Tesco and Richer sounds
Tesco’s aims are to be the best supermarket in the whole world and provide better services than its competitors. Its main aim is to sell most of it frozen foods through the Internet. The diagram below shows all the Tesco’s aims. It also has two main aims that are increase its share of the U.K grocery market and the other one is to develop its non-food business and the other is to increase its bakery foods
Objectives Tesco’s objectives are that sell more than its competitors and to also sell more of its products that the previous year. To fulfil Tesco’s aim that to increase its non-food business Tesco made some main objectives like advertise more of its non-foods, publish it on the Internet and also make it cheaper if bought through the Internet and also improve its services. One of its main objectives in the year 2000 was to be the leading grocer in the world by selling more of its products over the Internet and now that objectives are fulfilled. Tesco has main five objectives, which are:
1. To understand their customers better than any of their competitors do. 2. To earn the respect of their staff and to appreciate their contribution of achieving them. 3. To be energetic and innovative and to take risks in making life better for their customers. 4. To recognize that they brilliant people working for them and to use this strength to make our customers shopping enjoyable in a way that no competitors can. Richer Sounds is a public limited company (PLC), which sells products like sound systems, hi-fi’s, TVs, DVD Players, Computers and all the other important electrical goods. Their first store was when Julian Richer was 19 and he opened it at London Bridge. As well as England he has now opened his shops in Ireland. Richer Sounds were in the top 100’s best companies. Richer Sounds PLC has 400 colleagues with 50 stores nation wide all owned by Julian Richer and also he is the chairman. Their annual turn over is ï¿½100 million. “They think that their customers are so important that they give coffee for free.”
Richer Sounds try to keep up to date with the new developments. New products come on the market, such as DVD players, plasma screen TVs and mini disk players, or they add new equipment to products already existing. They are in the retailing business sector, Richer Sounds PLC sells hi-fi separates, home cinema systems, Plasma screen TV’s. Obviously they have competitors like who sell electronic equipments and so they have competitors like Comet or Dixons who also sell many other items. The difference is that Richer Sounds specialize in specific types of equipment. They don’t just sell ordinary equipments but they employ people who are keen on specific equipment and train their colleagues so they have an understanding about their products.
Julian Richer started of at the age of 19 with ï¿½2000 saved from wheeling and dealing in audio equipment when he was at school. Julian had three years of experience working in hi-fi retailing in London, but he really wanted to start up his own business so he bought a small shop under the London Bridge Walk. Julian needed a loan so the previous owner gave him ï¿½20,000 for 74% of the shares so Julian bought back the shares after 9 months. He had no accountant so he had to do everything himself. There were no specialists to check accounts those days. He had special deals so his shop started running really well so he bought another shop and so on he now has 50 shops in the UK and Ireland. It is an unlisted public limited company because he didn’t want anyone else but him to own the company because what happened to him when he started his first shop and it wouldn’t happen again to him and so their shares are not for sale on the stock exchange. The main reason behind limited company was to gain the benefits of limited liability