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The developing management strategy is all the necessary actions that need to be taken to create develop and maintain the strategy in the organisation.
The Tesco strategies
Tesco work force planning strategy
Tesco £3m leadership training strategy
International market diversify strategy
Every little help strategy
I consider these strategies whether the key stakeholders are participating to these developing management strategies
Work force planning and leadership training strategy mainly focus on employees. To develop their professional skills and strategies. Those are developing strategies. That is mainly focus on employees, who is one of the main stake holders of organisation.
Tesco recently opened a store in USA. They diversify stores 12 different countries as part of developing strategy. In this case main stake holders who involved are suppliers, sponsors, owners,
Every little help strategy based on "the way we work", "a great place to work", "shopping list", "our community". So customers, employees, community, suppliers mainly aimed for this strategy.
Identify the most relevant criteria managers need to develop when reviewing management strategy options
Before review management strategy options mangers should have better understand of organisational goals and objectives, they have to examine very carefully external environment and understand what are the opportunities can have for strategy.
And also there are 04 relevant criteria managers have to consider and develop
Mission, vision and values
Key issues of strategy
Resources requirements you would consider in order to implement your strategy
To create and develop a strategic plan which help Tesco to tackle possible external environment issues,
First have to know
Where are we now? For that i have to think about organisation mission and values as well as SWOT analysis
Where are we going? For this have to use competitive advantage and vision statement
How will we get there?
Now use the plan
Now as a first step- what is the mission of Tesco?
The mission statement of Tesco is "total commitment with guaranteed service
The values of Tesco
No one tries harder for customers
Treat people how we like to be treated
1.3 Swot analysis of Tesco
TESCO was the Year 2008 at the "World Retail Awards". Tesco drives advantage towards future growth and sustainability.
TESCO Group has published sales gain of 13% for UK markets and 26% growth in international markets.
TESCO Finance profit levels were impacted through bad debt, credit card arrears and household insurance claims.
UK markets can lead to reduced profit margins.
Grocer outlets are not set up to operate as specialist retailers in specific areas
TESCO is the third largest global grocer-
The opportunity to develop the brand through Asia, South Korea and further grow International markets for the group.
On line shopping - Tesco Direct.
TESCO mobile, Tesco insurance
Rising raw material costs
Exporting restrictions will reduce margin rates on products.
Now have to consider the Vision of Tesco is something related to "lifetime customer loyalty".Â
1.4 Pest analysis of Tesco
Because of the credit crunch a large number of people unemployment.Â As a largest and fastest growing retailer Tesco offers more jobs so that helping to reduce the levels of unemployment.Â A PESTLE analysis helps to up to date with their environmental surroundings.
TESCO has their own brand and they offer a range of products and services from Value to Finest prices.
Higher price value of suppliers
Increase in young professionals make a demand for new goods.
TESCO online shopping and provide a delivery service through their website at www.tesco.com.
TESCO 'supporting carbon reductions and have created a £100 million Sustainable Technology Fund for this purpose.Â
They also encourage their customers to make low carbon choices.Â
After considering these organisation situation have create and develop the strategic plan
This strategic plan has to tackle the possible external environment issues so pest analysis give better understand of it.
Tesco is the third largest retail in UK. But in future stability of the market we need some strategies to implement. So in this strategy i mainly focus on three stakeholders.
To keep customers satisfied, come back again and increase the number of customers
Purchases over £50 double points on club card
Introduce a membership card Add a special discount on all Tesco products which only in special offer. E.g.:- if a product on buy one get one free
Tesco makes employees satisfied and get more productivity on their work and to keep them without leaving the organisation.
According on their values skills do more workshops, programmes to lead up their positions and increase their professional knowledge and skills. Then they can reach their personal goals and aspirations through Tesco
Introduce a Special award system for the best customer service, the best employee of the year.
More suppliers and keep suppliers with Tesco and also targeting the Asian suppliers for Asian non food items including clothes.
Have to advertise on international Asian market non-food items including clothes for bulk purchases.
In this strategy Tesco main target team is Asian people. So according to research the most of Asian people live in surrey. So these products including clothes are introducing first in surrey branches.
And from the suppliers we buy bulk whole lot with an agreement for 10 years. So in this case these products available only in Tesco.
For suppliers according to the customer demand and the market value each and every year they increase their profit.
1.5 Resource implication of the strategy
After analyzing the external and internal information and data the company directors need to consider the way they are deploying their resources regards to the new strategy. Resources include all assets, capabilities, organizational process, information, knowledge etc.
Financial Resources - According to the feasibility Study, Tesco need find ways to finance for capital investment and working capital. For this strategy for an international suppliers of Asia and, other finance 70% (£15000million) from main company ( £750 million) and 30% from bank loan basis. Company expected gearing ratio 18. 8% and return on invested capital 6.8% by January 2020.
Human Resources -for Asian non-food strategy Tesco need transfer skill and experience staff to new business to run efficient and effectively at low cost. For the other vacancies need to recruit new staff, parallel to this process staff train and development according to the company requirement is needed.
To implement the strategic plan for customers' need new deigned cards customers make happier and they will come again and the same time to increase the sale of Tesco products. And make more profit.
To increase the Tesco branded productivity need more machineries, employees, for new products new shop floor store fittings. Have to recruit new employees, give them train about Asian noon food items.
