TITLE: A REPORT ON BUSINESS STRATEGY: A CASE STUDY OF TESCO
Main body maximum 3300
Format:
Executive Summary
Introduction
Main Body
Appendix
References
TABLE OF CONTENTS
SECTION-1: INTRODUCTION ............................................................................................... 1
SECTION-2: ANALYSIS OF TWO RECENT PROBLEMS OF TESCO ............................... 3
2.1 Recent Problems of Tesco ................................................................................................ 3
2.2 Analysis and Recommendations of Problem-One: Continuous Sales Fall in Tesco ....... 3
2.2 Analysis and Recommendations of Problem-Two: Sharp Decline in Brand Reputation. 6
SECTION-3: CONCLUSION AND RECOMMENDATIONS ................................................ 9
REFERENCE ........................................................................................................................... 16
APPENDIX .............................................................................................................................. 11
Appendix-1: Strategic position of Tesco in UK retail market ............................................. 11
Market share of Tesco and other retailers in UK for the 12 weeks ending February 1st,
2015 .................................................................................................................................. 11
Comparative Growth analysis of Tesco and other UK retailers, in 2014 ........................ 12
KPI of Tesco ..................................................................................................................... 13
Appendix-2: Porter’s Generic Model ................................................................................... 14
Appendix-3: Bowman's Strategy Clock ............................................................................... 15
EXECUTIVE SUMMARY
The report has been prepared based on the strategic analysis of Tesco, the leading retailer in
UK retail market. The report has mainly focused on two major problems of Tesco including
sales fall and sharp reputation decline. The report has revealed that Tesco is suffering from
sales fall problem and sharp reputation decline which are harming its present and future
business opportunities and growth. The organization has lost significant portion of its market
share and profitability. In last few years, the organization has lost its 92% profitability. If the
organization wants to sustain in the competition and regain its former glory, there is no way
but enhancing its sales growth and healing its damaged reputation. In the report, it has been
suggested that to enhance its sales growth, the organization should use a diversified product
and pricing strategy. In some cases, the organization will reduce its price to remain
competitive and sustain in the marker whereas in some area the organization should remain
differentiated rather to be cost leader to stop current sales fall. Additionally, the organization
should enhance its customer service quality and customer convenience to prevent customer
switch and encourage desired customer inflow. For healing damaged reputation of Tesco, the
organization must heal the lost customer confidence and competitiveness. For doing this, the
organization will build a new reputation height through ethical business practices, labour
management and customers focus. Furthermore, the organization should enhance the
customer communication and revitalize customer relationships to their level of trust
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SECTION-1: INTRODUCTION
Tesco is the leading retail organization in UK retail industry with the market share of 30.4%.
The organization is has been established in 1919 by Jack Cohen in Chestnut, London and still
now the organization is headquartered in Chestnut (Simms, 2007). Since 1995, Tesco is
leading UK retail market (Humby, et al., 2006). The organization is a multination grocery and
general merchandise retailer. The organization is operating its business through 6784 stores
and supermarkets all over the world in 17 countries all over the world. Tesco has a workforce
with 500000 employees (Wood, 2015). The major subsidiaries covered by the organization
are Tesco stores ltd, Tesco Bank, Tesco Mobile, Dobbies, Giraffe restaurant and Dunhumby
(The Guardian, 2014f). Recently, the organization passing the worst times in its history as it
has lost more than 7% of its market share as well as the organization has scored sales growth
bellow 30% in last two years which is the maiden lowest growth record of the organization in
last 20 years (PR Week, 2015). Just before the last year Tesco was covering a market share
with 29.6% which has been dropped at 28.7% at the end of 2014. In contrast, the major rivals
of Tesco are growing rapidly. ASDA has grown from 17.1 to 17.2% in last two years and it is
believed that the organization is eating the market share of Tesco. Another major rival J
Sainsbury’s have achieved significant growth in last two years with a market share of 16.9%.
The small discounters are also being stronger ever before like ALDI and LiDl have achieved
double digit growth in last two years. In the current year, Tesco has also lost its market share
and sales volume. [Further strategic issues have been detailed in Appendix-1]. In the context
of Tesco, the current report has been prepared. In the report, existing problems of Tesco have
been traced out. From the problems two main problems have been selected as well as
critically analysed here for resolving. The two problems are continuous sales fall and sharp
decline in brand reputation.
