Discuss about the Strategic Management in the Innovation Economy.
Tesco is the most extensive retailer as well as wholesaler of Britain through its global sales and its domestic market in the UK. It’s also referred as the third giant of the world in retailing services. Tesco was established in the year 1919 by Mr. Jack Cohen and came up with their first supermarket in 1956 (Dudovskiy, 2016). The strategy followed by Tesco was determined through its long-term engagement and is primarily dependent on four parts, such as non-food industry, core UK industry, global presence, as well as retailing services. In the year 2004, 98 new Tesco stores were opened, which reached to 207 in 2005, and half of these stores are situated in Asia, and by 2009, the count came to 390 (Dudovskiy, 2016). Tesco is famous for its brilliant management team and operating strategy. Tesco started with the self-service supermarkets opened in the US between the years 1930-1940. Just after the few years of its operations, management of Tesco understood that selling the considerable supply volume, and hiring few employees will reduce the cost of the product (Dudovskiy, 2016). This was the beginning of massive thing for an organization. After 20 years, Tesco became the common name not only for the groceries but also for the domestic items, fresh food, and clothing.
Tesco started their diversification strategy, and that became the success step for the company in the business world. The key results expected from the corporate strategy of Tesco was to become the best retailer in the local market; take required actions for uplifting the market of UK, and make use of UK market as the global business model (Dudovskiy, 2016). It also tries to become best in both the food as well as non-food market around the globe. They also work to become most influential in other businesses like Tesco.com, Tesco personal finance, Tesco Telecoms. They also try to become best corporate social responsibility company.
Board of directors at Tesco includes ten members, and many significant changes were made during 2014/15 financial year. All these changes cover up John Allan appointment as the Chairman of the board, new CEO Dave Lewis, and new CFO Alan Steward appointment, along with the four non-executive director’s retirement and joining of 3 non-executive directors (Dudovskiy, 2016). In the year 2015, CEO of Tesco announced the price reduction all around the functions of head office by 30% and the same was directly implemented on the Tesco management structure. As given below, the governance structure of the company includes five committees reporting to the board of Tesco. Along with this, there are 11 members involved in an Executive committee of Tesco that is led by the Group chief executive (Dudovskiy, 2016).
The organizational structure at Tesco is hierarchical, which depicts the business size. At the store level, there are four layers of management at particular large stores. Below figure shows the organizational structure followed at Extra formats, Metro and Superstore (Winterman, 2016). It is crucial to note that below structure is not rigid for all the stores owned by Tesco, including slight variant structure, which also shows the size, location as well as a range of the various other factors of stores (Winterman, 2016).
It can be mentioned that four management layers at Tesco existing in the individual store might develop unrequired bureaucracy with the wrong implication over the information flow all across the Tesco management layers (Winterman, 2016). That’s why it is required that senior management needs to refer the delayering options such as rising of operational flexibility in store and acceleration of information flow through the reduction of management layers (Winterman, 2016).
Tesco is one of the biggest grocery and commercial store around the world, and it also acts as the leading market force in the context of the European market. Tesco is not only successful regarding selling the items, but at the same time, it is professional and unique in the way it handles the business as well as future possibilities of growth (Reading, 2004). Tesco business model is discussed in this section, about how the brand expands dynamically and has tried to conquer the market of Europe. In the starting of 2000, the UK was considered as the prime for the internet shopping of grocery items as well as home delivery because of the adoption rates of high technology and high population areas density (Reading, 2004). In the year 2000, Tesco has quickly responded towards the opportunities available and has also adapted the business model through setting up the internet grocery channel, such as Tesco Direct (Reading, 2004).
