Corporate Strategy and Governance on Organizational Operations

Rationale of the Research

The inquiry within actual thinking is relay upon analysing the impact of corporate strategy and governance over the financial operations of an organisation, thus the scope of study is so wide (Lshareef and Sandhu, 2015). The major reason for selecting the issue of corporate governance is that it is a most common cognitive content that is significantly faced by enterprises in today's enterprise situation. Therefore, the existing evaluation is efficacious in exploring the thought and cognition base of individual researcher and assimilators in relation to the selected subject area; thus, this examination provides brief information in regards to the issues that businesses face due to lack of implementing corporate strategy and governance. This study has professional as well as personal benefits as it assist the individual to gain proper personal and professional skills that would be effective in undertaking upcoming undertaking in more efficacious way.

Research Aim

To investigate the impact of corporate strategy and governance over the accounting operations of an organisation. A Case study on Tesco Plc.

Research Objectives

• To understand the concept of corporate strategy and governance in the context of an organisation.
• To conduct appropriate discussion over the issue related with corporate strategy and governance, especially the accounting scandal in Tesco Plc.
• To determine the impact of corporate strategy and governance on the operations of Tesco Plc.
• To identify the ways that can be implemented by Tesco Plc for attaining competitive advantage within market place.

Research Questions

• What is the concept of corporate strategy and governance in the context of an organisation? 
• What is the issue related with corporate strategy and governance, especially the accounting scandal in Tesco Plc?
• What is the impact of corporate strategy and governance on the operations of Tesco Plc?
• What are the ways that can be implemented by Tesco Plc for attaining competitive advantage within market?

Literature Review

It is explained as published data that is affiliated with a particular area and a specific subject. It can be a simple summarisation about particular topic but is simply has an organisational pattern and consists both of summarization and synthesis (Amore and Bennedsen, 2016).

The concept of corporate strategy and governance in the context of an organisation

Corporate governance indicates the ways and plans by which a company is governed by the management. It can be a tool and technique which is used by the administration of firms to operate them in effective and efficient manner with in a specific industry. It states carrying a business enterprise according to the shareholders and investors requirements. According to Bradely J. (2020), Corporate governance is the abstraction among various associators, like shareholders, board of directors and administration of the firm, etc., in processing the execution of an organisation and the manner in which it is proceeding. Corporate governance consists methods and processes designed to structure authority, balance accountability and offer responsibility to stakeholders at all levels. It is all about balancing profitability and sustainability. According to Price J. N. (2020), Corporate governance is crucial for organisations because effective governance assures corporate success and economic development and offers appropriate inducement to the owner of the firm and administrators to accomplish goals and aims that are in interests of the shareholders. It permits firms to place their favourable traits and qualities on display. It trade with the way the suppliers of monetary value assure themselves of acquiring a fair return on their investment funds.

According to Benge V. A. (2017), corporate strategy is an organisational activity that may be analytically segregated into formulation and implementation. Simply, it indicates to an organisation's vision and plan of actions to outperform its rivalry. It is an organisation-wide plan to select and improve specific marketplace in which contend while developing the several functions and units of the business concern. There are to main factors of corporal plan of action, such as variegation and straight segregation. Variegation refers to expanding market area or moving to operate business in a new sector, where as vertical integration indicates to when an organisation make expansion into spheres that were previously covered by providers (ArAs, 2016). corporate plan of action is an ongoing activity that needs an invariant attempt to engage capitalist in believing the firm with their monetary value, thereby maximising the organisation's equity. According to Porter M. E. (2019), Corporate strategy also concerns how to generate competitive benefits in each of the business in which a firm competes. Effective strategy of a corporation help in gaining competitive benefits from the market. There are various things that can be considered by the management of the company in their strategies, like flexible business process, effective market information, higher manufacturing quality, better assessment to finance, etc. These all help in gaining competitive advantages to a firm and maximising profitability and productiveness of the organization.

The issue related with corporate strategy and governance, especially the accounting scandal in Tesco Plc

As per the view of Nickolas S. (2018), accounting scandals refer to business scandals that generate due to international influence of fiscal statements with the revelation of fiscal misdeeds by believable administrators of firms or governments. These kind of threat, problems and financial issues are arise in the company when the finance function of the company do  not focus on the financial activities of the company and represents financial statements in an unfavorable manner. It is a huge problem which affects all kind of organisations small, medium and large companies (Arunruangsirilert and Chonglerttham, 2017). Tesco is a British largest retail organisation which is also facing financial scandal because of lack of attention paid by board of directors and other regulatory bodies on its shareholders, stakeholders, investors, etc. Basically, the reason of this problem is the nonauthentic utilisation of corporate governance. As per financial fraud at Tesco, it concentrates on the case that led to the deception of fiscal statements like marketplace position, procedure of monitoring the income streams, relations with providers and connected threats. To overcome this situation, the management and regulatory bodies of the company should play effective role in effectively following rules and designing new plans, which can be crucial.

