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Principle of Management - Essay Example

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This paper talks about principles of management. Every business corporation, irrespective of size and nature of business, has its own management ideas which help to run the trade smoothly and face the challenges as well as leverage the opportunities effectively. …
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Principle of Management
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Download file to see previous pages At the same time, international consolidation and aggressive pricing approaches have concerted the market dominance within certain major players and reinforced their control on the suppliers. The international sourcing of raw materials has created new business prospects for supermarkets such as Tesco to carry out import activities from locations with cheap labour and cheap resources. In fact, Tesco presently captures a major share of supermarket in the UK. In last decade, the opportunity for supermarkets to purchase from manufacturers had increased intensely (Brown & Sander, 2007). Tariff declines, trade liberalisations, modernisations in communication technology, enhanced transport system and better capital flexibility have transformed the supply chain system for supermarkets. The international sourcing has generated new prospects for Tesco in the developing nations to sell the products. However, the global sourcing has also created numerous manufacturers, which in turn has intensified competition among organisations. The challenges faced by supermarkets nowadays include the aspects of increasing the return of the shareholders, maintaining low cost for product offerings, increasing flexibility by ‘just-in-time’ delivery and strengthening control related to product quality and providing utmost customer service standards (Brown & Sander, 2007). Supermarkets are the first and the foremost commercial organisations that perform in highly competitive environment with high concern on end result. The increased globalisation, changing life patterns and demographics have opened opportunities for supermarkets in developing nations. However, in order to stay competitive in the market, supermarkets require significant information on...
This paper describes the four functions of the management are considered to be substantial for Tesco to overcome many challenges and to take the advantages of the opportunities. In order to be successful in the future endeavours of the business, Tesco can use the managerial functions to a great extent and can turn the business to be effective and efficient. Better management is helpful for Tesco to develop an environment which can provide enhanced flexibility in business. In order to stay competitive, systematising the business plays a vital part for organisations which can only be accomplished though effective managerial functions as observed in the discussion provided.
This essay tells that the four managerial functions can be adopted by Tesco in several aspects of business which would provide great effectiveness in the international market. The managerial functions are beneficial for Tesco to gain competitive advantages and to exploit the business opportunities. Better management will definitely lead to gain cost efficiency and make the company feasible to compete with upcoming difficulties in the global as well as the local markets.
It concluded that Tesco has also adopted enhanced planning procedures in the business for increasing the customer service. It is one of the significant challenges for Tesco to provide personalised services to the customers. Through collaborative planning, Tesco has enhanced its supply chain capabilities for making better anticipation of the demands of the customers and providing customised services to them accordingly. Therefore, it can genuinely lead to better customer satisfaction ...Download file to see next pagesRead More
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