Tesco Critical Success Factors

Theory of critical factors of success is important when it comes to evaluation of an organization success factor. The theory does argue that when a firm isolates particular success points, it can be in a position to achieve more goals within its strategic plan. Additionally, the theory argues that the isolation of the right success factors will enable the firm’s operations continued success as long as the isolated factors are met (Capon, Potter, & Schindler, 2006). Thus, the theory argues that the isolated success factor by a firm becomes its main business goals.! Identification of critical success factors in Tesco is vital for its success in the next ten years. The critical success factor theory can be used in the firm to come up with important success factors. According to the strategic purpose of the shop, growth and meeting the needs of customers should be the guiding goals when it comes to isolation of key success factors of the Tesco shop.! Identifying the most important points of success within the firm will be an important milestone for the future success of the shop’s branches in different parts of the world. One of the important point of success within the firm is its customers. The theory can be used to help the shop evaluate issues relating to the likes and dislikes of the customers of the business for purposes of ensuring that they are well treated all the time. The theory will be vital in determining how treatment of customers can be of future success of the firm.! People are also the most important point of success to the firm. People in this context stand for employees and suppliers of the company. The theory of critical success factors can be applied in identifying what needs to be done by the management of the shop to ensure that employees and suppliers' needs are fully satisfied. Examination of the factors that makes suppliers and employees satisfied within the company will help in developing future strategies of meeting their needs. Commitment of employees and suppliers to the vision and mission of Tesco will be enhanced once their needs are satisfied in the future. Finally, the theory can be applied in ensuring resources which are vital to the future success of the shop are properly used in the realization of the overall goals of the company.!In order for Tesco to have success within the next ten years, it must pay attention to a number of factors. First, the success of the firm depends on its customers. Therefore, all resources of the shop should be directed towards development of products that fully meet the needs of its customers. In addition, the market is another factor that will determine the future success of the shop. Given that Tesco operates in a very competitive market, management should allocate more resources on marketing for purposes of expanding the current market of the shop. Revenues of the company can only be raised by increasing its market shares in the future in various markets around the globe rather than focusing only in the UK market. Finally, the company needs to commit it resources in the right projects such as opening more retail stores in the developing markets as they present more opportunities for the growth of the company in the next ten years.

Дата добавления: 2015-11-16