Strategic Decision of Tesco - Research Paper Example

 Strategic Decision of Tesco Task 1: Is Tesco’s intention to offer consumers basic bank accounts a strategic decision or an opportunistic one? 1.1. Outline Personal finance operations at Tesco have received an added impetus with the Company’s decision to acquire 50% share stake that the Royal Bank of Scotland (RBS) has in the Tesco’s financial operations for a sum of £950 million. Tesco hopes to focus on its current home insurance segment at the initial stage of operations (Powell & Cohen, 1991). Home insurance products in its personal finance business have been determined by a degree of varying success. Its decision to venture in to personal finance can be examined from three different perspectives (Higginson, 2005). These perspectives based on Tesco’s past financial operations adequately identify some strategic orientations and trends rather than the decision being an opportunistic one to take advantage of the turmoil in the banking industry in 2008. The following explanation would show that the unfolding scenario of bank failures in Europe and elsewhere was a pure coincidence (with the decision). (a). The most predominant strategic orientation perspective which in turn is divided in to market or customer orientation, competitor orientation and product orientation.. (b). Strategic diversification perspective for the sake of outdoing rivals. (c). Global economic scenario and developments related perspective (www.bharatbook.com). A common thread that runs through these three perspectives consists of the internal and external environment related issues and factors such as the political, economic, social, technological, competitive environmental and regulatory or legal developments. Thus attention must be focused on the multifarious factors, issues, implications and strategic developments that are central to the Tesco’s decision to operate a banking arm within its retail chain. This analysis would assume both a strategic assessment and a theoretical and conceptual contingency model or framework. Tesco’s current personal finance operations include a customer base of 5.5 million of which consist of 1.3 million credit card accounts and 390,000 savings accounts. With 2,700 ATMs located in Tesco stores the retail giant is well equipped to face off competition from rivals who might not have the same advantage of offering combined services of retailing and banking to the customer at one single location. 6.9% of the credit card market share puts it at a fair advantage vis-à-vis the less fortunate competitors whose strategic competitor orientation would suffer from uneven operational efficiencies and marketing synergies. 4.3% of the car insurance market in itself is more or less enough to identify the existing potential market niches to be captured from rivals (www.news.bbc.co.uk) . Assuming the existence of current financial market volatilities allow Tesco to re-orient its business strategy to achieve Mergers & Acquisitions related positive scale economies, the outcomes related to Tesco’s personal finance operations would be heavily loaded with successful integration of a variety of operations. This in turn would bring about corporate success at the operational level. Retail chains such as Tesco have historically been associated with selling consumer goods that include semi-durables and food. Groceries, vegetables, cereals, fruits and so on, have been the main attraction at retail stores for a number of years. However with the advent of the internet and internet banking the manner in which customers purchase goods at supermarket chains has completely changed. Tesco was quick enough to recognize the existence of a service deficit at retail stores in Britain. The service deficit essentially involved the making available of instant money to purchase goods. Tesco’s initial move in to the market of personal finance was limited to credit cards, vehicle insurance and related retail banking. Even today it is these services that are still being performed at its retail stores. Thus there was no effort at Tesco to undertake wholesale banking. Tesco’s personal finance division was set up in collaboration with the RBS almost 12 years ago and currently its operations are basically relegated to its retail stores in Britain. However with the purchase of RBS’s shares in the business Tesco has successfully moved out of the protective umbrella of the organization. The subsequent move to set up a separate retail banking network with the opening of its Head Office at Edinburg in Scotland has put the organization in the limelight (newsvote.bbc.co.uk). For instance this is a move laden with a greater degree of risk because the current global developments in finance and banking show how uncertain the future of banking in the world is. Financial market volatilities apart, the banking industry in Europe in particular and in the rest of the world in general has been affected by bank failures, e.g. Northern Rock. Tesco’s future plans for expansion include a variety of retail banking services such as current accounts and mortgage services with a difference. However banking industry is not like any other because it is subject to both market and regulatory uncertainties