Micro-Economic Impacts on Tesco Plc

In this essay we are going to evaluate the micro economic factors on the activities and performance of Tesco. Tesco Plc (2011) states, that the retail industry is a highly competitive environment. Tesco competes with a wide variety of retailers of varying sizes and faces increased competition from UK retailers as well as international operators in the UK and overseas. Failure to compete with competitors on areas including price, product range, quality and service could have an adverse effect on the organisations financial results.Tesco aims to have a broad appeal on price, range and store format in a way that allows them to compete in different markets. There is a risk that Tesco may not deliver their stated strategy in full, particularly since, like all retailers; the business is susceptible to economic downturn that could affect consumer spending. 2. 0 The Extent of Competition in the Market Tesco is a multi-national grocery and general merchandising retailer. By revenue, Tesco is the fourth largest retailer in the world after Wal-Mart, Carrefour and Metro.With 4,811 across 14 countries in regards to profit, Tesco is the second largest retailer in the world. In the UK, Tesco operates in an oligopolistic market competing against three major retailers; Asda, Morrisons and Sainsbury’s. Oligopolistic markets are those which are dominated by a small group of larger firms with several smaller firms also competing in the market with minority market share. The concentration ratio of the retail market is 4:76. 2. Figure 2. 0. 1: Comparing the Grocery Market (Preston, 2008) Preston (2008) states, Tesco are the market leader with 31. % with Asda, Sainsbury’s and Morrison’s having a market share of 16. 9%, 16. 4%, 11. 5%.This means theoretically Tesco have monopoly power within the market but due to the intense competition which is apparent, they are not able to exploit their market power and discriminate against other firms as well as customers. How ever, there are still allegations that the major players within the market collude with one another to cause higher levels of barriers of entry and keep prices at a level which benefits all of the major firms. This protects their position within the market and allows them to set rices at any desirable level.With this happening these major players make it extremely difficult for start-up businesses to enter the market. 3. 0 Market Dominance In 1998 the market share for the grocery market showed that Tesco had 21. 8% of the market share. Asda had a market share of 12. 1% with Sainsbury’s share at 19. 9%. Morrisons and Safeway controlled 13. 3%. This gave a concentration ratio of 4:66. 1. However in figure 2. 0. 1, it shows that Tesco started to dominate the market and saw a rise in their market share from 21. 8% to 31. 4%.Presumably, within these 10 years Tesco’s used its economies of scale to gain this extra market share. With Tesco having a great majority of the market share they operate in, it allows them to possibly price discriminate. The way in which Tesco could do this is by having such a high market share they are capable of forcing competitors out of business and therefore, leaving only them to provide the products or services within that area. In addition to this, Tesco can under-price its products and services as with a greater market share they can reach economies of scale.Economies of scale arise when cost per unit falls as output increases. With having economies of scale Tesco’s can then be more productive than its competitors and supply more to its customers at better prices. For example if Tesco reach economies of scale they can get more from their suppliers with bulk buying allowing them to supply at lowers prices. By doing this poses a threat to smaller businesses that can be undercut by the competition. With a 30. 1% of the market share Tesco definitely do have some market dominance within the market via the instruments st ated above such as the potential to undercut competitors.However, they are not a monopoly and therefore, cannot fully price discriminate and set prices. As with doing this its custom see going to other companies within this market as the products and services they supply are similar. 4. 0 Economies of Scale Economies of scale are when higher output leads to lower average costs; such the average cost of production is reduced due to the increase in total output. Tesco has a very large scale business, opening new stores daily. There are currently more than 4,811 stores of Tesco worldwide.Since they are opening new stores regularly, they have to produce more. So as the volume of production increases, their average cost per unit has decreased. This has given Tesco a huge advantage over the other supermarkets especially those that are smaller in size. The large size of the firm means that it can benefit from further economies of scale in areas such as bulk buying, transportation, distribu tion, marketing and technology. A feature of their sales strategy is that they encourage customers to buy in bulk.They have special offers for that, such as buy one get one half price etc. These offers compel customers to buy more quantity, which in turn gives Tesco the advantage of selling more and consequently buying more, which in turn gives them a lower average cost. In an oligopolistic market, although it is difficult to prove, the likelihood is that the firms with majority market share collude with one another for the benefit of themselves. They will do so to maximise their profits as well as create higher levels of barriers of entry for new firms trying to enter the market.This has now become illegal in the UK by the 1965 Restrictive Trade Practices Act. 5. 