By the year 2006, internet sales of the company were grown rapidly to around 23%, and for fulfilling the demands, the company augmented the operating model through investing in the centres of grocery dotcom; warehouses were open mainly for the fulfilment of online orders that were equipped with the innovative goods picking technology (Reading, 2004). In the year 2011, for providing the future convenience to the customers and for enhancing the profitability of the business model by reducing the cost of home delivery, Tesco had lead the competitive pack through providing the Omni channel function of “click and collect’, through which customers can place the orders online and gather the groceries at the gathering point of their own choice (Reading, 2004). Despite the upside of revenue, the shift happened in the Omni channel of bricks and clicks, offer came through the issues related to operating model of Tesco; substantial investment was made informing the online platform, investment was also made in the centres of grocery dotcom to around £1.5-3.5million per warehouse, investment was also made in the home delivery of labour and ordering difficulties in supply chain due to the wrong forecasting of the internet grocery orders due to lack of historical information (Ruther, 2003).
Tesco is far away from the dynamics, in case of looking at the rapid expansion in the complete UK. Later on, they had also conquered complete Eastern Europe, Scotland, and Ireland. The speedy development is done by timing and luck of the company. Tesco has attained huge stores through purchasing it from weak competitors (Levy, 2012). In UK market, Tesco brand has been famous for obtaining small to mid-size stores, which result in achieving many new stores with the single transaction in business (McDonald, 2009).
Everyone understands that more people buy the item, its cost will be reduced. Tesco has attained success through adopting the politics in the previous century. Through its purchasing capacity, the company can maintain the highly competitive cost, through which they can start their self-production of grocery items, to become cheaper and gain more specialization (McDonald, 2009).
Tesco has attained high success due to its production of own grocery items for a long time. In this manner, they work towards reducing rates as compared to their competitors, who fail to hold ways towards producing their goods (McDonald, 2009). Tesco has attained success in the context of self-producing items, and along with that company also deals with the production of high-quality items that are sold out, under the brand name of Tesco Finest (McDonald, 2009). Currently, Tesco has set up its business contacts with various small bio farms, and in this way, they can provide bio fruits, meat, and vegetables at a competitive price under their label (Grant, 2016).
Tesco is selling their items online and has attained massive success since 80’s and all around Europe. Most of them are not aware that Tesco also produces different situations because Tesco is the single chain like in Europe, whose online shopping system is profitable and successful (Witcher and Chau, 2010).
For enhancing the Tesco operating model efficiency, the company has invested in the digital in-store initiatives. Self-checkout as well as scan as you shop devices are placed along with the employee check out stations for offering the customers with technology, to perform the functions of check-out without involving the employees of Tesco (Witcher and Chau, 2010). From the perspective of operating and business model, the outcomes are shown in the efficient cost savings, because less staff is needed for performing the manual check-out. Nevertheless, the self-checkout has not come without any issues- the lack of staff supervision has resulted in the critical fraud level for Tesco (Witcher and Chau, 2010). Tesco is also trying to merge the thievery by the support of digital receipt technology as well as self-checkout specialized cameras for passing alertness to the real-time and irregular staff customer scanning activity (Witcher and Chau, 2010).
Along with this, video cameras that are in-store, like broccoli cam try to detect the vegetable as well as fruit tray in the aisles of fresh foods is depleted by passing the instant messages to the shop floor staff for taking urgent replenishment. Labels at electronic shelf edge usually circumvent the requirement for the employees of Tesco to get changed by 5-10 million labels every month, by freeing up the employees valuable time to emphasize over serving the customers (Witcher and Chau, 2010). Besides that, labels at electronic shelf edge permits for having the immediate changes in price all-round the day permits the company to implement the promotional cost at the noticed moment (Witcher and Chau, 2010). At last, staff are equipped through the portable smart badges, which while scanning the products offer the team with the stock level information and further details of the product, permits the staff at shop floor to answer the queries of customers live (Witcher and Chau, 2010).
The club card of Tesco scheme tries to tag the different ID’s of customers for every purchase, which might lead towards the amalgamation of customers buying data points (Doole and Lowe, 2005). Tesco strives to offer leverage the vast data analytics as well as algorithms to adapt with the supply chain and product providing the buying trends, a prediction about the future buying of customer habits and generating both online and offline personalized discounts (Doole and Lowe, 2005). This has developed the opportunities of business and operating model of Tesco to around 16.5 million, who are subscribed with the club card of Tesco in the UK, that drives the highest lifetime value of customers and loyalty by repeating the purchases, because of the personalized discounts and promoting the highest accuracy in the demand of forecasting demands of customers through product and region category (Chambers and Humble, 2011).
