Changes In Strategy, Leadership And Environment Of Tesco Over The Last Decade

Leadership And Changes In It

Tesco is a very well established name in England. It is one of the foremost multinational groceries, wines, homes electronics, and general merchandise Retail Company, founded in 1919. The headquarter of the company is located at Welwyn Garden City, Hertfordshire, England, United Kingdom. Tesco is a speedily growing retailer brand across the globe. There are more than 440,000 coworkers associated with this name. Since 2000s, Tesco is carry on with its growth by expanding through online platform (Tesco PLC 2018).

In this paper, “Tesco” is selected because; Tesco brought many strategic changes in the duration of last one decade. In Ramsey, Cambridgeshire, Tesco was the one who opened world’s first zero-carbon supermarket. In UK, it also brought some technological advancement by launching Clubcard app. They are really paying their primary attention on – “product’s quality, packaging, and other healthier options.” As a most leading retail brand, it timely regulates many charitable programs and arranged £10 million in 2014 (Tesco PLC, 2018). In UK, Tesco extended 300 outlets, which is almost 99 % of UK, where they are providing same day delivery (Tesco PLC 2018). Tesco merged with Bookers Group, which brings more business opportunities for both of them.

(Source: May Meng, 2018)

For Tesco – “Leadership is always a key to success.” Leaders aligns Tesco in a structured form, where leadership promotes the clear purpose of Tesco’s mission and vision. Similarly, leadership supports the value and creates strategies for the company. Leadership establishes, improve, and maintain trust to increase productivity of Tesco (Gill 2011).

Terry Leahy joined Tesco in 1970s, that time Tesco was a struggling retail company in Britain, but gradually it grew during 1980s (Kelly, 2000). Previously Leahy was Marketing Director and then he became CEO. About Tesco’s story, he says – from last one decade, Tesco has outstanding transformations.

Tesco became “third largest retail” chain in international market and now present in 14 European countries. Tesco also has its operations and 6,000 stores. (Leahy 2012).

Tesco managers very well know that high motivation plays a vital role for continuous success (Ward, Bacon and Mackie 2006).

Currently Tesco is one of the most significant player in British market. It is a platform, which gives an opportunity to work for the people, came from different culture and geographic locations. Digital revolution made a strong impact on retail industry (Leahy 2012). It changed the customer’s expectation, which was a big challenge for all retailers.

Tesco noticed that there is a high risk in raising the price, which can increase problems in their business. By this, it was not so easy for the staff to stay encouraged and committed to the needs of all customers.

Tesco always gives opportunity to everyone to share his or her own view (Ceanwell-ward,

Bacon and Mackie, 2006). They make sure that applied changes are effective or not, their staff felt motivated or not, it was valuable for the customers or not. By focusing on the customers, Tesco made their job more fascinating. By the feedbacks, they came to know, that the adopted leadership style and orderly communication, is very important to sustain high level of motivation and output. Then, Situational leadership was introduced and helped manages to implement changes in their system. There are three-multi dimension on which Tesco works, they are – “Organizational dimension, Technological dimension and Management dimension” (Evans and Mason, 2015). Tesco always gives the value for creating motivational environment for the sustainable development and success. They adopted the directing style of leadership and said – “People want both direction and communication” (Ceanwell-ward, Bacon and Mackie 2006).

Impact Of Changes In Leadership

Tesco believes in the five leadership skills, which are – “Collaboration, Empathy, Motivation, Responsiveness, and Resilience.”

John Allan is a Non-Executive Chairman of Tesco appointed on March-1^st – 2015. Earlier he served various marketing role with “Lever Bros and Bristol-Myers.” He was CFO in Deutsche Post from 2007-2009 and then became Chairman of Dixons Retail, Barratt Developments, and Worldplay Group. In 2014, he also contributed in pleasant merger of Carphone Warehouse and Dixons. John’s extensive skill of marketing, operations, and executive leadership made strong impact on Tesco (Tesco PLC 2018).

Alan Stewart, a skilled accountant, is a Chief Financial Officer of Tesco, appointed on September-23^rd – 2014. He started his carrier with HSBC, and then he became CFO of Thomas Cook Holdings, WH Smith, AWAS, and Marks & Spenser respectively. He has wide experience of corporate accounting and finance in diverse industries, retail, travel, and banking, which helped Tesco a lot. He is also a Non-executive Director of Diageo plc., fellow of CIMA Advisory Board and Chairman of Pension Committee at “The 100 Group” (Tesco PLC 2018).

