TABLE OF CONTENTS
TOC o “1-3″ h z u TITLE PAGE: PAGEREF _Toc506185284 h 3PART 1: Tesco’s Recent Strategic Development History PAGEREF _Toc506185285 h 41.1 The UK Retail Market PAGEREF _Toc506185286 h 41.2Company Background PAGEREF _Toc506185287 h 41.3 Market Penetration Strategy PAGEREF _Toc506185288 h 51.4 Product Development Strategy PAGEREF _Toc506185289 h 51.5 Market Development Strategy PAGEREF _Toc506185290 h 61.6 Diversification Strategy PAGEREF _Toc506185291 h 6PART 2:Tesco’s Current Strategic Situation PAGEREF _Toc506185292 h 72.1Tesco’s Macro Environment (PESTEL ANALYSIS) PAGEREF _Toc506185293 h 72.1.1 Political PAGEREF _Toc506185294 h 72.1.2Economic PAGEREF _Toc506185295 h 72.1.3Social PAGEREF _Toc506185296 h 72.1.4 Technological PAGEREF _Toc506185297 h 82.1.5Environmental PAGEREF _Toc506185298 h 82.1.6Legal PAGEREF _Toc506185299 h 82.2Tesco’s competitive environment PAGEREF _Toc506185300 h 92.2.1Competitive rivalry PAGEREF _Toc506185301 h 92.2.2Threat of substitutes PAGEREF _Toc506185302 h 92.2.3 Threats of new entrants PAGEREF _Toc506185303 h 92.2.4 Bargaining power of buyers PAGEREF _Toc506185304 h 102.2.5 Bargaining power of suppliers PAGEREF _Toc506185305 h 102.3Tesco’s endowment of internal resources, capabilities and organizational structure PAGEREF _Toc506185306 h 102.3.1Physical Resources PAGEREF _Toc506185307 h 102.3.2Financial Resources PAGEREF _Toc506185308 h 102.3.3Human Resources PAGEREF _Toc506185309 h 112.3.4 Intellectual Capital PAGEREF _Toc506185310 h 112.3.5Synopsis of Tesco’s strategic situation PAGEREF _Toc506185311 h 11PART 3: Tesco’s strategic direction for the future PAGEREF _Toc506185312 h 123.1 SWOT Analysis PAGEREF _Toc506185313 h 123.1.1 Strengths PAGEREF _Toc506185314 h 123.1.2 Weaknesses PAGEREF _Toc506185315 h 123.1.3 Opportunities PAGEREF _Toc506185316 h 133.1.4 Threats PAGEREF _Toc506185317 h 133.2 Tesco’s Future Strategy PAGEREF _Toc506185318 h 13REFERENCE LIST PAGEREF _Toc506185319 h 15
TITLE PAGE:LINTLE ESTHER SEKHOSANA
STRATEGIC MANAGEMENT AND LEADERSHIP
DATE OF SUBMISSION: 12TH FEBRUARY 2018
PART 1: Tesco’s Recent Strategic Development History1.1 The UK Retail Market”The UK retail market is dominated by five large retailers who account for in the region of 75% of the total food and drink market. As a result of this, the market is fiercely competitive as each retailer develops its own unique point of difference in any attempt to attract new customers and entice existing customers to spend more. Another result of this is that the UK retail market is fast moving and often at the forefront of new initiatives” (Bord Bia Irish Food Board, n.d).
1.2Company BackgroundFounded in 1919, Tesco is a British International grocery and general merchandising retail chain. It is headquartered in Cheshunt, UK and is listed in the London Stock Exchange. It also has secondary listing on the Irish Stock Exchange with the name TESCO PLC. Tesco has geographical presence in North America, Eastern Europe and Asia (The Guardian, n.d).
Most of Tesco’s revenue came from the retailing businesses around the world. This is evident in its 2009 Annual Report and Financial Statements that of the £59.4 billion sales of 2008, the UK grocery retail represented 50% while international retail represented 30%. Group revenues and non-food (in a variety of categories from health and beauty to electronics) accounted for the remaining 20%. Regardless of this, Tesco expanded by diversifying into different businesses for strategic purposes. The four new strategic business units under Tesco include Tesco Bank, tesco.com, Tesco Telecoms and dunnhumby (Tesco PLC Annual Report and Financial Statements, 2010).