According to Frost K. (2012), there are several reasons and causes to occur for this kind of financial issue within an organization, like deficiency of transparency, poor administration information, lack of clear motivation guidance, poor control on accounting, and complex organisational structure. financial scandal is an internal threat to a company which affects the organization intrinsically and extrinsically in term of brand image, market position, profitability and others (Bhatt and Bhatt, 2017). For example, these kind of issues and problems arise due to irresponsibility and lack transparency of the firm and its regulatory authorities, which are internal factor of a firm. When this accounting scandal occur in Tesco, £2 billion amount wiped off the respective firm's share price in a day and the over statement was later amended up  £326 million. For this fraud, the respective firm is paying out  £235 million to place inquiry with the Senior Fraud Office and Financial conduct Authority. This fraud negatively affect the economic condition of the company in the form of loss of  £6.4 billion, which is one of the largest in corporate history. This issue of accounting scandal is related to the corporate plan of action and administration of the company because regulatory authorities of respective firm did not focus on the financial activities of the firm, due to which representation of fiscal statements was affected (Cuomo,  Mallin and Zattoni, 2016).  To overcome these kind of problems, the firm can provide trainings to its financial executives and conduct external audits, etc. so that it can minimise these kind of issues which affect the organization as well as its image in specific market or industry.

The impact of corporate strategy and governance on the operations of Tesco Plc

Corporate strategy basically refers to those plans and plans of action that are developed by the organisation for the effective management and running of the business operations and activities of a particular firm in a legal and ethical manner. According to Nordmeyer B. (2017), corporate strategy is a tool which is used by the firm to operate the business in adequate manner without facing issues. It positively affect the business operations of the company when a firm has different effective plan of action, like good marketing strategy, sales, pricing and management strategies. If the company has the ability to make good decision, then it also influence the business activities and operations in a favorable manner. For example, effective corporate strategy helps in growth of the firm, such as if the company have effective management strategies and provides training and learning sessions to its employees before implementing change and using new technology (Dai, 2018). Then, it help in improving and increasing skills and knowledge of employees. When employees are skilled and have information about them, then will assist in running the business concern activities of the organisation. It create positive impact upon the business operation in term of accomplishing aims and objectives in  improved manner. In context of Tesco, as per analysing the present research, corporate strategy affect the company in negative manner because they were not implemented and followed by the senior of finance function. So it create an unfavorable impact upon the company in term of paying for settlement investigation, decline in sales, impacting brand image and others. If organizations appropriately follow tactics and plans of actions which are incorporated by the regulatory body of it, then they can execute their operation in adequate manner without facing any kind of issues and scandals.

Corporate governance indicates effective management and administration of business functions, activities, and operations so that the firm can run its business operations in an improved way. Simply put, it can be a process of taking control on business activities and direct them in right way. According to Cole-Ingait P. (2020), corporal governance is a framework of conditions that define the limits within which each segment of stakeholders must direct to safeguard the interest of the company. It became effective due to financial improprieties and frauds in various main firm. Corporate governance create favourable impact upon the business operations of an organisation (Daniels and Morck, 2019). For instance, if the management formulate effective rules, regulationsand legislation to the company and they are necessary to follow, then it positively affect the company. Because in this case there will be no chance to generate any kind of scandal due to business operations also running in crucial manner. For example, as per the current research, Tesco is facing accounting scandal because the regulatory authorities and management did not precede the regulation and policies of the company in appropriate manner. This had created a negative impact upon business operation of respective firm in term of declining sales and affecting economy of the organization in an unfavorable manner. As per the view of Lister J. (2017), if the administration implement and the workforce follows them in adequate way, then it create a favorable impact upon operations of the company in term of positively affecting shareholder confidence. Because confident shareholders are ready to invest large amounts of finance in an efficiently governed firm because they have a hope of positive return on the investment. It can direct to maximised market confidence in the firm, which can serve to maximise its all-over stock value. If the business of an organization is governed by effective policies and regulations, then growth and development operations also influenced in positive way.