On September- 1^st– 2014, Dave Lewis became Group Chief executive to the Board of Tesco. For three decades from 1987, he worked with Unilever, across Asia, America, and Europe. Because he is from FMCG background, he is serving his best skills to Tesco for “brand marketing, customer management and other general management functions (Insight Traction, 2018)”. He is Non-executive Director of Sky PLC, Director and member of Governance Committee of Consumer Goods Forum. In addition, Dave is a Chairperson of a UN program where 30 worldwide leaders worked together for sustainable development (Tesco PLC 2018).

Richard Cousins joined Tesco as an Independent Director, on April-7^th– 2015 and then he became Non-executive Director. As a Group Chief Executive, he worked at BPB for fifteen years. He also worked for Reckitt Benckiser Group, Compass Group, HBOS, Lancaster University Business School, and Bank of Scotland, which could be a great networking tool for Tesco. He brought many admired international corporates to the board of Tesco. His capability of “operational research, strategic planning, and management skills” is helping Tesco in strategic planning. (Tesco PLC 2018).

Jason Tarry, Chief Commercial Officer of Tesco, also appraised George Wright. He said – “George is a recognized and valued coworker of product leadership team (Steven, 2018).”

Some other Board of Directors are Byron Grote (from May-1^st-2015), Mikael Olsson (November-1^st-2014), Mark Armour (September-2^nd-2013), Alison Platt, Lindsey Pownall, and Simon Patterson (April-1^st-2016).

Under the guidance of many skilled and talented leaders Tesco adopted many changes in their business segments and able to achieve high revenue by implementing prominent strategies.

As compared to the other retail players (Sainsbury, ASDA, Morrisons, Aldi, Lidl, and Waitrose) Tesco always gives more value from the best available resources. Speedily, Tesco hit the jackpot in retail market of UK, which affected many other retail companies. Simultaneously, other competitors also started implementing their belligerent tactics and policies to sustain in the competitive market.

Tesco’s core competencies helped company in serving what customer exactly wants and creating unique value with high revenues. As a customer retention scheme, Tesco started offering a unique “Clubcard” facility.

They adopted the idea of expansion, which brought many opportunities for them and helped them to raise. Tesco initiated an innovation, in which they started offering all their stores available for 24 hours and facility of online shopping. This helped in increasing the efficiency of the company. Money always gave the power to Tesco, for buying all the required and available resources. With the reserved revenue, Tesco is looking forward to open “Fresh and Easy” stores in USA.

“All of us focus on being on the top of our game is most significant thing. We need to keep it simple and customer-focused.” – By: Dave Lewis (Lawson 2015).

To analyze the competitive market of Tesco, Porter’s five forces analysis is used.

 

Source: (Tesco PLC 2018)

• Bargaining Power of Buyer– The buyers always gets fascinated towards the “Lowest Price Scheme” offered by Tesco. It is so common that whenever a customer gets lower cost and heavy discount, they may switch easily. This happens many times because customers are – “Price Sensitive” by nature(Grundy 2017).

• Bargaining Power of Supplier– All the suppliers strives towards the food and grocery retail vendors. They always have a fight and fear of losing their imperative business contracts with big supermarkets or retailers like Tesco. Therefore, there is a high rate of switching cost of suppliers and firms in this type of retail industry(Kung’u 2017).

• Threats of New Entry – Along with ASDA, Sainsbury’s and some others Tesco has already captured a large size of retail market. Therefore, there are very less chance remains to enter in competitive market because it requires a heavy investment cost. Some of the big upcoming threats are – Amazon, eBay and Argos or other FDI policies.

• Threats of Substitutes– In retail market there are many other primary substitutes, which can be – small enterprises, unorganized retailers, small chain of convenience stores, outlets that are nearby, organic shops etc. Still by implementing its strategic tools, Tesco is already there in local markets, small towns, and metro cities(Kung’u 2017).

• Rivalry Among Existing Firms– There is a high level of intense competition among all the big retailers. Rivalry competitors were always been a big threat for Tesco. Some of them are – ASDA, Sainsbury’s, Morrisons, and others.

 

( Source:Tesco PLC 2018)

Social – Due to some social factors, many changes occurred in purchasing pattern of the buyers. Like – aging population, increasing awareness for health related problems, more women employees at workplaces, outlook towards buying their food, etc. Therefore, Tesco is broadly increasing the trade of non – food items as well as organic products and positively reacted to these social/ cultural changes.

