BUS4010 Contemporary Business Environment Assignment Sample

Introduction OfContemporary Business Environment

Evaluating Tesco, comparing the contrasting the forms, aims, objectives and operations.

The UK's Tesco supermarket aims to develop further both domestically and internationally, to strengthen its service and non-food divisions to match its food division, to be accountable to the communities where its stores are located, and to create value by fostering collaboration and new brands.

Tesco's Aims and Objectives:

Tesco's primary aim is to maximize profits while also offering the general public and consumers cheap and accessible goods and services. In order to have a better chance with prices, Tesco compares prices with other top supermarkets. Their goals are to increase sales and profits. The main objective of Tesco is to maximize profits while simultaneously providing the general public and customers with affordable and readily available goods and services. Tesco contrasts pricing with those of other renowned supermarkets in order to have a better chance with prices (Hamilton, et.al, 2019). Their objectives are higher profitability and sales. Tesco's corporate goals include offering customers excellent value at reasonable prices, interacting with customers and meeting their needs, fostering employee talent and fairly compensating it, working with suppliers to maintain high standards and low prices, participating in national discussions about food safety and production issues, supporting the communities in which it operates, and turning a profit.

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Tesco wants to be a trusted brand around the world with a beneficial local influence. Tesco's corporate objectives include providing customers with excellent value at competitive prices, engaging with them and attending to their needs, fostering employee talent and fairly compensating it, working with suppliers to maintain high standards and low prices, taking part in national discussions about food safety and production issues, supporting the communities where it operates, and making a profit. Tesco aspires to have a reputable global presence as well as a positive local effect.

Tesco's operations:

Through its multi-format business model, TESCO maintains a wide range of shop kinds, including huge supermarkets, hypermarkets, and smaller grocery stores. The company focuses on offering a wide range of goods, such as food, devices, apparel, gadgets, and financial services (Ren, 2021). Consumers can access extra amenities and make transactions on TESCO's marketplace on the Internet.

Key stakeholders of TESCO:

The main stakeholders of TESCO are managers, employees, the executive committee and shareholders. All employees are vigorous for the organization and managers also.

• Customers- Customers are the main character of the organization and the main motive of the organization is to provide quality and services (Azan and Karimah, 2022).
• Employees- The staff at TESCO comprises an important stakeholder group. The company aims to give its employees a secure and fulfilling place to work, prospects for business growth, and equitable pay.
• Local Communities: TESCO works in several different locales globally. The company aims to be an excellent corporate citizen by sponsoring neighbourhood tasks, encouraging economic growth, and decreasing the impact on the environment.

Forms:

As a publicly traded limited corporation (PLC), TESCO performs business. The company can offer shares to everyone thanks to the PLC legal framework (Muhamegt 2023.). Because of the fact as it is an independent legal entity from its stockholders, its duty of care is limited. By offering shares on the stock market, TESCO can raise cash due to its legal structure.

Legal structure:

TESCO has been set up as a publicly traded corporation (PLC), as previously stated. This suggests that it has investors who own the stock of the business as well as a board of governors who supervise the operations of the business. Legal and the demands of regulators, such as those related to reporting on finances, publication, and corporate management, are relevant to TESCO. On the other hand, Oxfam is an voluntary or charitable organization that works to remove injustice that occurs due to poverty. As per the structural aspects, all the volunteers work together for the welfare of others. Vision of Oxfam is to make world which exists without the situation of poverty.

Evaluating the role and impact of digitization on Tesco's structure, operations, and strategies of contemporary.

Digitalization is changing the world very quickly and every organization is part of the changing world. Nowadays digitalization has become an essential part of successful business. Digital technology has improved the work quality of TESCO and it can improve business efficiency. The foundation, activities, and plans of modern business organisations like TESCO are all being greatly affected by digitization. The Internet of Things (IoT), boosting networking and collaboration tools, online shopping, e-business, and social technologies are instances of how technological advances have altered how organisations operate and interact with their stakeholders. Without any offline presence at all, a firm can operate successfully and develop new communication channels through greater visibility on online stores and digital directories. Digitalization has a beneficial and important effect on innovations all around the world.

