The Application of Bowan's Strategy Clock Used To Assist Organization Essay

The Application of Bowan's Strategy Clock Used To Assist Organization in Making Strategic Choices - Essay Example This research will begin with the statement that achieving a competitive advantage over rivals is perhaps the most important business strategy that business houses wish to achieve. In almost every industry including the retail sector, competition among rivals is very high. According to the views of Michael Porter, there are primarily three different strategies that are employed by organizations, namely product differentiation, cost leadership and market segmentation. Michael Porter’s generic strategies have been widely debated over exact meanings of the terms proposed by him. It was for this reason that the strategic clock model developed by Bowman and Faulkner has been widely employed to describe ways in which a firm can have the competitive advantage over its rivals. Tesco is the third largest retail store chain globally and the largest in Britain. The origin of the business can be traced back to 1929 when the first store was opened in Britain. In less than thirty years from commencing its operation, Tesco had become one of the most prominent food retailers in entire U.K. Since the 1990s, the company had begun venturing out of U.K. as well as diversifying the products offered. Presently, the company operates in 12 countries across three continents, namely North America, Europe and Asia. During its initial days of operation, Tesco had focused on aspects of grocery retailing. However, with time, the business had expanded from food retailing to include a wide range of products and services. Some of the products and services offered by Tesco include retailing of electronics, books, clothing, petrol, and furniture. The services offered include renting out of DVDs, financial and telecom services and internet services. Tesco had showcased innovation not only in types of product offerings but also by developing the new concept of stores. Some of the diversified store structures that have been introduced by the organization over time include Tesco Metro stores specifically to meet requirements of local shoppers based in metropolitan areas; and Tesco Express, which is a petrol station based store for the convenience of customers.

Measuring development is an arbitrary process since all summary Term Paper

Measuring development is an arbitrary process since all summary statistics in this area are trying to evaluate economic inputs rather than economic outputs - Term Paper Example as of economic development include; health rates in a country, people life expectancy rates, unemployment and rates of poverty that are characteristic of a particular country. In actual practice, economic growth is narrow in its scope as compared to economic development. Economic growth solely takes into account the total increase in a country’s real level of national output that is often because of a boost in the quality of resources applied, for instance, education, an increase in the number of resources and the quality improvements that have been done in technology. In another words, to measure economic growth, economists make use of the GDP statistics, which shows the contributions of each country’s sector towards the overall national output. On the other hand, economic development can be said to be a normative concept, which only exists in the citizen’s sense of morality, i.e, the knowledge of something good and bad. In a general sense, economic development of a country can be explained though an increase in peoples standards of living and general way of life. Economic development ensures that people make proper decisions about their wealth creation and improves their way of life. This is done only when people realize the value of involvement in different economic activities. The best approach in the measurement of economic development is the use of human development index that gives due consideration to a country’s levels of literacy, people’s expectancy rates and how they affect overall productivity in a country. Economic development is an important concept since it often leads to creation and establishment of important institutions that determine the quality of human life like education and health care. In addition, it also contributes to establishment of important employment and environment policies. Economic development in a country means the increase in per capita income out of a single individual. When computing the levels of economic