• Technological– Technology has majorly influenced the development of the products of Tesco.  It is providing befits to both regular customers and company’s business. For better inventory management, goods distribution and other stocking activities Tesco widely adopted some technologies, which are – “Efficient Consumer Response (ECR), wireless devices, intelligent scale rating, electronic shelf labelling, self-check-out machines, Radio Frequency Identification (RFID), Electronic Point of Sale (EPoS), Electronic Funds Transfer Systems (EFTPoS) and electronic scanners”.

• Economic– When there was a recession in UK, many companies faced high degradation in economy and unemployment rate. However, UK’s economy is now overcoming from the financial crisis, which is a very good sign for retail supermarkets like Tesco. International business is broadly developing which brings expectation of high profit returns in coming next few years.

• Environmental– Global warming and emission of greenhouse gases are melting the Arctic ice and badly affecting the environmental sustainability. Tesco is planning initiatives on factors, which help to protect the environment. Like – Tesco started thinking and working in a socially accountable manner, very less obligations to company’s stakeholder and minimize the damage to environment.

• Political– Government increased tax measure like VAT rate, which really affected some products retailed by the Tesco. Government also encourages big retail brands for giving more employment offers and finding out growth opportunities for highly skilled and talented aspirants.

Tesco is a platform where, there are both internal and external kind of stakeholders. Tesco always gives importance to people in a way, how they want to be treated. They are thankful to everyone who created and increased company’s value. Stakeholder always helped and encouraged the company to expand their business across the globe (Wolinski and Coates 2015).

 

Source:( Tesco PLC,2018)

• Customers– Customers always seeks for prime quality products by paying minimum price value. Tesco always commits to give best shopping experience to every individual. One customer influences others buying behavior so word of mouth plays a very important role and help in increasing revenue of Tesco.

• Shareholders– Tesco gives handsome returns to its Shareholders who invested their money and time into the business. The contribution of money helps Tesco to grow and expand more and more. As a result, stakeholders get the chance to avail high dividend & economic returns.

• Local Community– Tesco widely work together with local communities because they helped Tesco in allocation of resources and provides concern information. In return, Tesco also help these communities by doing some social responsibilities like – giving support to surroundings and by providing employment opportunities for them.

• Suppliers– Many vendors do tie-ups with Tesco for the establishment of long-term business goals. Some of them are – “AMT fruits, RH Group, Allied Bakeries etc.” The suppliers of Tesco influences its product quality as well as availability.

• Government– Government is the one who sets rules, regulations and makes tax policy for the welfare of public as well as corporates like Tesco. There are many political reasons behind why government takes interest in business operations. Government always supported Tesco in growing up, so that Tesco will be more able to contribute for communities and conduct welfare program. Government also helps in promoting business of Tesco to “Europe, USA and Asia” (Carysforth and Neild 2002).

• Employees– Tesco always shows its concern for employee’s security and gives rewards and promotion opportunity to each of them. There are approximately 4,76,000 employees in Tesco and company believe in giving right remuneration to them. There is a very safe working environment for employees with proper amenities.
• Owner– Tesco have thousands of shareholders, which are owner of its business. They are making more and more money by investing in Tesco. Stakeholders also get the dividend amount, which is a judgment of Tesco’s Board of directors, and they gets invitation of Annual General Meetings too.

• Manager– Managers of Tesco gets decent salary, perfect job satisfaction, and efficiency while working. Manages takes strong decisions, which influence the success of Tesco’s diverse business units.

Strength:

• Diversified customer base-Tesco serves a diversified customer base which includes brokers of equipment companies and oil and gas companies. Such a diversified customer base makes Tesco not dependent on a single market segment for its revenue(Grundy 2017).
• Strength in product portfolio- the product portfolio of Tesco is in very good shape, especially in top segments of equipment selling .It provides a variety of services all over the world.It has  a collection of the finest drive systems and based on this demand It alalows this company to have such a strong foothold in the competiton(Barnes 2011).
• Patents and their license agreement-Tesco holds various patents and license agreements in their latest technologies.  This technology allows company to have a competitive advantage in its business.These patents help companies to attract other exciting projects.

Weakness:

• Expansion – Expansion of the company at different geographical locations all over the world  leads to face cultural and social challenges(Grundy 2017)
• Reliance on the UK market-Tesco has 2715 stores in UK, which shows Tesco is more dependent on UK compared to other countries. Other international brands have more major overseas operations(Barnes,2011).
• High transportation costs-Tesco is bearing high transportation cost for delivering of goods.

