Balance Scorecard and Strategy Map of TESCO Coursework

Balance Scorecard and Strategy Map of TESCO - Coursework ExampleThe areas where the implementation has been d one(a) and how the caller has achieved the vision and the objectives have been analysed in this essay. The report has been concluded with a set of recommendations for the Tesco board of Directors and also an evaluation of the Balance scorecard and the strategy map as a management tool. Introduction The balanced scorecard strategy is one of the most accepted management and strategic planning tool. The balance scorecard is delivered in a structured format with different design methods as tumesce as tools that would help the company in the decision making and strategy formulation. Robert S. Kaplan and David P. Norton has move the foundation of this balanced scorecard method which takes into consideration not only the financial aspects but also the non financial strategies that are essential for the success of an organisation. Tesco plc is one of the leading grocery retailer b ased in Britain. In terms of profits the company is second largest in the world. As many as 6351 stores allow to the customers. Tesco has a global presence and has diversified into the financial run, telecommunication services as well as media and entertainment industry. The diversification was not only jailed to product but was also done geographically. In order to achieve the success that the brand has got, various strategies had to be taken in the entire sustenance of the brand. This report is an analysis of the different strategies that Tesco had taken in order to maintain it consistent growth and to maintain a competitive advantage among the other brands in the industry. Vision and Strategy The customers occupy a pivotal position in the formulation of the vision and the strategy of the company. The company aims at providing the high quality products and services for the customers. The vision of the company is to get the value for the customers so that the customers become l oyal to the brand name of Tesco for their life time. Some of the goals of the company which are ingrained in the minds of the employees include the ideal of doing the best and trying in the hardest way to deliver the services to the customers. Another important aspect of the ideal of Tesco is that the company treats the customer in a way in which the company itself would like to be treated (Tesco Plc, 2011, pp. 4-5). The company from time to time renews and reconstructs the vision. The vision of Tesco is to be the most superior wanted company in the global scenario. This high value would not only be confined to the customers but also would be applicable for the employees as well as the communities which Tesco serves. The contentment of the shareholders is also another important point that the company takes care of. For achieving the goals and the vision Tesco implements various strategies that help the companies fulfil the ideals. The company applies the strategy of pleasing the s hare of each local market. This strategy is implemented throughout the humans to get a global dominance of the brand. In other words rather of an integrated unique strategy, each of the target markets are captured through taking various strategies in the different markets. The company believes that the retail businesses vary across the globe and a each of the markets have a different characteristic. Thus the local market of Europe would be different from the local market