Decision-Making Process & Product Development Of TESCO

TESCO PLS Assignment Student Name Course Title Date An effective decision-making process brings together right kind of resources to the right market at the right time. The quality and quantity should go side by side as they help gain an advantage over the competitors. Headquartered in Welwyn Garden City, Hertfordshire, Tesco is a British grocery and merchandise retailer and has its stores in over 11 countries across Europe and Asia. The company was founded in 1919 by Jack Cohen and first emerged as a brand in 1924 after Jack bought a shipment company and expanded its network worldwide. Tesco is not only known for its high-quality books, electronics, and furniture items but also toys, software, clothing, financial services and internet and telecom services (Lal, and Rangan, 2005). Decision-making process and product development of TESCO In February 1993, Tesco announced that it would change its policies to make them user-friendly. First of all, the company implemented new marketing and promotional strategies, and then it introduced new trends in developing products and managing the business. The same year, Tesco introduced different loyalty programs to attract more and more customers. As a major food retailer in the United Kingdom market, Tesco has developed a contemporary vision and introduced lots of top-quality products. At the same time, the company does not compromise on prices and has always sold its items at reasonable costs (Woods, 2011). Today, Tesco Club is considered the most victorious and marvelous loyalty program and a powerful and integrated way to increase its number of customers. With the passage of time, Tesco has developed various products and upgraded the old ones, so that they come up the expectations of the customers. No doubt, it is the best and fastest growing European company and financial service provider. With nearly 80% of Tesco sales going through the loyalty card, it looks like the company would introduce similar programs in future with an aim to engage more customers and ensure their satisfaction regarding quality, reliability, and affordability (Reynolds, Cuthbertson, and Bell, 2004). Tesco’s club card reflects the company commitment and dedication to the business as well as its customer. It has strong team ethics, provides customers with outstanding services, and on top of that Tesco is loyal to everyone and does its best to satisfy both employees and consumers (Weele, 2010). Different stages of the process The strategic decisions of Tesco are based on long-term commitment and can affect the overall performance and entire business of the company. The manager is responsible for taking these decisions; he keeps an eye on the performance of the employees, ensures that production meets demands, and of course, the customers get what they have paid for. Tesco’ tactical decisions will allow it to research more products before starting their production, evaluating the sales and overall performance of the old products, and creating a balance between customer numbers and product development. Operational decisions are related to the day-to-day running of the business. A junior manager or an employee can take these decisions in the absence of the senior manager. This will definitely help Tesco generate mor...