0 Barriers to Entry Barriers to entry are the means by which Tesco’s potential competitors are blocked out. Due to Tesco’s monopolistic characteristics, Tesco will be able to enjoy higher profits in the long run as rivals have not diluted market share. Three barriers of entry are: Patents are legal property rights to prevent the entry of rivals. They are generally valid for an average of 20 years and give Tesco the right to prevent competitors from using patented products.Tesco can sell licences to competitors for a stated fee. Using Advertising and Marketing Tesco have developed customer loyalty; their club card has played a pivotal role in their customer loyalty. Thus making demand less sensitive to price; due to advertising leading to an outward shift in demand. Tesco engage in brand proliferation, as it is a firm which sells a vast range of products, this may portray Tesco differently to consumers. This is common barriers to entry in these types of markets as it is non-price competitions for household good. 6. 0 Porter’s Five ForcesIn order to evaluate the competitive environment surrounding Tesco, I shall utilise Porter’s five forces model illustrated in figure 2. Fig ure 6. 0. 1: Porter’s Five Forces Model (Zanthus, 2011) 6. 1 Bargaining Power of Buyers 0 The bargaining power of buyers is fairly high. 1 Products that have a slight differentiation; more standardised, the switching cost is considerably low, allowing the buyers to switch from one brand to another easily. 2 Prices are forced down by buyer’s power. For example, if bread is too expensive in Tesco, buyers will use their power and move to Asda.Supermarkets have a disciplined approach to price setting, stopping them from destroying each other in a profit/price war. 6. 2 Bargaining Power of Suppliers 3 The bargaining power of suppliers is fairly low. 4 Suppliers fear losing contracts with major supermarkets, hence putting retailers like Tesco in a dominating position. Negotiations are therefore positive in order to get the lowest price achievable from the suppliers. 6. 3 Competitive Rivalry 5 The amount of competitive rivalry in the food and grocery retail industry is extrem ely high. 6 Tesco faces extreme competition from its key competitors; Asda, Sainsbury’s and Morrisons.Organisations are competing with each other over price, products and promotions sporadically. 7 Discount superstores such as Aldi and Lidl have taken over the market in current economic times, due to the recession. Keynote (2010) states, that during 2008, they recorded sales of over 25%. 6. 4 Threat of New Entrants 8 The threat of new entrants into the food retail industry is low. 9 Tesco and other supermarket chains put up considerable barriers to entry. Starting a new supermarket chain has barriers imposed on it, implicitly or explicitly, by the existing organisations.0 According to Mintel (2010) Tesco, Asda, Sainsbury’s and Morrisons account for 80% of all shopping carried out in the UK. 11 In order for new entrants to establish themselves they will have to produce something at an exceptionally low price and/or high quality. 6. 5 Threat of Substitute Products and Se rvices 12 The threat of substitutes in the grocery retail market is considerably low for food items whereas it’s medium to high for non-food items. 13 The substitutes for these major supermarkets are smaller firms such as convenience stores; but these are not seen as a threat to Tesco who offer high quality items at low prices.Tesco is however overcoming this threat by opening ‘Express’ stores in small towns and city centres, in effort of becoming an obstacle for substitutes hoping to enter the market. 14 In current economic times, customers will be drawn towards discounted prices, thus Tesco is a threat towards specialist shops. Due to the rivalry between these supermarket chains, a highly competitive environment can be maintained, and one that facilitates consumers a greater deal than a proliferation of small independent shopkeepers. 7. 0 Game Theory and Interdependence Game theory and interdependence are both linked together.Interdependence is when decisions o f two (or more) businesses have an effect on the other firm’s profits. Then when looking into interdependence the investigation into what happens is game theory. As Tesco has the highest share of the oligopoly it in theory has the most power of the market. However a competitor such as Sainsbury’s could easily affect the percentage share of the market Tesco has. This could be by Sainsbury’s lowering the prices of certain products and then with the decision that Tesco has to make, Tesco could end up losing either their percentage of share in the market or their profits.For example if Tesco decides to keep the price the same of an item which is on sale at Sainsbury’s then customers will decide to get the product from Sainsbury’s, thus Tesco lose money. However Tesco may also decide to lower the price of the item for sale at Sainsbury’s, however Tesco may not advertise the sale item as well as Sainsbury’s so again they may incur a loss as not many people know that the item is for sale. Many other examples could be used for interdependence for Tesco’s.If a competitor of Tesco such as Sainsbury’s decided to save costs because of the recession then Tesco could unexpectedly make more profits as a result. This is because Sainsbury’s could decide to save costs by cutting down the number of jobs and stop selling less profitable items. The effect this would have on Tesco’s would be positive. This would be due to the downturn in popularity of Sainsbury’s as a result of job losses around the country to save money. As big money companies cutting jobs is always very unpopular, as a resultSainsbury’s customers may well go to its competitors such as Tesco and thus Tesco gaining more money from more customers. With Sainsbury’s losing customers in this example, the demand curve for Tesco would shift to the right and as a result of more money being made the price level would be increa sed because of the increase in demand. 8. 0 Conclusion and Recommendations From the above analysis, it can be said that Tesco maintains to embrace its leading position in the highly competitive retail industry; in which organisations must follow both differentiated strategies and cost leadership.The core competencies of Tesco are aligned with the competitive operating environment, therefore highlighting a positive future outlook for the organisation. The company must constantly adapt to the fast changing circumstances. Strategy formulation should therefore be regarded as a process of continuous learning, which includes learning about the goals, the effect of possible actions towards these goals and how to implement and execute these actions.

