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Would you like to start your own business when you're older? Joe meets young British entrepreneurs who are doing just that, and gets expert advice from Sir Richard Branson on how to make your business a success.

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Best Marketing Strategy Ever: Steve Jobs Presents "Think Different"

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Market research listening

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Vocabulary from Lesson 1

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Some Tesco Everyday Value Spaghetti Bolognese contains 60% horsemeat, DNA tests by the retailer have found.

The meal, withdrawn from sale on Tuesday, came from the French factory producing Findus beef lasagne, also at the centre of a row over horsemeat.

Meanwhile, Environment Secretary Owen Paterson has told MPs of plans to test all processed beef in the UK.

Romania has rejected claims that it was responsible for wrongly describing horsemeat from its abattoirs as beef.

Tesco took the frozen bolognese off the shelves when it found out Findus was concerned about the source of its meat processed by Comigel, based at Metz, north-eastern France.

It is one of several products that have been withdrawn from UK shelves amid the current scandal over horsemeat in food products in the UK and Europe.

Tesco Group technical director Tim Smith said: "The frozen Everyday Value Spaghetti Bolognese should contain only Irish beef from our approved suppliers. The source of the horsemeat is still under investigation by the relevant authorities.

"The level of contamination suggests that Comigel was not following the appropriate production process for our Tesco product and we will not take food from their facility again.

"We are very sorry that we have let customers down."

Testing time

Mr Paterson told MPs he had called in representatives of all Britain's producers, retailers and distributors and "made it clear" he expected to see immediate testing of all processed beef products across the supply chain.

He said testing should take place every three months, and the Food Standards Agency should be notified of results.

He told representatives from the British Retail Consortium, the Food and Drink Federation, the British Meat Processors Association, the Federation of Wholesale Distributors, the Institute of Grocery Distribution and individual retailers that he expected to see:

"meaningful results from this testing by the end of this week;

"more testing of products for horse along the supply chain and that the industry must co-operate fully with the FSA on this;

"publication of industry test results every three months through the FSA;

"and that they let the FSA know as soon as they become aware of a potential problem in their products."

In the Commons, Labour's Mary Creagh accused Mr Paterson of being too slow to respond as incidents emerged.

Safety issues

Experts say horsemeat itself should be no more dangerous than beef to eat

The Food Standards Agency (FSA) has ordered food businesses to check for horsemeat in all processed beef products, such as beef burgers, meatballs and lasagne. The first set of results is expected on Friday 15 February

There is concern that some horses are given a drug called bute (phenylbutazone) which can be dangerous to humans

Animals treated with phenylbutazone are not allowed to enter the food chain for this reason

The FSA says all horse carcasses in the UK have been tested for bute since 30 January

The FSA has also ordered Findus to test its lasagne containing horsemeat for bute

Q&A: Horsemeat scandal Healthy alternatives to processed meat
"The secretary of state had to be called back to London from his long weekend to deal with the crisis." she claimed. "Until Saturday's panic summit, he hadn't actually met the food industry to address this crisis."

News of the tests came after the Romanian Prime Minister earlier on Monday denied two abattoirs in his country sold horsemeat purported to be beef to European food companies.

The abattoirs had been linked to the contamination of processed meat products sold in Europe. Victor Ponta said checks were carried out and there had been no breach of rules and standards.

In France, consumer affairs minister Benoit Hamon said that the whole of the food industry would be under heightened surveillance, with more random sampling of products and wider use of DNA tests to determine the origin of meat.

French inspectors were at the Comigel headquarters in Metz in north-eastern France on Monday. Findus meals were made by the company at its Luxembourg factory.

Investigators were also at the offices in the south of France of the importer Spanghero, which brought the meat to France from Romania.

Last week Findus UK took its frozen beef lasagne, made by Comigel, off the shelves after some samples were found to contain up to 100% horsemeat.

Seven French supermarkets have withdrawn frozen ready-meals made by Findus.

And on Monday night, one Dutch supermarket chain took the Prima Frost brand of lasagne produced by Comigel off the shelves, amid fears it may contain horsemeat.

A third of people in the UK who responded to a poll on Monday on their shopping habits said they were less likely to buy processed meat as a result of horsemeat scandal.

A quarter of the 6,221 people who replied said they did not buy processed meat anyway and a further third (36%) said it would not make any difference to their shopping habits.

The poll was conducted by the market research company Kantar.

Mr Paterson said he would meet with his European counterparts and the European Commissioner for Health and Consumer Policy Tonio Borg later this week in the wake of the scandal.

"At the moment this appears to be an issue of fraud and mislabelling.

"But if anything suggests the need for changes to surveillance and enforcement in the UK we will not hesitate to make those changes," he said.

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Some Tesco Everyday Value Spaghetti Bolognese contains 60% horsemeat, DNA tests by the retailer have found. The meal, withdrawn from sale on Tuesday, came from the French factory producing Findus beef lasagne, also at the centre of a row over horsemeat. Meanwhile, Environment Secretary Owen Paterson has told MPs of plans to test all processed beef in the UK.

