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Table 1: Retail Industry Sales Value ($ bn) & GPD Growth % [86] ASIA PACIFIC AUTRALASIA EASTERN EUROPE LATIN AMERICA MIDDLE EAST&AFRICA NORTH AMERICA WESTERN EUROPE TOTAL sales 2009/10 3,079 223 646 813 583 3,063 3,126 11,53 3 GDP 2009% 3.6 0.9 -6.2 -1.7 2.2 -2.6 -4.2 GDP2010% 8.2 3.0 2.9 5.7 4.3 2.8 2.1 Table 2: Global Food Retail Industry Value Forecast: $ billion, 2009-2014 [69] Ranking 2006 2007 2008 2009 4year Trend 2009% Value Share $ Billion 4,349.4 4,650.8 4,975.1 5,322.5 5,697.8 5,967.9 % Growth 6.8 6.9 7.0 7.0 7.1 4.7 Compound Annual Growth rate (CAGR) : 2009-14 6.5% Majority of Value Share forecast will be from Asia Pacific Table 3[70, 79] INDIA CHINA 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 GDP% real growth 9.6 9.9 6.5 5.7 9.7 12.7 14.2 9.6 9.1 10.5 Population(bil lions) 1.128 1.144 1.160 1.176 1.192 1.311 1.317 1.320 1.331 1.337 Market share Tesco% 0.2 0.2 0.2 0.1 0.2 Market share W.Mart% 0.3 0.6 0.7 0.8 0.6 Table 4: Forecast 2005-2020 [72] INDIA CHINA Average Annual Disposable Income Per Household 245% 176% Table 5: PEST Analysis Political Factors China accession to WTO [1,2] Promotion of trading blocks [3,4,5] Activism and Terrorism [6] regulation/ Government licensing restriction [23,25] legislation prevent FDI- [7] introduce retailing code of practice[7] Trade Traffics [25] Technological Factors Technological development.[6] Retailers aggressive spending in technology[80] Growing online retail shopping [18] Higher internet literacy [25] Click and collect [25] Internet enabled mobile devices [25] Loyalty program [19] Mobile Technology [20][21] logistic operation globally [85] Social /Ecological Factors Consumer attitudes towards food [13][14] Demand shifts towards healthier food [25] Ageing population [25] Cost of living. [27] Lack of suitable sites in developed market [25] Single person household. [22] Economic Factors Global recession /economic downturn [7,8,9,28] Middle East Conflict [10,11] GDP Growth [12] Consumer spending/buying behaviour [23] Disposable income [23] Unemployment rate [26 ] 1 apple Plc STRATEGIC POSITION and CHOICE, LEADERSHIP &

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Table 1: Retail Industry Sales Value ($ bn) & GPD Growth % [86]ASIA PACIFIC

AUTRALASIA EASTERN EUROPE

LATIN AMERICA

MIDDLE EAST&AFRICA

NORTH AMERICA

WESTERN EUROPE

TOTAL

sales 2009/10

3,079 223 646 813 583 3,063 3,126 11,533

GDP 2009% 3.6 0.9 -6.2 -1.7 2.2 -2.6 -4.2GDP2010% 8.2 3.0 2.9 5.7 4.3 2.8 2.1

Table 2: Global Food Retail Industry Value Forecast: $ billion, 2009-2014 [69]Ranking 2006 2007 2008 2009 4year Trend 2009% Value Share$ Billion 4,349.4 4,650.8 4,975.1 5,322.5 5,697.8 5,967.9% Growth 6.8 6.9 7.0 7.0 7.1 4.7Compound Annual Growth rate (CAGR) : 2009-14 6.5% Majority of Value Share forecast will be from Asia Pacific

Table 3[70, 79] INDIA CHINA2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

GDP% real growth 9.6 9.9 6.5 5.7 9.7 12.7 14.2 9.6 9.1 10.5Population(billions) 1.128 1.144 1.160 1.176 1.192 1.311 1.317 1.320 1.331 1.337Market share Tesco% 0.2 0.2 0.2 0.1 0.2Market share W.Mart% 0.3 0.6 0.7 0.8 0.6Table 4: Forecast 2005-2020 [72] INDIA CHINAAverage Annual Disposable Income Per Household

245% 176%

Table 5: PEST Analysis

Political Factors China accession to WTO [1,2] Promotion of trading blocks [3,4,5] Activism and Terrorism [6] regulation/ Government licensing restriction [23,25] legislation prevent FDI- [7] introduce retailing code of practice[7] Trade Traffics [25]