Life After Sample College Term Paper Pdf

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Clinical Consequences Of Obesity And Obesity - 1867 Words

Clinical Consequences of Obesity Name Date Clinical Consequences of Obesity Obesity is a growing issue in western and developing countries. It is a medical condition in which a person accumulates excess triacylglycerols in fatty tissue to the extent that it has negative consequences on the health of the person. Extreme cases of obesity are likely to have a genetic basis of which is majority polygenic. The body mass index of a healthy person should be between 20 and 25 but if it exceeds 26 the person is termed as overweight. If more fat is accumulated to the extent that the body mass index is more than 30, then the person is said to be obese. In addition, the pathophysiological mechanisms that cause obesity are mainly a mixture†¦show more content†¦As a result, one out of every three children is likely to be obese or overweight, and thus their performance in school is adversely affected. This worrying trend is mainly attributed to the lifestyles that majority of the people are adopting such as consuming junk foods that have high-calorie contents, and more specifically among young people that consume excessive amounts of sweetened drinks. The sweetened drinks tremendously increase the carbohydrate or sugar levels to the extent that it becomes harmful to their bodies. The situation is worsened by the increasing lack of adequate physical exercise partly due to the technological advancement that has led to the availability of many gadgets such as washing machines, computers, and dishwashers among others that encourage people to live sedentary lives. Other factors such as lack of enough sleep, obesity genes, smoking and some types of medications have also contributed to worsening of the condition. Environmental changes which have continued to take place in almost all parts of the world have contributed to the increasing prevalence of the condition. The result is the creation of global pandemic that has diverse implications on the general human mortality in the coming years and it thus seems that all people will have a polygenetic risk of developing obesity. Obesity has both short term and long term effects which range from health effects to well-being effects that are usually detrimental on the

Cancer Results From Abnormal, Unregulated Cell Growth

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Investigating Number of Stomata on a Leaf Free Essays

