Explain one business objective Tesco might be aiming to achieve by launching its Jack's stores - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1
Question 1
Explain one business objective Tesco might be aiming to achieve by launching its Jack's stores.
A business objective is a specific goal that an organization aims to... show full transcript
Worked Solution & Example Answer:Explain one business objective Tesco might be aiming to achieve by launching its Jack's stores - Edexcel - A-Level Business - Question 1 - 2022 - Paper 1
Step 1
Knowledge: Explain what a business objective is
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Answer
A business objective is a specific goal that an organization aims to achieve. For example, profit maximization is an example of a business objective.
Step 2
Application: Provide a contextualized example
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Answer
One business objective Tesco might be aiming for is to increase its market share by presenting Jack's as the 'cheapest' supermarket. This aligns with their strategy to target customers who are price-sensitive.
Step 3
Analysis: Analyze the implications of this objective
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Answer
This approach targets customers who have been shopping at Lidl and Aldi due to their budget prices, aiming to convert them into loyal Tesco customers through Jack's. By doing so, Tesco can effectively compete in a market where price plays a crucial role in customers' choices.