The key strategic developments that Tesco made which influenced its long term direction to the present day can be analyzed through the Ansoff Growth Matrix. Ansoff identifies four strategies that companies can use to gain growth. “They are market penetration, market development, product development and diversification. Market penetration implies increasing share of current markets with the current product range, market development involves offering existing products to new markets and product development is where organizations deliver modified or new products (services) to existing markets” (Johnson, Whittington and Scholes, 2011). Diversification according to Kumar (2010) “involves new products in new markets; which results in the company entering new markets where it had no presence before”.
1.3 Market Penetration StrategyMarket penetration as indicated above implies increasing share of current markets with the current product range.
With its current range of products Tesco had been able to penetrate the market to gain a market share. For example, to increase its market share Tesco introduced ‘Clubcard’ Tesco was able to increase its customer base.
Tesco introduced to its customers; the loyalty card program that was designed to help the customers to save more through awarding points when customers spent in Tesco stores, and giving certain discount or promotional vouchers to the card holders. Additionally, the loyalty scheme enabled Tesco to retain many loyal customers through rewarding them for their loyalty. This card did not only reward Tesco’s customers for their loyalty, but also provided them with valuable insight into changing shopping patterns. By monitoring the data and spotting trends early, they were able to respond quickly and ensured that they always provided customers with what they wanted, when and where they wanted it (Tesco PLC Annual Report and Financial Statements, 2010).
As indicated in Bord Bia Irish food Board (No date), “Tesco used its clubcard loyalty programme to increase sales from its existing customers by rewarding their loyalty”.
Over and above penetrating the market with its current product range Tesco used other strategies. One other strategy used by Tesco to penetrate the market was by offering low prices to its customers. As indicated in Tesco PLC Annual Report and Financial Statements (2009), Tesco was able to offer its customers low prices as a result of a combination of qualities they possess such as the skills and proprietary systems in key areas help Tesco to deliver a low cost model, particularly in customer relationship management, just-in-time supply chain and distribution, property development and store formatting.
Tesco’s commitment to Corporate Social Responsibility (CSR) is another strategy through which they penetrated the market. As shown in Tesco PLC Annual Report and Financial Statements (2009), Tesco took a clear leadership in the most vital areas of climate change and environmental responsibility. Moreover, as indicated in Tesco PLC Annual Report and Financial Statements (2009), in 2007, Tesco set ambitious targets to reduce emissions in their own buildings and distribution networks and they also took initiatives to save energy and low their carbon footprint in all their operations; they have environmental stores in every country in which they operate.
1.4 Product Development StrategyProduct development as indicated above is where organizations deliver modified or new products (services) to existing market. Within its UK market, Tesco added to its food market the new category of non-food in the form of electricals, entertainment, toys and clothing (Tesco Annual Report and Financial Statements, 2010). This strategy did not only enable Tesco to derive greater revenue from cross selling of products, but also to establish itself as one-stop solution that provides convenience to customers (Business Essays.net (No dae).. Tesco also developed products marketed under its own brand name, for example, the Tesco Diets; an online dieting, weight loss and healthy eating services and improving nutritional content in all its products (Tesco PLC Annual Report and Financial Statements, 2009). With this Tesco provided products to the health conscious consumers. Tesco was, therefore, able to derive higher profit margin; while also to offer products at cheaper prices to its consumers.
1.5 Market Development StrategyMarket development as stated above involves offering existing products to new markets. . With its range of products Tesco ventured into new markets in order to increase its sales and growth. As stated in its Tesco PLC Annual Report and Financial Statements (2008), in order to maintain its growth rate the company must venture abroad to take advantage of the huge global market and growing economy in the many emerging markets. Tesco expanded strategically to the US, Europe and Asia where it was able to take advantage of the many opportunities in those markets. For example, in China, Tesco after having carefully studied the markets they developed and accelerated store development in the economically important and populous coastal provinces centred on major cities. In its international markets, Tesco introduced to the markets some of its products that were successful in its home market such as the clubcard and they managed to have many clubcard holders in the US (Tesco P:C Annual Report and Financial Statements, 2009).
