Mission, Vision and Goal of Tesco : Assignment

Added on - 22 Jul 2020

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BUSINESS STRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1...........................................................................................................................................11.1 Mission, vision, goal and core competencies of Tesco....................................................11.2 Factors that need to be considered while formulating strategic plans..............................21.3 Effectiveness of techniques used by Tesco in developing strategic plans.......................2TASK 2............................................................................................................................................32.1 Strategic position of Tesco...............................................................................................32.2 Environmental audit.........................................................................................................42.3 Significance of stakeholder analysis................................................................................62.4 New strategy.....................................................................................................................7TASK 3............................................................................................................................................73.1 Alternative strategies........................................................................................................73.2 Justification for chosen strategy.......................................................................................8TASK 4............................................................................................................................................84.1 Role and responsibility of personnel................................................................................84.2 Resource requirement in implementing new strategy......................................................94.3 Contribution of SMART targets in achieving strategies................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONEach firm has to make high-level plan to accomplish their goals. Business strategiessupport the entities in gaining competitive advantages and strengthening financial performanceof it (Fulford, 2013). Present study is based on TESCO which is an international retail brand anda global market leader. It has recently expanded its operations in 12 countries. It treats itsemployees as assets of the business and develops strong relationship with them so that theyretain them for longer duration.Current assignment discusses mission, vision, goal of Tesco. Furthermore, it will carryout environmental audit and explain significance of stakeholder analysis. It also assess role andresponsibilities of personnel charged with strategy implementation.TASK 11.1 Mission, vision, goal and core competencies of TescoTesco is an international brand; more than 60% profit of the business is generated fromUK and has many stores across the world. In the year 2013, Tesco has employed 530000employees (Galpin and Whittington, 2012). It always prefers to meet the standards and gaincompetitive advantage in the market.Mission and VisionTesco pays attention on making effective business strategies to enjoy long-term successin the market. Vision is to remain constant and adopt new technologies to gain competitiveadvantage in the market (Harrison and John, 2013).Mission is to provide satisfactory services and products to the consumers and make themloyal. Its statement is to expand business and enhance its revenues.ObjectivesIts objective is to enhance its sales revenues and increase customer loyalty. Also toimprove quality of products so that satisfaction level of consumers can be increased (Hill, Jonesand Schilling, 2014).Core valuesValues of the firm play a significant role in the overall success. Corporate SocialResponsibility (CSR) is an effective element of the business. Cited firm fulfils its corporateresponsibility towards society and environment. It helps organization in creating positive imagein the mind of clients and sustaining in market for longer duration. By fulfilling its CSR, Tesco1
complete its commitment towards society. Overall success of corporation is highly dependedupon its core values (Omar and Sawy, 2013). It is working as responsible retailer in the marketand was awarded for Green Retailer Of 2012.1.2 Factors to consider for formulating strategic plansThere are various factors that considers by the higher authorities while formulatingstrategies:Analysisbusiness environment: It is the most essential element that need to beconsidered.. Tesco needs to look upon its strengths, weaknesses, and financial resourcesof the firm before making any strategy. This helps entity in performing well in marketand making effective strategies (Shavarini and et. al, 2013).Cultural and management aspects: It is another major factor that needs to beconsidered by Tesco, Cited firm has to look upon existing culture and has to improve itscultural in theorganization so that new strategy can be implemented in the corporation inefficient manner. . Thus, this is another major factor that needs to be considered in orderto make effective strategies (Smith, 2013).Political and economic conditions: If Tesco look at the economic condition then it willbe able to identify consumers buying capacity. it will help in making strategy inorder tomanage its cost well. Furthermore, changes in law and regulation impact on the businessunit greatly (Stonehouse and Houston, 2013).1.3 Effectiveness of techniques used by Tesco in developing strategicbusiness plansThere are various techniques that can help Tesco in developing strategic business plans.Two effective techniques as described below:BCG planning techniqueIt is strategic planning tool that concentrates more on product life cycle. It analysis theproduct which can create value for the business. It focuses on market shareand market growth.The major four elements of this strategy are Star, dog, cash cows and question mark.Tesco is required to invest in such product that gives good return and has high marketshare. By this way, more people will buy this product and entity will be able to enhance itsrevenues to great extent (Galpin and Whittington, 2012). This technique is impressive inmeasuring market share and growth rate of the firm. Thus, Tesco will be able to invest in theproducts which have high demand in the market.2
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