Strategic Alliance or Joint Venture in the Foreign Markets - Case Study Example

Individual Report about Tesco Executive Summary Tesco Plc. is a leading retail chain in the United Kingdom retail industry. Since the inception of Tesco by Jack Cohen, it has accorded unprecedented growth. The purpose of this study is to present an individual report on Tesco. The PESTLE analysis based on the supermarkets of the UK retail industry revealed that there exists significant opportunity for the retail companies such as Tesco to attain growth and revenue. Porter’s 5 Forces analysis demonstrated that the degree of competition is relatively high in the retail industry of the UK while the power of buyers is also ascertained to be high. Besides, the UK retail industry is determined to be a matured industry dominated by few players only. Hence, the threat of entrants is ascertained to be low. The resource based view of Tesco has revealed that the company possesses adequate resources and capabilities in the form of widely recognised brand image and a pool of talented employees. The analysis of the value chain revealed that the company has established effective relationships with its suppliers and operates through different stores differentiated through size location and product range. Tesco has also employed clubcard to attain greater customer loyalty. The analysis of the PR crisis demonstrated that the company has engaged in certain unethical practices and the strategy of "pile it high and sell it cheap" adopted by Cohen had resulted in creating a bad image for the company. Tesco has adopted hybrid strategy that involves the combination of both cost leadership as well as differentiation. Ansoff matrix revealed that Tesco uses a mixed strategy. Based on the analysis, it was suggested to the company to adopt a set of prudent strategies according to the changing business environment and to concentrate on improving its relationship with the suppliers and the employees. It would vital for Tesco to focus on strategic alliance or joint venture in the foreign markets in order to avail the benefits of local expertise and economies of scale. Table of Contents Executive Summary 2 2. Q1 – Analysis of the External Environment 6 1. Macro Environment Analysis – PESTLE 6 2. Micro Environment Analysis – Porter’s 5 Forces Model 9 3. Q2. – Analysis of the Internal Environment 10 1. Resource Based View of Tesco 10 2. Value Chain Analysis 12 4. Q3. – Analysis of PR Crises 15 1. Theory of Stakeholder and Ethical Egoism 15 2. Corporate Reputation 16 5. Q4. – Strategic Analysis 17 1. Business Level Strategy 17 2. Corporate Level Strategy 18 3. Strategies Suggested For Future 19 4. Implementation Modes/Techniques and Final Suggestions 22 6. Conclusion 23 References 24 1. Introduction Tesco is one of the most successful retail chains based in the UK. Currently, it is recognised as the market leader in the UK retail industry. Tesco was founded back in 1919 by Jack Cohen in Londons East End. Initially, Cohen was engaged in selling groceries in Street market. However, in the year 1924, Tesco brand first appeared. Tesco grew slowly until 1960. By 1990, the UK retail market accommodated numerous retail players such as Sainsbury and Asda. Amid the highly competitive retail business environment, Tesco has continued to grow. As a consequence of this, Tesco at present has been able to position itself as a leading retail chain in the UK. Correspondingly, the purpose of this study is to present an individual report about Tesco based on the case study Tesco versus Sainsbury’s Growth Strategies and Corporate Competitiveness 1990-2007 (University of St. Gallen, 2008). In order to meet the purpose of this report, external environment analysis will be conducted using PESTLE and Porter’s 5 forces model. Besides, analysis of internal environment using resource based view of the company coupled with value chain will also be performed. In addition, the report will also focus on PR crisis analysis and strategic analysis. 2. Q1 – Analysis of the External Environment 1. Macro Environment Analysis – PESTLE Political Factor The role of government in promoting business is often argued to be extremely important. Notably, the UK government has placed significant importance on the retail industry as a means to achieve economic and social well-being of the nation. Correspondingly, the retail industry in the UK is imposed with lighter regulations as compared to other European regions (Crown, 2013; Djankov & et. al., 2002). Thus, the global operation of Tesco makes it vulnerable to the aspects of political environment prevailing in these markets. Any changes in the political framework of these countries can have a radical impact on the functioning of Tesco (Tesco, 2014). Economic Factor UK retail industry is considered to be large, complex and diverse in nature. The aspect of competition is identified to be relatively higher due to the presence of big retailers such as Tesco, Sainsbury’s and Asda. Accordingly, the retail industry in the UK is observed to contribute nearly 20% of the total Gross Domestic Product (GDP) along with contributing 9% of the total tax (Crown, 2012; Mugo & et. al., 2012). It has been predicted that retailers engaged in online sales of products will experience considerable increase almost double in their sales turnover in the next 3 to 4 years (Bristol Banking and Investment Society, 2014). In addition, economic factors such as price, economic recession and unemployment can be ascertained to have a radical influence on the performance of any business irrespective of the industry background. Social Factor The UK retail environment is ascertained to be continuously changing over the years. In the similar manner, the customers’ needs and preferences are also identified to be changing. In the recent years, the UK retail industry has been subjected to numerous pressures arising from declining customer confidence and changing shopping behaviour. At the same time, significant changes in the customer perception related to value as been observed amid the UK customers largely due to the recent recession and constantly increasing private brands. Customers in the UK are identified to be more inclined towards lower priced products (Board Bia, 2011; Zeithamal, 1998; University of St. Gallen, 2008). Due to the changing customer behaviour, it has become crucial for the retailers in the UK retail industry to derive considerable understanding about the changing customer preferences in order to remain competitive for long-term survival of the business. However, there have also been certain positive changes which include the transformation of the consumer purchasing decisions. Subsequently, it has been ascertained that customers in the UK are currently involved in the purchase of bulk of items from a single retailer which is attributed to the social changes in terms of culture (Rhodes, 2013). Technological Factor Technologies in the contemporary business environment are ascertained to play an imperative role. Notably, the widespread use of technologies is identified to be implemented in the UK retail industry. Moreover, it has been ascertained that customer experience is constantly changing. More and more customers are now connected with the internet by means of highly usable devices such as smartphones and tablets among others. Due to the evolution of new and novel technologies, the relationship between the retailers and consumers has become more complex that it was ever before (Deloitte, 2013; Dia, n.d.). Legal Factor Legal framework of the country can be identified to have a considerable impact on the performance of the UK retail industry. In this regard, it has been identified that agencies such as UKs Competition Commission has introduced code of practices such Supermarkets Code of Practice in order to ensure fair competition as well as fair treatment to suppliers. Besides, certain E-commerce laws have also been enacted in the UK in order to protect customers from online frauds (Office of Fair Trading, 2006). Environmental Factor Companies operating in the UK are obliged to comply with laws and regulations pertaining to the environment and revel their responsibility towards the environment. The government of the UK has undertaken several strategies in order to protect the environment. In this regard, the strategy of the UK government involving sustainable consumption as well as production is an initiative to deal with the increasing concern towards environment which aims at waste and toxic release to the environment (Sabapathy, 2007). Moreover, certain regulations have also been imposed on the advertisement of the fatty products (World Health Organisation, 2013). 2. Micro Environment Analysis – Porter’s 5 Forces Model Threat of New Entrants The UK retail industry can be regarded as matured. The threat of new entrants is thus low within the industry. The industry is dominated by a few major players such as Tesco, Sainsbury’s and Asda which cover almost 75 per cent of the total food and drink market while other small retailers occupy a meagre market share. Correspondingly, it makes it quite difficult for potential entrants to penetrate into the UK retail industry. At the same time, large retailers are equipped with efficient operating system. Therefore, it can be stated that the threat of new entrants is relatively low in the UK retail industry. Bargaining Power of Suppliers The power of suppliers in the UK retail industry can be ascertained to be moderate due to the presence of numerous suppliers. Retailers are provided with the option to switch to other suppliers if their prevailing suppliers fail to deliver desired quality. Thus, suppliers are required to supply high standard products on a consistent basis. Bargaining Power of Buyers The power of buyers can be observed to be quite high in the UK retail industry. This is due to the reasons that retailers operating in the UK retail industry are engaged in offering similar types of products which provide customers with the choice to make their purchase. In case if customers are not satisfied with the products offered by a particular retailer then it is possible that customers can switch over to another retailer offering similar products. Threat of Substitutes It can be observed that there are various retailers which are competing with each other in order attain greater competitive tractions. Retailers in the UK industry have implemented numerous strategies to outperform their rivals. There stand minimal differences in the products offered by these retailers. As a result, customers are offered with a wide choice and option to make their purchasing decisions. Thus, the threat of substitutes in the UK retail industry can be identified to be quite higher. Intensity of Rivalry As stated earlier, there exist a few dominating players in the retail industry of the UK. However, the degree of competition amid the dominating players is extremely high. Correspondingly, due to the stiff competition within the UK retail industry, retailers are required to constantly engage in offering new and innovative products for differentiating from other competitors within the industry. Also, it is quite difficult for the retailers to survive and attain stable growth within the industry. Unarguably, the intensity of rivalry in the UK retail industry is very high. 3. Q2. – Analysis of the Internal Environment 1. Resource Based View of Tesco After the evaluation of the external