Vision, values and business strategies A Tesco case study
Page 3: Values
Whilst a vision is important, without values a business such as Tesco would struggle to remain competitive. Tesco’s values are:
No one tries harder for customers.
We treat everyone how we like to be treated.
We use our scale for good.
Tesco’s values are vital to its success, as shown in the quote below from Group Chief Executive Officer (CEO) Philip Clarke:
‘The Tesco values are embedded in the way we do business at every level. Our values let our people know what kind of business they are working for and let our customers know what they can expect from us.’
Tesco is a community-focused global business. Corporate Social Responsibility (CSR) is at the heart of its operations. This commitment is referred to as ‘Tesco in Society’. In the competitive retailing world Tesco’s success relies on its values. They are not just a list of ‘good attitudes’ but the means to on-going success.
Tesco’s approach to working with communities helps it stand out from its rivals. Its commitment to using its scale for good is demonstrated by Tesco’s ‘Three Big Ambitions’:
To create new opportunities for millions of young people around the world.
To improve health and through this help tackle the global obesity crisis.
To lead in reducing food waste globally.
These are underpinned by what Tesco calls ‘The Essentials’:
We trade responsibly.
We are reducing our impact on the environment.
We are a great employer.
We support our local communities.
Philip Clarke summarises Tesco’s commitment to ‘living’ these values in the following statement:
‘Tesco is an environment based on trust and respect...If customers like what we offer, they are more likely to come back and shop with us again. If the Tesco team find what we do rewarding, they are more likely to go that extra mile to help our customers. By living the values we create a good place to work where great service is delivered.’
These values drive everything Tesco does at every level and help make it different from its competitors.