in the face of evolving diversity and complexity. Diversity in retail banking is determined by the very nature of its concentration ratio. For instance the concentration ratio is limited to 4 or 5 dominant market players with a market share of almost 85% to 90% while the smaller banks just share among themselves as a smaller percentage as 10% to 15%. As a result diversity is located at the base level of the market leaving the greater percentage to a very few big banks. The net result of this development is that smaller banks have to fight among themselves to capture market niches from the big banks. The environmental factors have played an invariably a bigger role in determining the Tesco’s decision to open up a retail banking unit of its own (McDonald & Keasey, 2003). Its recent decision to go for an individual rating of its current financial status is another important factor that focuses on the very ambitious programs that the top management at Tesco has for the future. An independent rating or assessment by credit rating agencies like Moody’s, Fitch or Standard & Poor’s would give it the kind of confidence that is necessary to operate in a highly competitive market. It is also necessary to gain customers’ confidence in the services provided by the bank. For this analysis this writer would use the UK operations of Tesco in particular and European operations in general. 1.2. Porter’s Five Forces Porter’s Five Forces and Ansoff’s Growth Matrix are also of particular importance to understand Tesco’s personal finance unit’s strategic planning and decision making imperatives. Porter’s Five Forces signify the contextual significance of supplier power, buyer power, competition, the threat of substitutes and the threat of new entrants into the market (Porter, 1980, p.344). Porter’s Generic Value Chain can be applied to examine Tesco’s ability to connect primary value chain activities with support services (Porter, 1998, p.34). Tesco has made use of both strategies to better advantage in seeking to identify and assess market possibilities. Outlined below are the Porter’s Five Forces and their strategic weight on the Tesco’s competition policy in banking (Ibid Porter, 1980, p.344). • Supplier power • Buyer power • Competitive rivalry • Threat of substitutes • Threat of new entrants Supplier power refers to the degree of freedom that suppliers have over the firm which buys supplies from them. Tesco bank in particular and the banking industry in general have to procure supplies from suppliers in the open market where rules of competition might threaten Tesco’s own strategic objectives as well as others. For example the current spate of bank failures is primarily attributed to inherent liquidity risk management weaknesses and not to panicked deposit withdrawals by customers (www.independent.co.uk). How would Tesco respond and how would the rest of the industry respond to all this, depend on a number of other variables such as the concentration ratios in the supplier industries, the availability of and the degree of dependency on credit, macro-economic variables such as interest and business tax rates and a host of other factors. Buyer power is perhaps the most effective force with far reaching consequences for the business that the company has to face. For instance customers of Tesco Bank might be able to exert pressure on the management to reduce fees both in volume and rates. The current customers of Tesco’s Personal Finance Unit have been retained by adopting a similar strategy. After all customers are all too familiar with the current practice of ‘harvesting fees’ by banks while the customer base remains more or less the same or even it might shrink. Rivalry or competition in the banking sector is almost intense because the Human Resource management, technological changes and infrastructure developments involve insignificant costs for existing firms. Therefore Tesco has to face a lot of competition from its competitors (www.thebanker.com). As a corollary of the above there is an ever increasing tendency for fairly big banks like Barclays to benefit from Merger and Acquisition (M&A) related integration in order to achieve quick cost and productivity synergies. In the Tesco retail banking sector, numerous substitutes exist in the form of price competition, i.e. X-firm’s service which is almost identical to the Y-firm’s service, is preferable if the former service’s price is lower than the latter’s. Tesco is not altogether impervious to this rule. Its current operations are highly dependent on market regulations which seek to impose limits on divergent market behavior of firms. In fact its market penetration strategy is determined by a well calculated move to capture shares from existing rivals in niche markets. This is the best example of its current strategic thinking and planning (Wyk, 2006). Finally Porter’s Fifth Force is about the threat of entry by new firms and it has a very negative impact on the existing firms in the industry. Here what matters is the cost of service. Those banks whose costs are higher will be compelled to shut down. Tesco’s current efforts to cut costs would definitely be a positive factor in contributing to its long term survival. 