Describe how ethical, cultural and social considerations were taken into account in formulating vision mission and objectives of your chosen organization.
What is mission?
The mission is a purpose of the organisation. The mission of Tesco is" total commitment with guaranteed service"
What is vision?
The vision is a long time view. The vision of Tesco is "lifetime customer loyalty".Â
What are objectives?
The objectives are in an organisation, the stated measurable targets of how to achieve business aims.
The Tesco objectives are
The entire TESCO team is dedicated to exceed your expectations.
We help you identify your scope of work, and clarify every potential issue.
We want to work for you time and again, not just once.
We pledge to leave you totally satisfied.
What are the ethical, cultural, social issues?Hide links within definitionsShow links within definitions
An ethical issue is an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.
1.6 The types of ethical issues
Conflict of interest
Occurs when a person must choose whether to advance their own personal interest or those of others
Fairness and honesty
The heart of business ethic: general values of decision makers
False and misleading advertising and deceptive personal-selling tactics anger customers and may cause a business to fail.
Social responsibility is necessary to ensure economic survival. Businesses must take steps to help solve the social and environmental problems that exist today
What are the cultural issues?
Organizational culture describes
Beliefs and values (personal and cultural values) of an organization.
What are the social issues?
Social issues are the problems which affect to a person or members of the society related to moral values, or political issues.
What are the considerations of ethical, social, and cultural issues taken in to the account to make a vision, mission, and objectives in a organization?
General welfare of the community
and concern for public image
And maybe priorities of activities for survival.
Develop a mission statement for Tesco
When consider the above I would suggest
To provide our customers safe, good value product services. We will develop our customers, employees, suppliers lasting relationships with satisfactory.
"Long lasting satisfactory with relationship"
"First place for best value forever"
First priority for customer satisfactory
We all work as family
Best service as need
Good value for modern market
Critically analyze how your organization measure and evaluate the achievement of its objectives.
A business objective is a detailed picture of a step you plan to take in order to achieve a stated aim. These need to be SMART in order for the business to know what progress it has made towards achieving the objective:
Specific - clear and easy to understand.
Measurable - i.e. able to be quantified.
Achievable - possible to be attained.
Realistic - not \'pie in the sky\'.
Time bound - associated with a specific time period.
Critically analyze how your organization measure and evaluate the achievement of its objectives. (M2)
SWOT analysis of Tesco
Evaluate how ethical, cultural, social and business objectives of your chosen organization might be influence by the current economic climate.(M3)
According to pest analysis of Tesco
2. Prioritise and organise activities is the best way to manage time properly.
Needham et al (2002) offer a method of time management that enables the prioritising of activities into A, B and C tasks.
A tasks - very important tasks that must be carried out by the particular person and cannot be delegated.
B tasks - important tasks that can be allocated to someone else.
C tasks - less important tasks that possibly take the most time. These include routine tasks, paperwork, etc.
The organization must set aims and objectives and decide the best way and best order to put them into action. For this process organisation must develop the timetable to set realistic goals and reach them on time. To this the organization must first gather information regarding their service.
In order to do this the organization could undertake an S.W.O.T. analysis. This analysis involves identifying the Strengths, Weaknesses, Opportunities and Threats facing the organization.
Strengths: Looking inside the organization. What strengths does it have in relation to its strategy, structure, people, leadership, processes, products, systems, values and culture?
Weaknesses: What weaknesses does the organization have in relation to the above factors?
Opportunities: After scanning the external environment what opportunities can the organization identify?
Threats: Looking externally what challenges does the organization face? Who or what could cause potential problems?
The answers could be written on a grid so as to simplify the process and make all issues easily identifiable e.g.
Once the S.W.O.T. analysis is complete, the future strategy may be apparent or, as is more likely the case, a series of strategies will suggest themselves. The S.W.O.T. analysis should be used to help identify possible strategies as follows:
Build on strengths
The resulting strategies can then be filtered and modelled to form the basis of a realistic strategic plan. The organization should ensure that any strategic objectives are Specific, Measurable, Achievable, Realistic and Time bound, (S.M.A.R.T.).
The time-table easy to use and thinks it is very useful when needing to manage their time effectively due to multiple tasks needing to be completed.
2.1 Proposed time table for implementation
According to the feasibility report after investigate proper business there should be accurate implementation time table and strategy to run the business in long term.
Planning, analysis and execution all these activities will directly deal with the business but all these activities must conduct according to proper time plan. Every investment timing is very important and success of the business retain depend on the correct timing of the business project.
Steps to implement the strategy
Responsible person for the project
Finance for Business research
allocate funds within 5 months to end by Jan 2010
Research UK and Asia
end by Jan 2011
Under Marketing director (Out source)
Arrange funds for capital investment
Release fund by end of March 2011
Rearrange surrey stores for Asian non food and clothes
Complete by the end of July 2011
Arrange employees training programmes and awards and the same time do arrange for new membership cards for customers and make necessary improvements for club card
Complete by the end of March 2012
Complete all contract with suppliers and store products
Complete by the end of Nov 2012
Start promotional campaign
In Jan 2013, run April 2013
Recruit new staff
Start in April 2013
Human resource department
Start operational process
In June 2013