Various Factors of Tesoc Business Contexts Including Its Leadership Styles
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[pic 1]London School of Commerce In association with the University of SuffolkContext of BusinessStudent Name: Amina BegumStudent ID: S203282Table of Contents1.0 Introduction 32.0 A brief history of Tesco Plc and rationale of choice 32.1 Overview of Tesco 32.2 Rationale of the study 43.0 Vision, leadership style and management practices and the various strategies of Tesco PLC 4Vision of the Tesco Plc 4Leadership styles and Leadership style of Tesco 4Management theories and Management practice of Tesco PLC 6Various strategies in Tesco making use of various theories 64.0 Implication of leadership style and management practices and the various strategies by Tesco 75.0 Recommendation 85.0 Conclusion 95.0.References 101.0 Introduction This paper focuses on various factors of Tesoc business contexts including its leadership styles, management practices, company vision, and strategies development and their successful implementation. The activities of Tesco are significantly reviewed through leadership style and management practices and the various strategies. Then the final part is described as a recommendation of the leadership style and management practices and the various strategies of Tesco through strategic models.2.0 A brief history of Tesco Plc and rationale of choice 2.1 Overview of Tesco Tesco is now the biigest retail company in the UK, even in the EU. It has now over 440,000 dedicated staffs who providing execlent services to its customers. It attracts over 80 million of customers in every week in its over 6800 physical stores and online. It is now operating in many global market including EU, Malaysia, Czech, Slovakia, hungary, and India. In 2016/17, it gained group sales of £51.0 billion, statutory revenue of £55.9 billion, operating profit of £1837 million, and net profit of £1298 million. Tesco gains about 29% of market share by retaining and making loya of its customers. Tesco is commited to offer cheaper products by maintaining quality and integrity. Tesco always tries to understand its customers and meet their changing needs and expectations, and is socially responsible for communities where it is operatinig. Tesco also takes care of its staffs to work as a team, by trusting and respecting the staffs, by listening, supporting and saying thank, and by sharing knowledge and experiences (Tesco Annual Report, 2018).
2.2 Rationale of the studyA notable business leader is a person who can encourage their group and comply with enterprise management practices for success. Business management system is the system by which an organization gets its employees to supply the finest outcomes with the least amount of attempt. The implementation of better leadership style helps the firm to satisfy the employees and achieve the targeted goals of the firm. The management procedures also play a vital role to influence the goals of the firm. Tesco is using different modern technologies in its management practices to gain sustainable competitive advanatage (Tesco Annual Report, 2018). Here I choose Tesco PLC to evaluate the best Management practices and leadership style and the various strategies of the company. The rationale of the study has a great impact as the study contributes a lot to understand the modern business practices of a retailing .3.0 Vision, leadership style and management practices and the various strategies of Tesco PLCVision of the Tesco Plc Mission determines the aspiration view of the employer. The vision statement of the company helps to gain a standard. Tesco is the corporation, thats specially constructed for the customers and colleagues. According to Tesco Annual Report (2018), the vision of Tesco is “to create value for customers to earn their lifetime loyalty”Leadership styles and Leadership style of TescoA method of providing direction, implementing plans, staffing and motivation in people is called leadership style.In Accordign to House et al. (2014), there are six types of leadership styles and their functions in business. These are as follows , AuthoritarianPaternalisticDemocratic/ParticipativeLaissez-faireTransactionalTransformationalThe Tesco is one of the largest retail industries in the UK and it uses the democratic leadership/ Participative style within the firm to lead the subordinates. This administration style is a balanced mix of the Autocratic and Laissez-Faire styles. This style is portrayed by the comprehensive basic leadership process. Democratic leadership or participative leadership focues on the team of the leader and the decision making process is being shared through the team memebers. Democratic leadership encourages concerned engagement and input of employees that improve worker skills and performance. This type of leaders are typically excellent at solving complex problems, creates a creative environment as well as builds a strong team in his or her business unit (Bratton, 2010).[pic 2]Figure: Democratic Leadership practices at Tesco Source: Bratton (2010) Tesco communicates the decisions from the subordinate employees to make the decision right for implementing them in the right way. The real position of the market and the firm can be found out through the use of democratic or participative leadership. That is why, the team members of Tesco are very supportive and strong. The opinion of the everyone is taken into consideration for taking any decision for the business unit (Tesco Annual Report, 2018).