1.3. Porter’s Generic Value Chain Porter’s Generic Value Chain shows how support services can be connected with the sequence of value chain activities (Ibid Porter, 1998, p.34). Primary value chain activities are inbound logistics, operations, outbound logistics, marketing & sales and services. Support services include firm’s infrastructure, Human Resource Management (HRM), technology development and procurement. Business analysts and authors who have extensively written on value chain management and marketing connect both together to present a picture on an integrated value chain management process along with a sustained marketing strategy for survival of small firms in extremely competitive industries (Proctor, 2000, p.10). Tesco’s retail banking arm comes under this conceptual framework. Tesco has been doing business for 12 years and its relative newer position makes it vulnerable to predatory pricing strategies of much older firms. Value chain management, both internal and external, helps it to prioritize its marketing strategy with market penetration pricing as a focal point of competition. This strategic orientation has been at the center of its banking operations throughout and therefore there is no evidence whatsoever to prove that its move to add full-scale retail banking to its existing business is an opportunistic one. For example its board decisions apart there has been a clear trend towards implementing full-scale banking operations during the past decade. 1.4. PESTEL Analysis of Tesco’s personal Finance The PESTEL environment of Tesco’s banking operations so far has been characterized by predominantly political, economic, technological and regulatory issues. Politically its operational environment is subject to EU-wide implications. For instance the recent EU expansion in Eastern Europe has many political undertones for Tesco’s banking operations. Tesco is not going to limits its operations to Britain only. It will definitely expand in to other regions both in Europe and elsewhere. Already the political environment of Tesco is heavy with its organizational approach based on corporate sustainability design and planning activities. All this is intended to benefit the customer. Economic implications of the British Government policies have had a telling impact on Tesco’s banking operations. Even though its personal finance operations have been growing steadily, they are still limited to some retail banking activities like savings accounts, credit cards and ATMs. However this growth trajectory has been influenced by the macro-economic policy mixture of the British Government. For example monetary policy measures were adopted to curtail money supply and similarly national minimum wage policy has had its impact on its operations. Social changes resulting from the admission of many East European countries in to the EU membership also have had an impact on its operations. However it is the technological environmental influences that impacted heavily on the organizational goals and outcomes of Tesco. Particularly its retail banking operations need to be updated in keeping with competitors’ moves. Modern ATMs and communication equipment cost dearly when innovative approaches are put in place. Tesco has upgraded its ATMs and installed highly sophisticated communication equipment with a view to launching full scale banking operations. Some environmental factors such as EU regulations have impacted on its banking operations. The British government is committed to the full implementation of the New Basel II Accord which governs a capital structure of banks and financial houses. These are global influences that Tesco cannot avoid. All along Tesco’s personal finance operations were subject to the same regulations. Thus Tesco knew that it was going to face a highly regulated legal environment. Tesco has been strategically orienting itself as a future bank in the UK in particular and Europe in general (Beccalli, 2007). The spate of bank failures that took place in 2008 were result of mismanagement and poorly defined corporate goals. The top management at Tesco would not have been unaware of this. In the first instance the decision to have a separate fully functioning retail banking unit in a year or so from now has been taken in keeping with its overall corporate strategy. It has known during the past decade that retail banking operations would have much more promise in a highly competitive environment if the right combination of strategies and policies were adopted. Some independent research studies on Tesco’s banking operations during the past 12 years show that Tesco has been more or less targeting customers to maintain a permanent link. For instance when Tesco realize that customers shopping at its retail stores were driven by convenience it began to introduce a series of in-house operations to identify certain segments of customers on the basis of their willingness to pay for extra services including banking. In the absence of fee harvesting strategies such customers are more likely to stick with Tesco’s banking services. Therefore this writer concludes that Tesco’s decision to introduce a fully functional banking arm with a separate rating so that it can raise finances in the wholesale market, has been