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SECTION-2: ANALYSIS OF TWO RECENT PROBLEMS OF TESCO
2.1 Recent Problems of Tesco
In a report in PR Week, (2015), Ian Grigg has said that problems in recent Tesco are like
horror story. He has further said that the organization is in a bundle of problems and the
major problems which are killing the organization are the continuous sales fall, sharp lose of
brand reputation, recent accounting scandal, fall of share price, lose of customer confidence
and lose competitiveness against its major competitors LiDl and Aldi. In an article published
by The Guardian, (2014), the new CEO of Tesco Dave Lewis has been problem list provided
by Grigg and traced out some major problems in Tesco he needs to sort out and solve to
regain its former glory in UK retail market. He has clearly acknowledged that as the business
in a mass as sales are falling, brand reputation is damaged, staff morale is continuously
lowering, customer confidence is lowering and competitive power of the organization is
being scarified to discounters like LiDl and Aldi (The Guardian, 2014b). The report will
analyse and evaluate the two problems of Tesco and these are continuous sales fall and sharp
decline in brand reputation.
2.2 Analysis and Recommendations of Problem-One: Continuous Sales Fall in Tesco
Before recession, Tesco was considered as the most successful retail brand in UK retail
industry and the organizational sales growth was eye-catching. But, after the recession, the
organization is continuously losing its sales whereas in last three years it has become more
drastic. In the beginning of 2012, the organization starts with a sales growth lose of 2.3%.
Over the year, the organization continued its sales fall and at the end of the year of 2012, the
organization experienced a sales fall of 4% (The Guardian, 2011d and The Guardian, 2012a).
In the beginning of 2013, the organization continues its sales fall trend and over the year, the
organization has continued to experience its sales fall. At the end of the year, the organization
experienced and exposed a devastating sales fall record within UK and outside UK.
According to different reports, at the end of 2013, the organization experienced 1.5% sales
fall in UK, 8.1% sales fall in Ireland, 4% sales fall in rest of European market and 5.1% sales
fall in Asian market (The Guardian, 2013c and Mail Online, 2015). By the mid of the year of
2014, Tesco experienced 4% sales fall in last three consecutive quarters in UK market
(Routers, 2013). Within October, 2014, the organization lost its 92% profit fall in case of the
sharp sales fall. At the end of the year, sales record shows that the organization continued to
lose its sales at the end of the year and the organization experienced 4% sales fall in 2014
(The Guardian, 2014b). It was forecasted that the organization will lose its sales 5% by the
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year 2015. In the first quarter of 2015, the organization has experienced 2.9% sales fall until
March 3 (The Independent, 2015).
In contrast, the major competitors of Tesco in UK market like Sainsbury’s, LiDl and Aldi, the
discounters in UK retail market, has experienced significant growth over the last years when
Tesco was continuously losing its sales growth (BBC, 2014b). In 2014, when Tesco’s sales
were falling, the Sainsbury’s achieved 7% growth in UK market (PR Week, 2015). The
discounter Aldi has achieved 32% sales growth whereas LiDl has also experienced a growth
in sales up to 32% over the year of 2014. In 2015, when Tesco has experienced 2.9% sales
fall, these organizations are experiencing their growth in similar way like previous way
(BCC, 2014). Business, (BBC, 2014b and 2014) Some reports demanded that the continuous
sales fall of Tesco will create a sustainable negative impact which takes longer time for
recovery (Business, 2014).