environment, internal strengths and weaknesses need to be considered. It is worth mentioning that the distinctive competencies of a company are largely rest on tangible and intangible assets as well as organisational capabilities (Barney & et. al., 2001). It is worth mentioning that tangible assets are quite easy to identity including financial resources, raw materials, production facilities and real estate. In this regard, the stores of Tesco are divided into five different formats which are differentiated by size and range of products and are designed to meet the needs of customised customer segments. These five units of Tesco include Tesco Extra, Tesco Superstores, Tesco Metro, Tesco Express and One Stop. These stores are situated in different and appealing locations. Moreover, Tesco had acquired William Low in 1994, HIT hypermarkets in 2002 and Adminstore in 2004 and had also entered into alliance with Esso Petroleum Company Ltd. Tesco utilises ‘private label products’ that are offered through its stores. Tesco has procured materials needed for its operations from suppliers at its regional distribution centres. Tesco is also engaged in online sales channels which have significantly benefitted it. Tesco home shopping services was recognised as the world’s largest through which it offers consumer goods, financial services and telecommunications online. Tesco has diversified its business from food retailing to other areas including clothes, consumer electronics, consumer financial services, DVD sales and rentals, compact discs along with music downloads which has delivered positive results for the company. Tesco has also expanded its business in overseas. Besides, the revenue of the company has also been constantly increasing over the years (University of St. Gallen, 2008). Intangible assets include brand name, knowledge, experience and reputation among others. The basic idea behind the establishment of Tesco was to offer customers with products at affordable price. In this regard, Tesco has been widely successful in attracting customers entailing both low income and middle-income. Tesco was among the first retailers to offer online service to customers in the UK. This idea of Tesco had overwhelmingly assisted it to draw the attention of the large base UK customers and has also facilitated in attaining greater competitiveness within the retail industry of the UK. At the same time, Tesco was the first retailers to launch a club card system. The strategies of Tesco emphasised improving logistics along with delivering greater satisfaction to its customers which has benefitted it with a large customer base. Tesco has built a strong relationship with it suppliers which in turn has facilitated it to achieve the benefit of cost reduction as well as ensured reliability of supply (University of St. Gallen, 2008; Barney & et. al., 2001). 2. Value Chain Analysis Value chain analysis is considered as an important tool for deriving understanding regarding the impact of cost and value (Stabell & Fjeldstad, 1998). Inbound Logistics In order to prepare and deliver goods to stores, Tesco began to procure goods from suppliers at regional distribution centres. Besides, Tesco has extended its logistics practice in order to cover the collection from suppliers by introducing factory gate pricing which was driven by reducing the cost of goods obtained from suppliers and increasing their reliability. During the year 1977, it introduced “operation checkout” which was focused upon reducing price along with ensuring centralised purchasing for all its stores (University of St. Gallen, 2008). Operations Tesco operates its business through five stores that comprise Tesco Extra, Tesco Superstores, Tesco Metro, Tesco Express and One Stop which are distinguished by size, locations and product range. Among these stores, Tesco Extra that was launched in the year 1997 represents the largest format which is mainly located out of town and stocks the entire product range of Tesco as well as it provides free car parking. On the contrary, Tesco Express stores are recognised as neighbourhood convenience stores that offer food products along with other every day requirements of its customers (University of St. Gallen, 2008). Outbound Logistics Food sales are available within the delivery range of selected stores and in contrast to warehouse model adopted by its competitors, goods are generally handpicked within each of its stores which has offered significant expansion opportunity for Tesco at limited investment. It renders products and services to customers through both online website (tesco.com) and offline stores (University of St. Gallen, 2008). Marketing and Sales Tesco has introduced loyalty programs such as Tesco Clubcard through the use of information technology. Tesco Clubcard was used for the purpose of gathering information about the customers which was utilised to cater the needs and wants of the potential customers. The information obtained from the customers included components such as age, genders and name of the customers which were used to cross-sell additional products and services (Liu, 2007). Services Tesco has diversified its business from offering only food products to customers to telecommunications as well as financial services. Tesco has entered in the telecommunication sector through its internet service providers. Tesco has entered into alliance with existing telecom operators and combined its marketing expertise to deliver superior quality services to customers. During 2003, Tesco entered into a joint venture with O2 and created Tesco Home Phone jointly with Cable & Wireless. Tesco Broadband was also inaugurated in partnership with BT phone lines. Tesco has also diversified its business to housing market accompanied with a self-promoting website also known as ‘Tesco Property Market’ (University of St. Gallen, 2008). 