MMW226465 International Management and Governance and Sustainability Assignment Sample
Introduction
The company chosen is Tesco which is a retailer of groceries as well as general merchandise (Krummel, 2022). It is the 3rd largest retailer on the entire planet by the measurement of the gross revenues and the 9th largest on the earth when the measurement is being done by revenues.
International management practices of Tesco
The company had initiated as a food retailer as well as it had expanded the spectrum of the company to other products. In the year 1975, it enhanced itself by introducing stations for petrol at many sites. The main idea of this was to provide all the things to the customers as per their necessity in a single location. In the beginning, they started to sell the petrol which is branded but later the fuel brand of their company was sold. The company has made progress at a very fast rate and for the measurement of this, the team of the company was making every effort which is possible for the engagement of the customers as well as for the maintenance of the loyalty of the customer with it. They also launched a campaign for guaranteeing the best quality of products to the customers. There were launching of various programs for the loyalty of the customer. Customer loyalty does not indicate the way of demonstrating the loyalty of the customers to the company. instead of this, it indicates the way the loyalty is being demonstrated by the company to the customers. The company was the largest retailer as well as the leader in the market of food retailing. It has also been dominant in the market of UK in the case of retail of food along with it began to expand its business in the whole world.MMW226465 International Management, Governance and Sustainability Assignment Sample
The company was been introduced in the beginning to Hungary and later to other countries as well. It also launched its business in the countries of Asia. trading throughout the day was also got introduced in 1998. It also launched a fine brand of foods which consisted of fresh as well as the foods which are prepared. The company also initiated as well as published a comparison of the prices of the supermarket on the internet. The banking by online mode as well as a bookstore online was also been launched by the company.
The main reason behind the success of the company is the strategy made for the satisfaction of the customers as well as for the continuation of the journey the customer care was always been emphasized. There were many stores which were being implemented for the improvement of the services to the customers. The policy replenishment for the insurance of the availability of ninety-nine percent stock (Hashim et al., 2021). The landmark to become the leading retailer was also been achieved. The company also started business in various other countries. They were also delivering food for people with special needs of diet. The people with certain kinds of intolerance of food as well as certain kinds of allergies were entertained with the new range of developed foods. The restriction of the diet was no longer an obstacle to the enjoyment of the food. The products of the company were made free from gluten as well as wheat along with milk in certain cases. There were about one hundred and fifty products in the range of the products which were free from these things.
It also started business in the USA by initiating the stores of local groceries. The focus of these stores was on fresh foods. It had also introduced the products with labels of its own instead of a vast range of brands in the USA which were usually available. The strategy of low pricing was being used by these chains of local foods as well as the foods were being offered at less price to the customers of the country.
The company became the largest as well as the best retailing company in the UK. The strategy of the company focused on the customer. The attention with a considerable rate had always been paid to the customers by this company. The creation of value for their customers was the main aim of the company. The goal has been achieved by this company as well as there has been a flourish in the company. The main strategy of the company is the expansion of the company in the whole world as well as giving importance to the development of its retail business of food as well as a nonfood business. They were also providing services of retail according to the change of the demand of the customer. They have included the systems for shopping by online mode (Rosnizam, et al., 2020). There had been a huge effort done by the team of the company upon the strategies. as a result, this company is at the top of food as well as other businesses of retail. The needs, as well as the requirements of the customers, are been anticipated along with understood by the company. This is why the company has always been able to respond to the change in lifestyles as well as the customer demand with success.
The company has been providing a huge range of products of various varieties for making the business versatile. They are providing various products like clothes as well as footwear along with jewelry and household items. It has also been providing the items for the kitchen as well as the products for beautification. They are also delivering various goods of furniture as well as electronics items and appliances. These types of products are being available to the customer under its roof. The customers are being provided with an easy as well as good experience of shopping. Along with providing various varieties of foods, there is the need of providing good quality foods. This is very much important for the maintenance of the loyalty of the customers.
Recommendations for enhancement
Various concepts of international management
Operations on a large scale
There is a necessity for the conduction of the operation on a large scale for coping with the global business. There must be the use of special types of machinery as well as the hiring of the employees with high skill. The productions must be conducted on a large scale. The use of a large number of new technologies based on AI and automation is needed. This will help to increase production and will reduce the cost of a large number of laborers (Singh, et al., 23021). There must be the use of modern machinery to increase the number of products. It will help to increase the variety of products
Factor’s immobility
The immobility degree of factors such as labor as well as capital is more in between the various countries than in the case within the countries. In the case of the developing countries with a huge population, there are a lot of human resources. But there are a smaller number of skilled laborers in case of the developing countries
Heterogeneity of markets.
The business across several countries is not the same as the case the business which is being done within a country. There are lacking of homogeneity in the case of the international market as there are varieties of climate as well as habits along with languages and customs. The tastes and the likings of people of different countries must be analyzed (Awadari, and Kanwal., 2019.). It must be seen that the products are being made according to the requirements of the people of that country. The people of different countries are different in food habits as well as in clothing and culture. It must be analyzed well and different types of strategies for different types of people in different places must be done. They must have different experts for different places and each one of them must be well aware of the necessities of the people of that particular locality. They must also take into consideration that there is a need for various types of new strategies and new qualities of products for the different types of people.
