Case Study Of Tesco - Marketing Strategy

Added on - 21 Jan 2020

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Business Strategy
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 The mission, vision, objectives, goals and core competencies of the organization.........11.2 Analyzing the factors to be considered in formulating the strategic plans.......................21.3 The effectiveness of strategic planning techniques used for developing strategic plans.2TASK 2............................................................................................................................................33.1 The appropriateness of the grand strategies of substantive growth/ limited growth/ stability/ retrenchment.........................................................................................................................33.2 Recommended strategy for Tesco....................................................................................4TASK 3............................................................................................................................................42.1 Organizational audit of Tesco by value chain analysis and SWOT analysis...................42.2 PESTEL analysis and Porter's 5 Force analysis of the external environment..................72.3 Importance of stakeholders and stakeholders influence map for Tesco...........................82.4 The recommended strategy for the organization..............................................................8TASK 4............................................................................................................................................94.1 The roles and responsibilities in the organization............................................................94.2 Resources required for implementing the strategy...........................................................94.3 Evaluating the importance of smart objectives for new strategy...................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness strategy is developed to achieve the desired goals and objectives oforganization. Business strategy is also defined as long term business planning which isconcerned with major issues of business like, raising the finance for business operations (Reader,2015). The present report is developed on the basis of case study of Tesco PLC, which is one ofthe most successful British multinational grocery and general merchandise retailers based in UK.This report will help in understanding the process of strategic planning and formulating newstrategies with the help of various approaches to strategy evaluation, selection andimplementation.TASK 11.1 The mission, vision, objectives, goals and core competencies of the organizationMission:mission of Tesco is to be a champion in the mind of customers and helpingthem to enjoy better quality of life and easier way of living by rendering high quality ofproducts amd services. . Thereby, Tesco operates a focused business and continuouslyadapt the requirements ofbusiness in a changing world.Vision:Tesco's vision is to have have few specific elements, that is as needed around theworld, a growing business organization with many opportunities, modern and innovativeapproach to consumers with new ideas and inspiring and earning trust, loyalty from thecustomers and stakeholders.Goals and Objectives:Objectives of the organization must be achieved in order toestablish business successfully. Primary business objective of Tesco is to providecustomers with unsurprisingly, outstanding, individual service to gain the respect ofcustomers for objectives and values to realize its contribution to consumers (Edwards andEllison, 2009). Also, the main objective of Tesco is to provide customers a broad range ofeffective applicable promotions in all departments of Tesco store to give customerseverything in one roof.Core competencies:Core competency of the organization is a set of skills and experienceby which a firm can perform well and gain competitive advantage among thecompetitors. Core competency of Tesco is the customer concentric strategy. Thus, cited1
firm implements various techniques to collect, analyze and understand the customerswell.1.2 Analyzing the factors to be considered in formulating the strategic plansThe essential factors that have to be considered at the time of formulating the strategicplans is as follows,Availability of resources:Main factor that has to be considered for formulating strategicplan is the availability of resources Since, Tesco is operating successful grocery andgeneral merchandise retail business in many national and international cities. So, Tescorequires to ensure the availability of fresh and quality products as per the consumerdemands.Short term and long term objectives:The one more specific factor that must have to beconsidered for formulating strategic plan is that strategic plan is must have developed byconsidering short term and long term goals and objectives of the organization (Baye andBeil, 2006). Achievement of short term and long term targets of the organization helps inachieving the success of strategic business plan of the organization.Research and development:To formulate strategic planning, it is necessary to ensure theproper research of all the business factors and competitors which will put impact onstrategic planning. Any new service or product launch after research leads to the possibleopportunities and success of the strategic plan. Thus, Tesco must consider all theseimportant factors for formulating strategic plan.1.3 The effectiveness of strategic planning techniques used for developing strategic plansThe Strategic planning techniques used in Tesco is BCG matrix and PIMS. Theeffectiveness of these techniques for developing the strategic plans is as follows,BCG Matrix:BCG matrix helps Tesco effectively in developing strategic plan. BCGmatrix involves market growth and market share for the strategic planning of business,products and services. It helps in identifying the current portfolio of the cited firm anddevelops strategic plan accordingly (Ritter and Gemünden, 2004). Through basicmeasurement as well as with market share and growth rate, Management of Tescoidentifies the current market scenario of resources and competitive strength of the citedfirm in the market. With regards to BCG matrix, Tesco generates the fund that is required2
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