Lab Design â€Å"Investigate the effect of a factor on the number of stomata of a leaf. † Research Question: How do differing leaf heights affect the number/density of stomata of a leaf? Hypothesis Stomata are pores, typically found under the leaf (lower epidermis), that control the gas exchange of transpiration, where water vapor leaves the plants, and carbon dioxide enters. I predict that the stomatal density on high leafs is higher than on low leafs. We will write a custom essay sample on Investigating Number of Stomata on a Leaf or any similar topic only for you Order Now During photosynthesis the chloroplasts in the leaf cells synthesize ATP from ADP as a result of exposure to light, while oxygen is produced as a by-product of the photosynthetic reaction. Carbon dioxide, which enters the plant through diffusion via the stomata, is needed for this process (photosynthesis) to occur. When the chloroplasts in the leafs cell is exposed to higher light intensities, more ATP is synthesized from ADP, while production of the by-product oxygen also increases. This increase in the rate of photosynthesis calls for more â€Å"fuel†, i. e. Carbon dioxide. So for a higher concentration of carbon dioxide to diffuse into the plant, the plant must grow a greater stomatal density (higher number of stomata). This will create a larger surface area for carbon dioxide diffusion, the excretion of water vapor (transpiration) and the large amounts of oxygen being produced. As the higher leafs are exposed to higher light intensities I predict the stomatal density to be high. Lower leafs are exposed to lower light intensities due to, for example, shading by top leafs, and will so have a lower stomatal density than high leafs. Variables Controlled: Type of plant- The type of plant that is going to be used will stay the same, i. e. controlled. The type of plant that is used for this experiment is called Quercus Ilex. Amount of leafs (10 ‘high’ leafs, 10 ‘low’ leafs)- the ensure fair testing the number of leaves tested from each variable will be the same. Apparatus used- Same set up each time. Microscope magnification (400x)- Magnification at which the number of stomata will be counted at is at a magnification of 400x. Independent Variable: Leaf Source- The leaf source regarding to the ‘high’ and ‘low’ leafs is the variable which will be changed to test the difference in number of stomata of the two variables. Distance between high/low leafs- The distance between the height at which ‘low’ and at which ‘high’ leaves were picked each time had to be of a minimum of 20cm to ensure plausible results. Lower epidermis of leaf used to count stomatal density- Because Quercus Ilex is a dicotyledonous plant, the number of stomata on the lower epidermis will be higher than on the upper epidermis. This is because dicotyledonous plants hold up their leaves horizontally, which directly illuminates the lower epidermis. So, to prevent water loss, fewer stomata will then be located on the upper epidermis. Dependent Variable: Stomatal Density of high leafs Stomatal Density of low leafs Apparatus/Material 10 high leafs 10 low leafs Clear nail polish Slides Pincette Microscope Clear Tape Calculator Method Find a leaf source that has a significant height from which you will be collecting your leafs from throughout the entire experiment. Determine a low area, of little height from the ground, on the source from which you will pick 10 ‘low’ leafs. Repeat step 2, except that the area must be at an increased height distance of at least 20cm, to ensure a fair test and collection of ‘high’ leafs from a higher area than that of the ‘low’ leafs. Choose a leaf of which the stomatal density is to be examined but don’t pick it off the plant. This is so that the plants photosynthetic process will not be disturbed which could lead to change in the leafs natural state and affect your results. Paint a layer of clear nail polish on the lower epidermis of the leaf and wait until it has dried. Use your tweezers to gently peel off the dried layer of nail polish. Gently peel the area of dried nail polish from the leaf completely. You should see a cloudy impression of leaf surface on the piece of tape. This is the leaf impression. Place the leaf impression to a clean slide. Label the slide for identification if necessary. Focus the leaf impression under a microscope magnification of 40x until it is focused and observe the leaf impression. Find an area that is clean of thumbprints, away from the edge of impression, has no damaged areas or big leaf vein impressions in view. When focused, observe the impression under an increased microscope magnification of 100x and make sure it is focused. When focused, observe the impression under an increased microscope magnification of 400x, the magnification at which you will count the number of stomata, and focus. Count the number of stomata you see in the field of view and record the number in a table under the relevant variable (‘high’ or ‘low’ leaf). To ensure a fair test, repeat steps 9-13 two times by choosing a new spot on the same leaf to focus on. Use the higher number of the 2 repeats to find the average later on. Repeat steps 1-14 ten times for the 10 high leafs and 10 low leafs. Raw Data: How differing leaf heights affect the number/density of stomata of a leaf One manipulation that was done to the raw data to help make it more useful for interpretation was the rounding off of ? Average # of stomata of ? Final?.. etc? , because firstly a stomata cannot be present in the quantity of a decimal and secondly, so that when drawing the graph all numbers have the same number of significant figures which will produce a neater and more accurate graph. Processed Data: How differing leaf heights affect the number/density of stomata of a leaf Magnification: 400x Field of View (FOV) diameter: 0. 45 mm Radius (r ): 0. 225 mm Surface Area (SA)/mm? N (? r? ) : 3. 14 x (0. 225)? = 0. 159 mm? |Leaf |# of stomata of ‘High’ Leafs per 0. 159 mm? 2 Stomata) | | |1 |2 |Final | |1 |39 |35 |39 | |2 |52 |56 |56 | |3 |32 |38 |38 | |4 |50 |40 |50 | |5 |37 |34 |37 | |6 |53 |47 |53 | |7 |45 |42 |45 | |8 |43 |50 |50 | |9 |53 |49 |53 | |10 |42 |39 |42 | |Average # of stomata of ‘Final’ per 0. 159 mm?  ± 2 Stomata) | | | |46 | Graphs Graph including processed data trial 1 2 for High and Low leafs: Blue: # of stomata on High leafs per 0. 159 mm? , trial 1 Red: # of stomata on High lea fs per 0. 159 mm? , trial 2 Yellow: # of stomata on Low leafs per 0. 159 mm? , trial 1 Green: # of stomata on Low leafs per 0. 159 mm? , trial 2 Graph including processed data ‘Final’s results for High and Low leafs: High Leafs: Mean value line with value 46. 3, standard deviation: 6. 993 Low Leafs: Mean value line with value 26. 2, standard deviation: 2. 3 Calculations Difference in mean 46. – 26. 2 = 20. 1 Difference in S. D. 6. 993 – 2. 3 = 4. 693 Because the standard deviations are much less than the difference in the mean number of stomata, it is very likely that the difference in the mean number of stomata between High Leafs and Low Leafs is significant. T-TEST Null hypothesis: The number of stomata on high leafs and low leafs are not different. The differences in the data sets are the result of chance variation only and they are not really different. Mean of # of stomata on High Leafs: 46. 3 Mean of # of stomata on Low Leafs: 26. 2 t=8. 63 Degrees of freedom= (10+10)–2= 18 Critical value for t=2. 101 (P= 0. 05) Conclusion How to cite Investigating Number of Stomata on a Leaf, Essay examples