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Start Up Business - How to launch a new advertising start up - Ask Evan

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The first restaurant opened in 1953 in Jacksonville, Florida, and was named Insta-Burger King. In 1954, two franchisees named David Edgerton and James McLamore bought the company which was in financial trouble, and renamed it "Burger King".

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The first restaurant opened in 1953 in Jacksonville, Florida, and was named Insta-Burger King. In 1954, two franchisees named David Edgerton and James McLamore bought the company which was in financial trouble, and renamed it "Burger King".

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Learning Objective

Describe monopolistic competition, oligopoly, and monopoly.

Economists have identified four types of competition- perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition was discussed in the last section; we'll cover the remaining three types of competition here.

Monopolistic Competition

In monopolistic competition , we still have many sellers (as we had under perfect competition). Now, however, they don't sell identical products. Instead, they sell differentiated products-products that differ somewhat, or are perceived to differ, even though they serve a similar purpose. Products can be differentiated in a number of ways, including quality, style, convenience, location, and brand name. Some people prefer Coke over Pepsi, even though the two products are quite similar. But what if there was a substantial price difference between the two? In that case, buyers could be persuaded to switch from one to the other. Thus, if Coke has a big promotional sale at a supermarket chain, some Pepsi drinkers might switch (at least temporarily).

How is product differentiation accomplished? Sometimes, it's simply geographical; you probably buy gasoline at the station closest to your home regardless of the brand. At other times, perceived differences between products are promoted by advertising designed to convince consumers that one product is different from another-and better than it. Regardless of customer loyalty to a product, however, if its price goes too high, the seller will lose business to a competitor. Under monopolistic competition, therefore, companies have only limited control over price.

Oligopoly

means few sellers. In an oligopolistic market, each seller supplies a large portion of all the products sold in the marketplace. In addition, because the cost of starting a business in an oligopolistic industry is usually high, the number of firms entering it is low.

Companies in oligopolistic industries include such large-scale enterprises as automobile companies and airlines. As large firms supplying a sizable portion of a market, these companies have some control over the prices they charge. But there's a catch: because products are fairly similar, when one company lowers prices, others are often forced to follow suit to remain competitive. You see this practice all the time in the airline industry: When American Airlines announces a fare decrease, Continental, United Airlines, and others do likewise. When one automaker offers a special deal, its competitors usually come up with similar promotions.

Monopoly

In terms of the number of sellers and degree of competition, monopolies lie at the opposite end of the spectrum from perfect competition. In perfect competition, there are many small companies, none of which can control prices; they simply accept the market price determined by supply and demand. In a , however, there's only one seller in the market. The market could be a geographical area, such as a city or a regional area, and doesn't necessarily have to be an entire country.

There are few monopolies in the United States because the government limits them. Most fall into one of two categories: natural and legal. Natural monopolies include public utilities, such as electricity and gas suppliers. Such enterprises require huge investments, and it would be inefficient to duplicate the products that they provide. They inhibit competition, but they're legal because they're important to society. In exchange for the right to conduct business without competition, they're regulated. For instance, they can't charge whatever prices they want, but they must adhere to government-controlled prices. As a rule, they're required to serve all customers, even if doing so isn't cost efficient.

A legal monopoly arises when a company receives a patent giving it exclusive use of an invented product or process. Patents are issued for a limited time, generally twenty years (United States Patent and Trademark Office, 2006). During this period, other companies can't use the invented product or process without permission from the patent holder. Patents allow companies a certain period to recover the heavy costs of researching and developing products and technologies. A classic example of a company that enjoyed a patent-based legal monopoly is Polaroid, which for years held exclusive ownership of instant-film technology (Bellis, 2006). Polaroid priced the product high enough to recoup, over time, the high cost of bringing it to market. Without competition, in other words, it enjoyed a monopolistic position in regard to pricing.

Key Takeaways

There are four types of competition in a free market system: perfect competition, monopolistic competition, oligopoly, and monopoly.

Under monopolistic competition, many sellers offer differentiated products-products that differ slightly but serve similar purposes. By making consumers aware of product differences, sellers exert some control over price.

In an oligopoly, a few sellers supply a sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow.

In a monopoly, there is only one seller in the market. The market could be a geographical area, such as a city or a regional area, and does not necessarily have to be an entire country. The single seller is able to control prices.

Most monopolies fall into one of two categories: natural and legal.

Natural monopolies include public utilities, such as electricity and gas suppliers. They inhibit competition, but they're legal because they're important to society.

A legal monopoly arises when a company receives a patent giving it exclusive use of an invented product or process for a limited time, generally twenty years.

Exercise

Identify the four types of competition, explain the differences among them, and provide two examples of each. (Use examples different from those given in the text.)

References

Bellis, M., "Inventors-Edwin Land-Polaroid Photography-Instant Photography/Patents," April 15, 2006, http://inventors.about.com/library/inventors/blpolaroid.htm (accessed January 21, 2012).

United States Patent and Trademark Office, General Information Concerning Patents, April 15, 2006, http://www.uspto.gov/web/offices/pac/doc/general/index.html#laws (accessed January 21, 2012).

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1.5 Monopolistic Competition, Oligopoly, and Monopoly

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Describe monopolistic competition, oligopoly, and monopoly. Economists have identified four types of competition- perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition was discussed in the last section; we'll cover the remaining three types of competition here. In monopolistic competition , we still have many sellers (as we had under perfect competition).

