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MGT604 Strategic Management
TABLE OF CONTENTS
Introduction    3
Aim    3
Discussion    3
Strategic influences and their impacts    3
Competition from rivals    3
Laws and regulation    4
Technology forces    5
The practice of strategy categorizes these factors and implications for the organization    6
The strategic course of action    7
Statement of the strategic goals the firm should set    7
Conclusion    8
References    9
Introduction
Strategic management is a crucial process for companies and businesses. The procedure refers to the implication or planning of the objectives and it depends on various elements such as available resources, competitors, market position, internal or external environment and more. It can be said that it is a road map of the objective; a company can follow those steps to achieve the set goals successfully (Ansoff et al. 2018). Strategic management also helps enterprises in allocating the resources to implemented plans effectively.
The present report is based on the selected organization that is BT group; it is a British telecommunication company Headquartered in London, United Kingdom. In the current study, evaluation of strategic management and its influences factor, which majorly affects the organization, has been carried out. It helps the organization to identify a course of action which can be adopted by the chosen entity. The report analyzes the goals that the selected enterprise should set.
Aim
The main aim of this report is to identify the leading influences which affect majorly in strategic management. Factors affect both the environment of the business externally as well as internally.
Discussion
Strategic influences and their impacts
Strategic force is defined as the concept which effects in making company decision. These are the aspects that significantly impact on organization overall performance. The main influences are mention under below-
Competition from rivals
In the modern era, every company want to take its business on height. In this manner, they do rapid changes in their planning and development in order to gain competitive advantages. Increasing Competition in target market segments and industry, it requires the company to promptly review its strategies and makes attempts accordingly to maximize competitive benefits. BT Group implements strategic tools such as SWOT analysis to determine its strengths, weaknesses, opportunities and threats (Noe et al. 2017). After examining its deficiency and capabilities, the firm can develop its effective strategy to achieve its goals. Addition to it, Competition majorly influences the strategic management because; if competitors are offering different and essential product and services then the sales and profit ratio of BT Group will be affected because of the same.
Apart from this, the leading rivals of BT Group are Telstra, Vodafone, TIM, Orange and more. The BT Group needs to conduct in-depth research on the competitive environment so that the company can promote its strategy and produce a product that is different from its opponent. This helps the company to maintain its unique benefits and also affects the overall performance of the firm (BBC, 2018). Another related element related to this is the price; the cost of goods will affect the firm's sales. It has been observed that the chosen entity pricing strategy is moderate; it makes the primary advantage over its challengers (Moutinho & Vargas-Sanchez, 2018).
Therefore, changes in the competitive environment are essential influencers that have a significant impact on the strategic management of the chosen organization. By monitoring the move, the selected firm can easily manage its competitive advantages.
Laws and regulation
For the unbalanced and changing nature of the business environment, it is essential for BT Group to be aware of environmental changes in order to conduct strategic management practice. Law and regulation play an important role in business. Companies should consider the legal process, laws and regulations while carrying out their operations and activities. The rationale behind this is that laws and regulations not only affect the strategy management process but they also have considerable impact on brand image, customer loyalty and business practices. Severe damage to a company’s reputation for not operating proper laws and regulation can be done (Ginter et al. 2018). In some cases, organizations should spend substantial amounts of publicity on rebuilding the image or gaining customer trust after adverse events.
Along with this, the legislation includes labour law, foreign trade policy, tax policy, environmental law, business restrictions, and so on. Every rule has its own importance in trade. For example if a provision is required to minimize the carbon footprint then the company will have to care for its manufacture process, in this case; first,...