Business Strategy Report: Analyzing Tesco's Strategic Planning Process

This report provides an in-depth analysis of Tesco's business strategy, focusing on strategic planning and implementation. It examines the roles and responsibilities of personnel involved in implementing new strategies, the estimated resource requirements for successful execution, and the contribution of SMART targets to achieving strategic goals. The report also delves into Tesco's strategic positioning through organizational and environmental audits, offering insights into the factors influencing strategic planning. The analysis covers key aspects such as market analysis, resource allocation (human, financial, material), and the importance of monitoring strategies. Furthermore, the report highlights the significance of SMART objectives in facilitating effective strategy implementation and achieving desired outcomes within specified timeframes. The conclusion summarizes the effectiveness of Tesco's business strategy and the factors that influence it.

Business Strategy
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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 7............................................................................................................................................3
(a) The roles and responsibilities of personnel charged with implementing new strategy .........3
(b) Estimated resource requirements for implementing new strategy ........................................4
(c) Contribution of SMART targets to achievement of strategy implementation ......................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
In order to succeed in a long run, strategy plays an essential role that supports and directs
the organization towards attaining their objectives and missions (Strategic Planning Tools,
2015). Strategy may also be defined as a path through which organization engages in managing
their resources so that they can easily carry out their business operations. In addition to this, for
succeeding in the competitive market and gaining competitive edge among the rival companies,
it is essential for business organization to select an effective strategy. Presently, the report
focuses on understanding the strategic planning process through assessing the organization’s
mission and vision that support them to proceed their activities in the competitive environment.
However, the study will also analyze the strategic position of organization through focusing on
organizational and environmental audit so that management consultancy can formulate effective
future strategy for the organization such as Tesco.
TASK 7
(a) Roles and responsibilities of personnel while implementing new strategy
Personnel who are responsible for implementing business strategy have various kinds of
roles and responsibilities which will be required to accomplish in the best possible manner
(Porter, 2001). Such type of personnel are to carry out in-depth analysis of the market in which
brand is planning to expand its operations. Along with this, he/she will also be responsible to
identify need, taste and preferences of people associated with the new market. This will help
Tesco in getting desired and best possible results against the implemented strategy. The role of
personnel will also be to develop an action plan for entering into the market. This includes the
process of determining products and services, channels of marketing and promotion etc. which
Tesco will use. Along with this, the person will also be responsible to determine staffing
requirement of new market. Before entering into the market, he will be required to carry out the
proper analysis of external environment (Turner, 2012). This will help in getting aware about the
major factors which can affect operations of the company in new market. In addition to this, it is
also the role of person to develop an effective plan to monitor the implemented strategy. It can be
stated that monitoring will help in identifying loop holes and achieve desired results from the
strategy.
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(b) Estimated resource requirements for implementing new strategy
Tesco will be required to arrange various kinds of resources in order to implement its
new strategy in the best possible manner. Therefore, organization needs to identify and make
arrangement for all the resources required. This includes resources such as human, financial,
material and time. Adequate finance is must for Tesco for entering into new and potential
market. Such resource will be required in activities such as setting up new stores, marketing and
promotion etc. Business can arrange finance from a variety of sources such as bank loan, issuing
of shares and venture capital (Auzair and Langfield-Smith, 2005). On the other side, adequate
number of human resources will also be required by Tesco to implement its strategy. This can be
done by recruitment and selection of new candidates. It can appoint expertise or can hire local
residents for its operations in new market. All the necessary resources which are required to set
up stores will need to be arranged in an effective manner. The entire process will take time and it
may also happen that Tesco will not earn adequate profits in initial level. If, all resources are not
arranged on time then organization cannot implement strategy effectively and it will lead to the
failure.
(c) Contribution of SMART targets in the achievement of strategy implementation
Smart objectives contribute a lot in the entire process of strategy implementation. Further,
it can be also stated that as smart objectives includes the nature of specific, so organization is
always in position to identify whether it is on a right track or not (Astrachan, 2010). Modification
in company’s and action plan becomes very easy because of SMART objectives. Along with
this, these objectives have also provided a well-structured approach to the Tesco regarding the
development and implementation of its plans. These have helped the organization to implement
its strategies in an effective manner. Other than this, benefit of setting smart objectives is that it
makes the entire process of monitoring very easy and simple. Along with this, Tesco has been
able to identify loop holes in existing plans and take corrective steps regarding the same. This
has also supported the retailer in achieving all its objectives within given time-frame which is not
possible without smart objective (Allen, 2000).
CONCLUSION
From the above report, it can be concluded that business strategy of Tesco is very
effective as it assists in directing the enterprise towards attaining their goals and objectives.
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However, the report has also summarized that there are a range of factors that affect the strategic
planning within the organization that is related to availability of resources, advice taken from the
consultancy firm etc. Furthermore, it has also been measured the strategic position of Tesco
within the retail industry through carrying out the environmental as well as organizational audit.
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REFERENCES
Books and Journals
Allen, D., 2000. Coming to terms with volatility (Achieving continuity in a changing
environment). Management Accounting. 76(4). pp.18.
Astrachan, J. H., 2010. Strategy in family business: Toward a multidimensional research
agenda. Journal of Family Business Strategy. 1(1). pp.6-14.
Auzair, S. M. and Langfield-Smith, K., 2005. The effect of service process type, business
strategy and life cycle stage on bureaucratic MCS in service organizations. Management
Accounting Research. 16(4). pp.399-421.
Turner, C., 2012. Strategic flexibility and the emergence of virtual global strategies. European
Business Review. 24(3). pp.272–286.
Online
Porter, E. M., 2001. Strategy and the Internet. [Pdf]. Available through: <http://collabor.idv-
edu.uni-linz.ac.at/static/0855380/files/strategy%20and%20the%20internet.pdf>.
[Accessed on 18th February 2016].
Strategic Planning Tools. 2015. [Online]. Available through: <http://www.simply-strategic-
planning.com/strategic-planning-tools.html> [Accessed on 18th February 2016].
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