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The single biggest reason why start-ups succeed | Bill Gross | TED

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Be Like Mike Gatorade Commercial (ORIGINAL)

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How to Do a SWOT Analysis

Avoid relying on your own, partial understanding of your organization. Your assumptions could be wrong. Instead, gather a team of people from a range of functions and levels to build a broad and insightful list of observations.

Then, every time you identify a Strength, Weakness, Opportunity, or Threat, write it down in the relevant part of the SWOT analysis grid for all to see.

Let's look at each area in more detail and consider what fits where, and what questions you could ask as part of your data gathering.

Strengths

Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes.

Then turn your perspective around and ask yourself what your competitors might see as your strengths. What factors mean that you get the sale ahead of them?

Remember, any aspect of your organization is only a strength if it brings you a clear advantage. For example, if all of your competitors provide high-quality products, then a high-quality production process is not a strength in your market: it's a necessity.

Weaknesses

Weaknesses, like strengths, are inherent features of your organization, so focus on your people, resources, systems, and procedures. Think about what you could improve, and the sorts of practices you should avoid.

Once again, imagine (or find out) how other people in your market see you. Do they notice weaknesses that you tend to be blind to? Take time to examine how and why your competitors are doing better than you. What are you lacking?

Be honest! A SWOT analysis will only be valuable if you gather all the information you need. So, it's best to be realistic now, and face any unpleasant truths as soon as possible.

Opportunities

Opportunities are openings or chances for something positive to happen, but you'll need to claim them for yourself!

They usually arise from situations outside your organization, and require an eye to what might happen in the future. They might arise as developments in the market you serve, or in the technology you use. Being able to spot and exploit opportunities can make a huge difference to your organization's ability to compete and take the lead in your market.

Think about good opportunities that you can exploit immediately. These don't need to be game-changers: even small advantages can increase your organization's competitiveness. What interesting market trends are you aware of, large or small, which could have an impact?

You should also watch out for changes in government policy related to your field. And changes in social patterns, population profiles, and lifestyles can all throw up interesting opportunities.

Threats

Threats include anything that can negatively affect your business from the outside, such as supply-chain problems, shifts in market requirements, or a shortage of recruits. It's vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.

Think about the obstacles you face in getting your product to market and selling. You may notice that quality standards or specifications for your products are changing, and that you'll need to change those products if you're to stay in the lead. Evolving technology is an ever-present threat, as well as an opportunity!

Always consider what your competitors are doing, and whether you should be changing your organization's emphasis to meet the challenge. But remember that what they're doing might not be the right thing for you to do. So, avoid copying them without knowing how it will improve your position.

Be sure to explore whether your organization is especially exposed to external challenges. Do you have bad debt or cash-flow problems, for example, that could make you vulnerable to even small changes in your market? This is the kind of threat that can seriously damage your business, so be alert.

A SWOT Analysis Example

Imagine this scenario: a small start-up consultancy wants a clear picture of its current situation, to decide on a future strategy for growth. The team gathers, and draws up the SWOT Analysis shown in Figure 2.

Figure 2. A Completed SWOT Analysis.

Strengths What do you do well? What unique resources can you draw on? What do others see as your strengths?

Weaknesses What could you improve? Where do you have fewer resources than others? What are others likely to see as weaknesses?

We are able to respond very quickly as we have no red tape, and no need for higher management approval.

We are able to give really good customer care, as the current small amount of work means we have plenty of time to devote to customers.

Our lead consultant has a strong reputation in the market.

We can change direction quickly if we find that our marketing is not working.

We have low overheads, so we can offer good value to customers.

Our company has little market presence or reputation.

We have a small staff, with a shallow skills base in many areas.

We are vulnerable to vital staff being sick or leaving.

Our cash flow will be unreliable in the early stages.

Opportunities What opportunities are open to you? What trends could you take advantage of? How can you turn your strengths into opportunities?

Threats What threats could harm you? What is your competition doing? What threats do your weaknesses expose to you?

Our business sector is expanding, with many future opportunities for success.

Local government wants to encourage local businesses.

Our competitors may be slow to adopt new technologies.

Developments in technology may change this market beyond our ability to adapt.

A small change in the focus of a large competitor might wipe out any market position we achieve.

As a result of the team's analysis, it's clear that the consultancy's main strengths lie in its agility, technical expertise, and low overheads. These allow it to offer excellent customer service to a relatively small client base.

The company's weaknesses are also to do with its size. It will need to invest in training, to improve the skills base of the small staff. It'll also need to focus on retention, so it doesn't lose key team members.

There are opportunities in offering rapid-response, good-value services to local businesses and to local government organizations. The company can likely be first to market with new products and services, given that its competitors are slow adopters.

The threats require the consultancy to keep up-to-date with changes in technology. It also needs to keep a close eye on its largest competitors, given its vulnerability to large-scale changes in its market. To counteract this, the business needs to focus its marketing on selected industry websites, to get the greatest possible market presence on a small advertising budget.