The organizational framework of TESCO has evolved as a result of digitization. Traditional vertical arrangements now have more distributed flexibility. Digital solutions have been speeding up and increasing the effectiveness of interaction and making choices processes, allowing TESCO to react swiftly to marketplace trends and requests from customers. Virtual teamwork eliminates borders of geography and fosters cross-functional collaboration.

TESCO's activities have evolved in a variety of ways thanks to digitization. It has made the ability to streamline and enhance activities, which has improved efficiency as well as output. As an example, TESCO uses electronic devices to coordinate logistics, control of inventory, and supply chain management, improving efficiency and decreasing expenses. With the addition of IoT, TESCO is able to control its shelving, stores, and inventory levels in real time, increasing client happiness while decreasing waste.

TESCO's method has undergone significant changes as a result of digitization. The increasing popularity of online shopping has compelled TESCO to boost its presence on the internet and create reliable e-commerce platforms. Consumers may now shop online, increasing the market and opening up additional sources of income. Furthermore, TESCO created better rewards programs, enhanced customer experiences, and personalized advertising efforts by utilizing statistical analysis and customer insights from digital platforms. Also, TESCO utilizes social media in order to communicate with consumers, gather feedback, and rapidly manage issues, boosting the company's image and raising customer satisfaction.

Major changes to TESCO's strategy are being prompted by digitization. TESCO was compelled to expand its presence on the internet by developing reliable platforms for e-commerce by the expansion of e-commerce. Clients may now shop on the Internet, which offers up new revenue opportunities and increases the market. To personalise promotions, improve consumer experiences, and improve loyalty programs, TESCO additionally utilized data analytics and consumer data from online platforms. In order to communicate with consumers, get feedback, and react to issues quickly, TESCO additionally utilized social technologies, which have enhanced the company's image and raised satisfaction among consumers. It made it achievable for TESCO to broaden its market attractiveness, enhance customer service, improve efficiency in operations, and respond to the evolving marketplace. TESCO has established itself as a technologically equipped organization able to fulfilling the needs of the modern business environment by embracing electronic devices and maximizing their full potential.

Task 1

Explaining key components of micro- and macroeconomics theories and effects on organizational behaviour and the national economy.

Economics offers two grounds one is Microeconomics and the other is Macroeconomics. Microeconomics is a main source of mainstream economics that provides the behaviour of TESCO in making decisions about the distribution of scarce resources. Microeconomics is the study of the way particular economic entities, which include enterprises, households, and clients, behave. These units acquire the ability they make decisions regarding how to distribute resources and the variables that affect their decisions in TESCO (Thampapillai and 2019). When assets become scarce, it may solve the problem of scarcity. Humans have limitless demands that can never be satisfied. It helps businesses to creatively allocate their limited resources. Microeconomics examines how buyers and sellers engage in the market. The concept of supply and demand affects how much anything costs and how much it weighs. It also shows how people choose what to buy.

Microeconomics explores how consumers and sellers interact in markets. The ideas of demand and supply affect the prices and percentages of goods and services. By making use of these variables, companies can optimize both their production processes and price choices. Many market arrangements, including oligopoly, a dominant position, the best rivals and competitive monopolies, are examined in microeconomics. These frameworks affect how TESCO performs, including its pricing strategies, market expansion, and availability limitations (Mosley, Paniagua, Wibbels, 2020). Microeconomics is the study of consumer choices regarding purchases and spending habits. It takes into account things like income, expenses, utility maximization, and choices. Macroeconomics includes the large-scale economy, for instance, monetary policy along with additional rules could have a significant global impact while simultaneously influencing national and state economies. Macroeconomic factors include things like GDP, unemployment rates, national income, and inflation. States, businesses, and consumers all closely monitor these economic success criteria. In the discipline of macroeconomics, there is a lot of research on the relationships between different macroeconomic parameters. This helps TESCO in changing prices during economic ups and downs.

