Tesco's Globalization Strategies and its Success in South Korea |
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"They (Tesco) have adapted their store formats very well and have been very good at working with local management. They do have an extremely clear idea about what their business is about, but they are not macho about how they apply it. There are some firms that if they buy a company in another country, putting their brand name on it as quickly as possible is almost a source of corporate pride."1 - Rita Clifton, Chairman, Interbrand2, in 2006. "Samsung Tesco and BAT Korea can be seen as two of the biggest overseas successes. They realized the importance of localization as the main key to success in the Korean market at an early stage and acted upon it, instead of insisting on operating based on business strategies that would only work elsewhere."3 - Na Hong-suk, Senior Analyst at Good Morning Shinhan Securities4, in 2006. Introduction
Sales in the UK grew by 10.7% and international sales by 23% to £ 9.2 billion, contributing £ 492 million to the operating profit. Tesco reported that its overseas growth was driven by Asia where profits grew by 30% in the year.
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1] Gavin Stamp, "Foreign Growth Key to Tesco Goals,"www.news.bbc.co.uk, April 25, 2006.
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