Frequently Asked Questions About SWOT Analysis

1. Who Invented SWOT Analysis?

2. What Does SWOT Analysis Stand For?

SWOT Analysis stands for Strengths, Weaknesses, Opportunities and Threats.

3. What Can a SWOT Analysis Be Used For?

SWOT analysis is a useful tool to help you determine your organization's position in the market. You can then use this information to create an informed strategy suited to your needs and capabilities.

4. How Do I Write a SWOT Analysis?

5. How Do SWOT Analysis and the TOWS Matrix compare?

6. What Are the Biggest SWOT Analysis Mistakes?

Making your lists too long. Ask yourself if your ideas are feasible as you go along.

Being vague. Be specific to provide more focus for later discussions.

Not seeing weaknesses. Be sure to ask customers and colleagues what they experience in real life.

Not thinking ahead. It's easy to come up with nice ideas without taking them through to their logical conclusion. Always consider their practical impact.

Being unrealistic. Don't plan in detail for opportunities that don't exist yet. For example, that export market you've been eyeing may be available at some point, but the trade negotiations to open it up could take years.

Relying on SWOT Analysis alone. SWOT Analysis is valuable. But when you use it alongside other planning tools (SOAR, TOWS or PEST), the results will be more vigorous.

How to Use a SWOT Analysis

Use a SWOT Analysis to assess your organization's current position before you decide on any new strategy. Find out what's working well, and what's not so good. Ask yourself where you want to go, how you might get there - and what might get in your way.

Once you've examined all four aspects of SWOT, you'll want to build on your strengths, boost your weaker areas, head off any threats, and exploit every opportunity. In fact, you'll likely be faced with a long list of potential actions.

But before you go ahead, be sure to develop your ideas further. Look for potential connections between the quadrants of your matrix. For example, could you use some of your strengths to open up further opportunities? And, would even more opportunities become available by eliminating some of your weaknesses?

Finally, it's time to ruthlessly prune and prioritize your ideas, so that you can focus time and money on the most significant and impactful ones. Refine each point to make your comparisons clearer. For example, only accept precise, verifiable statements such as, "Cost advantage of $30/ton in sourcing raw material x," rather than, "Better value for money."

SWOT Analysis Tips

Here are four tips for getting more out of a SWOT analysis:

1. Be specific. The more focused and accurate you are about the points you write down, the more useful your SWOT analysis will be.

2. Work backwards. Experiment with filling in the four sections of your SWOT analysis in a different order, to stimulate new ways of thinking. Working backwards, in particular, from threats to strengths, may cast new light on the situation.

3. Get together. Highlight the most useful people to contribute to your SWOT analysis, then gather information and ideas from them all.

4. SWOT your competition! To stay ahead of your competitors, carry out a regular SWOT analysis on them. Use everything you know about them to evaluate their situation, and use SWOT analysis to plan your competitive strategies accordingly.

SWOT Analysis Infographic

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SWOT Analysis With SWOT Templates and Examples !

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SWOT Analysis is a simple but powerful framework for analyzing your organization's strengths, weaknesses, opportunities, and threats. Includes template. Access on-demand resources, expert videos by becoming a Mind Tools member now!!

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I've had a 30-year love-hate relationship with mission statements. I've read thousands. I love it when a mission statement defines a business so well that it feels like strategy -which does happen-and I hate it when a mission statement is generic, stale, and completely useless. Which also happens, but not nearly as often.

What is a mission statement?

A mission statement is a simple statement that explains your company's goals. It's a summary of what your company does for its customers, employees, and owners. It explains how you do what you do. And, it focuses on why your company does what it does. Some of the best mission statements also extend themselves to include fourth and fifth dimensions: what the company does for its community, and for the world.

Developing your company's first mission statement, or writing a new or revised one, is your opportunity to define the company's goals, ethics, culture, and norms for decision-making. The daily routine of business gets in the way sometimes, and a quick refresh with the mission statement helps you take a step back and remember what's most important: the organization has a purpose.

Don't waste your time with a bad mission statement

That a traditional business plan often includes a mission statement isn't a reason to do one. If it's not going to be useful for you and help guide your business, don't bother. The vast majority of the mission statements are just meaningless hype that could be used to describe any business.

Don't fall into the trap of writing a mission statement just because some checklist or expert said you had to. There are actually that poke fun at how most mission statements use vague, high-sounding phrases to say nothing. The comic strip "Dilbert" has had a field day making fun of them:

Image: DILBERT © Scott Adams. Used by permission of UNIVERSAL UCLICK. All rights reserved.

You write a mission statement if you want to add clarity to your business goals and you want to get your employees, investors, and customers to understand what your organization is all about.

If you already have a mission statement and you want to see if it's actually adding value to your organization, try to have it pass this simple test from Mission, Mantra, or Vision :

If you have a mission statement in your company, test it by asking yourself, honestly, whether your competitors could use exactly the same statement.

Does it distinguish you from all other businesses? If you gave an employee or customer a blind screening test, asking her to read your mission statement and four others without identifying which is which, would she be able to tell which mission statement was yours?

How to write a great mission statement

So how do you make a useful mission statement? Over the decades I've spent reading, writing, and evaluating business plans , I've come up with a process for developing a useful mission statement, and it boils down to five steps.

