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Task 3 - Functional Areas of Tesco

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Introduction

Functional Areas of Tesco Marketing A marketing strategy is a process that can allow Tesco and other organizations to concentrate their resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. Market research enables Tesco to find out information about their customers needs and wants in a different range from creative surveys to interviewing customers face to face. A customer may be asked questions referring their job or how much income they receive. Marketing strategy is most effective when it is an integral component of corporate strategy, defining how Tesco will engage customers, prospects and the competition in the market arena for success. Marketing strategy is most effective when it is an integral component of corporate strategy, defining how the organization will engage customers, The marketing function at Tesco is aiming to meet their customers' needs and wants in order to keep them happy and content. This will enable customers to keep shopping at Tesco if they think they are saving money or being looked after professional. This will keep competition out from the likes of Sainsbury's, Morrison's, Asda, Iceland, Marks and Spencer, Waitrose and Somerfield. The marketing function at Tesco has also come up with a marketing technique where they produce different quality products at different price so that a wider range of customers can shop there. The have produced a Value range of products which are aimed at customers with little income. ...read more.

Middle

The final step is to enable the person with a job offer by sending them a letter or contract which they will agree to. Once the human resource department have selected the right candidates for different positions within their organization they have to start developing their individual abilities and talents by sending them on training courses where are taught new skills so they are experienced at the position that they are filling in at Tesco. This could be something as important as being a store manager or even being something as simple as a shelf stacker. Retention is the process of retaining staff in at Tesco by keeping them happy. Rewarding or praising staff may help them stay at the organization if they are bored or unhappy at what they are doing. Some managers give their employees promotion to a higher position if they feel that they are capable of doing the job. This will keep staff pleased if they feel they are important within the business. Tesco is one of the biggest organizations in the world and take on a massive number of employees, keeping every single one happy can be tough. Managers make sure that their staff participates in training so that they will make the employees feel valued. Induction training is when people show them around their workplace so they are familiar with the area where they will be working. ...read more.

Conclusion

Tesco will be extremely concerned about the amount of money that is going in and out of the business. They do not want to be losing money if it can be avoided, just like any other organization would be. They make sure that all information regarding finance is stored on documents so that they can check all information if needed. At all of Tesco's stores, employees will take money from the cash registers and will carry it to a room within the store where people will count the money to make sure that the right amount of money is there. They will then bank their money by storing it in vaults and will then transfer it from security vans to banks. Management accounting is concerned with the use of accounting information to all managers within Tesco to ensure that they make the right business decisions that would allow them to be better equipped in their management and control functions. Management accounting information is used within Tesco typically for decision making and financial strategies and is usually confidential. They will be looking to plan ahead for the future of Tesco. They also handle and take care of any issues regarding shares within Tesco. The management accounting function will take care of any information concerning labour, land and equipment such as machinery. They also take care of Tesco's capital outlay which is the expenditure in which they have to pay for new buildings, building renovation, equipment, vehicles and land rent. ?? ?? ?? ?? ...read more.

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