Management Theory a nd Practice Technology

Question: Discuss about the Management Theory a nd Practice Technology. Answer: Introduction It is the fact that in this century the need for the strategic management and its analysis is playing a vital role to each and every organization in the entire world. It helps the business organisations to be a successful corporation and avoid the problems corporate world. The process of strategic management, the companies have to understand the strategic analysis of the competitors, effective decision making, actions, visions, missions, goals and objectives. It guides the company to understand the strategic management of the competitors that will help in future to frame the policies and strategies (Eisenhardt, Graebner, 2007). They can also compare the strategic management of their own company with the competitor business organizations. The motive of this essay is to analyze the relevance of strategic management is to evaluate the internal and external environment of the company and also about the competitors. It provides a brief knowledge about the same according to which the company can frame the policies. In this essay, the company on which the discussions will take place on one of the leading company of sports material. It is very important for companies like Woolsworth to analyze the strategic management of their company as it will provide benefits for the same. The strategic management includes various types of analysis like market, consumer, stakeholder, competitors, etc. the essay comprises detail version of the strategic theories that will help the company to solve the issues related to the same. The applicability of these theories like resource based, knowledge based, etc. impact the managerial practice of the Woolsworth Company that will be discussed in this study (Nerur, Rasheed, Natarajan, 2008). At la st a conclusion and relevant recommendations will be provided for the company that will help in better strategic management. The company Woolsworth was facing few issues related to the strategic management of the company which can be resolved by using effective strategic management in the company. The strategic management is a process or a framework that helps in promoting systematic approaches of the strategies and its formulation. The purpose of strategic management in Woolsworth is to identify the mission, its purpose of the company so that desired goals can be achieved and issues can be solved (Hitt, Ireland, Hoskisson, 2012). Resource based theory The resource based theory says that many organisations have lost many of their resources and abilities like human tangible and intangible assets, physical assets, etc. according to resource based theory, the company Woolworth must have capability to change the resource of the company into the advantages like strategic advantage. It helps the company to perform its functions properly (Bascle, 2008). The strategic mansgment and resource based theory helps in optimal utilization so that the maximum output can be achieved at the lowest of the input. The knowledge based theory is an extension of resource based theory. It helps the companies to manage the functions related to the strategic management. According to this theory, there is some particular knowledge of each firm according to which the policy and strategies have to be formulated. The knowledge is related to the basic resource so the company, capabilities, etc. The basic resources help the company to have competitive advantages (Freeman, 2010). According to this theory, the companies required connections to run their business operations. The connections can be of different types like customers, suppliers, competitors, and many other relevant institutions. There are some particular connectivity between the different elements provides that provides frameworks to the company so that they can perform the functions (Aguinis, Boyd, Pierce, Short, 2011). These diversifications in the connections of the company show the strength of the same. The strategic management of the Woolworths Company The strategic management of any company initiates with the evaluation d analysis of the environment of the business organization like Woolworths. The aim of the organization depicts that to provide best quality to their customers so that they can remain satisfied. The objective of the company is to provide great shopping experience to its customers by providing high quality services (Nag, Hambrick, Chen, 2007). In order to achieve the same, the company is required to evaluate the resource, environment, capabilities, etc. and then they have to fame the strategies and policies accordingly. The first theory that is applied to the strategic management of Woolworths is resource based theory that helps to analyze the capability of the company. It has been analyzed that the company has an effective supply chain of resources. It is evaluated by the supply chain management and the distribution network, and logistical management of Woolworths. The company use direct channels to distribute their products using distribution channels at many national and international sites. these distribution sites are certified and they check the quality of the products, mark them certified as well and then the products are directly send to the stores of Woolworths (Booker, Bontis, Serenko, 2008). It is one of the simple ways of distribution adopted by Woolworths that helps the company is to reduce the cost of distribution and operating cost by $ 2.5 million (Schot, Geels, 2008). There are lots of benefits that a company can enjoy by applying effective theories of strategic management. It is also observed that this company owns their own trucks and the distribution centers. Thus the company is enjoying effective distribution management for their products. The company also does not face any workers strike as they work in harmony as there is a good control over the workforce. There is an effective combination of the assets that is tangible and intangible assets that provides company all the required resource like supplier relation, technology, supply chain management, etc. all these elements helps the company to compete with the competitors present in the industry and market as it is one of the cost saving approach used by the company (Verhoef et al. 2009). The company is also enjoying high reputation and the management of the company is also good. The brand position of the company has been built by putting lots of efforts by the top level of the management and by providing good and fresh products to the customers (Creswell, 2013). It has also become possible because of the effective distribution management of Woolworths. The company always tries to cater a large group of customers by effective delivery and distribution system and good quality of products. The marketing team of Woolworths itself is very strong and they are eligible to attract a large group of customers with the slogan fresh food people. These are some of the policies of company that help them create the brand image as fresh and good quality brand and positioned themselves in the minds of the customers who sell the freshest food in the country (Getz, Page, 2016). These benefits that Woolworths can enjoy cannot be achieved by any other source of marketing and advertisement. The brand has become