Business At Work – Tesco
My chosen company is Tesco. Tesco is the most successful supermarket chain in UK because of its well-known good services and product quality. To maintain this loyalty, they go greater lengths to improve and sustain quality. A supermarket is a large organisation that sells its products to the customers such as food, electrical goods. Tesco is one of the largest supermarkets and one of the most profitable retail businesses in the world. They offer a wide range of products such as food and non food products they also offer a wide range of services to meet customer needs. Company information
In the UK alone Tesco have 1,982 stores which include 62 new stores opened this year. They are the number one food retailer in the UK. There UK market have grown by 7. 9% and profit by 6. 9% this year. This year they have made a turnover of 21,615 million. They have gained 3. 3 million new customers in the UK. There net assets have increased by i?? 993m over the past year to i?? 6,559m. There fixed assets have increased by i?? 2,558m. Our loyal and committed staff have helped make us Britain’s biggest supermarket. This year we have taken on an additional 9,000 people, with a further 5,000 over Christmas, to help serve our customers better.
104,000 of our staff are shareholders. Brief company history Jack Cohen who originally owned and started the Tesco empire, it was started 80 years ago on a market stall. He was the son of a Jewish sailor and often the war he started by buying 30 pounds worth of army surplus rations. He would reliable the cans and tins. The on his first day of selling this stock at the market he made a profit of one pound. After selling all of this he had made him self some money to work with. He used this money to buy goods under handily these were often goods, which other stores would not sell.
By 1939, his empire had groan and he had opened up one hundred stores. Jack then went to America for a holiday. Where he found the stores out there were all self-service, he thought this idea was great and could save him a lot of money in shop staff wages. He brought this idea back with him to England and set it up and found this method to be most successful and then introduced every shop to this. Jack then invited Critman his son in law to join his business. These pair often clashed over views as Critman was a businessman and Cohen was a market stall trader.
Tesco then started their long running campaign to expand by buying up cheap chains of shop. He then owned 400 stores worldwide and had spent one million on this. Tesco has come a long way since the first time the name appeared on Jack Cohan’s market stall. Tesco have become a large giant company leading the market and with the investment being made in to other country’s it will be interesting to see if they can stay there. There will be competition in the future for Tesco as the recent take over of Asda by Wallmart (a large European supermarket chain) will soon also want the top spot.
The technology has grown with the company and they too have always stayed up to date so I am sure there will be interesting ways to shop on the future but am sure even if the super markets are not here the name Tesco will still supply the customer with the high standard of goods it expects Mission Statement A mission statement is a statement of the role, or purpose, which an organization intends to serve its stakeholders. It also describes what the organization does, who it serves like stakeholders, and what makes the organization unique better than its competitors.
The mission statements always exist at the top level of an organization, but may also be set for different organizational levels or components. Mission statements are a way of communicating the organisations visions and ideas to a department, company and its customers. Business objectives are goals which an organisation has so it has something to aim for. Such as being the biggest supermarket in the UK. Organisations have business objectives so that they have something to aim for. A way to improve is by expanding or improving services etc.