1.6 Diversification StrategyDiversification as stated above is concerned with introduction of new products in new markets in which the firm does not have prior knowledge and experience. Tesco diversified into new markets with new range of products and services such as the Mobile through the Tesco Telecoms, Financial through the Tesco Personal Finance and Internet Service through Tesco.com (Tesco Direct) and dunnhumby (Tesco PLC Annual Report and Financial Statements, 2009). Through diversifying its products and services, Tesco has been able to offer enhanced customer experience which provided more convenience and more choices all of which result in customer satisfaction and ultimately profitability. For example, through Tesco Direct, Tesco has been able to offer customer non-food via the internet; customers were able to choose to have goods delivered to their home or pick them up at Tesco’s 261 in-store Direct desk (Tesco PLC Annual Report and Financial Statements, 2010).
Tesco has a well-established and consistent strategy for growth. The rationale for the strategy is to broaden the scope of business to enable it to deliver strong, sustainable long-term growth by following customers into large expanding markets at home and new markets abroad (Tesco PLC Annual Report and Financial Statements, 2010). Tesco made the changes and developments in its strategies as indicated above in order to attain its long-term growth strategy through focusing on its five elements namely, to be a successful international retailer; to grow the core UK business; to be as strong in non-food as in food; to deliver retailing services; and to put community at the heart of what they do (Tesco PLC Annual Report and Financial Statements, 2010).
PART 2:Tesco’s Current Strategic Situation2.1Tesco’s Macro Environment (PESTEL ANALYSIS)PESTEL is a framework that categorizes environmental influences into six main types: Political, Economic, Social, Technological, Environmental and Legal. It provides a comprehensive list of influences on the possible success or failure of particular strategies (Johnson et al, 2011).
2.1.1 PoliticalPolitical factors as indicated in Johnson et al, (2011) “highlight the role of governments”. With operations in different countries of the world, such as the UK, Europe, Asia and US Tesco is exposed to different types of political factors emanating from the type and the systems of the government in those countries. These may include the government’s attitudes towards businesses and the stability of the country. Tesco has to take these factors into consideration in developing its strategies since they will have an impact on how it does its business and on the success of failure of its strategies.
2.1.2EconomicEconomic factors as indicated in Reference for Business (No date), “refer to the character of the economic system within which the firm operates. Economic factors include such factors as balance of payments, the state of the business cycle, distribution of income within the population, Exchange rate, governmental monetary and fiscal policies.” Since economic forces influence profits, cost, demand and price they have to be of great concern to Tesco.
Social factors according to Johnson et al (2011) “include the changing cultures and demographics”. People from different cultural backgrounds tend to have varying social norms, beliefs and lifestyles which have to be taken into consideration if a firm’s strategies are to succeed. Consumer trends are such that their buying decisions and buying patterns change in conjunction with the level of technology. This is discussed in Bord Bia Irish Food Board that “consumers find it easier and cheaper to access the internet than ever before and as a result, consumers spend more money online and increasingly look to engage with their favourite brands online”. Furthermore, since Tesco operates in different countries it has exposed itself to different social factors that exist in those countries, such that it has to think globally but act locally if it is to succeed. The think globally and act locally as explained in Research Methodology (No, date) “refers to the strategy implemented by some multinational companies according to which global viewpoint is adopted in terms of formulating company vision, long-term aims and objectives and devising effective strategy in order to achieve the aims and objectives, however, adaptations are made in each market according to culture and specifications of any specific market”.
