Business Strategy of Tesco Company

Added on - 21 Jul 2020

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Business Strategy
ContentsIntroduction.................................................................................................................................................5Task 1..........................................................................................................................................................51.1 Mission, vision and objectives of Tesco............................................................................................51.2Factors considered by organization while formulating strategic plan.................................................61.3 Effectiveness of techniques which are used by Tesco for strategic planning.....................................6Task 2..........................................................................................................................................................72.1 Organizational audit of Tesco............................................................................................................72.2 Environmental audit of Tesco............................................................................................................82.3 Stakeholder mapping and its significance for business......................................................................82.4 New strategy for Tesco......................................................................................................................9Task 3..........................................................................................................................................................93.1 Alternative strategy............................................................................................................................93.2 Effective and suitable future strategy for Tesco...............................................................................10Task 4........................................................................................................................................................104.1 Role and responsibility of personnel................................................................................................104.2 Requirement of resources................................................................................................................114.3 Contribution of SMART objectives.................................................................................................11Conclusion.................................................................................................................................................11References.................................................................................................................................................12
IntroductionBusiness strategy can be defined as set of works which supports an organization to maccomplish their goal and sustain in the market for longer duration. It is systematic processwhich assist in identifying business goal, mission and objectives (Wu, Gao and Gu, 2015).Present report is based on Tesco which is well known international brand in the field of retail.Current assignment will discuss mission, vision of Tesco. Furthermore, effectiveness oftechniques which firm need for development of their strategic plan. In addition, study willconduct environmental audit and will analyses appropriateness of alternative strategies for theorganization.Task 11.1 Mission, vision and objectives of TescoMission supports an entity to meet with the expectation of stakeholders. It assists in carrying outbusiness in smooth manner. Mission statement of Tesco is to become top most brand in the retailsupermarket sector (Ready and et.al., 2014).VisionTo satisfy staff members, customers and stakeholdersTo earn loyalty of customersTo expand its business across the worldTo increase market share and gain competitive advantage.Objective:Goal and objectives are guidelines for any business which helps entity in achieving theirdesired goal within estimated period of time. It may be short term or long term. Goal andobjective of cited firm are as following:To become successful brand in this industry.To improve its services and provide innovative products to customers (Padukkage,Toland and Hooper, 2014).Core competenceThese are essential element which assist the firm in getting success. Business strategy cannotmeet with its target until company have required competence. Core competency of Tesco are asfollowing:Wide retail network which support Tesco in expanding its business across the world anachieving its goal.Another core competency of cited firm is skilled employees those who contribute well inthe success of organization.
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