But, it is the common question why such a successful retailer like Tesco is continuously
losing its sales growth continuously whereas its competitors are achieving incredible sales
growth figure? Most of the analytical reports regarding the issue accused the recession and
impact of the recession in post recession period. Several retail market specialists have
detailed the matter in different ways. The issue is like that, customers are no more satisfied
with Tesco (BCC, 2014). The core reason behind: British economy is one of the most
affected economies in the recession. In case of the drastic recession, the disposable incomes
of retail customers have been reduced significantly (The Independent, 2015). When
customers are with lower level of disposable income they wants to spend lower amount in
retail shops and grows saving tendency (The Guardian, 2014f). In this context, the customers
are forced to cut their retail budget. In this way; the retailers faces lower sales volume
(Routers, 2013). Some reports have gone further specific details and they have detailed that in
the time of economic down turn, customers become forced to cut their spending and search
for chap costing shopping. In contrast, Tesco is a differentiated retail brand which offers
quality products with premium prices that leaded customer switch to low costing retail shops
like Aldi and LiDl. In some analysis reports, it has been claimed that in case of recession, the
economic activity has been reduced and income of people have been declined sharply (Mail
Online, 2015). As a results, the customer preferred quality product with differentiated price
have changed their behaviour and now they like to have low costing product to save money
and cope with minimized budgets (BBC, 2014a). In contrast, Tesco is still now in
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differentiated strategy which has driven Tesco lovers to discounters and Tesco lost its sales
growth (The Independent, 2015).
Now, it is the time to define how the organization stops the sales fall and regain their former
sales growth. Most of recent reports have first focused to restructure their pricing and product
strategies. In case of economic down turn customers prefer cost leader retailers, Thus Tesco
is losing its customers and sales (PR Week, 2015 and Vaitilingam, 2013). To check the
problem, it has been suggested that the organization will go for adopting a price cut strategy
for a certain period when it will offer low costing products to the customers to attract and
retain them like discounters. But different market specialists have strongly urged that the
strategy can destroy the current differentiated image and existing competitive advantage (The
Guardian, 2014f and Mazurek, 2014). They have further suggested that the organization can
sustain in the same strategy and can offer more quality within same price and enhance
customer services and customer convenience (The Guardian, 2012a). But, but a large group
marketers have said that if the organization wants to stop the sales fall withstanding in same
strategy, it will not be possible whereas the organization cannot be a bad copy of Aldi and
Lidl (BCC, 2014). They have suggested that the organization can bring a diversification in
their strategy. The organization will trace out some products that should be offered within
low price like milk and bread whereas the organization will offer a group of differentiated
products (PR Week, 2015 and Graiser and Scott, 2013).
According to the Porters’ Generic model, the suggestion is valid as the model states that
when an organization will apply cost leadership strategy within a price sensitive market
environment it will help to grab huge market share (Kiechel, 2010). In same way, price leader
ALDI and LiDl are grabbing high market share in case of price sensitivity of retail customers
in UK retail industry in post recession period. But, Porter’s has further warned that “when an
organization will shift from differentiation to cost leadership strategy, it will grow a
reputation as a cost leader that will result in a reputation of low quality, which will make it
difficult for a firm to rebrand itself or its product in future”. In the same way; if Tesco drives
to cost leadership strategy to stop sales fall, it will earn huge income but; it may lose its
competitive advantage as differentiated brand forever (Porter, 1985). Tesco uses
differentiated strategies which creates high value to customers who seeks quality irrespective
to price. But, in current price sensitive market, if the organization stays in the strategy, their
sales will continue to reduce as people are responsive to price not quality. If Tesco uses focus
differentiation strategy, the organization will be able to sustain their differentiated image
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within a specific market segment not in whole market. If Tesco uses focus cost leadership
strategy, the organization will be able to attract a segment of cost sensitive customers within a
specific market segment that will be insufficient to enhance its sales growth (Porter, 1985)
[See Porter’s Generic model in Appendix-2]. According to position-3 (hybrid strategy) of the
Bowman's Strategy Clock model, current suggestion has been supported as the model states
that when an organization uses hybrid strategy where some products will be with high price
and high quality whereas some products will be with low price with a high perceived quality
will enhance customers’ respect to the brand and high quality perception will enhance market
share and sales (Bowman and Faulkner, 1997). [See Bowman's Strategy Clock in appendix-2]
2.2 Analysis and Recommendations of Problem-Two: Sharp Decline in Brand
Reputation.