Technological factors as stated in Johnson et al (2011) “refer to innovations such as the internet, Nano-technology or the rise of new composite materials”. The world today is can be characterized with new invention and innovation as a result of technology. The level of technology in the countries in which Tesco has expanded its operations is at different levels posing different threats and providing different opportunities which Tesco has to be aware of; technology is of paramount importance to Tesco as it has to constantly innovate in order to be able to meet the changing demands of the customers. Technology has drastically changed the needs and demands of the customers as most of them have access to information through the internet. This, therefore, means that for Tesco to succeed in its growth efforts it has to be cognizant with the technological advancements in the different markets in which it operates.
2.1.5EnvironmentalAs stated in Johnson et al (2011), “environmental stands specifically for “green” issues such as pollution and waste”. The world at large has a great concern on issues regarding the use of the environment to an extent that laws and regulations intended for the protection of the environment are enacted. In its operations, Tesco’s strategic development have to be in a manner that will enable them to be “green” in their production and avoid pollution and contamination of the environment, for it to survive and remain competitive in the retail industry.
2.1.6LegalLegal as indicated in Johnson et al (2011), “embraces legislative constraints or changes, such as health and safety legislation or restrictions on company mergers and acquisitions”. Tesco in its business environment in all the countries in which it operates will be affected by laws and regulations pertaining to health and safety, mergers and acquisitions; all of which have an impact on how it carries out its operations. For example, the UK governments Code of Practice which had to be followed by all retailers. “The Groceries Supply Code of Practice applies to all UK retailers with a turnover of more than £1 billion” (Bord Bia Irish Food Board, No date).
These factors impact differently on the strategies of organizations, there are factors that have more impact than the others in an organization’s environment which therefore require immediate action and consideration. Those factors are referred to as key drivers for change, which as explained in Johnson et al, (2011) “are the environmental factors likely to have a high impact on the success or failure of strategy”. In the case of Tesco the key drivers for change are the economic, social and technological factors, since they are highly crucial for the success; failure to take these factors into consideration would have a detrimental impact on the implementation of its strategies.
2.2Tesco’s competitive environmentThe five forces model of Porter as explained in Morrison (2010) “is an ‘outside looking in’ business unit strategy tool that is used to make an analysis of the attractiveness or value of an industry structure. It is made by the identification of five fundamental forces namely, competitive rivalry, threats of substitutes, threats of new entrants, bargaining power of buyers and bargaining power of suppliers”.
The intensity of the competition among the existing companies in the retail industry in UK is extremely high as there are a lot of companies with high capital investment and strong policies. As stated in Irish Food Board (No date), “the UK retail market is dominated by five large retailers who account for in the region of 75% of the total food and drink market”. As a result of this, the market is fiercely competitive as each retailer develops its own unique point of difference in an attempt to attract new customers and entice existing customers to spend more. The big players, such as Asda, Sainsbury’s, Morrisons, Waitrose and Tesco compete for customers through prices and products so as to capture customers from the other competitors, so this drives up competition within this industry.
2.2.2Threat of substitutes
In the retail industry the threat for the substitute is high as the switching costs are low in the retail industry. Customer can easily switch from one retailer to another to get low prices and better quality without incurring any switching costs.
2.2.3 Threats of new entrants
To enter and compete in the food retail industry, require that companies have a huge amount of capital investments in order to be competitive and to establish a strong brand name. So, the threat of new entrants in the food retail industry is relatively low. The largest incumbents such as Tesco, Asda, Sainsbury’s and Morrisons, which as indicated in Bord Bia Irish Food Board (n.d) “as accounting for 75% of the market, have increased barriers to entry through their established and well-known brands have already captured the food retail market in UK”. This therefore means that it would be difficult for new entrants to match with the position of the global players and also to find reliable and cheaper suppliers
2.2.4 Bargaining power of buyers
As there are a lot of competitors in the industry who offer a range of related products and services, the customers have the options to choose from. Furthermore, in the retail industry the switching costs for customers shifting from one company to another are low which therefore results in the bargaining power of buyers being high. So, all the companies in the retail industry for them to survive have to ensure that they keep their prices relatively rational while at the same time maintaining high quality.