Opportunity cost is the cost o... free essay sample

Opportunity cost is the cost of an alternative action that must be sacrificed in order to pursue a certain action. Therefore, opportunity cost occurs anytime we make choices in our life. The process of giving up something we enjoy to gain another good has been a part of human traits since day one. As a society we should make good decisions only if we know and acknowledge that there might be other available options that will benefit us. As logical thinkers, we tend to pick activities that not only will amplify our time, but also benefit our future. For example, I know I have to get up early in the morning because I have an exam at 8 AM, yet I still want to go to the concert tonight. I can either go see the hot stuff in the MidFlorida Credit Union Amphitheater in Tampa, FL which is 3 hours away from home, or I can go watch the good times band in the AAA here in Miami which is 15 minutes away from my home. We will write a custom essay sample on Opportunity cost is the cost o or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Both tickets are $150, I value hot stuffs concert at $225. I am now debating on which of the two bands I should go and see or if I should stay home and study because I have to prepare for my exam the next morning. Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. As for in my situation, Im okay with paying a marginal utility of $225 per ticket, drive 3 hours to Tampa and return to Miami around 2 am once the concert is done. But it doesnt make any sense for me to spend more than 10 hours going to a concert on the night before my exam. Despite the fact that the satisfaction that I would feel after seeing the band Ive been dreaming of seeing would have been amazing, but the satisfaction that I would have felt for staying in studying and passing my exam would have been ten times better. Having a good nights rest would definitely be the best alternative for me, taking off hot stuffs the list. Now the Good times concert in AAA is calling my name because it is so close to me. Similar to the next best alternative as I previously mentioned, using my night to actually rest and study for my exam the next day is the opportunity cost. Being the logical person that I am, I know what is the best alternative for me. Instead of me going out and spending a couple hours in a concert and spending money that I should be saving for school, I rather stay home and rest which helps me avoid all that. Not only will I be saving money but I will also be saving my energy and I would study which gives me a higher possibility of passing my exam the next morning, which I need to in order for me to graduate. By me not being well rested the night before a big exam itll be costing me a lot. I will be sacrificing my education which will sacrifice my future career. In conclusion, the opportunity cost for staying home is way higher than if I would have attended one of the concerts. The value for my education outweighs the lost concerts.

