Strategic Planning Management in Tesco
Introduction
Strategic planning is an essential process to be campaigned within, for the success of the organisation. By performing strategic planning an organisation can determine its short term as well as long term goals along with their implementation and scheme to accomplish them. Strategic planning defines strategy, direction, and strength towards the external as well as internal challenges faced by the organisation. It suggests resources and serving allocations, so strategic planning is one of the important liabilities of management. Performing strategic management leads to the answers of following three questions.
Where the organisation does stand?
What are the goals to be achieved?
Financial
Brand name
How the goals can be accomplishment?
Strategic planning and business planning are the basic requirement to be executed by the management members, the former is related to entire organisation while the latter is relate to an individual product or service. Several strategic planning models have been introduces along with the approaches that are used for the welfare of the organisation. The development of a plan is dependent on factors such as culture of organisation, threats to the organisation, structure of the organisation, skilfulness of plan developer. The plan may be of one year or may be of ten years, depending upon the planner and the activities involved in the plan. More the details are included lengthier the plan would be and clear the goals would be. Process of the plan is more important than former sketching of Strategic planning, threats to the organisation, or its current financial status. A good planner emphasize on excelling the organisation rather than victory over competitors. Several organisations view this process of determining the standpoint of organisation over next years, to forecast they need to know the current status of the organisation and the place where they see the organisation in coming years, this plotting of the direction can be referred as the “Strategic Planning”. Although over the period of time, each long term strategic plans needs monitoring and modifications. As the plans are made on the basis of assumption of the external and internal environment of the organisation, everything goes well until the prediction turns to be right.
Tesco plc. is an internationally recognised organisation, the company was established in 1929 in Middlesex, U.K.. Today the 3rd largest retailer and the 2nd largest profit earning organisation amongst millions of business is Tesco plc. Across the world; this organisation is serving 13 major countries i.e. 32 stores in Malaysia, 81 in Slovakia, 88 in China, 105 in Turkey, 119 in Ireland, 136 in Czech Republic, 142 in Japan, 145 in U.S.A., 176 in Hungary,