The ways that can be implemented by Tesco Plc for attaining competitive advantage within market place

To gain a competitive edge and rival's benefits, the management of a company formulates plans and policies, adopts new strategies, and improves the existing plan of action. According to O'Bannon, I.M. (2018), to run and operate the business of a company in a competitive market, it is crucial for administration of the firm to develop effective plan of actions (Desender et. al., 2016). There are several ways and manners, like training, living the corporate culture, implementing internal control, etc. which can be adopted by organisations to gain competitive advantages in marketplace. Tesco was facing an accounting scandal so after overcoming these kind of problems, the firm can earn rivals benefits by implementing diverse ways. In this contest, the administration can provide training, which will be crucial for the workforce because they will be aware with new ways of working and techniques which will be used by the firm. If the workers perform their roles as per new techniques about them, they trained. Then, they can execute their duties and responsibilities in more accurate manner and it will help in gaining competitive advantages because employees are effectively aware the way of working (Du Plessis, Hargovan and Harris, 2018). Another way is that they can hire experts who are responsible for analyzing all the business activities and mostly financial operations. They will audit the internal as well as external activities of the  company and can inform the firm about the issues so that the firm can make corrections about them before presenting them its shareholders, stakeholders and investors. When the reports and financial statements have transparency, then people are interested in investing in the firm and it will help in gaining competitive benefits from the market.

The management of an organization can also use technology and software, which help the company in checking the entire information and data. If there is any work which is performed in unethical manner, then they can point out, which will help in making correction in specific task and data. Another way is to examine the books and accounts on a regular basis and scrutinize areas that trade in cash, refunds, product returns, inventory administration, account utilities, etc. If the company do this activity on a regular basis, then it have proper information about its fiscal activities (Elamer et. al., 2018). If will help in fraud prevention and check up the hazard of fraud and create make control to preclude losses. By following this way, the firm can make its business operations and activities free from fraud and unethical actions or gaining rival's benefits from marketplace. 

Research Methodology

Research methodology refers to the systematic, theoretical analysis of the research tools that are applied to a selected area of study (Filatotchev and Stahl, 2015). It consist over the abstractive evaluation of the natural object of the investigation tools or values which are associated with a chosen area. In this present work, a suitable selection of methodologies are done to assist the investigation over the area of examining the impinging of corporate strategy and governance over the accounting operations of a business.

Type of Investigation

This section of research incorporates over two aspects; thus, an inquiry can be quantitative or qualitative. Therefore, Qualitative research is mainly analysed in words; therefore, it is significantly applied to understand concepts, thoughts and experiences. On the other side, Quantitative investigation is stated in numbers and graphs; therefore, it is used to analyse or confirm assumptions and theories. In this present inquiry work, quantitative research is mainly being practically implemented through the investigator as it is hard-hitting in executing elaborated evaluation with the support of original facts and figures.

Research Philosophy

It is the prime and outermost layer of the research framework, as it is based on the beliefs and concerns about the investigation. It is quite different by considering the goals and objectives, as it is the best method of philosophy. There are three main philosophies, such as ontology, epistemology and axiology. By considering all of these, ontology describe the nature and situation. Epistemology depicts the scientific research which helps the researcher in order to find the facts. Axiology is useful for researcher to understand the values and opinions which influence the analysis of research data (Flammer and Luo, 2017). As per this research, the investigator can easily collect all suitable data and information, which enables in providing the suitable results and attaining the objectives of research.

Research Approach

It defines those approaches that are undertaken by the researcher in order to carry forward their study. For this, deductive approach is used as the questionnaire in order to develop understanding of the observation, as it allows the researcher to make comparison regarding the various data and information which is gathered in the form of empirical data. But in this, a quantitative research approach is considered, which define the quantity, which is considered as the deductive approach, as here, onion framework is used, which adopts this strategy and it is the main point at which new theories are developed.

Data collection tools

Data collection methods focus on the different basic tools, which include basic methods such as primary and secondary, and both of them put emphasis on quantitative and qualitative data (Fratianni and Savona, 2016). As primary research include original findings, which helps in collecting the suitable number of tools like self-questionnaire, personal interviewsand many more. In order to conduct research, it is analysed that social media affects Tesco Plc and its structure, which is useful in collecting the primary information. On the other side, secondary data is is collected by the investigator, which helps in providing insight of research. The information is carried in the form of internal and external sources, which are used like newspaper, magazines, media, online, etc. In this research, both methods are considerable in order to collect information about the corporate strategy, as it carry huge amount of information which is useful in research and investigation.

