- Published: December 22, 2021
- Updated: December 22, 2021
- University / College: Ohio University
- Language: English
- Downloads: 45
In this part of the report, I will be evaluating the reasons of success for both business (Tesco and British Heart Foundation) and how they have worked hard to ensure their stakeholders have been looked after to achieve success. I will also be explaining how they have used/communicated their values, mission and vision statement to help achieve their aims and objectives. Mission statement is what the company does to become successful.
Mission statement for all businesses have to be short and easy to understand, so that they know what they have to do. It has to be specific, so that public also knows what they are reading. Vision statement is what the company would like to do in the future for them to become better. This is different from mission statement. If they know what they are doing, then it would mean that everything they do will become successful for them and it could help them set out their aims and goals.
Tesco mission statement is ‘ Creating values for customers to earn their lifetime loyalty’. To them, their mission statement is very important to them because for them it means that it gives a goal to the company, which makes them continue their work even more. Also, it allows them to gives the customers good service, making them even more popular. To do this, they: Broadcast adverts about them- this is useful for them because it allows the customers to see what Tesco have in their store.
This will then allow them to buy products from Tesco meaning, that they will earn a larger profit. Their design on their packaging- this is useful for them because it allows them to provide their own branded bags in their store. Their bags can be in different colours. They have their own brand so that it attracts customers. For example, they have their own brand called ‘ Tesco’s Finest’ and this attracts a lot of customers.
Tesco’s Logo- their logo is very simple. The colours they have is Red, Blue and White. This is a simple label which means that they can attract a lot of customers as many customers like simple but standing out logo. They also have vision statements. Their vision statement is ‘ To be the most highly valued business by: the customers we serve, the communities in which we operate, our loyal and committed colleagues and of course, our shareholders.’ To them, their vision statement is important to them. What Tesco want to achieve is to: To be the most popular store all over the place- this will allow them to get popular easily as many people would have heard their store.
To have new, innovated ideas – have unique products to attract new customers Earn trust from their staff and customers- earning trust would mean that the staff and customers would rely on them more. Organisational values is the values shows the right standards they to see the behaviour of the workers at the business. They have an organisational value which allows the see what they are doing. Their organisational values are: Understand the customers- if they understand the customers, they will know what to do. Be the first people to meet their needs- if the meet their needs quickly, then the customers will come to an understanding of the amount of attention they have.