Question

If you were the chief executive of Tesco which corporate strategy and tool would you prefer?explain why these might be different from your favored option.

Answer 1

Answer - Tesco is one of the largest retailers in the UK. It's a set of values and a strong focus on the mission and vision statements leads to a consolidated corporate strategy that helps keep business on track. I being a chief executive of Tesco would focus on the fundamental principle of customer loyalty and value through business driven by quality, price, support, and innovation. To achieve success in business, the very first step is to have clarity on its mission and vision, For Tesco, it would surely be customer loyalty through innovation leading to customer retention and continuous conversion. Now any business strategy is ultimately driven and executed by people, so Tesco should also focus on people management and ensuring to maintain a satisfied workforce believing and supporting in the same bigger goal of Tesco. Various tools like SWOT, PESTLE, Porter's Five Forces will help gauge Tesco's competitive position in the market place and evaluate the sustainability of its corporate strategies. The tools that are already been used in Tesco may not be preferred by me any longer depending upon how much data the tools are able to provide with the current market trends if found backdated then adopting newer methods of sustainability check would be implemented by me. Eventually, I would use SWOT and PESTLE to understand the market condition in the non-food and grocery sectors of the marketplace in order to develop competitive corporate strategies to expand Tesco's business in non-food and grocery markets. However, to ensure this pilot implementation does not affect the original business of Tesco, sticking to the fundamental strategy of customer value and loyalty and maximizing the understanding that comes up from various strategic tools evelautaion of the marketplace should be critically considered.