Tesco is the leading retailer in UK retail market and the organization had a strongest
reputation history in last 20 years. In near past, the organization considered as the major force
in UK retail industry with most admired ranking, on its way to being a permanent glitter
fixture. Before 2010, the organization successfully held its high level of brand reputation. But
the degradation of its highly praised brand reputation started to decline from 2011 (The
Guardian, 2011d and Business Matters, 2014). In this year, the organization encountered with
the horse meat scandal, profit warming’s and other incidents have damaged the brand image
of the organization drastically. Over the past years the organization has significantly lost its
reputation. Recently, the organization has been accused of inflating accounts which has
drastically reduced the customer trust and confidence Manchester (Evening News, 2015). It
has been reported that after inflating the accounts by over £ 260 million and wiping more
than £2.6 billon of its market value (The Telegraph, 2014), Tesco has severely damaged its
reputation and eroded customer confidence and shareholders’ trust (Giraffe, 2015).
Additionally, the organization lost its customers’ preference in post recession period as when
the customers are suffering from economic crisis the organization is still on its differentiation
strategy. Furthermore, different reports regarding Tesco have revealed that the organization
has lost its brand reputation in poor employee management (The Guardian, 2012a). It has
made huge downsize and cut work hours which have leaded the customers hostile to the
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brand (MT, 2014). In last few years, the organization has lost its brand reputation
significantly which has been shown in bellow figure (Mail Online, 2015).
Source:
http://www.mycustomer.com/feature/marketing/how-can-tesco-rescue-its-brand-
reputation-and-restore-customer-loyalty/168413
The consequence of reputation lose has worked against Tesco as a double-bladed sword. The
reason behind it is that the organization with lost reputation has lost its customers. It has
faced market share growth bellow 30% which is the maiden negative market share growth
record for the organization in last 2 years (MYCUSTOMER, 2014). Additionally, the
organization is continuously losing its sales in case of lost reputation which has leaded poor
customer and investor confidence (BCC, 2014). In 2011, the market capitalization value was
about £35 billion whereas the reputation contribution was 20%. In 2012, the market
capitalization value was about £30 billion whereas the reputation contribution has sharply
reduced at 10%. In contrast, in 2013, the market capitalization value was increased at more
than £30 billion whereas the reputation contribution has no significant change. But, in 2014,
the market capitalization value was about £25 billion whereas the reputation contribution was
nearly 2% (MYCUSTOMER, 2014). In this way; the share price of the organization has been
sharply reduced and investors are losing their appeal to work with Tesco. From opposite
point of view, the losing reputation of Tesco has given floors for its competitors to enhance
their reputation, customer satisfaction and loyalty. The results were disastrous for the
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organization as the competitors’ sales; profitability and growth were stunning (The Guardian,
2014).
The reasons behind the decline in brand reputation of Tesco are many. There are some
specific issue have been previously detail as different poor business practices or scandals and
insufficient responses to the customer behavioural change in post recession period and
improper workforce management (MYCUSTOMER, 2014). Some analysis reports have
detailed that the major problem for the reputation lose of Tesco is the poor culture of the
organization. It is claimed that the culture of Tesco cannot adopt with the human behaviour
that have created distrust among the organization, its management, customers and other
parties related to the business that leader the negative reputation (MT, 2014). A group of
market specialist have strongly urged that the organization is being repeatedly failed to
understand customers’ desires as the organizational customer services, product offerings and
shopping experiences is poor in comparison to other organization in the market that have
leaded customer dissatisfaction, distrust and disloyalty as well reduced its brand reputation.
Not only that the reputation lose has been derived from the dire skill gaps of the
organizational workforce as for the poor concentration of the organization regarding the issue
(The Guardian, 2014g). In 2013, the horsemeat scandal spread all over the UK and Ireland. In
UK and Ireland, horsemeat is a taboo although it is not harmful for human. In different stores
of Tesco, horsemeat has been found rated with beef and different foods with horsemeat
including burger, sandwich, sauce and different frozen first foods (Business Matters, 2014).
