Business Strategy Assignment: Tesco PLC
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Added on 2021-01-02
Business Strategy Assignment: Tesco PLC
Added on 2021-01-02
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3MAIN BODY...................................................................................................................................3Ques 1. A) Evaluating TESCO approach to Strategy development ...........................................3B) Identifying the main area of concern in context of organizational external environment ...6Ques 2. Evaluating the Tesco risk management in strategic planning process. .........................8Ques 3 A) .Stakeholder theory and critically analyzing the Tesco relationship to each ofstakeholders group .....................................................................................................................9Ques 3 B) Meaning of Corporate social responsibility and analyzing the CSR in Tescostrategic framework ..................................................................................................................11CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION Strategy can be defined as plan of action which is designed for driving an organizationtowards accomplishment of objectives. It can also consider to be as general direction which areset by management for an enterprise in order to attain desire state in the future. Strategy isbasically a framework which supports management in making important business decisions.Formulation of the strategy is completely based on roles of different functional units within anenterprise. Strategy has great importance as it provides sense of direction to companies. It alsohighlights the measurable goals. In addition to this, formulation of an effective strategy is alsocrucial in order to guide routine decisions. The main purpose of strategy is to set the overallgoals for company and to provide the direction for accomplishing the same. Strategy can also beconsidered to be as an effective means of allocating business resources, establishing clearexpectations etc. An effective strategy assists companies in increasing their competitive positionand helps firm in increasing value of shareholders. The report will have focus on evaluating an approach utilized by an organization forstrategic development in context of Tesco. It is basically a British multinational organizationwhich is operating business in retail sector. Study will emphasize on risk management strategyadopted by this firm.MAIN BODYQues 1. A) Evaluating TESCO approach to Strategy development Strategic development can be referred to as the management activity which is mainlyconcerned with setting of priorities. In context of Tesco, it is the procedure which emphasizes onbusiness resources, strengthening operations in order to make sure that workers as well as otherstakeholders are working towards accomplishment of desired organizational objectives. Tesco is basically a multinational merchandiser as well as grocer operating business inretail sector. An organization is among the third largest retailer in the world measured in termsof gross revenue. The changes in internal as well as external environment has direct as well assignificant effect on the business operations of TESCO. Management in an enterprise hasdeveloped unique strategies for dealing as well as coping with the changes in internal andexternal business environment (Geyskens, 2018.). Among the different approaches such as :Planned : It is considered to be as one of the traditional approach to strategy development.Planned approach to strategic development includes the action plans which has already been
developed in order to achieve desired business goals. Companies using the planned approachplans different actions on the basis of set goals or objectives. It is the approach which is presentlyadopted by Tesco. Management in an enterprise plans tactics considering the set objectives. Themain benefit of planned approach to strategic management is that it provides management inmeasuring the progress. In addition to this, planned approach to strategy development providesmanagement an ease in making sure that actions of all employees are directed towardsaccomplishment of set organizational goals. It can assist an organization in gaining thecompetitive advantage in the market (Keay and Iqbal, 2018). Planned is basically an appropriate for dealing with the changes in internal factors ofcompany. For instance, Tesco can utilize planned approach to strategic development forpositively influencing employees to change their behavior and improve their performance atworkplace. In addition to this, business entity can use planned approach to strategy developmentfor bringing positive change in culture, business procedures. Emergent: This is an approach which is usually adopted by different enterprises fordeveloping strategies. It basically involves use of set of specific set of actions for dealing with allthe situations. Emergent approach to strategic development is mainly concerned with theprocedure of identifying the unexpected results generated from the implementation of corporatestrategy. It also includes learning to integrate those unexpected outcomes into future corporateplans. It is considered to be as an appropriate approach which can be used for providing anappropriate response to changes in factors of external business environment. For instance, an organization utilizing the social media platform for improving thepromotional or marketing activities can be considered to be as comprehensive marketingprogram. But in case, social website marketing aspect of the plan suddenly becomes extremelysuccessful, then it is an emergent strategy that needs to be addressed. The main advantage is that by utilizing the emergent approach to strategic formulation,Tesco can increase its flexibility in context of adapting to change. The Biggest disadvantages ofthe emergent approach to strategic development is that it is not predictable. In addition to this,another major drawback of emergent approach to the strategic development is that, it is not useproperly it can have negative effect on the business structure of company. Emergent approach tostrategic development maker’s significant contribution in success of business.
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