TESCO is a transnational grocery and all-purpose merchandise dealer with its headquarters in Cheshunt, United Kingdom. It is among the three largest retailers across the world, coming third after Wal-Mart and Carrefour, when measured in terms of revenues. It is also the second largest, coming second to Wal-Mart when rated in terms of profits. It is the leading grocery distributor in UK and has multiple stores in fourteen countries across Europe, Asia, and North America (Humby, Hunt & Phillips 2008, p. 17). Jack Cohen established the company in 1919, starting out as a group of market stalls. He got the name TESCO after buying a shipment of tea from T.E Stockwell, where he combined the first initials of this company with the first two letters of his last name in 1924. The business then rapidly expanded, and has grown to the position it occupies today from that small venture.
Tesco Mission
TESCO has developed a mission statement, from which it works towards achieving its objectives. The mission statement of Tesco is 'to retain loyal people' (Humby, Hunt & Phillips 2008, p 21). In working towards this statement, Tesco has rolled out a club card service, with which it awards people by giving special vouchers and extra points, thus maintaining its loyal customers.
Tesco Vision
The vision of an organization underpins what the organization focuses on delivering and how it operates. The vision of Tesco is to establish overarching internal shared values, which enable the organization to deliver the promises it makes to its customers (Humby, Hunt & Phillips 2008, p. 23). Under this vision, the organization has managed to expand and grow accordingly since it can deliver to customers.
Tesco Objectives
No organization or establishment can succeed without a target that it wishes to achieve. In this line, Tesco has several objectives, with which it works to achieve. Tesco, being among the leading food retailers in Britain, it has 519 stores across England, Scotland and Wales alone. It has 105 stores in France, and 44 in Hungary (Humby, Hunt & Phillips 2008, p. 31). This shows that Tesco has some commitments. These form the objectives of the retailer. The first of the objectives is to offer customers the top value for their money and at competitive prices. The second objective is to meet the needs of customers by constantly seeking the opinions of the customers regarding innovation, the quality of products, the choice and store facilities and service and acting on them. The third objective is to providing the shareholders with returns on their investments progressively and improving profitability through investing in efficient stores and distribution depots, productivity improvement and new technology. The fourth objective of the company is to build up the talents of its personnel through sound management and training practices while offering them equal opportunities for all and rewarding them fairly. Another objective is working closely with its suppliers to establish and grow long-term business relations, basing the relationships on strict quality and pricing criteria. Additionally, the company has the objective of participating in the process of formulation of national food industry policies on imperative issues such as health, nutrition, hygiene, safety and animal welfare. The last objective that the organization has is sustaining the well-being of the neighborhood and the protecting the environment from which it operates.
Tesco Core Competence
The core rationale of Tesco is to erect value for the customers so that they can earn their lifetime loyalty. Thus, the core values that enable the company to have the competence it holds are as follows. The first competence is because the success of Tesco is dependent on the people. These people shop from the stores and those who work within the stores. If the customers get pleased with the products they offer, they are likely to return and shop there another time. If the workers find the work they do for Tesco rewarding enough, they are likely to work the extra mile to help the company achieve the objectives. Thus, this forms the competence base for the company. The core competence is as expressed in the values they hold for the customers and the workers. For the workers, these values include, understanding the customers, being the first to meet the customers' needs and acting responsibly for the communities around them. This way, they satisfy the needs of the customers and earn their loyalty and that of the environment of operation. When it comes to the workers, they achieve the competence by working on the statement, "treat people as they we would like to be treated" (Humby, Hunt & Phillips 2008, p. 81). Under this, they encourage workers to work as a team, to trust and revere each other...
Tesco is one of the world's most eminent chains of stores in the international food retail services that started as small scale domestic retailer and with its sustainable growth strategy, emerged as an international corporate giant. Tesco's operations adhered on the lines of sustainable strategic management that marketed itself with a strong sense of community service and socially responsible business practices. Tesco, instead of aggressive investments, penetrated international markets by partnering
Tesco PLC Case Study Tesco is the third largest retailer globally behind Wal-Mart and Carrefour, and as of March 2011, operates 4,811 stores across 14 countries including Asia, many European countries, UK and the U.S. Tesco is also the leading food, sundry and grocery retailer in the UK and has established itself as the leading provider of ancillary services through the retail channel to Western Europe (Hackney, Grant, Birtwistle, 2006). Tesco
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