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Business Strategy Essay

3960 words - 16 pages

| |EDEXCEL LEVEL 5 |[pic] |
| |BTEC HIGHER NATIONAL DIPLOMA IN BUSINESS | |
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It is one of UK's leading food and grocery retailers. It is known as the number 1 supermarket in UK and number 3 worldwide. Tesco was established in 1919. The company introduced the brand name of Tesco on tea packets in the 1920s. Tesco opened its first store in 1929 in Burnt Oak, Edgeware in the UK. Its first self service supermarket was opened in Maldon in 1956. The company established its gasoline station services in 1974. It is a business built around customers and staff, high-quality assets around the world and multiple opportunities for growth. Its foundation is built on sound strategy, strong team and period of highest risk with diversification of business.

Vision, Mission and Objectives

Vision of any organization is a statement that sets out what the organization wants to accomplish, and should inspire members, staff and supporters. The vision of Tesco is “Most highly valued business in the world” (Chew, 2005).

The mission statement helps to identify the major goals and performance objectives. The mission of Tesco is “to win locally by applying skills globally”. Here word locally is emphasised strongly as Tesco believes that retailing is a local. The strategy adopted by them to achieve the vision and mission is to utilise the skills and scale of group to benefit the performance and competitiveness of each of our businesses around the world.

Objectives of Tesco are:
• Keeping UK strong and growing
• Creating an outstanding image internationally and not just successful
• To build a multi channel retailer in the areas of trade
• Delivering potential retailing services through Tesco Bank
• To give customers more value and increasing the competitive advantage by applying group skills and scale
• To deliver higher returns on capital employed for shareholders.

Importance of Stakeholder Analysis in Business Strategic Decisions

Stakeholder are important part of the planning process and different stakeholder groups are important from initial to the final phase of the planning. Stakeholder analysis should be used to identify when to engage different stakeholders. It is done to evaluate particular problems of business and organization. The stakeholder analysis answers questions like:
• Who depends on the project?
• Who are interested in the outcome of the project?
• Who will influence the project?
• Who will be affected by the project?
• Who will work against the project?

In a stakeholder analysis, impact or power of a stakeholder is defined as the extent to which they are able to persuade, induce, or coerce others into following certain courses of action. Thus in a strategic planning of any organization stakeholder analysis assists in identifying the planning initiative.
Stakeholder analysis can be done by power/interest matrix as shown below.
• Stakeholders in Sector A neither do not have a high own interest in corporate plans nor do they have to power...

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