Business Strategy | Tesco Plc
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Added on 2020-02-12
Business Strategy | Tesco Plc
Added on 2020-02-12
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BUSINESS STRATEGY
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................21.1 Mission, Vision, Goals, Objectives and core competencies of Tesco..................................21.2 Factors to be considered while formulation of effective strategic plan................................31.3 Evaluation of the effectiveness used for developing strategic plans for Tesco....................3TASK 2............................................................................................................................................42.1 SWOT analysis and Ansoff matrix for Tesco.......................................................................42.2 PESTLE and Porter's Five forces analysis for Tesco............................................................52.3 Significance of stakeholder analysis for Tesco.....................................................................62.4 Present a new strategy based on organizational audit and stakeholder analysis ..................7TASK 3............................................................................................................................................73.1 Analyse the appropriateness of alternative strategies relating to chosen organization .......73.2 Justify the selection of new strategy for Tesco ....................................................................8TASK 4............................................................................................................................................84.1 Assess the roles and responsibilities of personnel in charge of implementing the strategy .84.2 Analyse the estimated resource requirements to implement the new strategy .....................94.3 Evaluate the contribution of SMART targets to the achievement of the strategyimplementation ........................................................................................................................10Conclusion.....................................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness strategy is the methodology for formulation, implementation and evaluation ofnon-functional decisions. Through it an organization is able to achieve the long term objectivesthat it has set (Bentley, Omer and Sharp, 2013). This long term planning that is done with respectto business can also be termed as a strategic business-plan. The success of a business in futuredepends upon whether strategic planning is effective or not. Furthermore, the method ofmanagement followed by an organization for meeting the objective set by it, is termed asstrategic business-planning.The organization that has been cited in the report is Tesco PLC. It is a grocery andgeneral merchandise retailer that is headquartered in England, UK. If considering the factor ofprofits it accounts for being the third largest retailer. Now if the revenue parameter is consideredthen, it accounts to be the fifth largest retailer in the world. The stores of Tesco are spread acrossnearly 12 countries of Asia and Europe. While in UK, it the leader of grocery market. It doesretailing of clothings, books, electronics, furniture, toys, software and petrol. It also does servicesin fields of finance, telecom and internet. Tesco superstores are the standardized stockinggroceries which supply small range of non-food items. It also has many in-store cafes but since2013 it has been successfully establishing its own restaurants (Blackburn, Hart and Wainwright,2013). On the other hand Tesco express is famous for its convenience stores for providing crisps,chocolates, sweets, biscuits, fizzy drinks and processed-food along with some daily essentials.Furthermore, Tesco Extra are large supermarket stores that provide long range products elated tothe clothing and home-ware sector. Moreover, it ha also established itself successfully in digitalmarketing through creation of home-shopping service through Tesco.com website. It also hasestablished itself in a much diversified way by selling biofuels at its petrol stations. It also hasequal partnership with the Royal Bank of Scotland as Tesco Bank. In the field of telecomindustry, it also has successfully established its business by selling of mobile phones across UK.Coming towards the competition from other organization, it is successfully serving in market astough competitor. Its main competitors include ASDA, Sainsbury's and Morrison's. These four asa whole are the big four who have established themselves in UK. Apart from these three, Tescoalso faces stiff competition from Waitrose. The report throws light upon the importance of the mission, vision, objectives and goalsthat are set by the cited organization. Furthermore, the importance of effective strategic1
formulation has been discussed. Also, how important it is for an organization to enhance itspositioning on basis of organizational audit, has been analysed. The importance of the effect ofexternal factors over the cited organization has also been evaluated. In order to do successfulbusiness an organization needs to have some alternative strategies as well. So the report alsothrows light upon the analysation, effectiveness ad appropriateness of alternative strategies forthe cited organization. Also, the SMART objectives' importance has been discussed fororganization.TASK 11.1 Mission, Vision, Goals, Objectives and core competencies of TescoMission: These are the desires that an organization has in order to meet the expectationsof the people associated with the organization (Buckley, Burton and Mirza, 2016).Henceforth, Tesco has set some of mission statements in order to form a strategicbusiness plan. They are:1.Creation of value for the customers associated with it.2.Earning the loyalty of customers.3.Expansion of the market share associated with it.Vision: The potential benefits along with growth with respect to articular organizationcan be identified with its help.Therefore, Tesco has set the following visions:1.Customers, staff and shareholders should value them2.Serve as a company gaining growth everyday3.serve as a modern and innovative company4.Globally apply their servicesGoals & Objectives: An organization sets up certain guidelines which they desire toachieve within a certain pan of time. These guidelines can also be called as the goals andobjectives that an organization sets. For achievement of goals, objectives are the stages.Tesco has the following set of goals and objectives:1.To serve as successful retailer.2.To enhance the growth of business.3.Development of the retailing services2
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