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Mission, aims and objectives of Tesco PLC - Essay Example

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Mission, aims and objectives of Tesco PLC The mission statement guides the actions of the organisation, spells out its overall goal, provides a sense of direction, and guide decision-making. The Tesco Group’s mission is embodied in what the organisation refers to as its core purpose: to create value for customers to earn their lifetime loyalty (Tesco 2011a)…
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Mission, aims and objectives of Tesco PLC
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"Mission, aims and objectives of Tesco PLC"

Download file to see previous pages This way, Tesco seeks to be valued not only by its customers, but also by the communities it serves, its employees and its shareholders. This vision is a qualitative long term target for Tesco as a business thus one could arguably state that it describes the Group’s aims. The company used the above stated mission and vision statements to develop seven corporate objectives. These seven corporate objectives are quantifiable medium to long-term targets that inform Tesco’s corporate strategy. The first objective for Tesco is to continue to grow its UK core market. The UK is the largest business in the Group and a key driver of sales and profit. In 2011, the UK contributed 68% of the Group’s trading profit (Tesco 2011a). The second objective is to be an outstanding international retailer both in stores and online. The company is currently in 14 markets outside the UK that contribute 25% of the Group’s profits. The third objective is to be as strong in everything the company sells as they are in food. This involves broadening their products and services offering. The fourth objective is to grow their broadening retail services in all the markets where the Group operates. Tesco has largely focused their retailing services within the UK market. The three remaining objectives are: to put the Group’s responsibilities to the communities it serves at the heart of what the organisation does; to be a creator of highly valued brands; and to build their team so that the organisation creates more value. Tesco’s organizational diagram Tesco is a large, multinational organisation. This naturally leads to the organisation adopting a huge and complex organisational structure that has to delegate roles and responsibilities across the world. The diagram shown above only covers the executive level of the Group and does not include the board of directors, to whom the Group CEO, Philip Clarke reports. Evaluate how the choice of structure of an organisation can affect the way the organization is run Organisational structure refers to the patterns of relationships between roles in an organisation and its different parts. Some define it as the system of organizational rules, divided into rules regulating the behaviour of people and rules regulating the functioning of machines (Scheidegger 1997). It deals with issues such as responsibility, authority, communication, coordination, and control. A more modern definition is suggested by McMillan (2002) who defined organizational structure as the visible and invisible architecture that connects and weaves together all aspects of an organisation’s activities so that it functions as a complete dynamic entity. How an organisation is run depends on the competitive strategy that is has adopted. For example pursuing a differentiation strategy requires the business to be run differently than when the business is pursuing a low cost leadership strategy. For this reason, Chandler (1962) argued that structure follows strategy in organizations. Strategy is the determination of long-term goals and objectives, courses of action and allocation of resources, and structure is the way the organization is put together to administer that strategy, with all the ...Download file to see next pagesRead More
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