Opportunities:

• Prospective strategic tie ups-Opportunities exist in the market for prospective strategic tie ups with other reputable brands. This will help in getting more revenue.(Kung’u 2017)
• Online growth- There is a huge scope for online shopping by Tesco as well as offering more home delivery service. (Barnes 2011)
• Entering into emerging markets-Emerging markets offer significant opportunities for TESCO since there is a huge demand of foreign goods(Grundy 2017).
• Expansion in health and beauty sector – Expansion in this sector helps more companies to have another revenue stream which can increase the earnings of the firm.

• Tough competition- the competition in this sector is very tough. surviving in front of other rivals like – ASDA, Sainsbury, WM Morrison Supermarket, Wal-Mart and Carrefour poses a significant threat to the business(Bhasin 2018).
• Tax and other government policies.-Government policies affect TESCO including both financial performance and the political situation. This requires the company to adhere to strict regulations and make significant changes to their policy(Barnes2011).
• New innovative strategic schemes- New innovative strategic schemes by small and organized retailers pose a  significant threat to the revenue of TESCO(Kung’u 2017).
• FDI and other overseas trading policies- These policies help bring in more investment and increase the operation base.
• Gradually increasing cost of raw materials- Rising material costs of raw materials and inputs threatens the profitability of TESCO.

Marketing:

In 2015, Tesco announced some reduction in their advertising expense. They used television, radio channels, local newspapers, and magazines on consistent spell. They presented some unique products, which are environment friendly by nature. Tesco widely worked on direct marketing to grab the attention of every single prospect customer. Tesco used “Club Card” as a promotional tool and implemented the “Lowest Price Policy.” It offered its own products too, which are – Tesco Lotus, Tesco Value etc. Apart from selling more than 40,000 products, Tesco also gives a facility of home delivery and free music downloads, which contributes in its mouth publicity (Bhasin 2018).

Human Resource:

Planning is always important for taking corrective decisions. Every year Tesco makes the planning in last week of February month. The team gives their reviews in May, August and November month. The team pays more attention on – employee’s leadership skills, decision making, convincing power, staff management, inventory management, free flow of communication, skills of instant problem solving etc. The HR team recruits employee at both internal and external level. Applicants can easily come down to stores and drop their CV, use options like – “Job Type Match and www.tesco-carrers.com”. HR managers makes a strong impact on employees because by strategic planning they helps employees in realizing the organizational goals and serves outputs that are more productive. Amos et al said – HR is like building blocks of any business (Yassleeman 2014).

 

(Source: Quora.com 2018)

Finance:

In 2009, Tesco entered in banking sector. In the end of 2011, they implemented strategy of price cutting (£500m) which failed poorly. Under the Guidance of Tim Mason, Tesco invested £1bn in US business, which was also a big failure. In 2013, they disclosed that their annual profit dropped in 20 years. When Dave Lewis appointed as a new Group Chief Executive, Dave decided to close 43 unprofitable outlets. On present level of profitability, Reinke expects – to reestablish the credit rating this organization has to pay down all the debts, which are more than £5bn. Moody is, presented his report, which says – By 2020, market share of Aldi and Lidl will increase by 1% and Tesco will lose 4% (Ruddick, 2015).

TESCO has achieved a modest growth in the last year. The total revenue has increased from 55,917 million $ to 57,491 $ in the last year by 1.3 %. The total sales has also increased from 49867 Million $ to 50,991 million $ by 0.6 %.The return on investment has also increased from 803 million $ to 1053 million $ by 30.3 percent.The earning per share has made a significant jump from 0.81 p to 12.12p. Overall the positive financial performance of the company highlights its financial soundness and shows that the company is achieving positive financial results(Tesco plc, 2018).

All the relevant ratios have been discussed and analysed to highlight the financial position of the company.

Liquidity/Financial Health	2009-02	2010-02	2011-02	2012-02	2013-02	2014-02	2015-02	2016-02	2017-02	2018-02	Latest Qtr
Current Ratio	0.77	0.73	0.68	0.67	0.69	0.73	0.6	0.75	0.79	0.71	0.71
Quick Ratio	0.55	0.51	0.45	0.43	0.43	0.42	0.42	0.59	0.64	0.52	0.52
Financial Leverage	3.55	3.15	2.85	2.86	3.01	3.4	6.25	5.09	7.12	4.28	4.28
Debt/Equity	0.96	0.8	0.58	0.56	0.6	0.63	1.51	1.24	1.47	0.68	0.68