4. Q3. – Analysis of PR Crises 1. Theory of Stakeholder and Ethical Egoism According to the stakeholder theory, corporation is represented as a collection of internal and external groups involving shareholders, employees, suppliers, creditors and communities of its operations. It is worth mentioning that competitors are also at times recognised as a stakeholder. Stakeholders in general are recognised as those who are influenced by and can influence the overall achievement of the company’s objectives. The primary point addressed by stakeholder theory is associated with the relationship between the company and the stakeholders having diverge interests from the company. There are numerous ethical theories that would be worth to be considered in relation to describing the PR crisis with respect to Tesco. However, the theory of ethical egoism has been ascertained to be an ideal theory for the purpose of determining the PR crisis encountered by Tesco. According to ethical egoism, people tend to act solely for achieving their self-interest. The dimension of ethical egoism holds a view that an action of an individual is exclusively executed to enhance own long-term welfare while the commitments for others are unrestricted and can cease the welfare of others if the particular action delivers greater advantage to the individual. Welfare of others is valued to be less relevant if the action executed by the individual offers self-benefits (Jones & et. al., 2007). Concerning Tesco, it can be identified that the company during the year 2005 and 2006, had covertly sent a skilled team comprising executives in disguise in order to conduct intelligence on its potential competitors. The action of the company was later criticised similar to James Bond movie where the disguised executives were required to keep their plans secret as often seen in the Hollywood movies. The company collected intelligence on the United States market and on competitors including Wal-Mart, Whole Foods, Safeway, Albertsons, Kroger, and Trader Joe’s. The impact of this covert operation was extremely unusual and unsettling that many competitors hired security agents for obtaining information about the disguised executives sent by Tesco. Yet, the company was able to compile relevant information about its competitors to precede with its store openings. The unorthodox tactics and strategies adopted by Tesco were amid the serious controversies faced by it. This action of the company can be regarded as an unethical practice as it involves obtaining information about its competitors in an immoral manner. This action of the company has significantly affected its image and reputation amid the competitors. Besides, this action of the company can be found to be related with the theory of ethical egoism which is primarily driven by self-interest along with less concern about the welfare of retail industry. At the same time, it was a shrewd but unethical tactic implemented by Tesco to achieve greater competitive advantage (University of St. Gallen, 2008; Carrigan & Attalla, 2001). 2. Corporate Reputation Chun (2005) noted that corporate reputation serves as a vital component within an organisation. Accordingly, it has been stated that corporate reputation tends to influence the behaviour of stakeholders demonstrated towards an organisation. Moreover, an enhanced reputation is claimed to encourage shareholders to make investment in an organisation while an unfavourable corporate reputation is argued to reduce the confidence of stakeholders (Chun, 2005). In this regard, the founder of Tesco, Jack Cohen had adopted a policy of “"pile it high and sell it cheap" which continued for many years. This philosophy adopted by Cohen had resulted in deteriorating the image of the company until Jack Cohen was succeeded by his son-in-law, Leslie Porter (University of St. Gallen, 2008). 5. Q4. – Strategic Analysis 1. Business Level Strategy Porter’s generic strategy framework is recognised to be a vital approach that facilitates a company in acquiring competitive advantage. Porter’s generic strategy comprises three basic elements which include cost leadership, differentiation and market segmentation. Essentially, there are only two sources of competitive advantage which involve cost leadership and differentiation (Stonehouse & Snowdon, 2007.). Tesco can be seen as to implement both cost leadership as well as differentiation strategies also termed as hybrid strategy. Tesco uses low cost to attain greater differentiation. The cost leadership strategy has enabled the company to achieve greater control over the operational costs which has ultimately allowed the company to set competitive pricing for generating higher revenue and profit. Additionally, the differentiation strategy has significantly facilitated the company to achieve greater customer loyalty (Valipour & et. al., 2012). Evidently, Tesco has implemented various business level strategies which included “An Inclusive Offer” which the company has used to define its target and appeal to upper, medium, and low-income customers in the same stores. At the same time, the program “One Plank” was also initiated wherein the company used its private label products comprising the upmarket "Finest" and low price "Value". Tesco launched "Operation Checkout," that was aimed at price reduction and centralised purchasing for all its stores. The company also introduced club card that can be used by its customers to receive discount and make purchase in the store. 