Business Practices Assignment Sample

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Introduction

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1. POSTER

1.1 External factors affect Tesco Plc's business environment

• Tesco plc is one of the most famous brands and largest supermarket chains in the United Kingdom founded by “Jack Cohen” in Tesco plc embraced its sixteenth position in the retail market in the year 2021 (Krajnakova et al. 2021).

• Tesco PLC is concerned with providing quality services to the individuals consumers, hence it is significant for this retail organization to gain customers' loyalty and maintain a leading position in the different countries market. (Hanaysha, 2018).
• The operational managers Tesco always tries to improve brand relatability which is significant to retain and engage the loyal customer for profit maximization.
• Rising competition in the global market is one of the major constraints for this retail organization and its negative impact on the business economy (?epel et al. 2018)_. In this context higher competition in the retail market which is quite difficult for the firm manger to embrace the rapid changes in the business environment and its impact on the business economy.
• Consumer behavioral changes are one of the major external factors that give a direct effect on purchasing activity. In this context, the management of the organization tries to provide personalized services for each consumer. Hence they must embrace services as per their requirement.
• During the situation of pandemic due to the breakout of covid19 period gave a massive impact on the business economy. Therefore the management of this retail organization adopted digital transformation in their business. Tesco needs to maintain its workforce effectively and efficiently and provide service to the customer without any difficulties (Akpan et al. 2018).
• The political climate is one of the major external factors which have an impact on the business economy. An unstable political condition is the biggest threat for this retail organization to enhance effective communication with foreign countries which helps to embrace opportunities to spread their business in different countries' markets (Masood and Egger, 2019). Tesco PLc operates its business in various countries hence political stability is essential for them to explore their business for organizational development. According to the Annual report based on TESCO plc shows the “US-China trade war” is the most crucial external factor and it will decrease Tesco's revenue by approximately 56% in 2020 (Tesco plc, 2022).

1.2 Internal factors affect Tesco plc's business environment

1.3 Different ways and strategic plans of Tesco plc give an impact on the external environment 

• During covid-19 pandemic situations the long lockdown periods give an impact on the business economy. Therefore management has decided to embrace Artificial intelligence technology, Internet of thing technology and machine learning technology in the firm, thus it is easier for the management to give the “high personalized services” to the customer based on the need of the customer. (Downs et al. 2018).

• Improving and maintaining brand reliability is significant and vital components for this organization to provide a quality services to the consumers hence it helps to gain customer loyalty and maintain brand reputation in the global market.
• The management of the TESCO PLC follows the Transaction cost theory which helps to eliminate higher cost factors in the production system and provide services to the customers at a reasonable price (Pantano et al. 2019).
• Maintaining b relationships with their shareholders helps to gain supply chain activity for business expansion. Hence this strategic plan is the major constraint for the other retail sectors and gives an impact on the external business environment.
• Tesco had decided to embrace “the zero carbon emission business” in 2050. Therefore management of an organization emphasizes green technology in the firm which helps to embrace success on this mission plan for sustainable growth of the organization.
• Emphasizing cross-cultural language in the organization helps to resolve interpersonal conflict with the other staff and it also helps to make effective relations with the hosting countries to take opportunities.

2. SCRIPT

The following study highlights how Tesco plc has embraced success in the business with the help of the proper strategic plan. In this study, it can be seen that external and internal factors have a massive impact on the business economy. The study highlights that during pandemic situations the organization has experienced decreases revenue in the business. In this context, the management of the organization tries to embrace technology in the firm Internet of Things technology which helps to smooth running the business based on digital platforms (Long et al. 2018). The study highlights the unstable political condition in the country which gives an impact on the business economy. Hence it is significant for the organization to make effective relations with foreign countries to enhance opportunities in regional as well as global markets. In this study, it can be seen that lack of technical knowledge among the staff creates issues for the firm to handle technical equipment to increase production. On the other hand, the high expenses and cost of this technology are some of the major issues for this organization to embrace technology in their firm to improve organizational performance. The study highlights that the highest competition in the global market is the major constraint for this firm for profit maximization. This paper highlights that Tesco Plc’s higher competitors are Asda and Walmart, hence taking the initiative to identify the issues from the present market and an implicated plan to resolve the issues for organizational development (Zhang et al. 2018). The entire study highlights that the firm took opportunities from the global market due to its emerging market share with the developing countries. In this context, the management of the organization might follow a fair pay approach which helps to retain and engage with their employees in various countries. The operational managers of this organization are concerned with maintaining strategic alliances with the other brand which is beneficial for the organization to increase revenue and expand their business in a different country. This paper highlights that Tesco plc had decided to emphasize the Zero carbon e emission business policy, hence it is beneficial for the organization to enable sustainable growth of the business. In this context, the firm managers, of this retail company embraced “green technology” in the firm to reduce air pollution in the manufacturing system thus it helps to gain sustainable growth of the business. In this study, it can be seen that the management followed the transaction cost theory in their business which helps to identify financial issues of the organization and helps to make appropriate cost structure to generate high revenue for the business. Entire highlights that maintaining long-term relations with the stakeholder and the supplier helps to gain competitive advantages and explore their business in different countries. The following study highlights that supply chain issues of this retail organization during pandemic situations which give an impact on the productivity in the business, hence it is crucial for the management to deliver their product to the supplier within time.

Reference list

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?epel, M., Stasiukynas, A., Kotaskova, A. and Dvorský, J., (2018). Business environment quality index in the SME segment. Journal of Competitiveness.DOI: 10.7441/joc.2018.02.02

Downs, S.M., Ahmed, S., Fanzo, J. and Herforth, A., (2020). Food environment typology: advancing an expanded definition, framework, and methodological approach for improved characterization of wild, cultivated and built food environments toward sustainable diets. Foods, 9(4), p.532.doi:10.3390/foods9040532

Hanaysha, J.R., (2018). An examination of the factors affecting consumer's purchase decisions in the Malaysian retail market. PSU Research Review.doi:10.1108/PRR-08-2017-0034

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Krajnakova, E., Navickas, V. and Kontautien?, R., (2018). Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), pp.477-492.DOI:10.24136/oc.2018.024]

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Masood, T. and Egger, J., (2019). Augmented reality in support of Industry 4.0—Implementation challenges and success factors. Robotics and Computer-Integrated Manufacturing, 58, pp.181-195.https://doi.org/10.1016/j.rcim.2019.02.003

Mi?kiewicz, R. and Wolniak, R., (2020). Practical application of the Industry 4.0 concept in a steel company. Sustainability, 12(14), p.5776.http://dx.doi.org/10.3390/su12145776

Naidoo, M. and Gasparatos, A., (2018). Corporate environmental sustainability in the retail sector: Drivers, strategies and performance measurement. Journal of Cleaner Production, 203, pp.125-142.doi:10.3390/ijerph16061037

Pantano, E., Priporas, C.V. and Dennis, C., (2018). A new approach to retailing for successful competition in the new smart scenario. International Journal of Retail & Distribution Management, 46(3), pp.264-282doi:10.1016/j.ijhm.2018.11.018

Pizzi, G., Scarpi, D., Pichierri, M. and Vannucci, V., (2019). Virtual reality, real reactions?: Comparing consumers' perceptions and shopping orientation across physical and virtual-reality retail stores. Computers in Human Behavior, 96, pp.1-12.https://doi.org/10.1016/j.chb.2019.02.008

Websites

tescoplc, (2022) Overview of the company website. Available at: https://www.tescoplc.com/about/ [Accessed 16 July 2022].