Moving forward, it is analysed that Tesco requires leveraging the smartphone technology for digitally innovating the experiences of in-store customers through equipping with personalization and knowledge in-store. For instance, the previous App of Tesco could be provided for functioning and to support the customers locate particular products that are available within the superstores and to replace the scan as you shop devices for a seamless digital form of experience by the use of digital wallets (Chambers and Humble, 2011). This might support in creating the opportunity through operating models through further reducing the headcounts and cost of in-store. At last, Tesco can also overcome the challenges which are faced by users in scanning the barcodes in the machines of self-checkout through using the unique and innovative Toshiba technology that don’t need barcodes (Lafley and Martin, 2013).
Tesco has recently started their store diversification for making their items available to many people. In this way, one doesn’t need to travel outside of town, and they can go for quick shopping from Tesco Metro and Tesco Express (Lafley and Martin, 2013). In spite of politics, Tesco has stayed successful. Therefore, further novelties can be expected from the firm. If one wants to learn about Tesco, then they can even visit their website and place inquiries for taking particular information (Lafley and Martin, 2013).
Tesco is recorded successful business strategy, and currently, it is the most successful retailer in the UK. The Tesco position among their competitors in the UK depicts the company success, which is applied to its marketing strategies (Hensmans, Johnson and Yip, 2012). As the expanding retailer, Tesco can quickly take over with other competitors and can attain unique benefits over hundreds of UK profitable businesses. Tesco has implemented specific series related to the innovative marketing ways (Hensmans, Johnson and Yip, 2012). Few strategies of Tesco like market progress, market incursion, diversification, and product improvement applied by Tesco has created influence and stay at the top of the market. Through implementing the strategies, the company has successfully attained the competitive benefits among other competitors (Hensmans, Johnson and Yip, 2012).
To attain success, Tesco has adopted three strategies; firstly, Tesco always considers customers of other rivals like Somerfield, ASDA, Morison, and Sainsbury. Secondly, it offers the high-level services and quality items for attracting and keeping customers, so that Tesco customers could feel that the company is the best service provider (Hensmans, Johnson and Yip, 2012). This situation creates the differentiation between the Tesco and other competitors. Thirdly, it tries to attract the non-users of both items and services to other businesses by applying for the advertising, and promotion, along with different strategies of marketing, and the same can be capable of policies (Hensmans, Johnson and Yip, 2012). As per Lynch strategy of marketing penetration, it is crucial for Tesco to retain the previous customers as it’s cheaper and attract the new customers. For instance, international expansion strategy of Tesco has responded towards fulfilling the highest requirement of customers (Jaeger and MacFie, 2010). It is also sensitive towards the domestic expectations of the countries through moving in the joint ventures with domestic partners like Samsung Group in the city of South Korea and Thailand, Tesco merged with Charoen Pokphand by appointing the high proportion towards local personnel towards a management position (Jaeger and MacFie, 2010).
Tesco is accessing towards the low material cost for both supply and efficient product production to create influence over the retail market. Through identifying the low price supplier, it has attained the privilege to provide goods and services to customers that benefit through cheap cost in the town (Jaeger and MacFie, 2010). Tesco has also reached the excellent experience towards dealing with the colossal size and customer diversity and satisfaction, which is required for Tesco as the retailer to retain in the market. The success of Tesco has also created brand loyalty. Tesco also operates as the Internet system provider (ISP), which is available in both home phone business and mobile phones as well as Volp businesses (Jaeger and MacFie, 2010). Tesco has come up with the joint venture with O2 for building the telecommunication diversification and has increased the company in voice over the internet with the help of Freshtel, Australia. It has also developed the slogan of right message, right audience and the right time (Jaeger and MacFie, 2010).
