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.
To recommend required modifications needed to undertake for enhancing strategic plans as well as networking ways.
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).
Questions of Research
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.
Impact of social Networking Theory in Retail Business
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.
Core Competency Theory
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.
Carta et al. (2014, p.1480) specified that stakeholder theory is the purpose that creates many values for the stakeholders but not shareholders. It also creates the positive values of stakeholders. In order to gain success in market many executives keeps their interest in their customers and employees to move to the same path or direction. Stakeholder theory can also be defined as it is the academic conversation in management including discipline, law and policies of public. Great attention should be focused on the basic ideas or themes that are very popular in this theory. This theory also provides automobile for the functioning of connecting strategies and developing ethics. As opined by Fritz et al. (2015, p.1927) limited attention have been provided to the important questions that acts very important in creating positive values for stakeholders and the way in measuring it.
It is also the purpose in handling the ehaviour of managers which creates negative impact on company. Many new principles have been implemented, that are taken into account of many company management. This stakeholder theory can also be identified as normative stakeholder theory. Normative stakeholder theory specifies at the ehaviour of managers in an organization including company principle.
Competitive Value Framework
Zhu et al. (2014, p.207) explained that competitive value framework is being developed from the research done in many theories. It is very important and useful model to organise and modernise a great variety of organizational and individual framework. It also includes many theories about the effects of an organization, design of an organization and leadership capabilities. The positivity framework is one of the positive strength in this theory. Many investigations regarding study have also been performed in this theory. These investigations are basically depends on the culture of an organization, positive skills of management and processing of information styles. As specified by Ettihir et al. (2016, p.142) there are two main dimensions that have emerged in this theory.
Abrahamsen et al. (2017, p.404) stated that the original research has been conducted in this theory from many research studies in advanced style in developing human culture in a great manner. This framework has proved to be very beneficial in describing the ability of thinking, organizing and behaviour of human activity. There are many developments in leadership in education programmes by focusing the capabilities in each and every framework. There are also various tools of leadership in determining the work culture of the senior leadership, to get proper feedback from individuals.
Researcher has implemented many new management strategies in retail industry but these management strategies are not adapted properly due to some drawbacks. Corporate management strategies are not functioned properly thus become one of the drawbacks of the retail industry. The expectation of managerial behavior of company is not focussed properly.
Research design and methodology
Jiang et al. (2016, p.142) specified research philosophy is the method to belief Research philosophy is the way to belief in the collection of data about a research will be used and analysed. This purpose of research will be transformed from known to unknown. Two research philosophies will be classified, interpretivism and positivism. Positivism research remains stable and is described from the viewpoint of the main objective. Positivism research also has positive relation with the natural sciences in the world. In intervention research, the main focus of the research can be understood well.
Vaioleti (2016, p.2223) stated it is the study of developing the concepts of theories which are kept away from many studies. There are two methods of research approach. The main aim of research approach is to generate new theories from the data collections. It is also related with the quantitative approach whereas deductive research is related with qualitative approach. Deductive approach focuses on the study of the existing theory, which is tested for observations in finding a pattern for them.
Tarone et al. (2013, p.6666) opined that research design is a huge plan including the objectives of many project research by providing the guidelines of the objectives. Moreover, it is the good plan in carrying the research projects. There are three types of research design, experimental research design, descriptive research design and exploratory research design. The exploratory research design is functioned in increasing the problem similarity, which is under investigation. This problem only takes place when researcher is new, and there are different types of problems. Descriptive research design is used for inventing the ideas and approaches for better explanations for it.
As specified by Choy. (2014, p.104) the techniques for collection of data can be performed through groups or individuals. Secondary and primary data collections are the two types of data collection techniques. Secondary research is done by reviewing books, journals and articles. Primary data collection techniques can be performed by quantitative and qualitative research. Close ended questions are asked in quantitative data collection process. Open ended questions are asked to managers in qualitative data collection process. In this research, researcher will undertake survey of 63 employees as well as researcher will interview 3 managers of TESCO. Data can be collected basically by four ways.
Population and Sampling
Researcher will consider 63 employees for the process of surveying and 3 managers for interviewing. Sample is the modern technique in taking out the unit from the total population for reviewing the results. Profitability and non profitability are the two types of sampling. Profitability sampling is functioned for the selection of random samples and non profitability sampling depends on the judgment call related to the subject.
TESCO being in the top charts of retail industry faces a lot of customer expectations in production and services. Recommendation discussed can show a pathway for TESCO to make probable changes in strategy formation and reach out to more customers. There are certain limitations in conducting this research regarding cost and time because of wide data range needed as well as completing the research within stipulated time respectively. Ethical are the basic norms and standards to govern right or wrong.
Table 3.1: Gantt chart
Research project on strategic management and maintenance of social networks by TESCO has been carried out following different steps. Aim of research and objectives have been set by researcher at beginning of project by finding out issues. Literature review has been executed and specific strategic models are taken into consideration. Detailed primary data collection and analysis have been carried out following qualitative and quantitative methods. Specific recommendations are provided that are to be undertaken and future scope and limitations are discussed.
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