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Explain And Evaluate How Future Changes In Economic Legal And Social Factors

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Evaluate how future changes in economic, political, legal and social factors may impact on the strategy of a specified organisation.

In the future, many aspects will change within the UK which may impact upon the strategy of an organisation such Tesco PLC. In order for Tesco PLC to survive this demanding economy, as they will have to adapt to the future changes in the economic, political, legal and social factors so that they will be able to survive.

In this report I will evaluate and foresee how the world political, social and legal factor will effect an organisation. Successful business need to make plans for the future and look ahead to the upcoming years so that they are able to cater for their customer in whatever the political, social and legal enviroment is. They will need to make up a …show more content…

By 2040, the world’s population aged 60 and above will more than triple to two billion people. Also some people predict that in the next 30 years there will be more pople on the planet who are over 60 than those under the age of 15.

These are massive changes in the world social enviroment that will effect Tesco’s and how they run their organisation. As well as having an increase in population Tesco and the world will also have to deal with population that will live for longer which provides its ownn challenges for Tesco. I believe that this factor of social change will provide advantages and disadvantages to the organisation of Tesco.

The advantage will be that Tesco will have more pople to provide their products to as the world’s population increases, they will have more demands of products as the number of people will increase and also Tesco will need to provide for them, as they might need to open up a special section that will have products in it that will specifically provide for over 60 years

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P6 Tesco/ Kirkwood Political Tesco operates worldwide so the global political factors influence the performance of the business. Which include tax rates, acts of legalisation and the stability of the county the business operates in, because of the ongoing financial instability in the world and a lot of the governments encourage the retailers to create jobs for the country. Tesco can create opportunities for employments which also increases the demand for their products and diversifies its workforce. One example of political is to increase or decrease in tax. The government might increase taxes for some company and decrease for others, this will have an impact on Tesco so they need to always stay up to date with political factors

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There are two main vital economic environments that consequence Tesco, these are the recession and economic growth. An economic growth is where there Is a growth of goods and services from a country at a certain period. This is good for Tesco as it means that their business will be in high demand and their profits will be increased as well as more goods are going to be produced. If this happens the business will develop very high in their profits which allows them to capitalise in new and upcoming products or buildings, this also means that Tesco will become a more profitable business. During economic growth profits are increased as the public want and need more products from them.

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A lot of business owners do not understand the importance of communication and respect in the business world. I believe a business that works together will lead to a successful business. You should build the business together like a family. The result of doing this will lead to everyone within the business working together to have a successful business; which will lead to growth in the business. Strategic Planning “" involves making decisions about the organization’s long-term goals and strategies” (Bateman, T & Snell, S, 2013, p.96).

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What is it that drives businesses to success? Whose philosophies and values are implemented in the mission of the business? Who determines the effect the business will have on society? Often the answers to these questions are given by

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Businesses aspired to become

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People working longer will increase the size of the labor force, but there will also be further pressure on services. This would affect TESCO products as people are curving more healthy products, thus Tesco started producing organic products, it provides as well an esteem added to its products and services. Technological factors: Technology is an intrinsic element to Tesco supply chain management of Tesco, it uses many technologies like wireless devices, self- checkout machines, intelligent scale, Radio Frequency Identification (RFID), Electronic shelf labeling, etc. The utilization of Electronic Funds Transfer Systems (EFTS), Electronic Point of Sale (EPS) and electronic scanners helps the company to improve stock activities and effectiveness of distribution (Tesco, 2014).

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Another way in which the government is able to help Tesco would be through enhancing the education of the population ENHANCING THE SKILLS OF THE POPULATION The education and the skill of the population helps in the working environment. The government creates all of the educational qualifications such as NVQs the government also provide training courses researches, they also have laws set in place that we have to stay in education until were 18 years old this allows us they have the best possible education and increases our chances of

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Additionally, improved social sense of responsibility among the consumers will ensure that minimal waste is produced in their stores. Importantly, economic factors are the main point of concern for Tesco. Therefore, the business has to be aware of any changes in economic policies which could affect finance such as taxation, interest rates and

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2. Overview of Tesco Tesco

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Recognition: It is important for Tesco to recognize their problem. Although, from Tesco’s perspective, there may not be a flaw with the product or service, it is important to know that their customer is unsatisfied and stakeholders. In order to retain customers every issue must be taken seriously. Their customer must never feel that they are being blamed for the problem.

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To plan for the future of the business To organise human capital and natural resources that are needed for the business Lead employees to ensure that they can create a healthy profit for the

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This shows that Tesco has branches in over 14 countries and at least two continents, this would vastly increase the revenue made and therefore profit made, however this could also increase the

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Tesco is amongst the largest food retailers in the United Kingdom (U.K) with over 3,400 stores and staff amounting up to 310,000. Tesco operates predominately in Europe and America with their headquarters located in the U.K. Tesco has the greatest market share in the U.K dominating approximately 28% of the overall market at the end of 2017. However, there is a constant battle in the highly competitive U.K supermarket industry with the four major players being Tesco, Sainsbury, ASDA and Morrisons. In recent years, Tesco has had to change their business model as well as their services to stay a market leader and differ-entiate from the competition. To find the main sources of competitive advantage that Tesco has over its competitors an analysis of the structure of the industry should be under-taken (Porter, 1980).

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' The main aim for the firm is to stay as the UK 's leading supermarket and provide good quality services and products at a low cost so that they are cheaper than their competitors. Their objectives are to maximise sales which will increase their profits. They want to decrease their prices to make shopping cheaper for the average household. They want to introduce healthier products which will attract more customers and they want to help reduce food waste worldwide and guaranteeing surplus food goes to those in need. Brockenhurst college has many community values *********** Tesco is a public limited company (PLC) which means the public can buy shares in the firm.

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