Management is like investment, its goal is to get the most out of resources, add the most value or get the best return. Management can be defined as achieving goals in a way that makes the best use of all resources. This definition covers self-management as well as managing people, being a manager. Whenever you prioritize, you are managing your time. You manage yourself and all other resources at your disposal in order to do a good job. Boddy (2007) describes management as the activity of getting things done with the aid of people and other resources. Management is both a universal human activity and a distinct occupation. Management is a feature of most human circumstances, domestic, social and political as well as in formally established organisations. People have developed a succession of models of management to understand and deal with current management issues. There are different approaches to management for example rational goal model, internal process, human relations and open systems. Fortunately they all come together in Quinns (1996) CVF (see appendix 1). The CVF serves primarily as a map, an organizing mechanism, a sense-making device, source of new ideas, and a learning system. From the CVF comes a theory about how these various aspects of organizations function in simultaneous harmony and tension with one another. The framework helps identify a set of guidelines that can help leaders diagnose and manage the interrelationships, congruencies, and contradictions among these different aspects of organizations. In other words, the framework helps leaders work more comprehensively and more consistently in improving their organizations’ performance and value creation. 2.0 Application
2.1 Tesco and Globalization
Tesco is among the largest food retailers in the world with revenue in excess of £54 billion in 2009 and employing over 470,000 people. They operate approximately 4,331 stores in 14 countries around the world. Tesco was founded in 1919 and launched its first store in Edgware, London, UK in 1929. Tesco provides online services through its subsidiary, Tesco.com. The UK is the company's largest market, where it operates under four banners of Extra, Superstore, Metro and Express. The company sells almost 40,000 food products, including clothing and other non-food lines. The company's own-label products (50%of sales) are at three levels, value, normal and finest. As well as convenience produce, many stores have gas stations, becoming one of Britain's largest independent petrol retailers. Other retailing services offered include Tesco Personal Finance.
* Tesco has a proven customer retention strategy with the help of its loyalty scheme called ‘ Tesco Club card’ * Tesco is ranked third largest grocery Retail Company. The company held 30.7% share of the UK grocery retail market in 2010 Weakness
* Tesco has not been able to perform well over the last year as compared to its competitors. A number of products were recalled by Tesco in 2009 that has resulted in a financial loss as well as damage to its brand image. * The key operations of the company are concentrated within the UK retail sector, where it recorded more than 75% of its revenue during the fiscal year 2009. This lack of geographic diversification can be seen as a key weakness for the firm as it is subjected to systemic risks of the UK market. (Tesco 2010) Opportunities
* The popularity of Tesco.com is growing rapidly, accounting for over 1 million customers in 2010 which has provided an opportunity to the company to attract new customers and reduce the overall cost resulting in more profit. * It has been predicted that there will be a rise from £125 billion in 2009 to £145 billion in 2014 in the food retail market segment. This is mainly due to the fact that even during times of recession, food retail is the toughest segment since having enough to eat is the priority....