Necessity and impacts of strategic methods and social communication of a company is focussed in this chapter. An example of TESCO will be taken to show the implementation of the strategies. In the following chapter certain objectives and a specific aim have been set to get a detail acknowledgement of the study. Research rationale is formed, which would help in analysing the background and significance of conducting this particular research.
Background of Research: Social networking of an organisation involves formulation as well as implementation of major objectives and initiatives taken top management of a company. This involves consideration of the resources and analysis of both external and internal environments of the market, where the entity competes. Social networking of a company is another important factor for any organisation as a means of their interaction with stakeholder and external community.
Objectives of Research
· To acknowledge strategies adopted by the company for maintaining their market position in global retail industry.
· To recognise the methods that TESCO utilises in order to preserve an extensive social network with their stakeholders in international market.
Issue of performing a research on TESCO is to acknowledge their strategy development, management of that strategy and perpetuating a formal social networking with stakeholders. Similarly researcher will realise various processes TESCO follow in order to prolong their social networking in international market. Researcher has chosen this specific topic because evaluation of different managerial strategies developed by an organisation assists in extending the domain of business relevant to external market. This is possible when effective interaction is maintained between company and components of its external market. In present day, necessity of effectual strategy formation has reached its peak since competence level in market has increased considerably. Communication has become a key component in modern business world. Thus researcher has chosen to conduct a research on this issue. The research shades light on probable methods of strategy planning of TESCO and sustaining a secure social networking in market (Tesco.com, 2017).
· How does TESCO sustain their global market position by implementing strategies?
· What methods are adopted by TESCO to preserve a secure social networking in international market?
· How can TESCO improve methods of strategy implementation and increase domain of social networking?
This chapter deals with advanced techniques and theories. Many affirmative and favourable methods have been formulated for the process of management strategy and social networks in retail industry. Example has also been taken to focus on the strategies in the company. Many existing theories have been discussed over here that have been reviewed for understanding the main factors of strategy management in retail industry. It has also focused on many significances and aims in explaining the new management strategies and social networks in retail industry. Theories are taken into consideration to help in knowing the modern factors which are utmost importance.
Rothaermel (2015, p.114) commented that internet and other communities have made positive impact on consumers and societies including accessing of information and social networking in a huge manner. Through social networks millions of users get opportunities for using internet by showing more interest towards it. Users get more attracted towards internet and thus they are using many formats of internet to communicate or to share several ideas or contacting others customers became most important link or source. Social media also have some important factors that attracted many customers with attractive change in prices of products for advertising and promoting. Tascikaraoglu et al. (2014, p.309) specified that Social media are also influenced by the ehaviour of customers over a product or a company. Many companies are greatly influenced by online networks. Social media networks also provided many advanced opportunities in business for engaging the interaction interest with all customers and building positive relationships between customers and company.
As opined by Hemi et al. (2014, p.63) contingency theory in an organization provides main substructure or the study of design in an organization. It specifies the most useful design in a structure of an organization where. The contingency theory can fit its contingencies in an organization. However there are many types of challenges present in this theory. These types of challenges can be described as verifiable and theoretical. These challenges are assessed and are stated over. Moreover, these challenges lead to many inventions in this theory. There are also other challenges that are gathered by the method of inventions. Both theories including methodological theory and theoretical are innovated with many new opportunities for contingency theory in an organization rather they put all attention to design of an organization.
Dizqah et al. (2015, p.2278) stated that Core Competency theory is the theory of explaining strategies that are defined through various actions that are implemented in company for achieving an advantage in the overall market. This theory states that the company must apply its strengths in the field of competition in a market. This theory also forms a competency core that becomes very easy for the competitors as well as across the markets. All companies must adapt these strategies to meet the competitions in the market. This theory is basically based fundamentally for adding value in an organization or enterprise. As specified by Dauvilliers, et al. (2016, p.386) core competency theory is adapted in many organizations including technical support and relation in management. Each company have its own specific field where they express their advance strategies against their competitors. Business enterprises formulate many surveys for getting idea regarding expectations of buyers.
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