made with the sole intention of strategically positioning itself to achieve corporate goals such as long term profits, market share, share price, revenues, corporate sustainability and responsibility, stakeholder satisfaction and so on. It has been determined to carve out a market niche to itself both strategically and operationally. Task 2: What resources and capabilities can Tesco muster to make a success of consumer banking? As of consequence its market positioning strategy is obviously influenced by the SWOT environment (Strengths, Weaknesses, Opportunities and Threats). The current developments at Tesco’s personal finance arm can be divided in to an internal and external environmental analysis involving SWOT perspectives (www.researchandmarkets.com). The internal environment of the personal finance unit or the bank of Tesco is highly characterized by the SWOT framework. For example strengths and weaknesses of Tesco generally apply to the bank as well because the latter has not yet been separated from the group. Even if a separate rating is obtained, it does not mean that potential customers would attach a distinction to its operations till Annual Financial Reports for a few years are put out. Thus the current operational strengths of the banking unit are determined by the extent and the impact of the prevailing strategic operations including the customer relations and corporate governance. With approximately 6 million customers and 28 banking and insurance products, Tesco’s personal finance is doing better though the current lending operations are limited to a fewer products. Tesco’s resource base is strategically determined by both variety and complexity. Its on-line banking operations have acquired a near international dimension. Its resource base is highly characterized by a dichotomy in direction. Some of the resources are directed towards meeting customers’ demands while the other segment is employed in harnessing strategic capabilities. Its strategic capabilities are divided in to four divisions. (a). Strategic corporate governance capabilities (b). Strategic resource management capabilities (c). Strategic marketing management capabilities (d). Strategic competitor orientation capabilities (a). Strategic corporate governance capabilities Strategic corporate governance capabilities of Tesco personal finance include the company’s long term initiatives on meeting its sustainability related obligations and empowering stakeholders to be more involved in corporate governance practices. As a result corporate responsibility has become the corner stone of all strategies and plans. For example the Board of Directors at Tesco have identified a series of corporate initiatives to be implemented in keeping with the New Basel II Accord. SWOT analysis enables the organization to plan and execute its programs of action with a degree of certainty about the external environmental factors that influence its own existence (www.free-encyclopedia-online.com ). Tesco retail banking sector would necessarily be faced with a number of external economic influences such as the government policies on taxation, interest rates, inflation, money supply, balance of payments, Gross Domestic Product, National Income, foreign governments’ protectionist policies and so on. The government might impose higher corporation taxes, regulations in order to control inflation. This would affect the retail banking sector in a number of ways. Strategic processes and systems within the organization involve all management functions and corporate decisions. Tesco would have to initiate its strategic functional processes and systems in keeping with its own strategic competitive environment as determined by SWOT analysis. For instance internal organizational arrangements for communication, quality management, internal value chain management, employee relations, HRM function, budgetary control, cash flow management, motivation and so on will have to be aligned with organizational goals. Also Tesco would have to take into consideration the competitive environment and available choices. These capabilities have been noticed to exist at Tesco’s personal finance unit right now. Next, strategic corporate governance policies have both a functional and a causative element in them while corporate strategies are goal-oriented plans that incorporate the former. Corporate strategy is an approach to future that involves “(1) examination of the current and anticipated factors associated with customers and competitors (external environment) and the firm itself (internal environment), (2) envisioning a new or effective role for the firm in a creative manner, and (3) aligning policies, practices, and resources to realize that vision” (www.businessdictionary.com). Business organizations thus are faced with strategic internal, external and inter-firm factors that force them to adopt certain policies to position themselves in the market with strategic orientation towards the achievement of long term corporate goals. In this sense corporate strategy is the fundamental strategy of the conglomerate firm that seeks to reorient its strategic completion policy while at the same time maximizing the synergy related benefits arising from an acquisition