The Tesco marketing strategies include the analysis of market and support in determining the products to provide and range of customers that suits by considering associated seasons, fashions, appropriateness, and sizing (Seth and Randall, 2011). Tesco has also decided that there will be particularly necessary European range of environment-friendly items that are exported all around Europe; where else there will be other range available for the domestic customers. Nevertheless, before any decision is taken about the marketing strategy, detailed market research is conducted for testing the new range concepts, cost and attitude made towards the Tesco, alliance with partners, buying customer habits (Seth and Randall, 2011). Tesco adopts the marketing campaign for the business of the campaign including the radio advertising and TV at regular interval; advertisements in magazines and newspapers, alliance partners that create press release and sharing the ventures about regional and national advantages; organizational advantages for creating new jobs; introducing environment friendly items, online ads, billboard campaigns, and direct marketing for understanding customers (Seth and Randall, 2011).
Tesco holds the successful history since it’s launched. Currently, Tesco Plc is referred as the successful retailer in the UK. Tesco has also come up with the series of marketing strategies. As per Ansoff matrix strategy, Tesco could quickly develop the products and markets in the UK, and its diversification strategy has attained the front of their rivals (Seth and Randall, 2011). By applying Ansoff in various strategy, Tesco has accomplish the competitive benefits over their competitors. In the UK, the market for grocery items is among the critical business. Now the company is trying to secure the considerable market share through its changing international retailer market (Seth and Randall, 2011).
Tesco has specific goals, and the company is working on it to fix it. They aim to offer a pleasing workplace to their employees so that it can give them a chance to be themselves. For that company encourages the wellbeing and strength and help in building work-life equilibrium requirements. Tesco also targets to increase the organic manufacturing sales to around 1 billion pounds in the coming five years. Currently, Tesco has 6.5% of the total non-food business market share, and they target to become active in the non-food market (Seth and Randall, 2011). Tesco has many objectives in previous time like they had a target to enlarge the crude procedure sales to around 1 billion pounds in the coming five years. This can be undertaken through supplying the organic items, as the same will increase the customers for the crude things and lead to an increase in sales. To attain the set goals planning is more significant. Objectives of human resource most often inspire the development of people to become best to fulfil the requirement of an organization (Seth and Randall, 2011). A successful system of performance management, along with team, department, individual and team business objectives, performance appraisal, personal improvement plans, and career planning aims to improve the HR commitment towards developing the business more durable. The primary goals of HR services are to have effective and efficient employees along with payroll system responsive towards employee’s requirements collectively with the remuneration system. All these objectives can be achieved through the functioning of various modules like commencements module and budgets, occupational health, candidate tracking module, as well as safety module (Seth and Randall, 2011).
The principal business objectives of Tesco is to offer customers with the unsurprisingly delivered, outstanding and individual services. To attain the respect of objectives through valuing and realizing the contribution made by them. To identify the customers better; to be competitive according to fundamentals; to provide customers with a massive range of appropriate promotions in every department of Tesco store; to offer customers whatever they require; offer a workplace environment, which is pleasant and comfortable (Seth and Randall, 2011). Along with that upgrade the stores as per the standards of Tesco; to differentiate Tesco among brilliant people by applying their strength for making customers shopping more entertaining by offering them with intelligence, and technology that deliver value to customers, and profits for the shareholders (Seth and Randall, 2011).
Despite the recent profit return gained by Tesco, company’s shares can be ignored, and emphasis can be placed on three significant factors, which can undermine the long-term investment of the company (Lorenzo, Kawalek and Wharton, 2018).
Low margins- Though the groceries selling includes repeat purchase appeal, and it also deals with the undistinguished commodities, which implies that low-profit margins are quite reasonable for the company like Tesco. In the year 2016, the organization has posted about post-tax trading profits, whose value is £216m, and the same came under the 0.4% of an organization, along with the turnover of £54,433m (Lorenzo, Kawalek and Wharton, 2018). From the previous year gargantuan loss of around £5.7bn, small profits are much better, but supermarket companies such as Tesco should turn over to the mind-bogglingly quantity of goods, to attain the benefits (Lorenzo, Kawalek and Wharton, 2018).