Marvel Enterprises Inc free essay sample

Marvel Comics was founded in the late 1930’s with the their first comics appearing in 1939. Up to the time of the case, the company had changed owners a few times, had ups and downs, and had built a large following by providing up to 60 periodicals per month which included comics like: Spiderman, Fantastic Four, and Iron Man along with about 4,700 other characters. Decision Dilemna: What business model should Marvel Executives pursue to ensure continued growth? Analysis of Case Facts, Missing info and Contradictions: †¢There was a lot of talk about existing deals; I’d like to know the terms of those deals and when they were made, when they expire etc. †¢One of those deals and a very important one was the SpiderMan movie deal with Sony. Said â€Å"on the day of release, Marvel had only received about $25mm from Sony. † Were they expecting to get more? This would be nice to understand the terms here to valuate worth. We will write a custom essay sample on Marvel Enterprises Inc or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They talk a lot about primary market, I would like to see a marketing breakdown of what they are marketing to who? How they are working to capture and keep intrest from toddlers to elderly enthusiasts. †¢I’d like to better understand the comic book market. Do customers stick with one comic like spiderman and only read that? Or do they start with a spidermand and evolve to others? Buy multiples? †¢How many comic books does the average consumer buy? Adult vs kid? Would like more insight on efforts regarding Toy distribution, especially when they get space from a retailer 12 months in advance but then the film/toy gets squashed†¦how does this reflect on them †¢I would like to see an organization chart; who’s working for who, how many people are there, etc. at certain points it sounds like they have harldy anyone working there and others sounds like they have huge teams †¢Would like more info on dollar amounts for movie revenues. Talks about US retail averages and then worldwide production costs†¦would like to compare apples to apples. World wide everything. †¢I assume Marvel had IP surrounding their characters and story lines but it’s never mentioned. Would like that to be clarified †¢ Contradictions: †¢They talk a lot about comic books and the retailing around that but it sounds like their cashcow is licensing deals, movies, actionfigures, etc. †¢The case discusses Marvels brand dating back to the 30’s and how they believed they need to stay true to where they’ve come from yet they are modernizing their comics, essentially retelling same stories but updated with modern technologies. Like spiderman having a cellphone †¢The case discusses market share in the comic book industry showing Marvel and DC to be leaders with similar share in the market yet the case points out â€Å"8 of the top 10 monthly comic books were Marvel publications. † Little confusing without more info. †¢Under Toys licensing; they state Marvel received a royalty fee of 15% of the wholesale value of toys sold. Then it goes on to say Marvel handles the design, marketing and sales and received a feed that generally exceeded 20% of toy wholesale values. Is this 20% on top of the 15%? Or al together? Add: Kotler Text and Personal Insight Decision Options: Status Quo: Continue doing what they are doing with licensing deals, movies, toys, etc. Pros: need 3 Cons: need 3 Capital Intense: Extend their content creation and production beyond comic books and toys. Write, script and produce own movies, tv channel and content, theme parks, etc. Pros: need 3 Cons: need 3 Sell Marvel: completely sell off the company Pros: Need 3 Cons: need 3 Back to Basics: focus on their roots of creating and re-creating comic books for enthusiasts Pros: need 3 Cons Need 3 My Decision and Why.