Ethical Consideration

Research ethics are considered the principles that are used to analyse the proper system among what is right and wrong about the practices of research. There are various ethical components which are important in order to conduct research, as it describe that information should be kept in confidential manner as it is related with the research, respondents and other concerned members. It is done as the data include personal details which might be misused by others and it relies under illegal action or unethical activity (Hassan and Chindamo, 2017). Additionally, the researcher need to keep updated regarding the rules and regulations while collecting data and information and also consider that no one will hurt, as it is helpful in avoiding legal activities.

Data Analysis and Discussion 

This is the key part of an inquiry, as it is based on identifying, analyzing, and interpreting the information with regard to drafting accurate results (Hussain, Rigoni, and Orij, 2018). In the present research, thematic analysis is implemented through the analyst, as it is hard-hitting in effectively analysing the information via the support of developing themes over the questions of questionnaire.

Frequency Table

Questionnaire
Q1) Do you have an appropriate idea about corporate strategy and governance in the context of business?	Frequency
Yes	28
No	2
Q2) Do you think that corporate strategy and governance are effective in systematic implementation of organisational operations?	Frequency
Agree	26
Disagree	4
Q3) According to you, suitable implementation of corporate strategy and governance is important for the management of accounting operations of Tesco?	Frequency
Yes	27
No	3
Q4) According to you, what key issues are faced by Tesco Plc due to its accounting scandal?	Frequency
Reduction in profitability	7
Incorrect financial reports	8
Improper asset valuation	8
Improper Revenue recognitionÂ	7
Q5) As per your view, which kind of influence does corporate strategy and governance have over the accounting and finance operations of Tesco Plc?	Frequency
Positive	20
Negative	4
Neutral	6
Q6) As per your view, what are the key reasons that cause the accounting scandal in Tesco?	Frequency
Aggressive Accounting Methods	12
Short-term Focus	10
The Backlashes	8
Q7) According to you, What ways can be implemented by Tesco Plc for attaining competitive advantage within market place?	Frequency
Suitable integration of corporate strategy	12
Implementation of CSR	8
Following governmental legislations	10
Q8) According to you, which stakeholders of Tesco Plc are mainly affected by the issue of the accounting scandal related to corporate strategy and governance?	Frequency
Shareholders	8
Employees	7
Suppliers	7
Customers	8

Thematic Analysis

Theme 1)

The individual's have an appropriate idea about corporate strategy and governance in the context of business.

Q1) Do you have an appropriate idea about corporate strategy and governance in the context of business?	Frequency
Yes	28
No	2

Interpretation

From the top-to-bottom portrayal given by the chart, it has been deciphered that the review is being executed among 30 respondents, and out of that, 28 individuals know about the idea of corporate system and administration with regards to business; along these lines, they are having appropriate thoughts concerning the conceptualization of corporate procedure and administration. Remaining individuals are not in worry, equivalent to they are not having any thought regarding corporate procedure and administration.

Theme 2)

The corporate strategy and governance are effective in systematic implementation of organisational operations.

Q2) Do you think that corporate strategy and governance are effective in systematic implementation of organisational operations?	Frequency
Agree	26
Disagree	4

Interpretation

The portrayal of the above-given chart expressed that 26 out of 30 individuals are in support with the explanation that corporate methodology and administration are viable in methodical execution of authoritative tasks. In this way, corporate methodology and administration assume essential job in compelling execution of business tasks; hence, remaining individuals are not in support with equivalent, per their view, corporate technique and administration isn't a lot of viable in deliberate execution of authoritative capacities.

Theme 3)

The suitable implementation of corporate strategy and governance is important for the management of accounting operations of Tesco Plc.

Q3) According to you, suitable implementation of corporate strategy and governance is important for the management of accounting operations of Tesco?	Frequency
Yes	27
No	3

Interpretation

From the analysis of the survey report, it has been identified that 27 out of 30 respondents said that the suitable execution of corporate strategy and governance is essential for the management of the accounting operations of Tesco Plc. Thus, accounting is the most important area, as the overall collaboration of activities are inconsistant over the availability of finance. In addition to this, remaining respondents are not in concerned with the object of that the  suitable implementation of corporate strategy and governance is not much liable for managing accounting operations of Tesco Plc.

Theme 4)

There are multiple issues that are faced by Tesco Plc due to its accounting scandal.

