desires to achieve within a set time frame Goals can be further classified as individual goals and organizational goals and in order to ensure the success of the organization the individual goals must be aligned with the organizational goals. It is the responsibility of the top management to decide on the goals of the organization and communicate the same clearly to the employees of the organization.
Objectives – Goals and objectives are assumed to be similar but tend to differ in the certain aspects. Objective is mostly considered to be the measure of the progress which is required in order to achieve the target on time while goals relates to the destination of the ultimate result. In other words objectives can be defined as the steps which are required to be followed in order to achieve the goals of the organizations and hence it can be considered as a part of the goal of an organization.
The goals and objectives of Tesco includes –
1. To maintain the number one position in the category of retail markets in the UK 2. To handle its competitors effectively
3. To maximize profits and to remain the market leader 4. To maintain the economies of scale
Core competencies – It is one of the most essential components for leading the business or the organization towards success. It provides a competitive edge to a company over the other companies or its competitors. A company having competitive advantage over the other companies is expected to penetrate in their desired markets successfully. The core competencies of Tesco includes –
1. It provides access to a wide variety of markets across the world 2. Development as well as implementation of the supply systems that links the website
Tesco.com with the existing shops
Personalization of online shopping
1. Reliable, timely as well as efficient delivery infrastructure Hence it can be said that in order to survive successfully in the market or the business world for long it is necessary to design as well as the set the mission, vision, goals and the objectives of the firm as per the needs of the market or the customers as well as the organisation as a whole. Companies also need to have core competencies in order to handle the competitors existing the market efficiently as well as successfully.
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