MAN5057 Contemporary Management Issues

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MAN5057 Contemporary Management Issues

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MAN5057 Contemporary Management Issues

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Course Code: MAN5057
University: Birmingham City University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

Question:

Select a firm or organisation of your choice and provide a detailed description of the firm/organisation’s business.

Answer:

Introduction 
Whether United Kingdom is or is not in an economic downfall, businesses in this country currently facing important management oriented challenges as they pave a path forward with the help of uncertain, unparallel and difficult financial times. This study will focus on a particular business or organization, that is Tesco Plc to critically examine the contemporary management issues and their effect on organization’s productivity.
Reason for selecting the firm
With the changing landscape of business, one company has to put revolution in their management processes to sustain in the challenging market as well as develop their business profitability. Leading organizations, on the other hand, must adopt modern and unique approaches rather than the fundamental market approaches according to the market condition. In this regard, Tesco Plc is one of the pioneer. Currently, it has been found out that along with other internal management changes, this firm is implementing its CSR policies to various operations (Epstein, 2018). In 2006, Tesco donated around 1.87% of their profit earned for the charitable caused. To minimize the carbon trace by 30% within 2020, Tesco takes two degrees network strategies (tescoplc.com, 2018. A). Implementation of these strategies will bring challenges and difficulties in the management process along with change in leadership, planning process. Thus, this organization has been chosen in this study.
Provide a detailed description of the firm and its business 
Tesco PLC is one of the leading and largest retail company in UK. It is involved in the business of Retail operations and associated operations along with Retail banking, and insurance services all over the country. Tesco PLC’s segments consist of ROI and UK that involves the UK and Republic of Ireland. Tesco PLC is the 3rd-leading retail organization around the globe measured by the gross revenues as well as secured the position of ninth-largest retailer across the world calculated by its revenues. This company has outlets in 7 countries in Asia and Europe along having the title of market leader of groceries in the United Kingdom. Net income of Tesco PLC is near about £(54) million (2017), with the operating income of £1,280 million (reuters.com, 2018). According to the last financial year’s calculation, organizational revenue is around £55.9 billion. It has 6,533 shops all over the globe with more than 476,000 employees working with them. This organization is registered on the “London Stock Exchange” and is one of the constituent of “FTSE 100 Index”. Tesco PLC has a market capitalization of near about £18.1 billion, the twenty eight largest of any organization with an important listing on the London Stock Exchange list (reuters.com, 2018). The overall financials of Tesco PLC is listed below;

Figure 1: Overall financials of Tesco PLC
(Source: reuters.com, 2018)

Figure 2: Number of outlets worldwide from 2008 to 2017
(Source: statista.com, 2018)
Business operations of Tesco PLC
As a retail giant in UK and all over the world, with 440,000 colleagues, this organization serves millions of consumers each week in their stores and through online. Different business segments of this company are Tesco UK, Tesco Extra, Tesco Bank and others. The business code in Tesco PLC means more than just following the rules and policies. It is about applying leadership and values to guide decision-making and conduct so that they can always do the right thing for each other and the corporation (Tesco plc, 2018. B).
Tesco Bank has been launched in 1997 as “Tesco Personal Finance, which is a joint venture between Tesco plc and Royal Bank of Scotland plc”. In the year 2008, this organization bought out RBS’s business share and announced a different name, Tesco Bank. Currently, Tesco Bank is a well-established secondary business of Tesco that provides independence to make decisions on the basis of what they really think good for their consumers. Tesco Bank has around 5.6m consumer accounts and plans around a extensive range of services, which include “Credit cards, personal loans, Current accounts, Insurance services, Mortgages and others”(corporate.tescobank.com, 2018).