or a merger. This is part and parcel of the whole corporate strategy of ensuring the growth of its market share and profit margins. This is the very idea behind the Tesco’s performance success. (b). Strategic resource management capabilities Strategic capabilities of Tesco’s banking operations partially or wholly depend on the current structural and organizational outcomes. For example its VRIO (Value, Rarity, Inimitability and Organization) framework is determined by its successful development of a resource base that cannot be copied easily by its rivals. Tesco’s consumer banking success is thus determined by its ability to manage internal resources in a manner that its competitors cannot copy and replicate in their own strategic operational environments. The resource-based view of the organization and the connected VRIO analytical framework depend on two assumptions – resource heterogeneity and resource immobility (Barney, 1997). Resource heterogeneity presupposes that each firm would possess a distinctly unique set of resources and connected capabilities thus giving it an advantage in cost over the rest of its rivals. Tesco consumer bank has particularly invested in both the options by adopting a multi-prone strategy of Research & Development (R&D) and a higher level of resource utilization thus effectively curtailing the degree of freedom enjoyed by rivals in copying its resources. This strategic initiative on internal resource development along with its formidable management culture has enabled Tesco consumer bank to evenly balance itself on the VRIO framework thus equipping itself with additional capacity to compete. Its resources are uncopiable by rivals. Productivity at Tesco consumer banking unit has increased. Its current market expansion programs in Europe have paid off so well due to the fact that its employees are called upon to contribute to the success of the organization through participatory programs such as quality improvement and productivity enhancement (Abosini,1998). The company has successfully implemented innovation-centric approaches to growth. In fact Tesco’s many current drivers of growth, innovation and technology transformation are based on its organizational structure related cultural attributes such as empowerment of employees and performance-related pay. Efficient resource management techniques have to be adopted in order to face off competition in a highly regulated environment. A consumer bank has to face more threats on a day-to-day basis from its rivals so that efficient resource utilization and rationalization to enhance capacity would be much more desirable form the viewpoint of strategic competitive strength. Rivals depend on their brand image and promotion strategy to increase sales volume while much of their competitive edge consists of pricing and quality policies. Consumers of banking products are often influenced by variables like location of ATMs, convenience and fees In this backdrop Tesco should be able to manage its resources more on line with a ratio perfect basis such as resources spent per account opened. Labour resources matter here to a greater extent. The current HRM practices at Tesco are determined by its number one position in retailing. The same HRM practices might not help the bank because rivals have acquired a strategic advantage in resource mapping, particularly labor (www.foodanddrinkinsight.com) . Product quality and service efficiency are two of the basic strengths that Tesco possess right now and therefore they might give an added value to the product in the eyes of the potential customer. Those strategic capabilities would enhance those values through better customer relations. The international appeal of the product plays a very significant role here as consumers tend to associate brand with product quality. Brand dependency is probably the most inescapable outcome related to this strategic approach. (c). Strategic marketing management capabilities While strategic market orientation is determined by its own internal strengths, strategic product orientation comes from brand equity and customer loyalty. In the absence of loyalty measurements strategic marketing capabilities and brand loyalty of customers cannot be accurately assessed. The UK market for innovative banking is essentially characterized by a higher density of youthful population. That alone is a positive indicator of the market potential that a separate banking unit with its own credit rating and management structure might successfully exploit to achieve a rage of profit and sales volume benefits across a spectrum of unintegrated niche market segments. Any other marketing strategy wouldn’t be so much conducive for a company that seeks primarily to cut a niche for itself in an otherwise highly competitive market with a market concentration ratio of four to five banks taking almost 85% of the market share between them. Barclays, Hong Kong & Shanghai Banking Corporation (HSBC) and so on have been dominating the EU financial and banking industry. Their global market strategies are no match for smaller business entities though the niche market segments would be ideal for a new entrant depending on the type of strategy adopted. Tesco isn’t altogether a newcomer