Technological Factors Technological development.[6] Retailers aggressive spending in technology[80] Growing online retail shopping [18] Higher internet literacy [25] Click and collect [25] Internet enabled mobile devices [25] Loyalty program [19] Mobile Technology [20][21] logistic operation globally [85]

Social /Ecological Factors Consumer attitudes towards food [13][14] Demand shifts towards healthier food [25] Ageing population [25] Cost of living. [27] Lack of suitable sites in developed market [25] Single person household. [22] Greener Living Scheme [15][16] Reduce packaging [17] Global warming/sustainable [15] CSR initiative and greener operation[26] Protest from small local chains [26] Impact on Irish suppliers[26] Trend seen in 2010 to 2015 Low price [25] Logistic operation impact [85]

Economic Factors Global recession /economic downturn [7,8,9,28] Middle East Conflict [10,11] GDP Growth [12] Consumer spending/buying behaviour [23] Disposable income [23] Unemployment rate [26 ] Western countries suffer more than Asia[7] Interest rate/inflation rate[23,26] Exchange rate [23 ] Absorption of inflationary cost in food[23] Saturation of domestic market [7, 26] Look suppliers in less developed regions-[26] To off set slow economic- [ 23] Japan disaster-[29] Japan Economic growth [29,30 ]

Table 6: Porter's 5 Forces

Factor Factor

Threat of New Entry Moderate threat due to some barriers to entry

Brand Identity[6] Major brand already captured 80% retail market [31] ↑ capital requirement to compete[32] authorization from local government-timely[23] Diversification from other market [32]

Exit& entry costs within industry relatively ↓ Government policy[32] Unequal Access to distribution channels [32] supply-side economies of scale[32] demand-side benefit of scale[32] Need of resources

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apple Plc STRATEGIC POSITION and CHOICE, LEADERSHIP & BRAND

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Expected retaliation [32]

Threat of SubstitutesLow/moderate

Cheap alternative to food [6] Downstream/indirect substitute threat- [32]

Plenty of substitute for food [84] Discount retailers[84]

Bargaining Power of SuppliersLow supplierpower/low bargaining

Wide range of global suppliers[33] High competition[33] Increase bargaining power [33]

Long term contract obligation-power high[32]

Differentiated product-power high[32] Supplier threaten forward integration[32]

Bargaining Power of Buyers

B2C- low/moderate Volume of potential customers [81] Dominant consumers position[6] Array of trusted brands[82] Many players in the market[6] Incentive schemes [83]

B2B-high Retailer under scrutiny [44] Put pressure on supplier [44] Demand long payment time &↑ discount[44] retailer can cut middle man[33] produce own brand/offer lower price[33] retailer do backward integration[32] standardized product-switching cost low[33]

Competitive RivalryHigh

Equally balanced competitor of similar size [26] less substantial switching costs [32] product &services-perishable +price competition[32]

differentiation between competitor Monopoly not allowed by Government[34] Threat of take over by rivals [26]

Competitor Comparative AnalysisTable 7: Retailing - Top Global Companies & Value Share 2006-2010 [7, 73, 75]

Ranking 2006 2007 2008 2009 2010

Wal-Mart Stores Inc. 1 3.4% 1 3.4% 1 3.4% 1 3.6% 1 3.6%

Carrefour SA 2 1.1% 2 1.1% 2 1.2% 2 1.1% 2 1.2%

Tesco Plc. 3 0.8% 3 0.8% 3 0.8% 3 0.8% 3 0.8%

Table 8: $ million [6, 64, 69]Tesco Plc. Wal-Mart Stores Inc. Carrefour SA

2008 2009 2008 2009 2008 2009Revenues 73,720.0 84,675.6 374,307 401,204 122,678.1 119,532.5Net Income (Loss) 3,319.9 3,376.0 12,731 13,400 2139.7 607.7Total Assets 47,014.4 71,779.5 163,514 163,429 72,420.6 71,685.0Total Liabilities 28,463.7 52,460.3 91,856 98,144 57,191.7 56,229.5Employees 440,737 4,72000 2,055,000 2,095,000 495,000 495,000