Figure 3: Overall business landscape of Tesco Bank
(Source: corporate.tescobank.com, 2018)
Current retail operations of Tesco PLC
Tesco PLC is currently targeting to achieve near about £2.5bn of sales in the United  Kingdom as it join hands with the wholesaler Booker to trade its goods to independent corner outlets, cafes, cafeterias and others. The United Kingdom’s largest supermarket exposed the strategy as it proclaimed around 28% development in operating profits, boosted by effective than predictable sales development in the preceding 3 months of its economic year (Butler, 2018). On the other hand, United Kingdom’s largest retainer pronounced that it made a before tax profit beforehand of incomparable items of near about  “£1.64bn in the year to 24 February as the total group sales develop around 2.8% to approximately £57.5bn”. Sales at the UK and Ireland outlets developed around 2.4% in the final quarter, approximately ahead of the 2.2% foreseeable by the evaluation (Butler, 2018).
Another important business operation Of Tesco PLC is Tesco Lotus that has been opened a momentary delivery centres across the country. Most significantly in Bangkok, it has developed the “Bangkok International Trade & Exhibition Centre (BITEC)”, around 54,000 square  meter contract and display hall in the Bang Na district, in a provisional storage system for services in order for transportation to various regions (tescoplc.com, 2018. C). On the other hand, the “Tesco Malaysia” has also providing subsidiary services to various efforts and has already directed three million litres of water as well as eight million packets of noodles to  Thailand. In addition to that Tesco dealers in this China, Malaysia and other countries have delivered important fundamentals such as water, canned fish, UHT  milk and other items in order to help with daily demands.
Overview of the contemporary issue
The important contemporary issues that will be discussed in the second report are listed below;
Implementation of CSR policies
CSR policies is a real time investment for the leading organizations in UK and around the world. Through Corporate social responsibilities organizations can achieve a global standard of ethical organizations and have the opportunity to strengthen relationship with stakeholders (Visser and Tolhurst, 2017). Managing and implementing CSR polices could be an issue since it is connected to the external and internal business management operations of a firm.
Planning
Having a strategic plan with set of objectives offers a reference point to keep the organization on track. Absence of adequate planning could effect on the correlation between each segment of a business and how changes in one part could influence the others.
Leadership
Effective leadership methods and policies can enhance the workforce ability to adopt changes due to poor economic condition, corporate losses and others. This is a phenomenon problem within the contemporary business management. Since, leadership methods are not constant, its evolving nature and urgency to change according to the current requirement of employees and organizations can be a serious contemporary management issue (Vidgen et al., 2017).
Conclusion 
This assessment has been helpful in pointing out the current contemporary issues leading and SMEs in United Kingdom is facing currently. Analysis of the company gave an idea of how these issues could be handled without affecting the profit and brand image of the company. On the other hand, this assessment also pave future scope of analysing contemporary management issues tactfully.
References
Butler, S. (2018). Tesco beats forecast with 28% rise in annual profits. [online] the Guardian. Available at: https://www.theguardian.com/business/2018/apr/11/tesco-reports-28-rise-in-profits-for-last-quarter [Accessed 30 Oct. 2018].
corporate.tescobank.com (2018). [online] Available at: https://corporate.tescobank.com/21/about-us/products/ [Accessed 30 Oct. 2018].
Editorial, R. (2018). ${Instrument_CompanyName} ${Instrument_Ric} Quote| Reuters.com. [online] U.S. Available at: https://www.reuters.com/finance/stocks/overview/TSCO.L [Accessed 30 Oct. 2018].
Epstein, M.J., 2018. Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
Tesco plc. (2018 .A). About us. [online] Available at: https://www.tescoplc.com/about-us/ [Accessed 30 Oct. 2018].
Tesco plc. (2018 .B). How we do business. [online] Available at: https://www.tescoplc.com/about-us/how-we-do-business/ [Accessed 30 Oct. 2018].
tescoplc.com (2018 .C). Tesco uses planes and trains to help thousands of Thais affected by floods. [online] Tesco plc. Available at: https://www.tescoplc.com/news/news-releases/2011/tesco-uses-planes-and-trains-to-help-thousands-of-thais-affected-by-floods/ [Accessed 30 Oct. 2018].
Tesco’s global number of stores 2018, T. (2018). Tesco’s global number of stores 2018 | Statistic. [online] Statista. Available at: https://www.statista.com/statistics/238667/tesco-plc-number-of-outlets-worldwide/ [Accessed 30 Oct. 2018].
Vidgen, R., Shaw, S. and Grant, D.B., 2017. Management challenges in creating value from business analytics. European Journal of Operational Research, 261(2), pp.626-639.
Visser, W. and Tolhurst, N., 2017. The world guide to CSR: A country-by-country analysis of corporate sustainability and responsibility. Routledge.

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