Get free samples written by our Top-Notch subject experts for taking assignment help uk from Rapid Assignment Help.
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).
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).
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.
Akpan, I.J., Soopramanien, D. and Kwak, D.H., (2021). Cutting-edge technologies for small business and innovation in the era of COVID-19 global health pandemic. Journal of Small Business & Entrepreneurship, 33(6), pp.607-617.https://doi.org/10.1080/08276331.2020.1799294
Cao, Y., Ajjan, H., Hong, P. and Le, T., (2018). Using social media for competitive business outcomes: An empirical study of companies in China. Journal of Advances in Management Research.doi:10.1108/JAMR-05-2017-0060
?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
jiii Y., Sun, J., Yang, Z. and Wang, Y., (2020). Critical success factors of green innovation: Technology, organization and environment readiness. Journal of Cleaner Production, 264, p.121701.doi:10.1108/SJME-03-2018-007
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]
Kuruwitaarachchi, N., Yajid, M.S.A., Khatibi, A. and Azam, S.F., 2020. Information technology factors influence the adoption of eCommerce in small and medium scale organizations in Sri Lanka: a research agenda. Int. J. e-Education E-bus. e-Management e-Learning, 10(1), pp.95-103.doi: 10.17706/ijeeee.2020.10.1.95-103
Long, T.B., Looijen, A. and Blok, V., (2018). Critical success factors for the transition to business models for sustainability in the food and beverage industry in the Netherlands. Journal of cleaner production, 175, pp.82-95.doi:10.1016/j.jclepro.2017.11.067
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
tescoplc, (2022) Overview of the company website. Available at: https://www.tescoplc.com/about/ [Accessed 16 July 2022].
Get Better Grades In Every Subject
Submit Your Assignments On Time
Trust Academic Experts Based in UK
Your Privacy is Our Topmost Concern
Copyright 2023 @ Rapid Assignment Help Services
offer valid for limited time only*