as part of an assignment in
Santosh Das (B015)
Tesco, founded by Jack Cohen in 1919 is one of the largest retailers in the UK. It is credited to have revolutionized the super market culture in UK and had started with the “Pile it high, sells it cheap “concept. The case highlights the kind of transformation the company went through to emerge as the market leader . Understanding the pulse of the customer forms the base of the successful transformation. It also highlights the importance of having a clear strategy for a retail store that needs to be followed diligently. In this case the Steering wheel model ensures that due importance is given to all the important business functions and right matrices are designed to measure key performance indicators.
To survive in a competitive sector like retail it is important to constantly innovate and improve processes to stay ahead of the competition. Companies also need to be aware of the direction in which they are heading and the ensure that it is aligned to the needs of the local customer .This is one thing TESCO did successfully. When the management felt that there was a need for change it went to the market to understand the consumers better and came up with innovative processes like “The TESCO way” and obsession with increasing the value for customers. The innovation and hunger was driven by a clear understanding of the values and principles of TESCO. These are * BETTTER for customers : This ensured that all stakeholders were taken care of .The target was to build brand loyalty in the minds of the customers and also ensure other stakeholders like employees and investors remain satisfied * SIMPLER for staff: Simplicity ensured that there was less confusion and the staff understood their roles clearly. This led to a highly synchronous movement among the staff members which resulted in...