When one thinks about the operational efforts needed like thin crust, it looks clear that there will be tremendous potential for things to look sufficiently wrong, to wipe out with fewer profits that are made by the company on every product. This has been viewed currently with the yearly profits that swing for around £4bn to loss of about £6bn and now sometime back towards the mid of thrilling (Lorenzo, Kawalek and Wharton, 2018). It is noted that low margins often add on to the risks towards business like Tesco. Single slip can turn on a significant number like costs or sales, which might lead towards the considerable movement in the less figure that represents end profits (Lorenzo, Kawalek and Wharton, 2018).
Market saturation- Tesco expanded as the big company of Britain, and the company is also trying to develop in the overseas market, and for that, they have registered and shown good figures. With Tesco site located in Britain every place, the company had done a right job through ingraining itself with the national psyche. Tesco has given correct results in UK market and has attained top position. Meanwhile, overseas expansion of company has proved problematic for them. When an organization reaches the pinnacle, as Tesco gain position in UK market, their downside risk has grown up. It is tough to go with the standards, and current events depict what can happen when things slip from hand (Lorenzo, Kawalek and Wharton, 2018). Tesco also failed in keeping up with the investment in store estate of UK. They also failed in offering service levels, and customers demand. It is analysed that sales figures have reduced, because customers have deserted with the chain, and the company has also plunged in the programme of frantic catch-up to restore the standards and try to attract the last loyal customers (Lorenzo, Kawalek and Wharton, 2018). Through lofty position of Tesco, it is noted that there will be a giddying view, which implies that companies are required to maintain the high and tight grip, to prevent the company from falling.
Disruptive Competition- one top of these basics disadvantages, Tesco also face the actual and increasing threats through the low-cost competition, which disrupt the supermarket industry. For instance, Lidl and Aldi are leading attackers by giving 10.4% of the grocery spending in Britain (Lorenzo, Kawalek and Wharton, 2018). Both the companies are forcing Tesco as well as substantial supermarket peers to do things in different ways like changing the operating and selling practices, bearing down over the price, and offering better quality and value to customers. These radical changes had moved Tesco from the traditional form of operating methods, and this has resulted in the future profitability to look unpredictable (Lorenzo, Kawalek and Wharton, 2018).
In order to compete in the UK market, Tesco has formed its corporate strategy, which aims to widen the range of business that can bring long-term sustainability growth through adopting the customers in huge expanding markets like non-food, financial services, new overseas market, telecoms, which were initially opened in Asia and Central Europe, and most recently opened in America (Simon, 2011). As per the diversification strategy, the trade of company was started in the year 1997, and the same became the core of Tesco success in current time. The aim behind Tesco corporate strategy is to come up as the unbeaten global retailer; to expand the business in the UK, to become active in non-food services; come up with the retailing services like Tesco.com, telecoms, as well as Tesco Personal Finance, and to offer critical concern towards the community (Simon, 2011). Strategies of Tesco are based on the five crucial components like Non-food, Core UK, international, Community and retailing services. For competing in UK market (Trott, 2008).
Maintain its core position in the UK- For expanding in UK business, Tesco has considered the new space along with existing multi-formal approach. On-food sales that can shape the other important part of the strategy includes the complete growth picture of UK.
Consider community- Tesco has set their community plans in every nation that relies on the promises made by the community, along with actively going behind the local communities; purchasing and selling the items; looking after the environment, offering healthy choices to customers and replicating the requirement of local communities (Davila and Epstein, 2014).
Non-food business- the highest non-food range can be viewed at Home plus, other stores, along with home entertainment, electrical, stationery, clothing, cook shop, health and beauty, seasonal items like garden furniture, etc (Davila and Epstein, 2014).
Retailing services- the critical strategy of Tesco is to consider that customers are different as well as their needs, which usually get changed; therefore, Tesco tries to offer more to their customers. Tesco.com, Tesco Personal Finance, and Tesco Telecoms provide a massive range of products and services to their customers (Davila and Epstein, 2014).
