Competitive strategies: UK supermarkets Research background UK retail supermarkets employ some competitive approaches in their business, this study emphases mostly on these marketing techniques. This study describes future of business strategies used by chief retail supermarkets in the United Kingdom. Retail strategy can be explained as the general proposal which is taken in action by retailers for gaining achievements in the competition of supermarkets. (Barmen, B. Evans, J. 2006). Recently extraordinary competition originated in the environment of retail supermarkets. Huge investment in infrastructure done by major supermarkets such as Asda, Tesco, Morrison and Sainsbury increased their product quality. Advancement in technology, increase in the range of products, quality and pace resulted vast advancement in supermarket industry of the United Kingdom. (Harvey, 2000). According to the market shares owned by major supermarkets in the United Kingdom according to the statistics of 2006 March 9th, first four supermarkets in the United Kingdom own 74.4% of the overall market. Among the four Tesco is at the first position with a marketing share of 30.4% in the United Kingdom. Main competitors of Tesco in the United Kingdom market are Morrison, Sainsbury and Asda. Asda has a marketing share of 16.6% while Sainsbury Morrison hold marketing shares of 16.2 % and 11.2% correspondingly. In UK competition among retail supermarkets are tougher but Tesco is most successful among all supermarket chains in United Kingdom. (Source: BBC news, 9 March 2006). The above mentioned four supermarket giants dominate UKs retailing markets. Currently Tesco, Sinsburrys, Asda are the top retail supermarkets rules grocery retailing in the UK. The industry construction is characterized by many attributes such as greater store size, lowering prices of goods and adopting different formats to satisfy the consumers expectation. (Andrew Holingworth, 2004). Research question The first and foremost question focused on this research is: How effective is the competitive strategy employed by giant supermarket in UK? With these competitive strategy how these giant supermarket each other withstand in this current competitive market? How the competitive strategy helps in maintaining customer relationship management and the sales of the supermarket? Also,To identify the overall performance of these supermarkets. Literature review Review of literature is a body of content that aims to reconsider the vital points of existing knowledge on a specific topic. This literature review is done to recognize the existing knowledge in the section of competitive strategy employed by giant supermarkets.. According to Porter ME, 1980 competitive strategy can be defined as the â€œplan for how a firm will compete, formulated after evaluating how its strengths and weaknesses compare to those of its competitors. For example, a small meatpacking firm may decide to concentrate on a special niche product offered in limited areas after determining it cannot compete on price with major competitors.â€ Competitive strategy consists of the actions which are taken to attract customers, to withstand the competitive pressures of the market and also to help and strengthen the firms market position. The main objective of the competitive strategy is to earn a competitive benefit or advantage and to cultivate a clientele of loyal customers and knock the sock off the rivals ethically and honorably.(Philip Kotler, 2001) Tesco holds the largest market share which is of 31.6% for which the Tesco is controlling the large sector of the current retail market and also they have 50% of grocery market where as Sainsburys has about 22% of the current market share. Tesco sells a very huge variety of product range and also they do buy the products in a massive volume and sell those goods cheap, as considered to Sainsburys they only purchase goods of popular brand name and sell their own brand products in the super market. The Tesco has the super power to have their super market which is at the main location, it has the largest acquisition which enable Tesco to acquire nearly about 1/3rd of the retail market but concerned as Sainsbury they do not have the power to acquire land.(Julian finch, the Guardian) To sell every product, every where and everyone target which includes in the national and overseas, success level has been achieved by Tesco. With introduction of this strategy Sainsburys should have to work hard, and will have a hard time keeping up the Sainsburys giant retail market. The giant supermarket Tesco put effort to attract the people from all level of peoples or customers where as Sainsburys tries to attract customers with the middle , average class people by their middle class value or price. Tesco put more efforts to reduce the price and attract the customers where as Sainsbury keeps concentration in particularly in food, i.e. the quality of food they provide to the customers. After several years of decline in market, Sainsburys have emerged with independent ideas in stabilizing the current competitive environment. In the year of 2004 chief executive of Sainsburys Mr. Justin King introduced new recovery programs to attract the customers and to retain them using competitive strategy method and this had increased their market shares from 15.8%.customer relationship management is introduced as a new discipline which can create and nourish the sales and profitability(Julia Finch, The Guardian). During the period 1999 asda was owned by the US corporation company Wal-mart, it is the only one supermarket in United Kingdom which has the potential to be a thorn for the TescoÂ as currently Asda in the world is eight times biggest company in the world , compared to annual sales against Tescos. Despite of the very tough trading competition environment Asda has grew up its total