a leading brand in super markets of Australia. This happens because the brand loyalty of the brand creates a base in the minds of the customers and keeps them loyal for the same. These all strategies and policies are framed y the top level of management as they are responsible for each and every operation of the company (Edmondson, McManus, 2007). So, it has become every important that the top level management of the company must be intelligent and good decision maker. There are times when there is recession and downturn in the economic conditions in the countrys economy (Creswell, 2012).In such situations also, the company Woolworths is able to stand in the markets with confidence as the top level management is strong. The strategic management includes various types of analysis like market, consumer, stakeholder, competitors, etc. the essay comprises detail version of the strategic theories that will help the company to solve the issues related to the same. The applicability of these theories like resource based, network based, knowledge based, etc. Impact the managerial practice of the Woolsworth Company that has been discussed above (Markard, Raven, Truffer, 2012). At last a conclusion and relevant recommendations will be provided for the company that will help in better strategic management. The other strategic management concept is strategic management concept of the company. The value chain analysis of Woolworths helps the company to determine the other activities like value added services of the company. It also identifies the other activities that do not add any value to the company and ultimately the company eliminates such activities. This evaluation helps the company to form and frame the policies and strategies related to the value added activities (Schot, Geels, 2008). The major activities created value for the Woolworths are logistics, operating, marketing and sales. As discussed above, the company Woolsworth is in not in the manufacturing of the products, they deal in the retail of the products. Due to this, the company requires a strong brand position in the market and their own distribution channels to eliminate the extra and unwanted activities form the distribution channel (Finkelstein, Hambrick, Cannella, 2009). The mission statement of the company states that they want to foster the customers by giving them high quality products and a new experience of shopping. The new mission of the company is to raise the sales of the company by the end of the year 2020 that is AUD $ 1 million. There are any strategies that this company has adopted to achieve these objectives (DePoy, Gitlin, 2015). The first strategy of this company is directly related to the extension of the areas of leadership in food and liquor. To re-establish this, the company made efforts in the marketing of the fresh food people (Chia, MacKay, 2007). According to the strategic analysis of the company Woolworths, there are various types of recommendations that can be made on the company related to the innovation and changes that must be done to have competitive advantage over the competitors. The recommendations will also give parameters to bring improvements (Hevner, Chatterjee, 2010). The company Woolworths is capable to bring and adapt changes in its company as they adopt cost effective leadership to reduce the cost of operation the cost effective and reduction strategy is defined as the strategy which guide Woolsworth to lower the prices by decreasing the input and increasing the output. The management strategy can also be used to reduce the stock. Woolworths should increase the delivery of the goods and products in to the markets so that they can achieve economy of scale. There are other strategy that can also helped this company is collaboration of the strategic alliance with the strategic management of the company (Ragins, Kram, 2007). It is a new approach that will help the company to manage the related alliance of strategies with the company. This helps in brining short term sales in the company and boosts the brand loyalty in the markets. Recommendations The aim of establishing such strategies is to not let go the customers empty hand form the stores. In order to achieve the company have to bring diversification and innovation in their strategic management. To serve the customers under one roof, there is a requirement to make the entire possible requirement in a store so that the foot ball can be increased which ultimately increase the sales of the company. The company can also use various types of approaches and theories like cost leadership theory, innovation, etc. in the management of the products so that they can achieve the higher share in the markets in the future (Corley, Gioia, 2011). Hence, it can be conclude that a company must have effective management for the strategies so that in future they have a surety to achieve the goals and objectives of the company effectively and efficiently. It also helps in the achieving satisfaction of the customers on a high level as the products and services delivered will be of good qualit y (Eisenhardt, Graebner, 2007). The company should also focus on the performance of the employees and the productivity of the company by indentifying and analyzing the potential of the company as well as the other human resource working in the company. They should provide them training and development programs to enhance their knowledge, skills, talent and potential. This industry is customer based industry hence it is very important for them to achieve high customers satisfaction in order to remain a leading company in the markets of Australia (Hambrick, 2007). It will improve the customers ratings, reviews, and mentality of the people towards Woolworths and its products. Conclusion The company Woolworths is one of the top super market companies in Australia. According to the strategic management and evaluation of the company, it is analyzed that the company is facing competition dude to which they are unable to grow and develop further. There are some core competencies of the company the company like the supply chain of the company and also the resources that are present in the company. They help to manage the rivalry firms in the super markets. In this way, the few strengths of the Woolworths Company help them to withstand against the companies who are competitors. To remain in the competition the company tries to decrease the prices of their products and for this they do not even comprise with the quality of the products. Such policies and strategies of the company help and support them to achieve a high degree of the loyalty and degree of the customers. The company can also use various types of approaches and theories like cost leadership theory, innovation, etc. in the management of the products so that they can achieve the higher share in the markets in the future. Hence, it can be conclude that a company must have effective management for the strategies so that in future they have a surety to achieve the goals and objectives of the company effectively and efficiently. It also helps in the achieving satisfaction of the customers on a high level as the products and services delivered will be of good quality. References Aguinis, H., Boyd, B. K., Pierce, C. A., Short, J. C. (2011). 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