Q4) According to you, what key issues are faced by Tesco Plc due to its accounting scandal?	Frequency
Reduction in profitability	7
Incorrect financial reports	8
Improper asset valuation	8
Improper Revenue recognitionÂ	7

Interpretation

As per the analysis of the above-given diagram, it has been determined that there are multiple issues that are faced by Tesco Plc due to its accounting scandal. 7 out of 30 respondents are going with  the option of Reduction in profitability, 8 individual's are selecting Incorrect financial reports, 8 people are in the area of Improper asset valuation and remaining individual selects the option of Improper Revenue recognition. Thus, these are the key issues which are mainly faced by the firm due to the accounting scandal. 

Theme 5)

What kind of influence do corporate strategy and governance have over the accounting and finance operations of Tesco Plc.

Q5) As per your view, which kind of influence does corporate strategy and governance have over the accounting and finance operations of Tesco Plc?	Frequency
Positive	20
Negative	4
Neutral	6

Interpretation

The above-mentioned graph based on the present investigation stated that 20 out of 30 individuals said that corporate strategy and governance have a positive impact over the accounting and finance operations of Tesco Plc, thus corporate strategy and governance are effective in providing systematic ways to execute organisational operations in an effective manner, and 4 people are not in favour of the same, and the remaining people are neutral as they are not providing any discussion on the same.

Theme 6)

There are different key reasons that cause accounting scandal in Tesco Plc.

Q6) As per your view, what are the key reasons that cause the accounting scandal in Tesco?	Frequency
Aggressive Accounting Methods	12
Short-term Focus	10
The Backlashes	8

Interpretation

As per the depiction of the diagram, it has been expressed that there are distinctive key reasons that cause accounting scandals at Tesco Plc. in this manner, 12 out of 30 are in favour of aggressive accounting as per their view, this is the major reason that caused financial scandal in Tesco Plc, 10 individuals are supportive of transient concentration and remaining individuals are supportive of the Backlashes.

Theme 7)

There are different ways that can be implemented by Tesco Plc for attaining competitive advantage within market.

Q7) According to you, What ways can be implemented by Tesco Plc for attaining competitive advantage within market place?	Frequency
Suitable integration of corporate strategy	12
Implementation of CSR	8
Following governmental legislations	10

Interpretation

From the assessment of the venture, it has been deciphered that there are various ways that can be executed by Tesco Plc for accomplishing upper hand inside a commercial centre. 12 out of 30 people are going with the option of suitable integration of corporate strategy and governance; 8 respondents are agreeable to the execution of CSR; and the remaining individuals are supportive of following administrative legislation.

Theme 8)

There are different stakeholders of Tesco Plc who are mainly affected by issue of accounting scandal related with Corporate strategy and Governance.

Q8) According to you, which stakeholders of Tesco Plc are mainly affected by the issue of the accounting scandal related to corporate strategy and governance?	Frequency
Shareholders	8
Employees	7
Suppliers	7
Customers	8

Interpretation

According to the investigation of the study report, it has been assessed that there are various partners of Tesco Plc who are essentially influenced by issue of accounting scandal  related with Corporate methodology and Governance. 8 out of 30 individuals are shareholders, 7 individuals are agreeable to Employees, 7 people select the alternative of suppliers, and remaining individuals are supportive of Customers. 

Theme 1: The concept of corporate strategy and governance in the context of an organisation.

As per the perspectives investigation of the creators, it has been talked about that corporate methodology and administration is a powerful angle that plays out an imperative job in the orderly execution of authoritative activities and capacity. Along these lines, in the present current business condition, the key thought process of every little, just as enormous business association is to increase higher development and gainfulness, and for this they are fundamentally worried over actualizing corporate systems to direct reasonable execution of hierarchical tasks and capacities.

Theme 2: The issue related to corporate strategy and governance, especially the accounting scandal at Tesco Plc.

As per the preceding described information, it can be analyzed that a financial scandal refers to those accounting fraud and financial issues that occur within an organisation due to inappropriate implementation of rules, regulations, and policies of the firm that are developed by the governance of the company. Tesco was also facing this kind of problem within the firm due to ineffective implementation of its corporate strategies and policies. It negatively affects the organisation in terms of decline in sales, fines, and others.

Theme 3: The impact of corporate strategy and governance on the operations of Tesco Plc.

From the detailed analysis of the project, it has been discussed that corporate strategy and governance mainly have a positive impact over the operations of Tesco; thus, suitable implementation of corporate governance is effective in providing a systematic direction to the firm to execute its operations in a more effective and efficient manner. If an organisation is not concerned about corporate strategy and governance, then the operations are not executed in an appropriate manner. For instance, due to a lack of attention paid by the higher authority of Tesco Plc, the firm is therefore facing a financial scandal.