2. Corporate Level Strategy Ansoff matrix is recognised as an effective tool which describes the product and market options available to an organisation. Accordingly, Ansoff matrix consists of four elements including product/market combinations that involve market penetration, product development, market development and diversification (Jemaiyo, 2013). Tesco can be witnessed to deploy a combination of these strategies both in home and foreign markets. Responsively, in the home market, the company had employed product differentiation and market penetration in order to tap the untapped markets. In this regard, the company had undertaken significant diversification strategy by shifting its focus from food products to non-food products in the areas of discount clothes, consumer telecoms, consumer electronics, DVD sales and rentals, consumer health insurance, compact discs and internet service among others (University of St. Gallen, 2008). On the other hand, Tesco in the foreign market has employed market development strategies for obtaining market share. Correspondingly, Tesco has undertaken extensive expansion strategies in overseas markets particularly in emerging markets such as Hungry, Thailand, South Korea and Czech Republic. The company has also entered strategic alliance and joint venture in foreign markets in order to cater the needs of local customers wherein the company is involved in offering financial services along with making expansion of its petrol business (University of St. Gallen, 2008). Moreover, it has engaged in private labelling of wide range of new products. Ansoff matrix of Tesco is presented hereunder: Existing Product New product Existing Market Market Penetration Increase its market share in the UK market Product Development Expansion in overseas Commencement of other store markets New Market Market Development Offering financial services Strategic alliance Expansion in petrol business Diversification Private labelling of new products Ansoff Matrix of Tesco 3. Strategies Suggested For Future Suitability, feasibility and acceptability (SAF) offer an effective tool to evaluate the desired set of strategies (Odunlami, 2011). Thus, the suggestion to Tesco is based on SAF framework which is illustrated below: Suitability Based on the above analysis of Tesco, certain relevant suggestions can be made which would facilitate it to achieve further growth and developments. The current business environment is highly dynamic and volatile in nature, it is thus crucial for the company to adapt to changing business environment in order to meet the altering needs and preferences of customers in the most effective manner. It is worth mentioning that strategy that is successful in the domestic market may not reveal the same outcome internationally. This is due to the cultural differences prevailing in different countries. It is thus suggested to Tesco to adopt different strategies based on the market dynamics, which will aid the company to meet the needs of local customers efficiently. It has been observed that the success of Tesco is firmly dependent on its relationships with its suppliers as well as other companies and the competencies of its employees. It is therefore suggested to Tesco to create an organisational culture that values the suppliers and employees. Feasibility It can be seen that Tesco has emerged as the market leader in the UK retail industry and it has been able to accord considerable revenue from its operations which would facilitate Tesco to meet the financial requirements for undertaking the strategies. At the same time, it possesses a pool of quality employees who can render their utmost competencies in achieving the goals and objectives of the company. It also shares good relationship with its suppliers and has further enhanced the existing relationship with them which will deliver the company to procure quality products and uninterrupted supply of needed materials. Acceptability These strategies suggested can be considered to be a set of wholesome strategies that would not only assist the company to improve its operations and achieve the goals and objectives of the company but it would also result in enhancing the capability of its employees along with valuing its suppliers. Besides, the execution of this strategy would increase the revenue generation capability of the company which will eventually benefit the shareholders of the company. Thus, there would be less resistance to experience by the company during the execution of this strategy. 4. Implementation Modes/Techniques and Final Suggestions The strategic alliance would be an ideal choice for Tesco. This will facilitate Tesco to develop resource and networking excellence in the overseas market. Moreover, joint venture or partnership will allow the company to acquire economies of scale and mark its increased presence in the markets. It will also facilitate Tesco to avail the benefit of local expertise and skills necessary for delivering services to customers. It is also crucial for Tesco to identify the needs and preferences of customers and engage in product differentiation as well as innovation to gain competitive advantage. 6. Conclusion Tesco is the leading retail chain in the UK retail industry. Since its inception, the company has achieved numerous milestones. The analysis of external environment pertaining to UK retail industry has revealed that there exist significant advantages for Tesco to grow and attain considerable profit. Nonetheless, competition is ascertained to be relatively high in the UK retail industry which can impose certain challenges for the company to sustain growth. At the same time, Tesco possesses adequate resources in the form of talented employees and a number of stores that would facilitate it to conquer a large market share. 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