but an expanding entity. Marketing management practices with complex strategic initiatives are needed to be adopted in the new market. Tesco has enough resources to carry out a sustained marketing campaign aimed both at the potential customer and the competitor. A promotion campaign actually bears the whole mark of the organization’s mission vision and strategy. Communication strategy is part and parcel of this holistic approach. Communication failure including public relations could hinder progress in establishing the right links between the potential customer and the bank. In an extended marketing mix people, process and physical evidence can also be included though such an extended marketing strategy would all likely be a stepping stone to a national strategy in the host country. For example mass marketing strategies of the big three or four can be countered effectively by using a long term brand equity strategy. Such far reaching catalytic changes can only be carried out with the kind of approach and marketing resource capabilities that Tesco’s retail chain currently possesses. Customers look for value in niche markets where brand names carry weight. Finally Ansoff’s product-market matrix would come handy in making an earlier assessment of the potential outcomes of a new marketing strategy. New products in existing market segments would be the most appropriate marketing strategy despite the level of existing intensity of competition. This is further facilitated by internal value chain, quality and supply chain management processes because a wholly owned subsidiary would enable the management to concentrate on the larger task of product development and marketing with all resources focused on strategic marketing outcomes. However a marketing mixture of this nature would altogether have no relevance in the face of resistance from existing competitors if Tesco’s banking unit diverges from its market/customer orientation strategy of facing off competition because the company ought to concentrate on capturing some market shares from the existing competitors. (d). Strategic competitor orientation capabilities The parametric growth process of this industry has evolved through a highly complex, volatile and strategically important space-time dimension. In this context, the survival of the average firm in a highly competitive environment depends on both known and unknown macrocosmic and microcosmic factors or variables (e.g. Porter’s five forces) which in turn have to be determined to make a reasonable assessment of the outcomes. Thus it necessitates a paradigm construct to delineate all its leveraged phases of growth. Strengths in this market environment are an internal organizational quality that enables the business to survive and compete against other similar banks, e.g. good positive cash flow. A weakness is also an internal organizational problem that affects it negatively while giving an opportunity to rivals such as liquidity risk management. An opportunity comes basically from the external environment such as strategic alliances. Finally a threat is also a basically external matter, e.g. a rival’s ability to face off negative consequences of economic downturns. The leadership style tends to be less democratic or more autocratic. This might affect innovation and motivation to a certain extent. Retail bank managers have been noted for aggressive customer service though it has helped very little by way of change at the levels of motivation and innovation. It’s primarily due to the inability of bank managers to go against labour rules regulations. However the fact that management practices have an impact on customer services so that the bank’s success or failure is partially determined by such factors as mobilization of resources to meet customers’ changing patterns of demand and minimizing costs at the operational level. The appropriateness of the strategic competitive approach depends on the firm’s own capacity for the functional integration of all its strategically important functions from marketing to delivery so that competitive advantage will be achieved (Bloomfield et al). Lateral integration of functions across an organization to achieve competitive advantage against other similar banks in the industry is a well known business tactic. Integration means controlling new bundles of resources in addition to controlling costs (Chatterjee, 2005). Tactical strategies adopted by organizations to avoid risk are common in every industry. Such strategies have been criticized by many writers due to their escapist element (Ibid Chatterjee, 2005). However such strategies are part and parcel of the decision making process. Tesco isn’t an exception to this rule. Its banking operations have just taken off and the outcomes are yet to be seen. However it has adopted similar strategies and is less likely to unravel in the face of the current economic turmoil. Diversification or product differentiation is practiced by firms when the existing products have reached their maturity or decline phase in the product life cycle. Product diversification has been at the very heart of the banking and insurance industry. While most of the other small banks have been targeting a pre-chosen customer base