The term sustainability defines the strategies adapted by business organization in order to boost a growth in it. There are many ways by which a company can grow sustainably; the company can provide deserved salaries to the employees. These things will be included in the report. This report will also analyze the methods of providing the stake holders with proper facilities and properly addressing the problems of them. This report focuses on having proper knowledge of the products and the tracking all the information provided by the customer. The business theories and the models that will be fruitful for the employees, customers and the other stakeholder have been discussed here. This report contains the development or innovations needed in order to grow a business sustainably. The capabilities of a company regarding the adaptation to the uncertain changes are a very important quality of a stable organization. The models and the theories of a business need to be changed in order to adapt to the trends in the market. This report has the vivid information of how a company can bring stability in it. Every section should be given equal importance which will play an important in the growth of the organization.
The pharisaic expression behind the term Strategic Management is factual to recognize the necessary strategic approaches effective for adopting the successful approaches regarding the advantageous process of a successful business. Different approaches of the company named TESCO will be discussed here. The stability in a business can be gained by giving proper value to the customers and the employees as they are one of the important stake holders of the company. By the view of Youn et al. (2017), every person in the supply chain should be given equal importance and the investors should be provided with proper knowledge of the product. TESCO has been successful in these approaches to an extent and hence they have become one of the largest in their respective business.
There are many ways in order to grow a business sustainably as the growing of a sustainable business is very in order to get the positive outcome. The business organizations first have to pay attention to the section of employees as they are the main people who are behind the sustainable growth of a business organization. As per the opinion of Loeillet (2017), Sustainability is very important for business organizations as it benefits the company or organization in the long run. This type of approach named sustainable approach is a kind of approach that deals with introducing ideas that will bring harmony in the environment of the work field and will bring mental satisfaction in the employees in order to get the best outcome from them. These strategies will help the company or business organization in the future. The sustainable approaches of the company TESCO will be discussed here. This company deals with food retailing and its popularity is huge to be specific, it is one of the big names in the food retailing industry. It is mainly based in UK. According to the view of Lavorata and Sparks (2018), the providing of proper quality service to the customers and finding a solution to the problems that the customer faces while purchasing a product or while taking a service should be focused by the company. It is one of the serious things that need attention in order to grow a business sustainably. By the opinion of Zhou (2017), the clarity in communication between the employees and the organization regarding the desired target of the company is very important as the employees could work accordingly. On the other hand, the company TESCO should pay proper attention to the needs of the employees that means the organization should look into the basic needs of the employees that is salary, providing pensions after retirement to the employees.
TESCO initiated the business in order to get a positive feedback from the customers by providing them high quality foods. This was their basic target at the time of starting their business and they tried to maintain the consistency. TESCO is a very big name in their respective fields because they have achieved it by implementing various strategies of attaining sustainability. They have maintained many things and had used many strategies for reaching the top. This company has valued their customers and the employees and that is the secret of their success. They have provided good amount of salaries to the workers or the employees which will mental strength to them and will boost them to work hard for the company. According to the opinion of Bourne et al. (2017), the employees or the workers also have some needs that need to be addressed as they also have some financial problems and they have joined this renowned company in order to eradicate this problem. .
Stake holders are the section of people who has shares of the company’s profits. To be specific, there are two types of stake holders which are internal stakeholders and external stakeholders in which the internal stakeholders constitutes of the board that manages every aspect of the company, employees and the administration body. On the other hand, of the external stakeholders constitutes of the section of people who are suppliers that is the supply chain, the investors who invested in a particular company for a better outcome.
As per the view of Mukherjee (2016), the company has some policies and theories in order to meet the stakeholders demand and to provide proper facilities to the share holders or stake holders. The staff of TESCO is very attentive in hearing the feedbacks of the customers in order to find a proper solution to the problems that they are facing. The circle should be clear and should be communicative. By the opinion of Rahim (2017), the staff should give proper information to the company regarding the views of the customers about the product. The TESCO has a special strategy which says that the people should be treated in the way they deserve to be treated. This is the reason of their gripping relationship with the suppliers. By the view of Olanrewaju et al. (2019), each and every head of the supply chain should get the appropriate share in the profits. There is an interesting facility provided by TESCO and that is the staff survey in which the staff can give their views about the behavior of the respective company and the regarding the level of acceptance to the customers of the products. The company conducts this survey for screening the performance of the staff and also for the response of the customers regarding a product. The TESCO have managed the stakeholders very tactfully as they know that by building a stable partnership with the stakeholders, the targets could be met by sharing it. The sharing of the targets is convenient in order to fulfill it. It is not easy and at many instances, not possible to provide attention to every stake holders but by partnership the company makes the road to meet the competition in the market smoother.