2.2.5 Bargaining power of suppliersIn the retail industry in UK, the supplier’s position is not very strong. Being one of the largest retailers in the world, Tesco has different suppliers for every product it offers; this has enabled it to gain some control over its suppliers. Again in most cases top retailers like Sainsbury’s, Tesco and Asda enter into contracts with the different suppliers so the suppliers might not want to lose their contracts with these big companies. For these reasons the suppliers do not have a strong position in case of the bargaining power. Regardless of this, the suppliers consider providing the supplies to the top super market as one of the opportunities for their business growth.
2.3Tesco’s endowment of internal resources, capabilities and organizational structure
The Resource Based View (RBV) theory will be used for the purpose of this section. As stated in Johnson et al, (2011), “resource based view states that competitive advantage and superior performance of an organization is explained by the distinctiveness of its capabilities and the two components of capabilities are resources and competences”.
2.3.1Physical ResourcesAs regards physical resources, Tesco through its expansion and growth strategies has been able to have a wide range of products, including its own brand. It has also been able to construct its own property and buildings. For example, “as in the case of China where they were able to open their three Tesco Lifespace Shopping Malls in Fushun, Qingdao and Qinhuangdaa” (Tesco Annual report and Financial Statements, 2010).
Tesco having presence in many countries of the world, it is able to secure more sales and therefore more revenues, for example as indicated in its Annual Report and Financial Statements, (2010) it had the revenues amounting to £62.5 billion. Additionally, Tesco has been able to secure capital from investors as indicated in the example of China above.
2.3.3Human ResourcesIn undertaking its strategies for expansion and growth Tesco has been able to build a strong and loyal human resource base. Tesco having its operation world-wide has around 472,000 employees (Tesco Annual Report and Financial Statements, 2010). These employees are of diverse cultural background, nationality, views and perceptions. Additionally, Tesco has various organizational levels; therefore, employees working with it are also of different qualifications, experience, skills and competences. Tesco has also been able to secure well-motivated and highly skilled personnel through its training and development programs that enhance the personal and professional skills of employees (Tesco Annual Report and Financial Statements, 2010).
Tesco has been able to build a loyal and strong customer base. This is through Tesco Clubcard; to its customers. This loyalty card program Tesco designed to help the customers to save more through awarding points when they spent in Tesco stores, and giving certain discount or promotional vouchers to the card holders (Tesco Annual Report and Financial Statements, 2010).
2.3.4 Intellectual CapitalAs indicated in Virkus (2014), “practitioners suggest that intellectual capital consists of three elements namely; human capital, structural capital (or organizational capital) and relational capital. Firms which have invested in intellectual capital as a resource would be in a better position to draw on skills, knowledge and competences of its human resources; all skills, knowledge and competences would have been gathered through training and development and experience and would benefit from both the internal and external relationships”. With regard to intellectual capital, Tesco has been able draw from its diverse workforce from the different countries, international experience, skills and knowledge, technological know-how and managerial expertise; all of which build up its competences that will enable it to efficiently and effectively deploy its resources.
2.3.5Synopsis of Tesco’s strategic situationThe internal resources, capabilities and organizational structure, as indicated above, that Tesco has been able to build up through its expansion and growth strategies provided a guide as to which strategic direction and choices it can pursue in order to accomplish its goals and objectives. Its strategic capabilities will enable it to counteract its weaknesses and deal with the threats posed by the macro and micro environmental forces in its external environment such that it can be able to take advantage of the opportunities brought about by both the macro and micro environmental forces.
PART 3: Tesco’s strategic direction for the future3.1 SWOT AnalysisIn this section, Tesco’s micro environment will be evaluated through SWOT analysis tool; which according to Johnson et al (2011), “summarizes the strengths, weaknesses, opportunities and threats likely to impact on strategy development that arise from the analysis of the business environment and capabilities”. .After the analysis of Tesco’s micro environment then viable strategic options can be generated; that will enable Tesco to capitalize on its strengths in order to take advantage of the available opportunities in the external environment.
