Running head: TESCO PLC
TESCO PLC 2
Introduction of Firm
Tesco Plc was started in 1919 by Jack Cohen in East End, London by selling groceries from a stall. The first store was opened in 1929 in Edgeware, North London. Even before the first store was opened Jack created the first store product called Tesco Tea which would eventually become the store name Tesco. Jack Cohen went to on to build its first warehouse and headquarters in 1934. Ever since then the company has expanded into superstores with gas stations and expanded into other countries as well. They now have locations across Europe and Asia. The company added banking under its portfolio and in 2012 even added mortgages under their banking products offered to the consumers. The company is currently ranked number one in terms of market Share in the United Kingdom. The company is also the fast growing among the top 10 largest retailers in its class in the world and competes with such companies as Walmart and Aldi.
Overview of Firm Competitive Advantage
Jack Cohen was definitely a visionary and creating the first store product tea even before the first store was open, to building its first warehouse and headquarters in 1934. The idea was to get a greater control over the stock control with the intention of passing on greater savings to the consumer. Jack Cohen went on to expand across London, into the suburb and other counties. With the continued expansion the company was still focused on lower prices for the consumer by introducing household goods and clothes in the stores and by the introduction of green stamps which were collected at the cashier and could be exchanged for value goods. While the green stamps are no longer around there are other initiatives that have shown the company in the light of one that values the communities they are in and the consumers they come in contact with.
Tesco’s major development over the years but its dismal performance in the international market in recent years and the issues that have plagued the company.
Over the years Tesco has developed different strategies to win the consumers over. Tesco’s launch of their everyday value in 2012 was focused on two areas that were very important to consumers; quality and healthier options. The company’s core purpose speaks of continually seeking to improve the service to the customers a little better every day. Tesco has built its brand on offering great value to the consumers and continued investments in technology. Tesco has appealed to the environmentally conscious consumers with their bags of help scheme, by helping the communities with green spaces and also saving on the number of disposable bags used by the consumers. With the launch of their fresh foods brand and offering free fruits to children in the stores, it...