sales in a â€˜high single digits which is excluding the petrol for a period upto September 30th. A figure which was published by the TNS shows that Asda is growing in UK market twice in speed. Even at the time when customer are price conscious supermarket Asda still continues with quality goods in cheap price agenda At a time when customers are increasingly price conscious, ASDA continues to drive its low cost agenda enabling it to fund lower prices for customers. As a result it has further strengthened its price advantage over its competitors. ASDAs profit grew ahead of target with good cost control despite rising energy costs. The delivery of ASDAs sustainability programme has contributed to lowering operating costs as well as reducing its carbon footprint. Methodology The technique for examination taken for this research proposal is qualitative research to obtain descriptive and qualitative understanding about the competitive strategy followed in giant supermarket. Errors occurred can be found in eloquent way with quantitative examination of information. Qualitative analysis/examination is defined as â€œthe data collected in relates to the demographic or the behavioral of the respondent under the studyâ€ by Kothari (1990). This study is conducted to acquire qualitative as well as expressive understanding of causes and means which are connected to the completive approach with Tesco, Sainsburys and Tesco. Competitive strategy includes many processes like technology, innovation, process and combining people. Supermarket giants use this technique; in this method consultation has been conducted to disclose outlooks, philosophies, primary inspiration and emotional state on competitive approach engaged in major hypermarkets on client correlation. Data collection The data collected for analysis is from both primary and secondary data. Primary data is the data directly collected by the researcher himself. Primary data is original in nature and is directly from the first hand experience. Secondary data is collected from some other sources which were collected for some other purpose. Secondary data collection is cost effective and time effective. In-depth interview and direct observation would be done. They are cost effective and take less time. Face to face interview will be conducted with the staffs and employees of Tesco, Asda and Sainsburys and also a keen direct observation will be made to know the satisfaction of the customers and sales effectiveness, also the strategy method used in customer relationship management strategy and the other strategy followed is observed to know what attract the customers and retain customers. Datas are also collected from secondary sources like books, journals, newspaper archives, internet etc. The data collected for the research is through non probability convenience sampling method. Convenience sampling as word suggests is the sample selected by the investigator by his personal and convenient interest. It helps in focusing into new insights and ideas into the research problem. Convenience sampling method takes less time and is cost effective Data analysis Data analysis is the most important section of the research. Data analysis enables to understand and obtain the exact result of the research. Here data is analyzed through SWOT and PESTEL analysis. The data that is collected from direct observation, interviews ,questionnaires and other sources is evaluated and examined to understand the strength, weakness, opportunity and external threats and also evaluates macro factors like political, economical, social, technological, ecologicaland legal. Enhancement in research techniques Research impact Time scale Activities Nov 09 Dec 09 Jan 10 Feb 10 W1 W2 W3 W 4 W 1 W 2 W 3 W 4 W 1 W2 W3 W4 W1 Topic selection x Read journals and magazines x x Analysis on the topic x x Data collection x x X Preparation of proposal x x Proposal submission x Feedback x Preparation for data collection x x x Data Analysis X x Further literature review x Submission of draft x Draft revising x Print x Submission X
Three Types of People to Fire Immediately Essay
The article that I read was â€œThree Types of People to Fire Immediatelyâ€ by Michael Maddock and Raphael Louis Viton from Bloombergâ€™s Businessweek. The authors of this article discuss how we are taught to be creative and innovative from the beginning when we are children. They also talk about how another key element to be successful is to teach managers how to fire people. Maddock and Viton talk about how letting someone go can be beneficial to your organization because some employees are part of the problem and not part of the solution.
They say that the people who are innovative and willing to learn are the ones who will push your organization to the next level and that there are three types of people that will hold your organization back. These three people are the victims, the non-believers, and the know-it-alls. The victims are the people who say things like â€œCan you believe what they want us to do now? And of course we have no time to do it. I donâ€™t get paid enough for this. The boss is cluelessâ€ (Maddock Viton 2011). They will often see problems as singling them out and punishing them rather than a challenge that they need to overcome and persevere.
Victims are usually angry, annoyed, and always complaining about anything that they can. They are the ones at the holiday parties that are very negative and donâ€™t really want to be there but come anyway just to bring everyone else down. Maddock and Viton say that victims are not looking for opportunities but instead look for problems because that is the frame of mind that they are used to seeing things in. The authors say that the non-believers think like this â€œWhy should we work so hard on this? Even if we come up with a good idea, the boss will probably kill it.