Key Ratios -> Efficiency Ratios
Efficiency	2009-02	2010-02	2011-02	2012-02	2013-02	2014-02	2015-02	2016-02	2017-02	2018-02	TTM
Days Sales Outstanding	19.94	28.34	25.45	26.04	17.97	9.87	9.68	6.71	6.43	9.39	9.39
Days Inventory	18.72	18.84	19.43	20.81	22.06	22.43	18.51	19.06	16.3	15.4	15.4
Payables Period	31.88	34.31	35.84	36.18	36.08	36.37	30.91	34.04	46.2	60.2	60.2
Cash Conversion Cycle	6.78	12.87	9.04	10.66	3.95	-4.06	-2.71	-8.28	23.4	35.7	35.7
Receivables Turnover	18.31	12.88	14.34	14.02	20.32	36.97	37.68	54.43	56.8	38.9	38.9
Inventory Turnover	19.5	19.38	18.78	17.54	16.55	16.27	19.71	19.15	22.4	23.7	23.7
Fixed Assets Turnover	2.36	2.25	2.32	2.39	2.47	2.58	2.77	2.84	3.11	3.14	3.14
Asset Turnover	1.42	1.24	1.3	1.32	1.28	1.27	1.32	1.24	1.24	1.27	1.27

Key Ratios -> Efficiency Ratios
Efficiency	2009-02	2010-02	2011-02	2012-02	2013-02	2014-02	2015-02	2016-02	2017-02	2018-02	TTM
Days Sales Outstanding	19.94	28.34	25.45	26.04	17.97	9.87	9.68	6.71	6.43	9.39	9.39
Days Inventory	18.72	18.84	19.43	20.81	22.06	22.43	18.51	19.06	16.29	15.38	15.38
Payables Period	31.88	34.31	35.84	36.18	36.08	36.37	30.91	34.04	46.2	60.24	60.24
Cash Conversion Cycle	6.78	12.87	9.04	10.66	3.95	-4.06	-2.71	-8.28	-23.48	-35.47	-35.47
Receivables Turnover	18.31	12.88	14.34	14.02	20.32	36.97	37.68	54.43	56.74	38.88	38.88
Inventory Turnover	19.5	19.38	18.78	17.54	16.55	16.27	19.71	19.15	22.41	23.73	23.73
Fixed Assets Turnover	2.36	2.25	2.32	2.39	2.47	2.58	2.77	2.84	3.11	3.14	3.14
Asset Turnover	1.42	1.24	1.3	1.32	1.28	1.27	1.32	1.24	1.24	1.27	1.27

Source: (Tesco plc 2018)

In terms of the financial performance of TESCO ltd, the company has maintained a fluctuating current ratio that ranges between 0.6 to 0.77. The financial leverage has made a steady improvement over the last few years with the maximum being 7.12 in the last year.This means that the company uses more debt to finance its projects , thereby reducing EPS.The cash conversion cycle has increased from 23 to 35 which is not  a good sign for the company.The inventory turnover has made a steady improvement from 19.5 to 23 which suugests that the company is efficiently turning inventory to sales.The payable period has increased almost twice in the last ten years which is not a good sign for the company , as it means that the company is getting money due from debtors at a later date.

Here is the financial assessment chart of Tesco from last 10 years-

 

(Source: gurufocus.com 2018)

Operations:

Tesco operation management works on planning, analyzing and reviewing of production of goods, providing online delivery services, managing clients, supply chain management, accuracy in inventory management and so on.

 

(Source: Tesco Energy 2017)

Conclusion

In UK, Tesco is now became the most leading name in retail industry with more than 440,000 employees and 6,553 stores in 12 countries. Tesco also serves unique “Club card” with more than 27 million active members outside from UK (Winterman 2013). Tesco is targeting on making their non- food business more strong. In retail banking, they are honored by serving 20 years successfully and now they already started their new product lines like – toys, sports equipment, entertainment and books, health and beauty, home furnishing, clothing and jewelry, electronics and gaming products, cookware, garden, etc. (Wood 2008). There were many changes held during the guidance of some leaders, which help Tesco in some major achievements. In the body part we attempted to blow some light on the various roles of Tesco’s business functions, like – Marketing, Human Resource management, Finance and Operations. Apart from UK, they conducted some Community Champions in Czech Republic, Slovakia, Malaysia, Korea, and China. (Tesco plc. 2009). They entered into online market, which can be as a big business opportunity, but at the same, they needs to bear the overseas transportation and delivery cost too.

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