Table 9: Ratios [6, 64, 69]Tesco Plc. Wal-Mart Stores Inc. Carrefour SA

2008 2009 2008 2009 2008 2009Profit Margin 4.5% 4.0% 3.4% 3.3% 1.7% 0.5%Revenue Growth 10.9% 14.9% 8.6% 7.2% (4.4)% (2.6%)Asset Growth 21.6% 52.7% 7.8% (0.1%) 0.3% (1.0%)Liabilities Growth 28.3% 84.3% 10.8% (0.8%) (0.3%) (1.7%)Debt/Asset Ratio 60.5% 73.1% 56.2% 60.1% 79.0% 78.4%Return on Assets 7.7% 5.7% 8.5% 8.2% 3.0% 0.8%Revenue/employee 213,226 232,616 182,145 191,505 247,835 241,480Profit/employee 9,602 9,274 6,195 6,396 4,323 1,228

INTERNAL ANALYSIS: Table 10: Value ChainPrimary ActivitiesInbound Logistics: Cost leadership strategy [7] Monitor under-performing supplier[43] market position & economies of scope [43] Key bargaining power [43] Upgrading order system [1] Use software to control shipment [1]

Operations: Operation model simple [44] Effective use of IT systems-[7] Invested over £76 million in ERP solution [6] minimisation of stock holdings

Outbound Logistics: Developed range of store formats- [31] Formats segmented to targeted population [31] Efficient &effective outbound logistics- [6]

Marketing & sales : Loyalty programs Club card [6] Introduced Greener Living Scheme [37] Give consumers advice on environmental issues [37] Product recall [31, 66]

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Service: strategy of cost leadership and differentiation high importance customer service[42] 200,000 staffs trained in ‘every little help’ skills[6]

Service : Via Self-service kiosks &Financial services[6] Focused direct marketing and promotions [42]

Secondary ActivityFirm Infrastructure : Tesco’s headquarter [6] Operates across 14 markets [6] Product &services [6]

Human Resource Management: employees undergone training to move upward [38] Mgt Internship programme [6] Bonus scheme [38]SAYE scheme [38]

Technology Development: agency for club card scheme(USA) Invest in web cloud technology[39] Invested heavily in technology[39] Invest in STEP CHANGE PROGRAMME [39]

Procurement: transportation optimisation solution [40] resource utilisation [40] Drive down carbon emissions [40]

Table 11: Resource Base ValueTHRESHOLD CAPABILITIES COMPETITIVE CAPABILITESResources

Focus on product affordability; [35] operates in 14markets; strong brand image[35] know how to innovative[35,36]

employees worldwide,+ stores [6]

Unique Resources Club card loyalty scheme [35] Help Manage supply chain[7] Customer behaviour[7] Early entrant in Internet [7] offer online travel service [7] Worlds zero carbon store [37] China graduate scheme[36] Tesco.com & Tesco.direct [6]

Competences Strong management team[36]

Core competences Brand attributes [35]

Table 12: Retailing Key Success Factors of Tesco PlcLocation/Access Every 200m one store[6] Price Lowest/cheap/affordableIn store experience shops where & when they want[6] Service & staff 90% retention 2010[6]Range format extra hypermarket to express

convenience[6]Value adding services club card now in 7countries[6]

25% transaction from kiosk[6]Assortment depth 15,500+ online products[6] CO2 emission intensity Reduced by 28.8% 2010Chart 1: Group Sales around the World 2010 Figure 1: Tesco Plc [7] Figure 2 Wal-Mart Inc [71]

Table 13: Company Global Value Share [73] 2006 2007 2008 2009 2010

Asia: Tesco : Wal-Mart

0.4% 0.3%

0.4% 0.3%

0.4% 0.4%

0.5% 0.5%

0.5% 0.5%

W.Europe: Tesco : W-Mart

2.0% 1.0%

2.1% 0.9%

2.2% 0.9%

1.9% 0.9%

2.0% 1.0%

E.Europe: Tesco 1.2% 1.4% 1.5% 1.6% 1.6%North America: W-Mart 9.2% 9.4% 9.7% 10.7% 10.6%Latin America: W-Mart 3.7% 4.7% 5.0% 5.3% 5.7%Table 14: SWOT Analysis [Table 1, 2, 3, 5, 6, 7, 8, 9, 11,18]

Strength Weaknesses [table3]

Sustainable business model [table9] Loyalty programme [35] Powerful CRM system [42] High sales productivity [t 8,9] Brand equity [67] *zero carbon store-Ramsey [37]

leading retailers win back lost market share except Tesco[23] High cost of growth in central Europe mkt.[35] Geographical Diversification [Table3] Product recall 2009- damage image[66]