1. Start with a market-defining story

You don't have to actually write the story-it's definitely not included in the mission statement-but do think it through because it will guide how you write your mission statement:

Imagine a real person making the actual decision to buy what you sell. Use your imagination to see why she wants it, how she finds you, and what buying from you does for her. The more concrete the story, the better. And keep that in mind for the actual mission statement wording: "The more concrete, the better."

A really good market-defining story explains the need, or the want, or-if you like jargon-the so-called "why to buy." It defines the target customer or "buyer persona." And it defines how your business is different from most others, or even unique. It simplifies thinking about what a business isn't, what it doesn't do.

This isn't literally part of the mission statement. Rather, it's an important thing to have in your head while you write the mission statement. It's in the background, between the words. If you're having trouble getting started, make a quick list of what your company does and doesn't do.

2. Define what your business does for its customers

Start your mission statement with the good you do. Use your market-defining story to suss out whatever it is that makes your business special for your target customer.

Don't undervalue your business: You don't have to cure cancer or stop global climate change to be doing good. Offering trustworthy auto repair, for example, narrowed down to your specialty in your neighborhood with your unique policies, is doing something good. So is offering excellent slow food in your neighborhood, with emphasis on organic and local, at a price premium.

This a part of your mission statement, and a pretty crucial part at that-write it down.

If your business is good for the world, incorporate that here too. But claims about being good for the world need to be meaningful, and distinguishable from all the other businesses. Add the words "clean" or "green" if that's really true and you keep to it rigorously. Don't just say it, especially if it isn't important or always true.

For example, Apple Computer's 2020 mission statement is:

That one obviously passes the test of defining the company with flying colors. Nobody could mistake that mission with generic hype. And it's an interesting change from the early mission as defined by founder Steve Jobs:

Ikea, on the other hand, starts its mission statement with something that could be any company anywhere. "Our vision is to create a better everyday life for the [sic] many people." To its credit, it goes on to define a "rest of the mission" that could only be IKEA:

And note, in this mission statement, how Sweetgreen incorporates a world vision into a product-oriented mission statement:

3. Define what your business does for its employees

Good businesses are good for their employees too or they don't last. Keeping employees is better for the bottom line than turnover. Company culture matters. Rewarding and motivating people matters. A mission statement can define what your business offers its employees.

My recommendation is that you don't simply how the business is good for employees-you define it here and then forever after make it true.

Qualities like fairness, diversity, respect for ideas and creativity, training, tools, empowerment, and the like, actually really matter. However, since every business in existence at least that it prioritizes those things, strive for a differentiator and a way to make the general goals feel more concrete and specific.

With this part of the mission statement, there's a built-in dilemma. On the one hand, it's good for everybody involved to use the mission statement to establish what you want for employees in your business. On the other hand, it's hard to do that without falling into the trap of saying what every other business says.

Stating that you value fair compensation, room to grow, training, a healthy, creative work environment, and respect for diversity is probably a good idea, even if that part of your mission statement isn't unique. That's because the mission statement can serve as a reminder-for owners, supervisors, and workers-and as a lever for self-enforcement.

If you have a special view on your relationship with employees, write it into the mission statement. If your business is friendly to families, or to remote virtual workplaces, put that into your mission.

And this is rare in mission statements. The vast majority are focused on messaging for customers. My recommendation here is not the norm. I include it because it's good practice, even though not common.

While I consulted for Apple Computer, for example, that business differentiated its goals of training and empowering employees by making a point of bringing in very high-quality educators and presenters to help employees' business expertise grow. That was part of the culture and, to my mind, part of the mission; but it wasn't part of the mission statement. It could have been.

American Express, however, includes the team in its mission:

4. Add what the business does for its owners

In business school, they taught us that the mission of management is to enhance the value of the stock. And shares of stock are ownership. Some would say that it goes without saying that a business exists to enhance the financial position of its owners, and maybe it does. However, only a small subset of all businesses are about the business buzzwords of "share value" and "return on investment."

In the early years of my business, I wanted peace of mind about cash flow more than I wanted growth, and I wanted growth more than I wanted profits. So I wrote that into my mission statement. And at one point I realized I was also building a business that was a place where I was happy to be working, with people I wanted to work with; so I wrote that into my mission statement, too.

However, this element too, as with the suggestion about including employees, is unusual. Few mission statements do it. That's understandable, since most mission statements are outward-facing only, aimed at customers and nobody else.

Still, some of the best mission statements incorporate a much broader sense of mission that includes, or at least implies, the mission of ownership.

Warby Parker, an eyewear company, does a great job at voicing a higher mission that includes customers, employees, and owners.

5. Discuss, digest, cut, polish, review, revise

Whatever you wrote for points two through four above, go back and cut down the wordiness.

Good mission statements serve multiple functions, define objectives, and live for a long time. So, edit. This step is worth it.

Start by considering developing a full mission statement for internal use and using a customer-facing subset for general publication. That's common. Many companies have segmented mission statements, with sections set aside and categorized by type or goal. Use bullet points or sections if that works for you. Part of the reason people confuse mission with mantra and vision is that many businesses use them together, and many others also redefine them to fit their context. So what a company does for customers is often called vision, despite the formal definition.

