Tesco Corporate Governance - Case Study Example

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Customer convenience has also been one of the keys of Tesco's strategic management plan. Moreover, they have developed several market designs to keep their customers satisfied. For instance, they created different types of stores that seek to cater to the different needs of the UK market…
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Tesco Corporate Governance
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Download file to see previous pages A quarter of Superstores have received the customer-focused improvements in key areas including car parking, trolleys, signage, counters and availability. Express offers customers the chance to stock up on shopping at their convenience at a diverse range of locations, from inner city stores such as Maida Vale, London, to villages like Yateley in Hampshire. Although on a smaller scale than larger supermarkets, it will provide a broad but carefully selected range of essential everyday products. In the stores that convert to Express, customers will benefit from lower prices, improved service, better fresh food ranges and store environment, as well as better availability, quality and choice. This will also allow Tesco to accelerate their growth in the 20bn convenience market while continuing to run the remainder as OneStop Shops.
However, the profitability and growth always goes with the development of the human resource personnel. The human capital after all, continues to be the single most important capital in businesses. Thus, recognizing that they are an essential element to the success and future of providing quality differentiated services at affordable prices, Tesco had also a set of principles that promotes the growth and convenience of its employees. The Tesco Values are a set of principles that describe two work ethics such as: 'Treat people how we like to be treated' and 'No-one tries harder for customers'. Also, employee benefits such as childcare voucher scheme and Shares in Success, where staff with more than a year's service will be eligible for free shares has been devised.
Customer Value is what Child (2004) would define as "the difference between the values the customer gains from owning and using a product and the costs of obtaining a product" (pp. 9). Customers usually weigh values and use the product with the best perceived value among the rest and also the product and service that will deliver them the best value. It is what makes a product and service important to them and what will eventually convince them to go ahead and avail of the service or purchase the product. It is thus the responsibility of these firms and organization to be the firm that consumers or customers believe to offer the greatest and highest customer perceived and delivered value. If firms' total customer values are perceived and delivered the best from the combination of "product, sources, personnel and image", more customers will decide to opt for them (pp. 669).

Companies now face the challenge of making its target consumers respond accordingly to their marketing efforts. Those who understand its consumers' responses will have a great competitive advantage. The starting point towards this is through the stimulus-response model of buyer behaviour which involves examining the marketing and other stimuli in the consumer's black box that translates into buyer responses (Child, 2004). Marketing stimuli often consist of the four Ps of marketing: product, price, place and promotion while the other stimuli may include economic, technological, political and cultural factors which exist in the marketing environment.

Child (2004) explains that the practical application of learning to most companies is that they can build a demand for a product through association with strong drives, motivation cues and positive reinforcement. Lastly, beliefs and attitudes are ...Download file to see next pagesRead More
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