Process of Strategic Planning in Tesco : Report
Added on 2020-07-22
15 Pages3106 Words59 Views
Business strategy ContentsExecutive summary .....................................................................................................................................2TASK 1..........................................................................................................................................................3Tesco objectives, missions, vision, Core competencies and goals.........................................................3
1.2 Factors used in formulating strategic plans......................................................................................51.3 Effectiveness of techniques ..............................................................................................................5TASK 2..........................................................................................................................................................72.1 Organisational audit for Tesco...............................................................................................................72.2 Environmental audit for Tesco...........................................................................................................82.3 Importance of stakeholder analysis...................................................................................................92.4 Innovative strategy for Tesco...........................................................................................................11TASK 3 ......................................................................................................................................................113.1 Appropriateness of alternative strategies........................................................................................113.2 Selection of a strategy ....................................................................................................................12TASK 4 ......................................................................................................................................................134.1 Duties of personnel in strategic implementation.............................................................................134.2 Resource requirements for implementing a new strategy .............................................................144.3 Contribution of SMART targets.......................................................................................................14Conclusion ................................................................................................................................................15Bibliography...............................................................................................................................................15Executive summary Business strategy is a combination of activities which helps an organization toattain the long termgoals. Strategic planning is a activity involved with panning activities to achieve the organizationalobjectives. It is a critical process of an organization and without strategies the organizations cannotsuccessfully run the businesses. The purpose of this report is to understand the process of the strategicplanning in Tesco; a world famous retailer formulates the strategies, understand the approaches ofstrategy selection and present how to implement strategies in the organization.
TASK 1Tesco objectives, missions, vision, Core competencies and goalsMission:Mission is the purposes of an organization created to fulfill the shareholder expectations. It describehow the business run, who are the customers, the products and the services they sell and the quality ofthe customer service as well. Mission statement of Tesco is Create the value to the customers Create customer loyalty Increase the market share
VisionVision statement describes where the organization required being in the future. To be an organization valued by the stakeholders Growth To be innovative Internationalization Goals & objectives Goals as well as objectives are the expectations of an enterprise planned to achieve within a specificperiod. Objectives required to be achieved in order to achieve a goal as the objectives are short termplans and goals are considered as long tem plans of the organization. Tesco goalsBe successful in the retail industryGrow the business Develop new retailing services Core competenceCore competences of an organization are the set of special skills and attributes that helps to achieve thecompetitive advantage over the other players of the industry. The core competences of Tesco are theretail network, loyal customers, loyalty card system and the ability to sell the products at lower prices. (Rudolf Grünig 2010)1.2 Factors used in formulating strategic plans
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