Remember, form follows function, in mission statements, as in all business writing. Make it work for your business. Or don't do it at all. If you want to call it a vision, and that works for employees and customers, then do that.

As you edit, keep a sharp eye out for the buzzwords and hype that everybody claims. Cut as much as you can that doesn't apply specifically to your business, except for the occasional special elements that-unique or not-can serve as long-term rules and reminders. Unique itself, the word, means literally, the only one in the world. Use it sparingly. Phrases such as "being the best possible," "world-class," and "great customer service" mean little because everybody uses them. Having great customer service is way harder than writing that into a mission statement.

Read other companies' mission statements, but write a statement that is about you and not some other company. Make sure you actually believe in what you're writing-your customers and your employees will soon spot a lie.

Then, listen. Show drafts to others ask their opinions and really listen. Don't argue, don't convince them, just listen. And then edit again.

And, for the rest of your business's life, review and revise it as needed. As with everything in a business plan, your mission statement should never get written in stone, and, much less, stashed in a drawer. Use it or lose it. Review and revise as necessary, because change is constant.

10 Examples of Great Mission Statements

If you're looking for some inspiration to get you started on your own mission statement, here are a few of my favorites.

1. Southwest Airlines

"The mission of Southwest Airlines is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit."

What's most interesting about Southwest's mission statement is that they don't mention anything about getting from point A to point B. Their mission is all about how they differentiate what, these days, can be seen as a commodity experience. They also focus on their own employees and the "spirit of the company", not just the customer experience.

2. Urban Outfitters

"A lifestyle retailer dedicated to inspiring customers through a unique combination of product, creativity and cultural understanding. Founded in 1970 in a small space across the street from the University of Pennsylvania, Urban Outfitters now operates over 200 stores in the United States, Canada, and Europe, offering experiential retail environments and a well-curated mix of women's, men's, accessories and home product assortments."

Urban Outfitters focuses on the experience that they deliver and the focus on what they do. Their mission drives what their stores look like and what their goal is: to inspire. They also nod to their heritage of starting small and growing.

3. REI

" At Recreational Equipment, Inc. (REI) we believe a life outdoors is a life well-lived. We believe that it's in the wild, untamed and natural places that we find our best selves, so our purpose is to awaken a lifelong love of the outdoors, for all."

REI's mission focuses mostly on what it wants to do for its customers, but hidden in the mission statement is a mission to preserve the environment as well. Their focus on "getting outside" is what creates a connection between them and their customers.

4. Starbucks

"To inspire and nurture the human spirit - one person, one cup, and one neighborhood at a time."

Starbucks expands on its mission statement by stating its core values. This is really an extension of the mission statement and explains how they focus on their customers, how they grow their company, and how they work with employees. You can read their values .

5. Walgreens

"Walgreens' mission is to be America's most-loved pharmacy-led health, well-being, and beauty retailer. Its purpose is to champion everyone's right to be happy and healthy."

Walgreen's mission really defines their goals: what they want to achieve and in what product categories they want to achieve it in. They also bring in their broader purpose when they talk about "everyone's right to be happy and healthy."

6. Slack

"Make work-life simpler, more pleasant, and more productive."
While Slack's mission statement is short, it implies a lot. "Work" doesn't just mean their customer's work, it means their own work at their company. Their mission statement serves them both internally and externally.
7. The Coca Cola Company

"Refresh the world. Make a difference."

Coca Cola takes a slightly different approach with a statement of purpose and then a vision statement. Their purpose is essentially their mission statement and says a lot for being so short. They want to refresh people in both body and spirit while making a positive impact on the world. Their vision also implies their goal of serving the entire world's population which hits on their corporate and shareholder goals.

8. Patagonia

"We're in business to save our home planet."

Another short mission statement that says so much more than you would think at first glance. First and foremost, Patagonia doesn't say that they are a non-profit - they state that they're a business. And, this implies that they need to be a strong, healthy business to meet their goal of saving the planet. Their mission applies to their employees, their customers, their products, and their activism.

9. charity: water

"charity: water is a nonprofit organization bringing clean and safe drinking water to people in developing countries."

charity: water's mission statement is clear and to the point - it simply describes what it does and who it does it for. For most non-profit mission statements, this is enough.

10. Asana

"Asana's mission is to help humanity thrive by enabling the world's teams to work together effortlessly."

Similar to other mission statements, Asana blends a message about what they do with a higher goal of enhancing the world outside of their company. Yet, they still hint at their target market and goals of being a world-wide company, thus improving the lives of their employees and shareholders.

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How to Write a Mission Statement in 5 Easy Steps

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I've had a 30-year love-hate relationship with mission statements. I've read thousands. I love it when a mission statement defines a business so well that it feels like strategy -which does happen-and I hate it when a mission statement is generic, stale, and completely useless. Which also happens, but not nearly as often.

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Habits of a Strong Leader - 2017 Episode #27

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Abraham Maslow's hierarchy of needs is one of the best-known theories of motivation. Maslow's theory states that our actions are motivated by certain physiological and psychological needs that progress from basic to complex.

