Table of Contents
2.0 Overview of Tesco.
3.0 Leadership, time frame, and strategic changes in Tesco over the last 10 years.
3.1 Leadership of Tesco.
3.2 Organizational structure f Tesco.
3.3 Strategic Changes in Tesco.
4.0 Application of models and theories in Tesco.
4.1 Leadership styles of Tesco.
4.2 Tesco’s STEEP mode analysis.
4.3 Tesco’s Porter’s five forces model analysis.
4.4 Tesco’s stakeholder analysis.
4.5 Organizational culture of Tesco.
4.6 Tesco’s SWOT analysis.
5.0 Role of Tesco’s business functions.
5.1 HRM of Tesco.
5.2 Accounting and Finance of Tesco.
5.3 Operational management of Tesco.
5.4 Marketing activities of Tesco.
6.0 Tesco’s strategy for the next decade.
Piercy (2017) said that strategic changes and strategic direction are the key factors for the success of any business organization. Strategic changes of Tesco include leadership style, organizational culture and structure, business environment (internal and external), and marketing forces. On the other hand, variations in different functions of organizations including human resource management, operational management, marketing, CSR Activities, marketing, and finance force business organizations to take strategic changes and strategic direction to gain the goals and objectives of the organization.
The selected company for this assignment is Tesco, the largest retailer in the UK. This assignment describes how changes in strategy and strategic direction affect Tesco’s business performance. Firstly, this assignment gives an overview of strategic changes and strategic directions over the last 10 years of Tesco. Secondly, this assignment describes strategic changes and strategic direction of Tesco in its different business functions such as HRM, marketing, operational management, and accounting/finance. Finally, this assignment provides an overview of future strategies and strategic directions of Tesco towards its goals, objectives, vision, and mission.
2.0 Overview of Tesco
Tesco is the largest and British multinational retailer which was first founded by Jack Cohen in 1919 (Tesco Plc, 2019). Tesco is mainly the UK grocery retailer that has expanded internationally since the 1990s with its business operations in 11 countries such as UK, Malaysia, India, Ireland, Poland, Thailand, and others around the world. In terms of gross revenue, Tesco has taken the third position in the world, and in terms of revenue, it has taken the ninth position around the world. According to Tesco Annual Report (2018), as the leading grocery retailer in the world, Tesco has about 440,000 employees who serve more than 80 million customers per week from its 6,800 stores as well as online. Tesco offers different products from different categories such as clothing, foods, accessories, electronics, furniture, software, toy, telecoms, and internet services.
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Tesco targets different customer groups by offering quality product ranging from the low-cost “Tesco Value” to its high-cost “Tesco Finest”. As of 2018, the revenue of Tesco was £57,491 million and the operating income of Tesco was £1,644 million (Tesco Annual Report, 2018). In 1995, Tesco launched the customer loyalty scheme which is known as Tesco Clubcard. The main advertising slogan of Tesco is ‘Every Little Helps’. For the last 10 years, Tesco has taken changes in its strategy and strategic direction that helps it to successfully achieve its business goals and objectives.
3.0 Leadership, time frame and strategic changes in Tesco over the last 10 years
3.1 Leadership of Tesco
Dave Lewis who is the current CEO of Tesco is responsible to manage all the departmental functions such as HRM, marketing, accounting/finance, and operational management and also manage different subordinates (Tesco Annual Report, 2018). Tesco faces different leadership challenges from its key competitors such as ASDA, Morrison, Sainsbury’s, and Lidl. In addition, Tesco’s staffs are de-motivated compared to the staff of its competitors. Tesco tries its best to bring creativity in its business to go to the same pace as its competitors. According to David (2017), the CEO of Tesco is facing a number of challenges in its leadership to achieve the expectations of the customers. Thus, it has been the essential factor for the CEO of Tesco to take different initiatives in its business strategy to develop the motivation level of the staffs and also improve the satisfaction level of the customers (Palethorpe, 2019)…………………………
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