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.
Tesco, Britain's biggest supermarket chain, is preparing to launch J... 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: What is a business objective?
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Answer
A business objective is a specific goal that a company aims to achieve. For example, one common business objective is profit maximization.
Step 2
Application: Contextual example of market share increase
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Answer
Tesco might aim to increase its market share by positioning Jack's as the 'cheapest' supermarket option. This strategy could specifically appeal to customers who are currently shopping at Aldi and Lidl due to their lower prices.
Step 3
Analysis: Targeting specific customer demographics
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Answer
By launching Jack's, Tesco is targeting budget-conscious customers, particularly those who prefer discounters like Aldi and Lidl. This could help Tesco reclaim market share in a segment that has become competitive in the UK.