Tesco is a powerful and reputable company around the world. The firm has gained competitive advantage in the competitive industry since it has some resources that can be considered to be valuable, rare, inimitable and non-substitutable, such as its powerful brand and its loyal customer base. In accordance with Kraiczy, (2013), “only resources or capabilities that possess all these characteristics have the potential to generate a sustainable competitive advantage and inturn increase firm performance”.
Tesco has huge distribution network which provides it with essential economies of scale; the economies of scale enable Tesco to lower the cost structure and offer low prices to the consumers. Unless competing fiercely with other equally powerful retailers, the ability to lower costs and price is simply hardly beatable by the small or medium size retailers.
The company also has strong property portfolio around the world. It has many shops which makes the company’s profits immune to the rising rent fees. Also, due to its strong property portfolio, Tesco has an option of gaining financial resources to deal with the emergencies through selling a part of its property.
The adoption of brilliant internal marketing strategies ensuring employees satisfaction for better customer satisfaction is another strength that Tesco has. Tesco’s loyalty clubcard is one of its products that have strengthened its perception amongst its customers. Through this clubcard it is able to award customers for their purchases thereby building a strong and loyal customer base. . As Tesco is capable of satisfying, motivating and developing the workforce to contribute to the firm performance, the firm will be able to retain and leverage on the human capital to become more responsive to market or consumers’ demands.
Tesco has increased its geographical expansion in recent years which has thus made it difficult for it to focus on specific markets.
The company also has a high dependency of the UK market making it vulnerable in case unfavourable conditions hit the UK market.
3.1.3 OpportunitiesAs discussed extensively above, there are many opportunities awaiting Tesco in the external environment. Firstly, as the people living in emerging countries such as in China and India, are getting wealthier as their economies are growing fast, and thus higher purchasing power, so there is an opportunity for Tesco take advantage of growth of consumers and economy in these nations.
Moreover, due to technological advancements within countries of the world, people are becoming more and more techno-wise such that they become used to the use of internet, like online purchases, this in opportunity for Tesco, to further penetrate the market through internet or digital marketing in the new era.
In the western countries, the aging population can also provide different opportunities to Tesco. The change of lifestyle and demographics means that Tesco can be able to extend its market through catering for the needs of the aging consumers as they will demand different products offerings.
People are nowadays becoming more health conscious; this is an opportunity for Tesco to capitalize on such trend and offer healthy foods and diets to the health conscious customers.
One of the biggest threats facing Tesco is that the turbulent and fragile economy, particularly in the western nations. Economic recessions and credit crunches can impact negatively on Tesco’s operations and profitability. Also, there is a threat of intense competition among retailers within the industry; this can also affect and limit the company’s market share and profits. The change in consumer’s tastes is another threat as it affects the demand for the company’s products.3.2 Tesco’s Future StrategyConsidering the facts gathered from both internal and external analysis, several strategies can be implemented by Tesco, for sustainable growth and profitability in the future. Tesco’s strategies should be in such a way that it takes advantage of the opportunities given its strengths.
Firstly, Tesco can increase its focus on enhancing its core competencies, which are low costs and customer satisfaction. Successful strategies should be duplicated and refined in the other nations around the globe taking into consideration the cultural differences that exist in different countries; the think global and act local strategy.
Then, the opportunities in the external environment should be captured, Tesco can focus on reaching consumers in the market space, through social media network and internet marketing, as internet is becoming more popular, even in the emerging countries.
Then, the focus of expansion should be centered on fast growing countries in Asia, such as China and India, as the economic outlook in the west is gloomy. Indeed, as the market sizes in these countries are huge, Tesco has not really fully tapped into the Asia region to serve these increasingly powerful and demanding consumers in this region.
To develop local talents to reach and serve the respective local consumers are also necessary. Expansion program can be delegated to the well-trained and developed local talents, as they are more likely to know the cultural know how.
Tesco can develop new product portfolio to cater for the aging population in the west. By being the first mover in sincerely catering for the needs of the elders, Tesco would likely to enhance customer loyalty. People are becoming more and more health conscious, Tesco can also include more healthy foods and diets in the stores in order to take advantage of the opportunity therefrom.
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