Tesco plc core purpose is 'Serving customers a little better everyday: Tesco believes this is to the heart everything it does. It reflects the fact that businesses must increasingly demonstrate a purpose that is more han just profit. Tesco says that, in its UK stores, it senes on average 66 customers every second. It sees its goal as ensuring that every one of those customers esperiences just a little better service on each visit.Fesco's values help it and its stakeholders to put this core purpose into practice. Its values are:* No one tries harder for customers** We treat people how they want to be treated** 'Every little help makes a big difference'Tesco indicates that its values have become a vital part of its culture and have been essential to its growth and success. Its values ensure that all its stakeholders understand what is important - for example, about how employees work together as a leam and how customers are at the centre of what they doTesco recognises its responsibility to take into consideration the needs and concerns of its stakeholders as part of its discussion and decision-making processes. It understands that maintaining strong stakeholder relationships is the key to building a sustainable business. Its 2018 Annual Report provides details about how it engages with key stakenolders: local communities, customers, employees, shareholders, and suppliers.• Community: Tesco is mindful of the impact that its business has on the communities it operates in. It launched the Little Helps Plan in 2017. This identifies social and environmental challenges facing the business, its customers and communities, and commits to help tackle these, Examples include promoting healthy food choices, reducing packaging, cutting food waste, and contributing socially and economically to local communities.* Customers: Tesco is dedicated to ensuring that it maintains its core purpose ta serve shoppers a little betler every day. Ensuring that customers recommend it and come back time and again is one of its six key performance indicators".* Employees: Tesco says that its employees /knawn as colleagues are the heart of its business and help to communicate the valuss of the business to customers every day. Tesco has various tools to ensure that its senior management are fully engaged with employees, including its employee engagement surveys and regular store visits,* Shareholders: Tesco is committed to maintaining open and constructive dialogue with its shareholders. whether institutional, private or employee shareholders, and takes ultimate responsibility for ensuring that such engagement takes place.• Suppliers: Tesco recognises that building trusted partnerships with its suppliers is critical and is one of its six key performance indicators*. Tesco maintains engagement through regular reporting of the results of its supplier viewpoint surveys.*Tesco's six key performance indicators (KPIs):* Grow sales* Deliver profit* Improve operating cash Row* Customers recommend us and come back time and again* Colleagues recommend us as a great place tig work and shop* We build trusted partnershipsQuestion 22 Analyse the different ways Tesco might attempt to manage the relationship with its stakeholders.

Question

Tesco plc core purpose is 'Serving customers a little better everyday: Tesco believes this is to the heart everything it does. It reflects the fact that businesses must increasingly demonstrate a purpose that is more han just profit. Tesco says that, in its UK stores, it senes on average 66 customers every second. It sees its goal as ensuring that every one of those customers esperiences just a little better service on each visit.Fesco's values help it and its stakeholders to put this core purpose into practice. Its values are:* ﻿﻿No one tries harder for customers** ﻿﻿We treat people how they want to be treated** ﻿﻿'Every little help makes a big difference'Tesco indicates that its values have become a vital part of its culture and have been essential to its growth and success. Its values ensure that all its stakeholders understand what is important - for example, about how employees work together as a leam and how customers are at the centre of what they doTesco recognises its responsibility to take into consideration the needs and concerns of its stakeholders as part of its discussion and decision-making processes. It understands that maintaining strong stakeholder relationships is the key to building a sustainable business. Its 2018 Annual Report provides details about how it engages with key stakenolders: local communities, customers, employees, shareholders, and suppliers.• Community: Tesco is mindful of the impact that its business has on the communities it operates in. It launched the Little Helps Plan in 2017. This identifies social and environmental challenges facing the business, its customers and communities, and commits to help tackle these, Examples include promoting healthy food choices, reducing packaging, cutting food waste, and contributing socially and economically to local communities.* ﻿﻿Customers: Tesco is dedicated to ensuring that it maintains its core purpose ta serve shoppers a little betler every day. Ensuring that customers recommend it and come back time and again is one of its six key performance indicators&#34;.* ﻿﻿Employees: Tesco says that its employees /knawn as colleagues are the heart of its business and help to communicate the valuss of the business to customers every day. Tesco has various tools to ensure that its senior management are fully engaged with employees, including its employee engagement surveys and regular store visits,* ﻿﻿Shareholders: Tesco is committed to maintaining open and constructive dialogue with its shareholders. whether institutional, private or employee shareholders, and takes ultimate responsibility for ensuring that such engagement takes place.•    Suppliers: Tesco recognises that building trusted partnerships with its suppliers is critical and is one of its six key performance indicators*. Tesco maintains engagement through regular reporting of the results of its supplier viewpoint surveys.*Tesco's six key performance indicators (KPIs):* ﻿﻿Grow sales* ﻿﻿Deliver profit* ﻿﻿Improve operating cash Row* ﻿﻿Customers recommend us and come back time and again* ﻿﻿Colleagues recommend us as a great place tig work and shop* ﻿﻿We build trusted partnershipsQuestion 22 Analyse the different ways Tesco might attempt to manage the relationship with its stakeholders.

Accepted Answer

There are many potential advantages to stakeholder management, including:stakeholder commitment to…

Question 2 2 Analyse the different ways Tesco might attempt to manage the relationship with its stakeholders.