Consider global market- Tesco operates in around 13 markets, which are existing outside of UK, like North America, Asia, and Europe. The current strategy of the company is to enter the Indian market through setting up cash and carry business (Davila and Epstein, 2014).
Above points has covered a lot of different areas of Tesco, which are essential for conducting a research study. Having right knowledge about the company is essential. After attaining the complete knowledge about the company, it becomes easy to understand strategies of the company, which they adopt for achieving a competitive position in the market (Davila and Epstein, 2014).
Just like many other organizations, Tesco is also impacted in each season, environment as well as due to a lot of employee mistakes. Tesco requires to launch an innovation, which can quickly expand their way, and through which Tesco can easily swap the employees towards the computer technology (Gallouj and Djellal, 2011). The management of Tesco considers the services are moving towards the low level of employees; nevertheless empty spaces are covered with the support of computer technology along with the efficient performance of staff. The world is getting change because of the new development taking place in science since last few decades. It is analysed that computer technology is good as well as easy to afford (Gallouj and Djellal, 2011). Tesco can also efficiently use the technology, and try to bring improvements in technology, because it is quite significant for the company from last ten years after the advancement of an information system. Even customer behaviour has changed after the introduction of computers. Therefore, self-checkout, as well as online ordering of products, is included in technology, while Tesco makes use of efficient technology (Gallouj and Djellal, 2011).
Tesco is one of the top retailers of Britain; therefore, the company requires to go for innovation that can be in the form of technology, along with the one that can minimize the price of employees and enhance the profits and compete with competitors like Sainsbury, Asda, and Morrison (Gallouj and Djellal, 2011). There are various advantages related to Tesco after the introduction of technology that is discussed above like self-checkout services and online ordering. The customers can easily give orders through the home with the help of the internet, and even enhance their customers, sales and minimize staff cost. This technology is very crucial as it helps the company in boosting their deals up to 49% through online ordering system (Gallouj and Djellal, 2011). Tesco is known to be the first company that has introduced this kind of facility to their customers. Through adopting this innovation, the company can bring massive changes. Tesco has even opened their stores in Northampton, where there are no checkout employees, as Tesco make use of automated self-tills. With the use of this technology, Tesco requires handling customer demands efficiently (Gallouj and Djellal, 2011).
Code of practices followed by Tesco set down the less expectation for every colleague at any location and whichever business the company works. It also offers the guidance on every central risk area they might arise in company’s role. It is noted that there are around 21 of such roles and for every issue, code informs who has to be contacted if we require help or any kind of information. The code of practice brings the three components that are safe (Tesco Corporation Code of Business Conduct and Ethics, 2014). Code of practices always follows the law. The customer’s trust also exists over the reputation due to the law abiding business. To make sure towards supporting the law, it is essential to develop the blueprints and policies for every risk problem. These offer the protective training layer, guidance, and assistance for ensuring the rules to be applied. Beyond the policies and laws, the company guide according to Tesco values. The values of the company can also guide in taking difficult decisions (Furseth and Cuthbertson, 2016). They also make sure that right things should be done as per law and policies.
Just like one creates the products, services, ideas, experiences, materials in different forms, so is the way for protecting the creative efforts, that might be different. And the type of protection adoptions is required for commercializing the end outcomes varies importantly, relying on what one wants to achieve and where the same can be obtained (Davenport, Leibold and Voelpel, 2007). As these creative efforts are known as intellectual property, it can be easily owned, bought, hired, enforced and sold just like any other property. In the year 2011, Tesco who is the supermarket giant has applied for the trade work for “Club card,” which is a label and it’s attached to the store loyalty card. In the year 2013, its application got rejected as Tesco was not able to prove that club card can be related with Tesco. The officer if intellectual property considers the application by determining that various other supermarkets also make use of multiple club card for explaining the different and equal loyalty schemes and try to grant Tesco with the trademark, which could unfairly create the monopoly for a similar term (Intellectual property rights and you, 2017). Tesco was succeeded in attaining the Tesco club card (‘Clubcard built the Tesco of today but it could be time to ditch it’, The Telegraph, 2017)
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