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Business Strategy Tesco Assignment

   

Added on  2019-12-28

7 Pages1907 Words174 Views
BUSINESS STRATEGY:TESCO1| P a g e
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TABLE OF CONTENTSBusiness Strategy:Tesco.......................................................................................................................1Introduction..........................................................................................................................................3Factors to be considered whilre Formulating strategic plans and role of planning..............................4The effectiveness of techniques while developing strategic plan.........................................................5CONCLUSION....................................................................................................................................6REFERENCES.....................................................................................................................................72| P a g e
Business Strategy Tesco Assignment_2
INTRODUCTIONBusiness strategies play an important role in every business for achieving long termsgoals. These strategies cover approximately 3-5 years for the planning and development. Beforemaking any planning, company considers all the internal and external factors (Abraham, 2012).The present file is based on the business strategies’ of TESCO. It is big food retailer firm; theirplanning supported the satisfaction of their customers by the product. This file covers somemajor topics like process of strategic planning, formulation and approaches of evaluations. Afterall this, how companies implement the new strategic in their firm and increase their customershave also been studied. This file also explains the effect of SWOT, PESTLE in the organization.MISSION, VISION AND OBJECTIVE OF TESCO WITH CORE COMPETENCIESMission, vision, objectives, goals play a key role to determine the strategic planning of anycompany. Same applies to areas such as core competencies, strategic architecture and strategiccontrol. Their importance in strategic planning with respect to Tesco has been discussed below:Mission- Business strategies should cover all the mission of company. TESCO’s mainmission is to cover all the latest changes in food market and environment. Mission should beclear for the cited retail firm otherwise company can lack their concentration and cannot achievetheir goals (Gregory, 2015). For achieving the mission, business strategies of Tesco should focuson new innovation in technology and the second main goal is to gain more trust and loyalty. Vision- Company vision is concerned with modern and innovative ideas which inspirecustomers and colleagues. The main action which Tesco follow is they work all together to makethings better and smooth. By focusing on vision they can grab different knowledge and makeperfect strategies.Core competencies – Core competencies play a role of glue between organization andcustomers. These are one of the most unique ideas now days for giving a new shape in businessstrategies. In this company can design competitive position and increase corporate strengths(Hübner, Kuhn and Sternbeck, 2013). Core competencies help to understand the managementpriorities, outsourcing and invent a new market. As per example, TESCO business strategies arebased on customer preferences so they observe the buying behavior and according this theymaintain their retail store. 3| P a g e
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