The whole economy is about the total goods and services produced by the TESCO and the total income which is earned and productive sources. Macroeconomics has fiscal policies which are government policies, this shows TESCO influences the direction of the economy via some changes in government policies. Measures used by the macroeconomics field to gauge an economy's general health include GDP, unemployment rates, rates of inflation, and interest rates. Knowledge of the overall condition of the banking industry is available from the previously mentioned indicators. Macroeconomics is the study of how government monetary choices, such as taxation and spending, impact the general condition of the economy. These rules seek to encourage growth, stabilize the economy, and address issues like income inequality (Mitchell, Wray and Watts, 2019). Macroeconomics examines the importance of how banks control cash flow, interest rates, and the availability of credit. Financial assurance allows the stabilization of the financial markets, the oversight of inflation, and the transfer of money.

Both macroeconomic and small-scale theories have an important effect on the nation's financial system and organisational behaviour. Governments employ fiscal and monetary policies as tools to manage economic activity and accomplish broad-based objectives (Pilcher, 2019.). Maximizing the level of living and achieving steady economic growth are the overarching objectives of macroeconomics. These two are the primary sections of economic findings, the macro/micro divide in economics is well-known. These ideas consider positive as well as negative impacts on the economy and decisions made by governments. These economic theories can help TESCO to achieve the targeted goals in a positive manner and with the law of governance. These key points can affect organizational behaviour and are meant to be aligned with the organization.

Task 2

Examining leading theories of management, leadership and control

Management control in organizational performance

The mix of systematic efforts in organizational management is called management control. To achieve organizational goals and objectives it is important to assure that all organizational resources are used. It consists of setting up planning, designing feedback, actual performance comparison, and remedial action whenever needed. Planning and analysis of the result are the dynamic process of management control. It has different elements connected (Salehan, et.al., 2022). These are structural changes, performance management, tools, procedures, systems, report-making, and operational performance.

Leadership Control in Organizational Performance

Situational leadership is considered to be the best parameter when employees' performance is taken into account. The willingness and ability of the employee to perform the task can vary across different challenges. The situation leadership model also helps the employees to get the right direction from their leaders. Employee empowerment allows flexibility within them which in turn helps the leaders to bring out the best in them.

Control management in organizational performance

For effective and efficient utilization of resources control management is used. It helps the organization achieve its desires and goals. Control management has two purposes: To plan things accordingly, and to help in the coordination. The management gets timely information with the help of a good control system which is useful in taking action for organizational operations. To align the actions of the employees, control management gives specifications based on the actions of the employees (Salehan, Rao, Soepriyadi, et.al, 2022). The control management also verifies the rewards and performance of the employees. Control management can take place in two ways: Formal and Informal. Formal control management relies on the documents which are registered officially. Informal control management is made by peers and is not registered anywhere.

Challenges

• Communication barriers: Every leader faces communication barriers in their businesses. Misunderstanding occurs when people with the same language speak with different accents. For example, English has three accents those are British, American, and Australian. Implications in language are faced by leaders when dealing with their clients.
• Diversity: Inclusion and diversity are the most important elements of a business. Sustainable development is a trend that the company should follow. If these issues are not addressed properly it turns out to be a bad process. Some suggestions can be made to solve the challenge of diversity. First, the company should appreciate the culture of its employees. Companies should understand the values and differences continuously to raise awareness among their employees. Second, team leaders and managers should provide equal and fair opportunities to every employee working in their company. This will help in team building and trust building.
• Managing a team: Teamwork is required to build a strong team. The growth depends on teamwork. Recognition of the skills of each team member is the duty of the manager this in turn helps him to distribute the work according to the strengths of each member. To create success, the manager needs to lead the team efficiently so that it will give high returns in the future.
• Hiring: Hiring new leads is the biggest challenge. It becomes very difficult to hire new talents across different countries.
• Social interaction: Connecting virtually is one of the biggest challenges of leadership. A good connection between the team and the client helps to engage in their project effectively.
• Productivity: Productivity is affected when there is a cultural conflict between the manager and his employees. However, if cultural conflicts are not resolved within the time frame then it can cause negativity in the working environment which leads to scatteredness.

