Retail Marketing (Tesco) Assignment Example | Topics and Well Written Essays - 2250 words

Retail Marketing (Tesco) - Assignment Example A very humble beginning in 1919 when Jack Cohen began this journey gradually transformed the fortunes. Strong Government support: It was the state patronage which encouraged the promoters of Tesco to plan for future. Not many hurdles were created by the political class. In fact Tesco also kept the ruling class in good humor by taking politically correct steps from time to time. Minimal competition during those early days: Those were the golden days when Tesco came out with its first branded tea in 1924, not many competitors were around and terms like 'cut-throat' were not even introduced. Satisfied customer: Grabbing customer attention is not a big deal but retaining customer loyalty requires sound thinking at the top. A satisfied customer often takes pride in becoming a goodwill ambassador for the company. Tesco team says, "our core purpose is to create value for customers to earn their lifetime loyalty." By all accounts it can be said that they are indeed working, quite successfully, towards that. Reigns in the hands of able management and shrewd strategists: "Winners don't do different things, They do things differently"1 This statement gives full credit to strategists of successful enterprises. Strategic decisions provide a direction in which the organisation is to move. Organisation's mission and objectives find a reflection of strategists. Tesco has a long term strategy for growth, based on four key parts: growth in the Core UK, to expand by growing internationally, to be as strong in non-food as in food and to follow customers into new retailing services. Committed workforce: Organisations are not passive components. They are live, full of activity and environment-responsive like living beings. With time organisations acquire a character and develop a typical personality and we tend to make an image of the employee depending on the organisation he/ she works for. This very personality of the organisation considerably influences the functions of organisation in the long run. Reasonably good industrial relations: Keeping the workforce in good humor by providing them with adequate benefits and considering them as an inseparable part of the organisation helps in resolving the disputes quickly. Good investor relations: This becomes all the more important when general public has a stake in any. After becoming Tesco PLC from Tesco Stores (Holdings) in 1983, Tesco became a public company and it has been sharing good amount of its profits with investors. Understanding the environment: Continuously monitoring the environment and following the leads is key to a successful business. Continuously studying the different aspects of environment (social, political, legal, technological, etc) and taking corrective and adaptive steps accordingly helps in growing of an organisation. Tesco started computerised check out counters as early as 1982 and this stride continued with opening of www.tesco.com and its online operations. On the societal front Tesco states, "One of our most important values is to treat people how we would like to be treated."2 With this in mind Tesco makes a significant contribution to communities through its charitable giving and community-based education programmes Making excellent use of its strengths and grabbing the opportunities at the right moment: Understanding one's strengths and making fullest use of the opportunities makes a