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Opportunities[table3] Threats

Strong growth- Asia Pacific [86] Promotion of trading block [3,4,5] Strong private label portfolio [35] Entry into Indian Market [7, 70] Growing popularity of Tesco.com [6, 66]

Non-food product likely to be adversely affected [7, 8, 9, 28] market is likely to experience a low growth[23, 69] Restrictive legislations[23, 25] Competitive rivalry& customer retention[26, 32, 34] Limited expansion opportunities [26]

Table15: Strategic Options Dividend Growth Number One Position

Reasons Reasons Company stability[G1] ↑ investors confidence[G1] ↑ new investors[T9] Industry trend ↓ [T2] Economic condition [T5]

Long-term strategy secure sustainability

Low risk profile Time value of money

Economies of scale/scope ↓ [T6] Captured Majority Market [C1] Wal-Mart 5X bigger [T7,9] Limited Resources [T9] Constant market share 0.8% [T7] High risk profile/high return but

uncertainty

Graph 1: Tesco Plc [74] Graph 2: Tesco Plc [74]

Table 16: [6, 36, 64] Tesco Plc Wal-Mart Stores Inc

2006 2007 2008 2009 2010 2006 2007 2008 2009 2010Sales growth 10.7% 8.1% 10.9% 14.9% 8.3% 9.8% 11.6% 8.4% 7.3% 1.0%N.Profit growth 17.0% 20.5% 12.3% 0.4% 9.1% 8.1% 0.5% 12.8% 5.3% 6.9%EPS growth 15.3% 18.2% 12.8% 2.3% 6.7% 10.6% 7.4% 8.2% 6.0% 11.1%DPS growth 13.7% 11.1% 13.1% 9.5% 9.2% 15.3% 11.6% 31.3% 8.0% 14%ROI 24.9% 26.7% 25.1% 23.5% 23.0% 22.9% 22.0% 21.1% 19.3% 19.3%Tesco profit growth 9.1% profit growth in Asia: 30% (64) international sales £4.1b UK sales £9.0b (36)

Table 17: Leadership Traits & SkillsTRAITS Sir Terry Leahy

Former CEOTesco Plc

Lee ScottFormer CEOWal-Mart Inc

Steve JobsCurrent CEOApple

Phillip ClarkeCurrent CEOTesco Plc

Adaptable to situation

*Survived Economic Crisis[45]

*flexible, lack of ego-led to success[52]

*Intelligent, convince people with strong communication.*Very Simple CEO

Flexible personIn all circumstances( 50)

Achievement oriented

*2008 Accident-email team from home-improve performance[48]

*rarely let emotion get in the way[52]

*Establish successful entrepreneur venture like Next computer[55]

Well experienced,Tesco employee since school boy.

Ambitious *Knows no bound*Shelf stacker-CEO

*Ordinary-simple[45]

*risk taker-no experience-took job in distribution &merchandising[53]

*Started when 16 years[56]*Talented person

*shelf stacker-ceo[ 50]

EnergeticLeader

* *team player-encourage manager to do their job, take risk, stay focus on goal[53]

*passionate about what he does[55,57]

*led Tesco into new market in Europe[ 50]

Persistent *Work until problem solve[45]

*stickler for rules [52] *Highly self confidence (57)

*Good finisher

Self Confident

Vision

*moto-Tesco in 10 years[45]

* Visionary leader(45)

*always confront media*political skill to fight[54]*defend when accused of low

*One direction forward (57)

*Global vision,led expansion in new market

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pay/poor moral[53] *Next Computer company(57)

(china, India, Turkey, South Korea) acquisition £1bn in South Korea[63]

Tolerant of stress

*Not loose temper,motivate people[45]

*maintain good relationship through the company[53]

*employees say jobs as erratic and temperamental manager.

Willing to assume responsibility

*Rated as most admired leader in UK [46]

*voted as the world most powerful man by Vanity Fair[52]

*Dominant personality, resigned (57)

SKILLSClever/intelligent

*Combination of the very smart

*profit dropped-react quickly-took vigorous action-cut cost[53]

*Entrepreneur-despite lack of resources-designed &made prototype[55,57]

*Talented and dedicated

Conceptually skilledSeeker of opportunities.

Really conceptual person

*New markets, club card to keep customers.

*uniquely qualified-trained millions of new employees[53]

*Chromatic leader*New technology

*Hereditary management skills, son of successful Tesco manager.

