Strategic Management of Tesco - Doc
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Added on 2020-10-22
Strategic Management of Tesco - Doc
Added on 2020-10-22
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STRATEGIC MANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Strategic direction followed by Tesco and ways of developing it........................................1TASK 2............................................................................................................................................32.1 Detailed analysis of Tesco in which they are operating........................................................3TASK 3............................................................................................................................................53.1 Analysis of Tesco facing strategic drift................................................................................5TASK 4............................................................................................................................................84.1 Strategies that Tesco could follow to defend its core business.............................................8TASK 5..........................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12Books and journals.........................................................................................................................12
INTRODUCTIONStrategic management can be explained as implementation and formulation of majorobjectives and targets taken by company’s senior administration on behalf of owners, based onresources available and critical analysis of internal or external environment. It provides overalldirection to Tesco and helps them in achieving predetermined goals and objectives. Tesco is amultinational grocery store headquartered in England, United Kingdom. Apart from grocery store, this company has been involved in various other businesseslike books, clothing, electronics, petrol, toys, software, financial services, telecoms and internetservice(Hitt and Duane Ireland, 2017.). Report will include strategic direction that has beenfollowed by Tesco and model that reviews external environment. Further, it will also include anextent to which company is facing strategic drift and enterprise strategic capabilities. In addition,it includes strategies that organisation could follow to defend its core business.TASK 11.1 Strategic direction followed by Tesco and ways of developing itTesco has been termed as the biggest super market of United Kingdom and for achievingsuccess, they have followed some strategic direction which may include:Vision Statement: Company has developed a vision for them, which provides clearpicture of its future. It defines fundamental objectives and goals which Tesco needs to achieveand also provide framework for decision-making. Vision has been set up by company to achievelong-term goals. It has helped them in achieving success and increases its market share.Vision statement has served as foundation for broader plans evolved by Tesco. It hashelped them in motivating existing employees and retaining them. In addition, company has beenable to develop potential of employees by using vision statement. Tesco focuses on the efforts ofemployees and alleviate the creation of core abilities by directing employees to focus onstrategic possibilities only that advance it’s vision(Meyer, Neck and Meeks, 2017. It has alsohelped Tesco to differentiate its product from competitors and has helped them in achieving theirtargets and objectives.Tesco has a vision of increasing its employees in coming two years and renovation ofexisting stores. These core values include making consumers feel wanted and respecting theirsentiments. Company has also been a creator of high value brand which involves providing1
consumers with quality products at competitive price. It has helped Tesco to become anoutstanding international retailer in stores and online.Mission statement: Mission statement shows purpose and objectives of Tesco whichthey want to achieve . It can be long as well as short term. Tesco has used it in servingcompanies’ goal and agenda's. It has provided company to follow right path and helped them inmaking better decisions which has been beneficial to them in achieving targets and objectives.Mission statement also provided Tesco with clear purpose that has helped top management ofcompany in removing problems that has surrounded the existence of business.Mission of company also worked as motivational tool for Tesco as it has allowed workersto work towards accomplishment of prescribed goals or objectives(Bettis and et.al., 2014). It hasalso helped organisation in increasing employee satisfaction and productivity that has resulted inincreased efficiency of company. Setting goals: Goals have given Tesco a purpose and direction for achieving what theywant. Purpose is end towards where employees’ efforts are being directed and can often bechange on requirements or circumstances. Each goal is very important for Tesco, and they havemade their strategic plans on basis of objectives and targets that they want to achieve. Setting objectives: These are short-term targets that have set up Tesco for achievingtheir future goals. Objectives set up by organisation are SMART in nature, which means it isspecific, measurable, achievable, realistic and timely. These strategies have helped company increating value for consumers and providing them with unique a quality product(Michael, Storey,D. and Thomas, 2017 ). It has also helped them in achieving organisational success and goalsthat has been set up by them.Ways of developing strategic thinking: Strategic thinking has helped Tesco envisioning what might happen in forth coming time.Company has followed some way in developing strategic thinking that includes: -Observing employees: Tesco has been involved in assessing current company culture,rules and regulations, product, technology and employees working with them. To developstrategic thinking, they observe employees, their working pattern, feelings related to peers, workthat helps the top management of company in getting new ideas and strategies and also helpsthem in developing strategic thinking.2
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