The proper training of the employees and developing them through training programs is one of the ways to enrich the services of the company. The company TESCO tried to get the best out of the internal stakeholders by providing the share of their profits. By the opinion of Frasquet et al. (2018), giving rewards to the employees at the time when the company is getting success is way of motivating them. The employees should be given bonuses by the company at the festivals to boost them and for well being of them. TESCO gives proper share of the profits to each every person of the supply chain. According to the view of Bilinska-Reformat (2016), the investors invest his capital on a famous and popular company in order to get a profitable outcome. TESCO has introduced and maintained many ways by which the demands of the customers could be met.
Theories for maintaining the Stakeholders
As mentioned earlier, the stakeholders can be provided with proper profits and more external stakeholders can be attracted towards the company through maintaining some rules, governance and strategies. By the view of Yeung and Coe (2015), the team work should be there for introduction of new ideas and more work. TESCO adapted many strategies for meeting the demands of the internal and external stakeholders. They tried to implement team work for the betterment of the company. They believed in maintaining harmony of the environment. TESCO says that building trust and respect within the workers in any field can give a positive outcome. They believed that the internal stakeholders like the employees should get rewards according to their performance and they also get some added benefits to their income as they are also part of the chain that gave the success. As per the opinion of Crick (2015), the external stakeholders should know that what are running in the company and should know about each and every step of the company as the investors are spending their valuable in a company by believing in the capabilities of the company. The staffs should be given proper training in order to provide the customers with the best service and to find the solutions of the problems that the customers are facing. After all, the customer is one of the important stakeholders of the company. TESCO values their stakeholder especially the customers and the employees.
This section will cover the development of the capabilities by TESCO in order to meet the competitive demands in the market. It may happen that the market has changed and a new innovation is required in order to meet the demands of the customers. This is the capability of an organization to meet the uncertain changes of the market environment. TESCO gets accustomed to the change in market behavior too easily and that makes the company adaptable to the changing trends of the market.
Tools Of TESCO
In 1995, TESCO launched an important offer that is ‘Clubcard. This resulted as a greater benefit of the company more than just a offer introduced in the market. This can give a proper idea about the capabilities of TESCO. This enabled the customer to get the proper information about what the needs by the use of card data. According to the opinion of Akpobi (2017), the interest of the customer could be properly screened with help of this feature. The dynamic capabilities include the way of getting proper knowledge about the customer or the market demands and the behaviors. TESCO has proper management body which records the data of the customer and keeps the tracks of the money paid by them and the offers that are available to them. TESCO has constantly tried to bring innovations in the business policies and they have the capability of managing the policies very well. TESCO has redesigned the policies and theories which are existing and the capability of an organization to cope up with the changing environment of the market. TESCO must have the clarity about the competitions in the market. TESCO should properly screen the market behavior. By the view of Garamounn and Hurieb (2016), the TESCO has some impressive tools to address different problems, they have the power of intellectual thinking and the capability of taking sudden decision regarding according to the needs and demands of the market. The dynamic capabilities of a company also involves the enhancing the culture of the work place. The capabilities of a company can only be understood if the company searches the scopes of development in the field of technology. The capabilities of a company can only be understood if the company the can properly screen the gaps and can work on it for the purpose of betterment of the company.
The Sustainable approach and the stakeholders approach can be differentiated in many ways. Mainly it can be differentiated on the basis of manners in which the approach is made. The sustainable approach mainly depends on the customers well being and the employees well being but on the other hand, the stakeholders include an additional concern and that are the concern for the investors. Also, the stakeholders approach involves providing of equal amount of capital to the supply chains. On the contrary, the dynamic capabilities includes the re designing of the existing business policies and introducing theories of the way of providing facilities to the staff, customers etc. By the view of Borland et al. (2016), the sustainability mainly emphasize on the customers mind set when working in the company. On the other hand, the stakeholders have the addition of the investors and the heads in the supply chain. The dynamic capabilities have the addition of a company’s capabilities to record the data of the customers properly and also it includes the proper information about the offers available to the customers.
From the descriptive analysis, it is to be concluded that the there are many ways that needs to be adapted by an organization in order to grow sustainably. TESCO has adapted many ways for addressing the desires of the customers and fulfill them. The customers are given maximum value by TESCO. Major emphasize should be on providing the customer with high quality products. The company should give proper benefits to the employees in order to motivate them for better outcomes. In order to gain sustainability, a business organization should properly access the demands of the customers and the needs of the workers of the organization.
project management assignment help, business management assignment help, business management assignment, management assignment help services, strategic management assignment help, management accounting assignment , management homework help, marketing management assignment help, human resource assignment help, human resource management assignment help, managerial accounting assignment help, management accounting assignment help, financial management assignment help, it management assignment help, project management homework help, hospitality management assignment help, hr management assignment help, operations management homework help, brand management assignment help, database management homework help, financial management homework help, operations assignment help, healthcare management assignment help, write my project management assignment,