If she doesnâ€™t, the market will. Iâ€™ve seen this a hundred times beforeâ€ (Maddock Viton 2011). Maddock and Viton believe that the only difference between a winning team that is innovative and the losing one that comes up short can be attributed to the lack of willpower within the corporate culture. Good managers are those who can find the believers in the organization and promote them while weeding out the non-believers to make the organization stronger. The know-it-alls will say things like â€œYou people obviously donâ€™t understand the business we are in.
The regulations will not allow an idea like this, and our stakeholders wonâ€™t embrace it. Donâ€™t even get me started on our IT infrastructureâ€™s inability to support it. And then there is the problem of â€¦. â€ (Maddock Viton 2011). Maddock and Viton believe that the best innovators are those who are willing to learn and not those who think that they know enough to get by. It is managementâ€™s job to make and sculpt the culture in the way that they want. If management wants to have an innovative culture then they must convey a learning culture because that is the best way to be innovative.
It is also said that the know-it-alls become very keen in using their knowledge to constitute why things are not possible rather than trying to find a way to make it possible. The authors say that managers should try to retrain or teach the Know-it-alls before firing them because they can be valuable if they can break their bad habits. In my opinion I would have to agree with this article for the most part. I do believe that it is necessary to get rid of certain employees such as the â€œVictimsâ€ and the â€œNon-believersâ€.
The Victims and the non-believers will only bring your organization down with their negativity and poor attitudes. Not to mention the fact that they are usually incapable of seeing anything as a positive opportunity rather than a punishment or waste of time. There are a lot of things in the world that were seen as a waste of time or a crazy idea to people but because of the believers and dreamers we have a lot of new technology and innovation to this day. The part that I would have to disagree with is when they talk about the â€œKnow-it-allsâ€ and how they are not innovative.
I believe that the know-it-alls can be very innovative and can solve a lot of organizations problems. However, I also believe that they might be more realistic in their thinking and this could be a good thing in that it could help keep the dreamers from getting their heads too far in the clouds. So in my opinion I do believe that it is necessary to fire people for the good of the organization but you should always evaluate what the employee brings to the table and how they negatively affect the organization before action is taken.
Management Accounting and Finance in U.K. Museums and Music Organisations - Dissertation Example
The main functions that the manager carries out comprises of decision making, planning and controlling (Bhattacharyya, 2011; Chong, 2009). In order to execute their responsibilities in an effective manner the manager needs timely accurate information. Hence, information is a vital parameter in the success of a business and in order to provide appropriate information, managerial accounting identifies, gathers, measures, segregates and reports the information to the managers in such a way that management processes are fulfilled. Therefore, management accounting is the field of accounting that looks at providing information to the management. This information includes financial accounting, information related to decision making and planning, cost management, control, performance evaluation and determination of cost for the purpose of financial reporting. Management accounting consists of the reports that cater to the need of the management (Kulkarni and Mahajan, 2008). 1.2 Overview of Museum and Art organization The museums and art organizations that falls under the culture industry, has currently aroused the necessity of accounting but the dilemma persists regarding the methodology that should be used in order to measure the accountability. The debate remains whether for financial reporting, scientific collection, heritage and culture should be valued more and the extent to which accountability can be properly served by heavily emphasizing on the general purpose financial reporting alone. The debate related to accountability in the arts organization and museum is a subject of discourse for the last few decades. This has been further exaggerated by the need for viability in the art organizations and museum for ensuring long-term survival. Accountability...
The study reveals that the organizations are now looking at additional sources of income by organizing events. The events that they are planning to launch are expected to generate high amount of income for the organization. The management of the art organization have decided not only to sell tickets of the events in order to generate revenue but also look for sponsorship of the event. In this context, before organizing any event the management is setting targets in form of budget for the whole event. This budget is set as such the expected expense that the organization will be incurring and income that they will be generating are estimated. This gives them a clear idea regarding the revenue that they will be generating. Accounting techniques like variance analysis, activity based costing, budgeting and other methods are used in order to conduct the management accounting efficiently. These methods have been proved effective in achieving the future goals of the organization. This reveals that the art organization and museums are not only focussing on generating additional income but also creating satisfaction among the artists and the customers.
This essay makes a conclusion that the main challenge for the art organization is that the economic crisis has affected the funding which is very important for the organizations that are not running for profitable ventures. These challenges have made the organizations to shift their focus from profit sharing model to profit generating model. On shifting to this model the accounting techniques used by the organization has also changed.
Write something about yourself. No need to be fancy, just an overview.