Recommendation and Action Plan

This investigation is supported by the identification of the efficiency and effectiveness of corporal strategies and markets in a dynamic marketplace. It is the broader area of research which is impacted by exploring the individual knowledge which is concerned with the selection of primary area. This study is based on Tesco Plc, as company is operating at global level and hugely concerned regarding the developing and implementation of corporate strategy in concern to accomplishment of development and prosperity in the competitive industry area. By considering the deep investigation of task, it is recommended that the capitalist, workers and other stakeholders can join curiosity in order to enhance the growth and success for achieving the growth of company and also make sure that company can easily adapt changes which arise in business environment. Thus. For Tesco Plc, it is important to develop positive environment and interaction which is not only among the management and investors but also among the investors. Great corporal administration is all about the development of suitable models that investors should move into into dialogue with the administration of institution.

Transparency is important and required in order to allow that the capitalist of the organization and other stakeholders should have continuous access in order to determine and also be concerned with the company. So, involvement of company on the basis of constructive dialogue is important. The board of directors should ensure about the ongoing discussion among the company and shareholders, as it provide considerable vision of company and also need to be aware of the shareholder's insight and interest. Additionally, the board of directors are accountable for strategic administration, which helps in ensuring about the value and creation of Tesco Plc. For this, business will put emphasis on corporate strategies in which current working environment is important by considering the reduction of complexity and advertising about the openness in communication. Furthermore, company need to have command over the management and leaders in order to motivate their workers, which is concerned with improvising the way of work as it results in achieving higher success and growth.

Management of Tesco Plc needs to be concerned regarding the implementation of healthy and effective relationships among employees and a suitable working environment with the company in order to establish cooperation and coordination among them. Tesco Plc is large retail company and should focus on developing innovative ideas and thoughts which are concerned with the fulfilment of changes in the requirements of customers and so it is useful in the innovation of products which are effective for company in order to acquire a broad area within the marketplace. For this, Tesco Plc needs to give suitable benefits to the respective buyers, which is efficient for retaining for a longer period of time in the operations of business. For this, sustainability of customers is also important and need to develop loyalty and also improve trust among the buyers who is concerned with the products and services offered by company. Therefore, company need to follow the suitable structure of organisation which is systematised and suitable for the implementation of operations which are required to be managed, and it is also effective for the business concern in the execution of operational activities in suitable manner to attain sustainable development and prosperity for industry. 

Action Plan

It is the effective section that is concerned with research, as it defines it as the document that is considered in the stages of the company as it is required for the completion of accomplishing the requirements and needs of the project in order to achieve desired goals and targets. For this, the main reason behind it is formulation of action plan which depicts the various sources which are required to be executed to attain predetermined goals and creation of timeline in which specific actions are mentioned by analysing the needs and demands of customers. The below-discussed table represents the action plan which determines the suitable task which is required to be executed by Tesco Plc in order to achieve higher advantages for company.

Steps	Description
Identification of reason	It is the first step which is used in determining the reason for developing policies and strategies which are concerned with corporate success. It is the main issue which is identified by Tesco Plc by developing and implementing the strategies which define the requirements and demands of customers within the market. This problem is analysed by conducting a survey among the employees of company, which are more liable for giving the relevant information about the success.
Formulation of strategies	Formulation of strategies is the second step, which comes after the examination of issues in defined manner; for this, it is suitable to implement the strategies which are required to overcome the challenges. For this, the company is concerned over developing the strategies regarding the corporate strategies and policies which are useful while analysing the needs and wants of employees and thus, it is more effective and efficient in order to attain success regarding corporate. Additionally, it is suitable to develop effective pricing strategy which is suitable for Tesco Plc in relation with achieving corporate success.
Implementation of Strategy	It is third step of action plan, which is effectively implemented and conducted by business in order to overcome the issues. Tesco Plc is concerned about the execution and implementation of policies and strategies in order to adopt frequent changes which arise by analysing the choice and preferences of workers. Thus, it is effective for company to improve the sales and revenues by using suitable strategies and policies and also provide competition to their rivals.
Results of idea	It is the last step, which is considered after the implementation of strategy, as by doing so, businesses gain appropriate result in order to increase the sales and revenues of company. With the help of suitable strategies and policies, Tesco Plc is fulfilling the desires which arise because of changes in demand of employees. Additionally, effective strategies are beneficial for maintaining the competitive advantage in the business environment.

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