Tesco has been adopting some innovative strategies in its internal operations including quality management with a view to maintaining the positive relations with existing customers (Goodwin and Wright, 2004). Critical success factors at both industry level and the individual gourmet chocolate manufacturing firm level include such things as the role of the top management, quality improvement standards and techniques, employee relations, motivation, leadership style, internal value chain creation, external supply chain management and so on. Thus the future performance of Tesco depends on the bank’s ability to harness these capabilities to the maximum. It must be noted here that the company has been operating against a host of constraints including the current global recession. Finally it must be noted that Tesco has been placed at a strategically advantageous position in the consumer banking sector through its retail chain’s resource capabilities and enhanced operational capacity. These elements have received much less attention in the past because there was nothing more than speculation as to what Tesco would do with its personal finance arm of 12 years at the end. 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Goddard Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Philip Molyneux, P. , & Wilson, J. O. S. , 2001 , European Banking : Efficiency, Technology and Growth , Wiley & Sons inc. , west Sussex 12 . Harper, R. , 2000 , Organizational Change in Retail Finance: An Ethnographic Perspective (Routledge International Studies in Money and Banking, 8) , Richard Harper (Author) › Visit Amazon's Richard Harper Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Routledge , New York . 13 . Heffernan, S. , 2005 , Modern Banking , Shelagh Heffernan (Author) › Visit Amazon's Shelagh Heffernan Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Wiley & sons inc. , West Sussex . 14 . Humby, C. , Hunt, T. E. D. , & Phillips, T. , 2004 , Scoring Points: How Tesco Is Winning Customer Loyalty , Kogan Page , London . 15 . Humby, C. , Clive Humby (Author) › Visit Amazon's Clive Humby Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Hunt, T. , & Phillips, T. , 2008 , Scoring Points: How Tesco Continues to Win Customer Loyalty , 2nd edn , Kogan Page , London. 16 . GolaCarlo Gola (Author) › Visit Amazon's Carlo Gola Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central , C. , & Roselli, A. , 2009 , The UK Banking System and its Regulatory and Supervisory Framework (Palgrave Macmillan Studies in Banking and Financial Institutions) , Palgrave Macmillan , New York . 17 . ICON Group International, Inc., 2003 , TESCO CO., LTD.: International Competitive Benchmarks and Financial Gap Analysis , California . 18 . Joseph A. , & DiVanna, J. A. , 2004 , The Future of Retail Banking: Delivering Value to Global Customer , Joseph A. DiVanna (Author) › Visit Amazon's Joseph A. DiVanna Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Palgrave Macmillan , New York . 19 . Manfred, K. , & Mantrala, M. K.(Edi.s) , 2005 , Retailing in the 21st Century: Current and Future Trends , Springer , Germany . 20 . Paul, D. , & Yeates, D. (Eds.) , 2006 , Business Analysis , British Informatics Society Ltd , Swindon . Routledge , New York . 21 . Pearson, G. , 1999 , Strategic Thinking - Strategic Action , 2nd Edn , Prentice Hall , London . 22 . Phillips, P. , 2005 , ‘The Strategic Planning Process’ , Coating Word Journal , Vol.10, No.09, Pp.26(2). 23 . Porter, M. E. , 1998 , On Competition , Harvard Business School Press , Massachusetts . 24 . Porter, M. E. , 1998 , Competitive Strategy: Techniques for Analyzing Industries and Competitors ,Michael E. Porter (Author) › Visit Amazon's Michael E. Porter Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central The Free Press , New York . 25 . Porter, M. E. , 2008 , On Competition, Updated and Expanded Edition , 26 . Redhead, K. , 2008 , Personal Finance: A Guide to Money Management , Keith Redhead (Author) › Visit Amazon's Keith Redhead Page Find all the books, read about the author, and more. See search results for this author Are you an author? Learn about Author Central Routledge , New York . 27 . Ruozi, R. , & Anderloni, L. (Eds) , 1999 , Banking Privatisation in Europe: The Process and the Consequences on Strategies and Organisational Structures , Springer , Milano . 28 . Thompson, A. , 2003 , Strategic management : concepts and cases ,13th edn , McGraw- Hill Irwin , London . 29 . Talwar, R. , 1999 , Achieving Transformation and Renewal in Financial Services (Managing Change in Financial Services Series) , CRC , Cambridge . 30 . The Association of Chartered Certified Accountants , 2008 , P3 Business Analysis BA: Complete Text , Kaplan Publishing , Berkshire . 31 . Wiedemann, L. , 2007 , ‘British grocer Tesco reveals new store locations in the county’ , San Diego Business Journal , Vol. 28, No. 26, Pp.6(1) . 32 . Williamson, D. , Cooke, P. , Jenkins, W. , & Moreton, K. M. , 2003 , Strategic Management and Business Analysis , Butterworth-Heinemann , Massachusetts . Clive Humby (Author) › Visit Amazon's Clive Humby PageFind all the books, read about the author, and moreSee search results for this author Are you an author? Learn about Author Central Read More