Investigating and analysing real-world business

Tesco is a worldwide retail business with its head office in the UK. Tesco has shown that it recognizes global issues and its position in a globalized economy as a responsible global citizen. The business emphasises responsibility in its daily activities and has created moral decision-making processes. Tesco additionally promotes awareness of positivity and awareness of differences in a variety of social situations. Tesco's focus on the environment is an instance that shows its dedication to good world citizenship. The business has made an effort to decrease its environmental impact after becoming conscious of the challenges facing the environment globally. Tesco sets high standards for cutting carbon emissions, increasing the share of energy from renewable sources utilized, and cutting water consumption.

Tesco exhibits its commitment to battling global warming and protecting the planet through implementing energy-efficient products, promoting waste minimization programs, and investing in sources of clean energy (Tejvan 2019.). A further essential aspect of Tesco's strategy as a responsible worldwide citizen is ethical decision-making. The business has developed a Code of Conduct for Business describing the company's ethical principles and requirements. This code promotes ethical business conduct, commitment to the rights of people, and ethical sourcing techniques. Tesco has put in place severe inspections of suppliers to make sure that moral rules are observed, like avoiding labour involving children and encouraging safe workplaces. Tesco shows its commitment to responsible corporate practices keeping either itself or its suppliers responsible. Tesco additionally promotes cultural sensitivity and diversity in its business practices.

The company appreciates the importance of understanding and valuing these cultural differences as it operates in multiple countries with different cultural beginnings. Tesco aggressively supports diversity and inclusion among its employees to create an inclusive environment where individuals of different cultures can flourish (Collinson, et.al, 2020). Tesco also customises its products and services to fit the unique cultural tastes of its multicultural customers, ensuring that it serves their needs and respects their customs as well. Tesco's social responsibility and corporate social responsibility (CSR) activities further show the company's dedication to responsible worldwide citizenship. The organisation is involved with many social and environmental programs in the neighbourhood. Tesco's charitable programs are centred on concerns including community development, health, and education. Tesco displays its dedication to having an impact on its main operations through partnerships with charitable organisations and service activities.

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References

Books and Journals

• Alam, S. and Raut-Roy, U., 2019. Evaluating the Effectiveness of Reward Strategy at Tesco.Indian Journal of Industrial Relations.55(1). pp.105-120.
• Azan, M. E. M. and Karimah, W. N., 2022. The Relationship between Customer Loyalty Program and Customer Retention at Tesco.Research in Management of Technology and Business.3(2). pp.174-184.
• Collinson, S., Narula, R., Qamar, A. and Rugman, A. M., 2020.International business. Pearson UK.
• Cortellazzo, L., Bruni, E. and Zampieri, R., 2019. The role of leadership in a digitalized world: A review.Frontiers in psychology.10. p.1938.
• Hamilton, R., Thompson, D., Bone, S., Chaplin, L. N., Griskevicius, V., Goldsmith, K., Hill, R., John, D. R., Mittal, C., O'Guinn, T. and Piff, P., 2019. The effects of scarcity on consumer decision journeys.Journal of the Academy of Marketing Science.47. pp.532-550.
• Mitchell, W., Wray, L. R. and Watts, M., 2019.Macroeconomics. Bloomsbury Publishing.
• Mosley, L., Paniagua, V. and Wibbels, E., 2020. Moving markets? Government bond investors and microeconomic policy changes.Economics & Politics. 32(2). pp.197-249.
• Pilcher, J., 2019. Art, Law and Unstable Corporate Identities.Proceedings of EVA London 2019. pp.288-292
• Ren, J., 2021, December. The Research of Tesco's Current Investment Portfolio and Some Recommendations. In2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)(pp. 1461-1465). Atlantis Press.
• Salehan, S., Rao, D.G., Soepriyadi, I., Nuryana, A. and Luturmas, Y., 2022. Analysis of the Influence of Organizational Control System and Trust on Employee Performance.Budapest International Research and Critics Institute-Journal (BIRCI-Journal).5(3).
• Thampapillai, D. and Ruth, M., 2019.Environmental economics: Concepts, methods and policies. Routledge.

Online

• Tejvan Pettinger. 2019. Key measures of economic performance. Online. Available through: < https://tinyurl.com/ytke4vyz> Accessed on 11/07/2023
• Muhamegt Ahmeti. 2023. The impact of digitalization on business strategy. Online. Available through: <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3877098> Accessed on 11/07/2023