M1A3 - Leadership and ethics Essay Example | Topics and Well Written Essays - 750 words

M1A3 - Leadership and ethics - Essay Example It has a customer base that runs into millions per week and expeditiously boasts of workforce of over 500,000 employees (Wrigley, 1988). Jack Cohen founded the company in 1919. The name Tesco appeared first in 1924, but it was not until 1929 when the first store started its operations. The store was originally a UK grocery retailer, but it has diversified increasingly geographically and into other areas including electronics, petrol, clothing, furniture, books retail, financial services, software, internet services, and music downloads, DVD rental and telecoms. Tesco repositioned itself in the 1990s to Tesco Finest ranges (Tesco). This inevitably led to successful chain growth of the store from five hundred stores in the nineties to two thousand five hundred stores in 2005. Tesco’s Values sits at the heart of its business and helps the store to deliver its core purpose, which is to generate value for its treasured customers in order to earn their lifetime loyalty. The store af firms that it tries to its level best for its customers, treat people, as they would love to be treated in order to, fully enjoy their work (Bell & Reavis, 2003). The year 1997 was the year that these values were developed. Various touch ups have been done to perfect the values to align them to today’s business current trends. ... These stores stock all range of Tesco’s products although some of the stores are in middle of inner-city locations and town centers. Tesco Superstores are large standard supermarkets, which stock groceries and a smaller range of non-food products in comparison with Extra stores. Tesco Metro stores are mainly located in the inner city, in city centers and on high streets of towns. They are in between Tesco Express stores and Tesco Superstores in terms of size. Tesco Express sores are notably the neighborhood convenience stores that are found in residential areas, in the city centre districts, small villages and towns and in various Esso petrol stations (Tesco). According to Bell & Reavis (2003), One Stop stores do not have the Tesco brand name. The stores are to be found in smaller residential areas. There prices also differ from other Tesco stores. Tesco Homeplus are non-food only ventures, and there are 13 stores nationwide. The stores offer all of the Tesco’s items bu t with an exception of food. The stores have a style that is similar to a warehouse unit and are found in retail parks. Dobbies Garden Centers are 28 garden centers in total. This number is equally divided between the stores in England and Scotland. Tesco bought 65% shares of the Dobbies Garden Centers PLC in 2008. According to Woods (2012), other business activities that Tesco undertakes include Internet retailing, financial services, petrol stations, telecoms, photo shops, Tesco Tech Support, Technika, filmmaking, record label, video-on-demand, gold exchange, Tesco Tyres and beauty salon. The store made record profits of ?3.4 billion in the year 2010 despite the economy suffering the effects of recession. Tesco is

Strategic Analysis and Choice Essay Example | Topics and Well Written Essays - 2250 words

Strategic Analysis and Choice - Essay Example Thus, the need arises to have a blue print that tells how to go about it Companies need to diverse, differentiate, integrate backward or forwards, and manage business portfolio balanced. And hence they need to plan - develop a vision, set the mission, develop long term plans and further break them into objectives to achieve the desired goal. But it is important that the strategy is to be consistent with the organizational goals and policies, it should be flexible enough to respond to the faster changing environment in which it is operating, and it should add value to the organization and become a source of advantage over its competitors, and lastly, it should be feasible and practical enough to get through. Strategic management can be defined as the art and science of formulating, implementing, ad evaluating cross-functional decisions that enable an organization to achieve its objectives (David F.R., Strategic Management). The process of strategic management involves three stages, viz. formulation of a strategy, implementing a strategy and lastly, evaluating the strategy. Since, organizations have limited resources thus they need to choose from amongst the alternatives available. Setting a strategy starts with developing a strategic vision so as to provide long term direction, and provide a purpose to the organization. The strategic vision is then converted into specific performance objectives for the company to achieve. And then forming strategies to achieve the desired outcomes that have been developed in the form of objectives. This all was the planning portion of the process; no strategy is useful until it is implemented and executed effectively and efficiently. In the end, evaluat ion stage begins which requires comparing actual i.e. the reality with the planned. But as companies prosper and grow they need to diversify into new areas. Companies have to balance their portfolios well enough with cash cows, stars, dogs and question marks so that cash needs growth needs all are being fulfilled by the company. Strategy analysis requires companies to understand their markets, their cost structure, and also the capabilities underlying the firm i.e. any of the core competencies or the distinctive competencies that the company possesses. Companies need creativity and new ideas to identify any potential gaps in the strategy, the markets etc. which will lead them to make and implement a solid strategic plan to serve the new and existing markets. Source: http://www.netmba.com/strategy/matrix/bcg/ Huge businesses are normally divided into the strategic business units. These strategic business units are the individual planning units contained within one large and diversified business serving either the external or the internal market. They make independent decisions for themselves and have a control over their own destiny. They have competitors and are profit centers for the company but still independent. Companies already have so many products and services have many other growth initiatives because of the factors such as globalization, services, quality and the emerging e-businesses. Globalization is not only letting companies to enhance their revenue