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The Business Environment of Tesco Plc - Case Study Example

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The Business Environment of Tesco Plc

In its website, Tesco Plc clearly identifies its mission by the statement "Our core purpose is to create value for customers to earn their lifetime loyalty" (Tesco Plc 2008) This statement is in recognition that the success of the giant retailer is highly dependent on two key identified stakeholders-"the people who shop with us and the people who work with us" (Tesco Plc 2008). Thus, the company also expresses its two core values which are focused on the satisfaction of these two groups of stakeholders. For customers, Tesco maintains that in their stores "No-one tries harder for customers," (Tesco Plc 2008) while for its employees, it stresses that it would "Treat people as we like to be treated" (Tesco Plc 2008).
This analysis will focus on three stakeholders of Tesco Plc, two of which are already identified above as its customers and employees. It should be noted that the success of the business organization is dependent on the customers' decision to purchase in the retail store. This in part is attainable only through the direct cooperation and effort of its employees to pursue its overall strategy of providing good products, excellent service, creation of a convenient shopping atmosphere and making shopping as enjoyable as possible. The mission of Tesco to retain loyal people both its customers and employees is created in recognition to this fact.
Since the mission statement revolves around customers and employees, the company's values are also geared towards the satisfaction of these stakeholders. Tesco further expounds on how it satisfies its customers by identifying the direct ways on how to boost customer value: "Customers have told us what they want-clear aisles, to be able to get what they want at a good price, no queues and great staff. We call this our Every Little Helps Shopping Trip for customers and use it every day to ensure we are always working hard to make Tesco a better place to shop, at home and abroad" (Tesco Plc 2008). The identification of customers as key stakeholders of Tesco becomes a primary importance when it formulated its values.
For its employees, Tesco Plc is committed in making the company a "great place to work" by listening to what its workforce wants: "Our staff have told us what is important to them - to be treated with respect, having a manager who helps them, having an interesting job and an opportunity to get on. Helping achieve what is important to our staff will help us to deliver an Every Little Helps Shopping Trip for our customers" (Tesco Plc 2008). Recognizing that Tesco's customers can be satisfied by its staff, the retailer also focuses on the satisfaction of its people to look after and deliver value to its customers.
The four pronged objectives of Tesco Plc together with the identified mission and values altogether work for the maximization of the wealth of its other key stakeholders-its shareholders. Every business organization pursues the same goal and that is to be able to generate a sizable profit for its ...Show more
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Summary

From its foundation by John Cohen as a one-man business, Tesco PLC has ascended to the world retail industry becoming the largest British retailer based on both global and local shares. In its early years of operation, the UK-based international retailer specializes only in the distribution of food products but as it gained more market and its performance strengthened, it enhanced its portfolio by augmenting other goods and services to which ranges from clothing to consumer electronics to consumer financial services to internet services to internet service and consumer telecom…
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