Economic integration
It implies the arrangement between the various regions including the reduction as well as the elimination of the barriers to trade along with the fiscal and monetary policies coordination
Knowledge and skills
There must be good planning of the strategies by the company. They must try to develop new innovative strategies to develop the production. The use of new and advanced technologies is needed to increase production (Nasteckienė, 2021). It must be noticed that the demands of the customers are fulfilled and they are adapting to the change of the demands as well as the lifestyles of the people.MMW226465 International Management and Governance and Sustainability Assignment Sample
Synthesis of knowledge
There are several challenges in international management there are various types of climates as well as habits of the people. They must cope with the needs as well as the varieties of the different tastes of the people.
Theories of international management
The model of Hechsheller and Ohlin
The dealing of this model is mainly with the trade of the goods as well as services of 2 countries with different resources. There are various kinds of factors that influence the production in the country to obtain an advantage in the competition over the other country. Each the countries is being provided with a chance for specializing with the help of the trade. The product that is being produced by the country is being exported to the other countries. The products which they can produce well are exported and on the other hand, those products which they are not been able to produce are being imported by the company (Marques, 2019). There has been a huge influence on the relative price fluctuations by the profit done from the export of different products.
Model of Samuelson and Jones
The influence on the income distribution is being done for certain reasons as per this model. The cost is being involved in the resource transfer as well as it is not possible to do that immediately. The changes in the portfolio of products reduce the demand for the production factors(Xiong et al., 2021). The combination of labor, as well as capital along with the territory, is needed for producing as well as manufacturing various products. The manufacturer products are been created by the countries which have large resources of capital and less land.
Planning
There must be good collaboration among the employees and there must be a lot of use of technologies in the production. The use of online shopping and social media is very much important for the promotion of products. All the departments of the companies situated in various countries must have a connection with each other and they must have contact with each other online. The expert and the smart people must be hired and the products must be created in such a way that the less amount of natural resources is used and there does not become any deficiency of natural resources(Jermsittiparsert et al., 2019). The resources used must be less and the amount of production must be high. It must be seen that the products are eco-friendly and are good for society. There must be the use of less amount of that type of resource which causes pollution or harm to the society.
Conclusion.
The use of a huge amount of new modern machines must be done to increase production(Al-Suraihi et al.,2020). The price of the products must be such that it is accessible to all types of people.
References
Krummel, D., 2022. Expansion in the Retail Sector—Market Entry Strategies in Consideration of Formal and Informal Institutions: A Tesco Case Study. Open Access Library Journal, 9(2), pp.1-19.
Hashim, M., Nazam, M., Abrar, M., Hussain, Z., Nazim, M., and Shabbir, R., 2021. Unlocking the sustainable production indicators: a novel Tesco-based fuzzy AHP approach. Cogent Business & Management, 8(1), p.1870807.
Rosnizam, M.R.A.B., Kee, D.M.H., Akhir, M.E.H.B.M., Shahqira, M., Yusoff, M.A.H.B.M., Budiman, R.S. and Alajmi, A.M., 2020. Market opportunities and challenges: A case study of Tesco. Journal of the Community Development in Asia (JCDA), 3(2), pp.18-27.
Singh, P., Ranjith, P.V., Fathihah, N., Kee, D.M.H., Nuralina, N., Nurdiyanah, N. and Nursyahirah, N., 2021. Service Quality Dimension and Customers’ Satisfaction: An Empirical Study of Tesco Hypermarket in Malaysia. International Journal of Applied Business and International Management (IJABIM), 6(3), pp.102-114.
Awadari, A.C. and Kanwal, S., 2019. Employee participation in organizational change: A case of Tesco PLC. International Journal of Financial, Accounting, and Management, 1(2), pp.91-99.
Marques, J.C., 2019. Private regulatory capture via harmonization: An analysis of global retailer regulatory intermediaries. Regulation & Governance, 13(2), pp.157-176.
Nasteckienė, V., 2021. An empirical investigation of risk management practices. Management: Journal of Contemporary Management Issues, 26(2), pp.79-98.
Jermsittiparsert, K., Namdej, P. and Somjai, S., 2019. Green supply chain practices and sustainable performance: the moderating role of total quality management practices in the electronic industry of Thailand. International Journal of Supply Chain Management, 8(3), pp.33-46.
Al-Suraihi, W.A., Al-Suraihi, A.H.A., Ibrahim, I., Al-Tahitah, A. and Abdulrab, M., 2020. The Effect of Customer Relationship Management on Consumer Behavior: A Case of Retail Industry in Malaysia. International Journal of Management and Human Science (IJMHS).
Xiong, J., Yan, J., Su, P., Bonanni, C. and Li, Q., 2021. Knowledge management practices by middle managers to attain organizational ambidexterity. Technology Analysis & Strategic Management, pp.1-14.
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