From this time the reputation of the organization has been fallen. Most of the reports have
claimed that the uncontrolled and complex supply chain system. In 2014, Tesco has faced an
overstating profit scandal of £260 in its first half pre-tax profit (Evening News, 2015 and The
Guardian, 2014). In case of the incident, the organization has dismissed its four major
executives and its share price has been dropped by 11%. It reduced the investors’ trust and
confidence as well its reputation (The Guardian, 2014g). They have justified that if the
organization can be able develop the best retail workforce in the market, it will enable the
organization to maximize its efficiency to understand the customers’ needs and every bit of
change of their needs efficiently (Lowth et al., 2013). Based on the needs, they will be able to
deliver desired product, services and excellent shopping experiences that will maximize the
brand reputation of the organization by enhancing customer satisfaction and loyalty level
(MYCUSTOMER, 2014).
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SECTION-3: CONCLUSION AND RECOMMENDATIONS
From my personal point of view on the light of above analysis, if Tesco wants to sustain in
UK market as high performer and market leader, there is no alternative to stop its sales fall.
But, for doing this, the organization, for the first time, should enhance customer satisfaction.
In post recession period, customers are no more satisfied with the quality and premium prices
of Tesco (Routers, 2013). They want low costing products with less quality preference as
their disposable income has been reduced after recession. But the lowering product price for a
time period will threaten the brand image of the organization and make unattractive to the
customers (The Guardian, 2012a). In contrast, it is not possible to stop sales fall with
sustaining in the current strategies. In this situation, I will support that the organization will
trace out some products which will be offered in lower price whereas the other products will
be offered in differentiated price structure. Justification against my position is that if Tesco
follow cost leadership strategy as temporary solution, it will lose its core competitive
advantage as a differentiated retail brand and lose in future (The Guardian, 2013c). In
contrast, to withstand in solid base of current differentiated strategy cannot protect the
organization from fall. Only; hybrid of cost leadership and differentiation strategy can save
its differentiated image as well as stop its sales fall in UK market with satisfy customers
(Anagboso and McLaren, 2009 and PR Week, 2015).
For high performance and holding a leading position in UK retail market, Tesco must ensure
the growth of market share by attracting more and more customers to shop from their stores.
In contrast, the organization suffering from damaged reputation in past four years (Mazurek,
2014). To reduce the frequency of activities which harm the reputation of the organization,
the organization will ensure a healthy organizational culture where they will stimulate ethical
business practices in management, understanding and responding the behaviour of workforce,
continuous development and motivation of workforce, positive and ethical relationships with
all internal and external stakeholders of the organization (PR Week, 2015 and
MYCUSTOMER, 2014). The organization must heal the lost customer confidence and
competitiveness in the market to maximize its performance and sustain in the competition.
For doing this, the organization will build a new reputation height through ethical business
practices, labour management and customers focus. Furthermore, the organization should
enhance the customer communication and revitalize customer relationships to their level of
trust (Anagboso and McLaren, 2009).
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Moreover, the organization will enhance their communication efforts as well as reduce the
current communication complexities to regain the trust and confidence of the customer. If the
organization wants to remain competitive, there is no way but continuous innovation, product
diversification and development, continuous customer satisfaction, need and reputation
review (Graiser and Scott, 2013). The organization will more invest in the development of
employee capacities skills and deliver maximum enjoyable shopping experiences to the
customers. The organization will enhance its research and development activities and
continuously track down every single need changes of customers as well as deliver high
quality customer service to its customers (MYCUSTOMER, 2014 and Lowth et al., 2013).
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APPENDIX
Appendix-1: Strategic position of Tesco in UK retail market
Market share of Tesco and other retailers in UK for the 12 weeks ending February 1st, 2015
Source:
http://www.statista.com/statistics/279900/grocery-market-share-in-the-united-
kingdom-uk/.
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Comparative Growth analysis of Tesco and other UK retailers, in 2014
Source:
http://www.bordbia.ie/industry/events/SpeakerPresentations/2015/SmallBusinessOpenDay20
15/ROI%20and%20UK%20Retailer%20Landscape,%20What%20has%20changed%20in%2
0the%20last%20year%20-%20David%20Berry,%20Kantar.pdf
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KPI of Tesco
Source: http://files.the-group.net/library/tesco/annualreport2014/pdfs/tescoar14_pr_kpi.pdf
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Appendix-2: Porter’s Generic Model
Source: http://www.marketingteacher.com/generic-strategies/
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Appendix-3: Bowman's Strategy Clock
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