Maslow's Hierarchy of Needs Theory

Abraham Maslow first introduced the concept of a hierarchy of needs in his 1943 paper, titled "A Theory of Human Motivation," and again in his subsequent book, "Motivation and Personality." This hierarchy suggests that people are motivated to fulfill basic needs before moving on to other, more advanced needs.

While some of the existing schools of thought at the time-such as psychoanalysis and behaviorism -tended to focus on problematic behaviors, Maslow was more interested in learning about what makes people happy and what they do to achieve that aim.

As a humanist, Maslow believed that people have an inborn desire to be self-actualized, that is, to be all they can be. To achieve this ultimate goal, however, a number of more basic needs must be met. This includes the need for food, safety, love, and self-esteem.

Maslow believed that these needs are similar to instincts and play a major role in motivating behavior. There are five different levels of Maslow's hierarchy of needs, starting at the lowest level known as physiological needs.

Physiological Needs

The physiological needs include those that are vital to survival. Some examples of physiological needs include:

In addition to the basic requirements of nutrition, air, and temperature regulation, physiological needs also include shelter and clothing. Maslow included sexual reproduction in this level of the hierarchy as well, since it is essential to the survival and propagation of the species.

Security and Safety Needs

At the second level of Maslow's hierarchy, the needs start to become a bit more complex. At this level, the needs for security and safety become primary.

People want control and order in their lives. Some of the basic security and safety needs include:

Finding a job, obtaining health insurance and health care, contributing money to a savings account, and moving to a safer neighborhood are all examples of actions motivated by security and safety needs.

Social Needs

The social needs in Maslow's hierarchy include love, acceptance, and belonging. At this level, the need for emotional relationships drives human behavior. Some of the things that satisfy this need include:

Friendships

Romantic attachments

Family relationships

Social groups

Community groups

Churches and religious organizations

In order to avoid loneliness, depression, and anxiety, it is important for people to feel loved and accepted by others. Personal relationships with friends, family, and lovers play an important role, as does involvement in groups-such as religious groups, sports teams, book clubs, and other group activities.

Esteem Needs

At the fourth level in Maslow's hierarchy is the need for appreciation and respect. Once the needs at the bottom three levels have been satisfied, the esteem needs begin to play a more prominent role in motivating behavior.

At this level, it becomes increasingly important to gain the respect and appreciation of others. People have a need to accomplish things, then have their efforts recognized. In addition to the need for feelings of accomplishment and prestige, esteem needs include such things as self-esteem and personal worth.

People need to sense that they are valued by others and feel that they are making a contribution to the world. Participation in professional activities, academic accomplishments, athletic or team participation, and personal hobbies can all play a role in fulfilling the esteem needs.

People who are able to satisfy esteem needs by achieving good self-esteem and the recognition of others tend to feel confident in their abilities. Conversely, those who lack self-esteem and the respect of others can develop feelings of inferiority.

Self-Actualization Needs

At the very peak of Maslow's hierarchy are the self-actualization needs. Self-actualizing people are self-aware, concerned with personal growth, less concerned with the opinions of others, and interested in fulfilling their potential.

"What a man can be, he must be," Maslow explained, referring to the need people have to achieve their full potential as human beings.

Maslow's said of self-actualization: "It may be loosely described as the full use and exploitation of talents, capabilities, potentialities, etc. Such people seem to be fulfilling themselves and to be doing the best that they are capable of doing. They are people who have developed or are developing to the full stature of which they capable."

Progressing Through the Pyramid of Needs

Maslow's hierarchy of needs is often displayed as a pyramid. The lowest levels of the pyramid of needs are made up of the most basic needs while the most complex needs are at the top.

Once lower-level needs have been met, people can move on to the next level of needs. As people progress up the pyramid, needs become increasingly psychological and social.

At the top of the pyramid, the need for personal esteem and feelings of accomplishment take priority. Like Carl Rogers, Maslow emphasized the importance of self-actualization, which is a process of growing and developing as a person in order to achieve individual potential.

Different Types of Needs

Maslow's hierarchy of needs can be separated into two types of needs: deficiency needs and growth needs.

Deficiency needs: Physiological, security, social, and esteem needs are deficiency needs, which arise due to deprivation. Satisfying these lower-level needs is important to avoid unpleasant feelings or consequences.

Growth needs: Maslow called the needs at the top of the pyramid growth needs. These needs don't stem from a lack of something, but rather from a desire to grow as a person.

While the theory is generally portrayed as a fairly rigid hierarchy, Maslow noted that the order in which these needs are fulfilled does not always follow this standard progression.

For example, he noted that for some individuals, the need for self-esteem is more important than the need for love. For others, the need for creative fulfillment may supersede even the most basic needs.

Criticisms of Maslow's Theory

Maslow's theory has become wildly popular both in and out of psychology. The fields of education and business have been particularly influenced by the theory. But Maslow's concept has not been without criticism. Chief among the long-held objections are:

Needs don't follow a hierarchy: While some research has shown support for Maslow's theories, most of the research has not been able to substantiate the idea of a needs hierarchy. Wahba and Bridwell (researchers from Baruch College) reported that there was little evidence for Maslow's ranking of these needs and even less evidence that these needs are in a hierarchical order.