Creative *Idea of club card [46] *find creative ways addressing future threats[54]

*Innovative-set up his own company[55]

Fluent in speaking

*Good and effective communicator

*good spokesman-handle & diffused public relation over use of sweatshop labour [53]

Speak to audience gently and successfully communicate to everyone

*Successful negotiation

Knowledgeable about the work

Well experienced, knows his jobs

*entered the UK market [52] *repeatedly introduced products[57]

*knows his job*exceptionally well qualified(overseas, IT &logistic) [51]

Socially Skilled *visit store weekly, talk to staff & customers*visit rival store[45]

*visit store weekly, talk to staff[53]

Talk to stakeholders on regular basis.

*Love to speak to employees and customers

Leadership Style & BehaviourParticipative/consultative Autocratic Charismatic

Terry Leahy *concern for people-people oriented [45]*use group consultation/delegation[45]

*Transformational –led Tesco to No 3 position[45]

Lee Scott *as time went along change to situational [53] *heavy handed at start[53] *capacity to grow & influence people to follow[58]

Steve Jobs *Persuasive director of Apple(53) *centralizes authority[56]*manipulative behaviour[56]*report direct to him[56]

*Transformational-creates valuable & positive change in the follower[55,57]*came back to Apple-steer it back to profitability[55]

Mike Duke People oriented leader, visit stores personally[61]*listens to people & get feedback [61]

Phillip Clarke *concern for people-same like Terry Leahy*meeting staff’s & customers’ needs [60 ]

*also a demanding boss[62]*trust but verifies work[62]

Leadership EffectivenessOrganization Leader

Sir Terry Leahy *280% growth[6]*14 market- 1995 biggest retailer- 1997 grown significantly-org market share2003 12.5%- 2010 30.7% [45]

*most admired leader-by 32.4 %[46]*Won many trophies [46]

Phil Clarke *Operates over 15 markets- *Most powerful man[52]

Steve Jobs *963% growth[65]*leader in technology – trusted brand[56]

*Received Millennium award for professional leadership, vision and creative [56]

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*Company revenue from ($m) 6,134 to 65,225 [65]Mike Duke *revenue up by $ 3.8m in a year[64] *8 figure pay package [59]Table 18: Branding [67]

Tesco Plc Wal-Mart Store Inc Coca Cola (87)GlobalBrandRank

RetailBrandRank

BrandValue$m

%Brandvaluechange

GlobalBrandRank

Retail Brand Rank

BrandValue$m

%BrandvalueChange

GlobalBrandRank

GlobalBrand Rank

BrandValue$m

%BrandvalueChange

2010 17 3 25,741 12% 13 1 39,421 -4% 1 1 70700 2% up2009 21 2 22,038 -1% 11 1 41,083 19% 1 1 68073 3% up2008 25 2 23,208 12% 13 1 34,547 -6% 1 1 58200 17%upTable 19: Channel [7, 75] Tesco Plc Wal-Mart Store Inc*Operates in 14 markets * 4,811 stores under 8 banners [7] * Operates in 16 countries * 8,416 stores under 60 banners[76]Channel Group Sales Channel Group SalesHypermarkets 50% Hypermarkets 67%Supermarket 38% Supermarkets 3%Internet Retailing 4% Internet Retailing 1%Non grocery 1% Super centres 13%Convenience 7% Warehouse 12%

Sam Club 3.2%Clubcard is increasing customer loyaltyTable 20: Company Global Brand Share [73]

2006 2007 2008 2009 2010Asia: Tesco : Wal-Mart

0.1% 0.2%

0.2% 0.2%

0.2% 0.2%

0.2% 0.2%

0.2% 0.2%

W.Europe: Tesco : W-Mart

2.0% 0.9%

2.0% 1.0%

1.9% 0.9%

1.8% 0.9%

1.9% 0.9%

E.Europe: Tesco 1.3% 1.4% 1.4% 1.5% 1.5%North America: W-Mart 8.1% 8.4% 8.9% 9.2% 9.2%Latin America: W-Mart 1.1% 1.2% 1.2% 1.2% 1.2%Table 21: Coca Cola (87)Brands 500 operates 200 Countries (87)Global Brand Share: USA: 27% Mexico, Brazil, China, And India: 27% other world: 46%(87)*Strong brand identity in global market *strong market positionGrowth: Russia 54%, China: 22% Turkey: 14% Strategy of coca cola: long term sustainable growth

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