Business in Context and Its Management Assignment Sample

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Introduction to Business in Context and Its Management Assignment

Market and industry trends refer to various changes and fluctuations that are occurring in the particular field. This trend helps in determine customer behaviour and assist in forming policies to cope up witha  changing environment. This report is based on industry trend analysis of the Tesco in UK. Tesco is the leading retail company in UK, which provides variety of consumer goods such as clothing, groceries, furniture, toys, software etc. Market share of Tesco is 27.3% and annual revenue of £60.25 billion in 2023 (Annual revenue of Tesco, 2024). This report will include external, organisation, change and stakeholder analysis of Tesco for determining industry trends.

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Main Body

A. External environmental analysis

Importance of managing changes

Each organization aims at managing the changes as it will assist in efficiently achieving the organization's objective. An organization works in a dynamic environment that requires the company to pay emphasis on fulfilling current needs and demands of individuals, which assist in maintaining stability in the industry.

• Reason for resistance by employees: Staff generally resist changes due to fear of losing the job. Changes in the operations of the organisation require employees to learn new skill and an incapability in adopting such skills may results in termination of job.

Poor communication and lack of clarity behind the motive of implementing changes in organization result in resistance by employees.

• Model for managing change: John Kotter’s model of change management should be implemented by Tesco which will help in efficiency implementing changes in the organization. Application of John kotter’s model in Tesco should be undertaken in following manner:
• Sense of urgency: This step involves various actions which needs to undertaken for managing stability within industry. It has been determine that Tesco needs to create magnetic values for attracting customer. For this company need to adopted integrated technology and providing good experiences to customer.
• Creating a powerful coalition: Under this step, manager will identify and recruit highly specialised and new management team (Kotter, 2019). This will assist in gaining the trust of employees by communicating the urgency and the needs to needs to bring changes.
• Forming Vision: Manager in Tesco will concern on establishing long and short term goals that will assist in achieving overall objective of change.
• Conveying vision: Change management manager of Tesco will communicate the vision to each employee’s and their doubt regarding changes will be clear in this session.
• Empowering employees: Staff member will be allocated with the duties which they needs to undertake and some sort of authority will be provided so that employees’ motivation level doe not reduced.
• Develop short term win: employees to keep motivation level of employee’s high, company should focuses on celebrating short term wins such as rewards, financial incentives etc.
• Consolidate improvement: with short term win, Manager in Tesco will pay emphasis on conciliating all wins and establishing new changes.
• Committing new process: This is the last step in which manager will communicating the impact of changes on the organisational success and individual’s development.
• C. Operational management: Operational management refer to planning, organising, managing and controlling operational process of the company. Total quality management (TQM) should be implemented by Tesco for managing its operations.

TQM: This model of operational management emphasis on managing long term customer; satisfaction by improving services, product quality and process of manufacturing. This is the most effective method for managing operation as it focused on customer and aims at overall improvement. This method emphasis on four core pillar which involves customer focused, Process orientated, Employees involvement and continuous improvement. Tesco is implementing TQM strategies by adopting bench marking techniques in its operation. This technique involves determining and establishing objective of the organisation and the actual outcome will be compared from the set standard. This helps firm in identifying the deviations that has occurred in the quality of product and correctives measures has been established which assist in overcoming all deviations.

To successfully implementing these strategies, Tesco should be focused on achieving efficiency and effectiveness in its operation (Serravalle et al, 2019). This has been achieved by introducing integrated technology and developing new products which assist in creating reputation and goodwill. Tesco should develop a quality management team which ensures quality of product and services by monitoring each retail stores. Human resource management also plays a significant role in implementing this strategy Training and development session should be conducted within firm, which assist in developing new skill and support in efficiently fulfilling organisational objective.

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D. Stakeholder analysis:

Stakeholder analysis refers to determining all individual and organization that are interested in the operations of Tesco. This analysis helps in providing information regarding the power an individual is having in impacting the decisions of the company and the amount of interest in profitability position of Tesco. Following is the stakeholder matrix of the Tesco:

From the above analysis, it has been identified that government and top level management of company is having high power to form polices and regulation in the firm (Permana, Purba and Rizkiyah, 2021). Employees and manager are having high interest as organization profit will determine their stability and overall financial position but does not have power to form polices and strategies. Media and customer has power to create positive and negative image in the market which requires firm to adequately communicate with them and aims at fulfilling their needs and demand. Environmental groups and council are neither interested in the profitability position nor are they having rights to take decision for organisation.

Business in Context and Its Management Assignment Sample

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Conclusion

By summing up the report it has been determine that identifying industry trends is necessary for maintain sturdiness within the industry. Kotter theory of change management should be used by Tesco which assist in effectively implementing changes in organization operations. It has been determine that total quality management is most effective strategies by which operation of Tesco could be managed. Investors and government is having high interest and high power where as councils and state authority is having least interest and power in the Tesco.

References

Books and Journals

• Kotter, J.P., 2019. What effective general managers really do. Managerial Work, pp.137-148.
• Permana, A., Purba, H.H. and Rizkiyah, N.D., 2021. A systematic literature review of Total Quality Management (TQM) implementation in the organization. International Journal of Production Management and Engineering, 9(1), pp.25-36.
• Serravalle, F., Ferraris, A., Vrontis, D., Thrassou, A. and Christofi, M., 2019. Augmented reality in the tourism industry: A multi-stakeholder analysis of museums. Tourism Management Perspectives, 32, p.100549.
• Online
• Annual revenue of Tesco. 2024. Online Available through: < https://www.statista.com/statistics/386598/tesco-sales-percentage-change-great-britain-uk/#:~:text=Tesco%20operates%20just%20over%204%2C100,company%20make%20in%20Central%20Europe.>