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Strategic Management of Tesco- Research

Added on - 14 Feb 2020

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Strategic Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Strategic direction that the company has followed in the past and ways in which strategicthinking has developed within past 5 years.................................................................................1TASK 2............................................................................................................................................2Choice and use of framework for strategic analysis...................................................................2Discussion of the company’s competitive advantage among its direct competitors...................3Industry scenario facing the company within its existing market domains...............................3TASK 3...........................................................................................................................................4Analyse if the mission and vision statement are aligned to the demands of the marketplace....4Strategic capabilities of business................................................................................................5TASK 4............................................................................................................................................5Discuss possible strategies that the company could follow to defend its core business.............5TASK 5............................................................................................................................................7Analyse and evaluate the resource implications of recommendations that the company has toaddress.........................................................................................................................................7CONCLUSION...............................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONThe concept of strategic management is concerned with series of strategies and policieswhich needs to undertake for the purpose of reaching towards the goals of organization (Hitt,Ireland and Hoskisson, 2012).It also consists of the analysis, decisions and actions anorganization undertakes for the purpose of creating and sustaining in competitive advantages.With the help of effective strategic management, organization can take corrective decisions formanaging business operations and at the same time, it also assists in changing the scope ofsuccess and profitability. The present research study has been focusing on Tesco which is a largeretail business organization in UK.The business entity serves all sort of services to the customers and to acquire customersatisfaction, organization focuses more on strategic and corporate management. Further, in thestudy, discussion has been made on framework that is adopted by Tesco for the purpose ofstrategic analysis. Similarly, in the research work, information has been included aboutcompany’s strategic capabilities and along with that, researcher has also covered a few possiblestrategies through which Tesco could defend its core business aspects.TASK 1Strategic direction that the company has followed in the past and ways in which strategicthinking has developed within past 5 yearsFrom the last five years, Tesco has been managing its business aspects in prominentmanner and this is the prime reason for which Tesco is acquired maximum attention of clientsand business organizations (Hill, Jones and Schilling, 2014). The business seems to be highlyfocused towards enhancing the competitiveness and thereby it adopts numerous strategies andapproaches to create competitive edge over the rivalries. External and internal businessenvironment is continuously analysed for the purpose of ascertaining all the factors that couldimpact business decisions. Strategic thinking is an extremely effective and valuable tool thathelps the competitive business entity to undertake all the business decisions as per strategicaspects. From last five years, the degree of competition has been increased and many newentities have entered in the retail market. This has not only generated competition; but also itgives more opportunities for growth and success. Considering the strategic facets, Tesco hasextended the product line and also depicted more concern towards customer oriented approach(Ward and Peppard, 2016). There are many organizations that provide their customers with1
similar products are services. They all make use of different set of strategies so that they will beable to attract more and more customers. Among all these Tesco is one among all which hasadopted diverse strategies which is helpful for the cited firm to achieve their goals andobjectives. In this context, below given are few of the strategic directions that has been followedby Tesco:International expansion:There are many markets around the world in which cited firmhas made their business expansion (Swayne, Duncan and Ginter, 2012). This is an effectivestrategy in which organization aim at attracting more and more customers. However, there aredifferent type of issues that firm has to face and still there are many potential markets in whichTesco has to make their business expand. In this context, it includes potential markets like Indiaand China. As per the past strategic directions, firm has focused on expanding their business tonew markets and this has helped them to raise their sales and profitability.Non-food products:There are number of products that Tesco delivers to their customers.As per the recent strategies, cited organization has focused on providing non food products(Eden and Ackermann, 2013). With this respect, it includes clothing, consumer electronics andhealth products. These are diverse range of products and has enabled to grab attention of newand potential customers. Customers visit Tesco with an aim to buy a particular product but widerange of products are helpful enough to grab attention of these customers and they tent topurchase. Even this strategy of delivering non food products has proved to be highly beneficial.Retailing services:In recent time, there are many different type of services that has beenintroduced. These improvements are done in order to deliver high and better quality services tocustomers. In this context, it includes services like online shopping which make customers to buyproducts without having physical presence to store (Hair, Sarstedt and Ringle, 2012). Further, itincludes banking and financial services, energy price comparison, etc. All these services hashelped the firm to make sure that services users gets satisfied and their requirements are fulfilled.TASK 2Choice and use of framework for strategic analysisStrategic analysis is termed as the procedure that ensure proper research of theenvironment in which the Tesco operates their activities and operations. There are differentframework that is used by the management of the retail organization for engaging in the strategicanalysis of the company it mainly include analytical models such as SWOT, PESTLE as well as2
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