Managing Business Strategy : Tesco
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Added on 2020-07-23
Managing Business Strategy : Tesco
Added on 2020-07-23
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Managing Business Strategy
Table of ContentsINTRODUCTION...........................................................................................................................31. Understanding the term 'responsible retailer' and its relation with Tesco's 'The essential' andTesco's CSR activities and Three big ambitions' as competitive advantage for Tesco. .............32. Identifying the competitive strategy adopted by Tesco company...........................................53. Importance of monitoring and evaluation in strategic planning............................................94. Analysis of the Tesco's strategy fior a local supermarket and the implementation of thevarious social initiatives............................................................................................................10CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONStrategy is defined as the direction for achieving business goals. It assists manager inidentifying the scope of operation. Strategic planning is defined as a procedure of managing thebusiness resources in order to achieve desired outcome (Scholes, 2015). These plans areformulated by manager in an enterprise by considering the several factors such as need of thesituation , organisational strength and weaknesses, demands of customers , problems in businessetc. It is required by management team in an organisation to conduct the internal as well asexternal analysis . As this activity will help manager in development of appropriate businessstrategy. Business plan or Strategies are formed with the purpose to direct company towardsachievement of success and fostering growth (Johnson, 2016).The complete project is based on the case of Tesco company which is operating in retailindustry. Purpose of the assignment is to develop the understanding about the responsible retailer.assignment has focus on identifying the competitive strategy used by an enterprise in order togain competitive advantage in the market. It will also have emphasizes on identifying the need ofmonitoring as well as evaluation of strategic plan (Armstrong and et.al. 2015).1. Understanding the term 'responsible retailer' and its relation with Tesco's 'The essential' andTesco's CSR activities and Three big ambitions' as competitive advantage for Tesco. The 'Responsible Retailers' are the business organisations or the traders that have themajor responsibility to carry out the various business operations with ethics and effectiveprinciples and policies that will help in the better management of the various operations in themarket. It helps to meet the operational requirements of the company that helps in the betterhandling of the different operations in the company. Besides this, it will help in the bettermanagement of the corporate social responsibilities or CSR of the company (Olson And et.al.,2018). The collaboration with 'The Essentials'. This will help the firm to take into considerationthe better management of the different business activities that will support in the better growthand development of the company. The effective handling of the different business operations willlead the Tesco to adopt and utilize the various business operations that helps in the effectivemanagement of the different business solutions in the company. As a responsible retailer, Tescowill look after effective handling of the various operations that will lead to the bettermanagement of the different operations of the company, that will support in better productivity
and profitability. Besides this, it generates better business opportunities for the company to meetand fulfil the needs and demands of the customers (Sia, Soh and Weill, 2016).Other than this, it helps in the effective handling of the various business operations andmeeting the needs and demands of the stakeholders, customers and employees of the company.The effective following of the various corporate functions and effectively satisfying the needsand demands of the clients will help in the better handling of the various operations in themarket. The vision of Tesco to be present all over the world, as a business firm with lots ofgrowth opportunities and being modern and implementing the innovative ideas to improve theirefficiency as the better firm that helps in the better management of the various operations. Thiswill help, in the rise of the profitability and profitability of the company and meeting theoperational requirements of the Tesco plc. This will help in the effective management of thevarious objectives and goals of the company will lead to the adoption of the different sort ofinnovative and significant operations and business measures that will help in the better growth ofthe CSR and customer satisfaction level of the employee's towards the brand. The bettermanagement of the various business operations and the Three ambition approach helps the citedbusiness firm to fulfil its duties as a business firm in an effective and significant way. This helpsin the better adoption of the different innovative policies that will help in the significant andbetter growth of the different operations in the company (Cascio, 2018).The effective Corporate Social Responsibilities policies that are been taken into deepconsideration by the Tesco plc. That will help in the better improvement of the brand image ofthe company. The policy of 'Tesco in Society' is the initiative that is been taken into the effectiveconsideration to perform the various operations related to the social jobs and the betterment ofthe people in the society. The business firm has developed various policy targets or the 'Threebig ambitions' that helps in the better handling of the different operations in the company. Theseambitions are as follows:To create millions of opportunities for young people around the world.To track down the health and through this tackle the rising obesity level in the variouscountries.To reduce the wastage of food effectively.To manage it in an effective and significant way, it will help in the better management ofthe various operations that will help the firm to fulfil its CSR and handle it in the better way to
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