The theory is difficult to test: Other critics of Maslow's theory note that his definition of self-actualization is difficult to test scientifically. His research on self-actualization was also based on a very limited sample of individuals, including people he knew as well as biographies of famous individuals who Maslow believed to be self-actualized.

Some of the more recent critiques suggest that Maslow was inspired by the belief systems of the Blackfoot nation, but neglected to acknowledge this. Maslow's studied the Northern Blackfoot tribe as an anthropologist. However, this foundational basis disappeared over time, causing him to misuse the concepts he was originally there to assess.

Impact of Maslow's Hierarchy

Regardless of these criticisms, Maslow's hierarchy of needs represented part of an important shift in psychology. Rather than focusing on abnormal behavior and development, Maslow's humanistic psychology was focused on the development of healthy individuals.

There has been relatively little research supporting Maslow's theory, yet the hierarchy of needs is well-known and popular both in and out of psychology. And in a study published in 2011, researchers from the University of Illinois set out to put this hierarchy to the test.

What they discovered is that, while the fulfillment of the needs was strongly correlated with happiness, people from cultures all over the world reported that self-actualization and social needs were important even when many of the most basic needs were unfulfilled.

Such results suggest that while these needs can be powerful motivators of human behavior, they do not necessarily take the hierarchical form that Maslow described.

The Expanded Hierarchy of Needs

In 1970, Maslow built upon his original hierarchy to include three additional needs at the top of his pyramid, for a total of eight:

Cognitive needs. This centers on knowledge. People generally want to learn and know things about their world and their places in it.

Aesthetic needs. This addresses the appreciation of beauty and form. People might fulfill this need through enjoying or creating music, art, literature, and other creative expressions.

Transcendence needs. Maslow believed that humans are driven to look beyond the physical self in search of meaning. Helping others, practicing spirituality, and connecting with nature are a few ways we might meet this need.

A Word From Verywell

Whether you accept Maslow's hierarchy of needs or not, his theory shines a light on the many needs we have as human beings. And even if we don't all place these needs in the same order, keeping them in mind when interacting with others can help make our interactions more caring and respectful.

Frequently Asked Questions

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How Maslow's Hierarchy of Needs Explains Human Motivation

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Maslow's hierarchy of needs describes five levels of needs that motivate human nature. Learn more about the pyramid of needs and why it matters.

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The Psychology of Motivation: Build Purpose, Respect Contributions, Give Credit | Dan Ariely

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Business English Pod :: Learn Business English Online

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This Video Vocab lesson is the first of a two-part series on business vocabulary related to marketing and branding. In part one, we'll focus on the essential elements of establishing a successful brand.

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VV 18 - Marketing Vocabulary: Branding (Part 1)

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This Video Vocab lesson is the first of a two-part series on business vocabulary related to marketing and branding. In part one, we'll focus on the essential elements of establishing a successful brand. Premium Members: Study Notes | Online Practice | MP3 Audio Only

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Stef Hamerlinck is your host in this weekly show on brand strategy where I interview industry leaders in branding, design, and strategy. Get inspired and become a better brand strategist. Learn how to solve bigger problems. To get more insights on how to become a creative strategist, visit letstalkbranding.be

Stef Hamerlinck is your host in this weekly show on brand strategy where I interview industry leaders in branding, design, and strategy. Get inspired and become a better brand strategist. Learn how to solve bigger problems. To get more insights on how to become a creative strategist, visit letstalkbranding.be

Great Interviews/Great Content

Not only will you hear from amazing industry leaders, Stef also does solo shows, and his are just as good. He can stand on his own which makes him a great host. His interviews are amazing. Definitely a great show for branding.

A go-to brand strategy podcast.

I love this podcast because unlike many other similar podcasts, Stef doesn't interview his peers, he interviews industry's legends and authorities on the subject matter of brand strategy.

Let's talk branding podcast never revolves around beating a dead horse packing one same topic in 100 episodes; instead each episode is different, thought provoking and is sure to cause your personal growth as a brand strategist.

Great Podcast, Great Host

Stef is a great host that is fully committed to everything there is know and learn about brand strategy. He's very personable and a great listener that gets the best out of an "A list" roster of industry guests including Marty Neumeier, Chris Do, and David C. Baker. But beyond the guests, I think my favorite episodes are Stef's solo lessons on brand strategy. For anyone interested in branding this is an amazing podcast series. It's in my top 3 along side "How I Built This" and "2 Bobs". Thanks for the great content, Stef!!

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‎Stef Hamerlinck is your host in this weekly show on brand strategy where I interview industry leaders in branding, design, and strategy. Get inspired and become a better brand strategist. Learn how to solve bigger problems. To get more insights on how to become a creative strategist, visit letstalkb...

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It's still jobs for the boys in Germany. Plus: Carrie Gracie on the fight for equal pay; gig workers' gender pay gap; 100 women influencing UK engineering; women at the top in banking; female peacekeepers; period pain is a workplace question

© Alamy

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Welcome back to Business English Pod for today's lesson on managing remotely by video conference in English.

Managers today have to juggle lots of different communication channels, even more so with the rise of remote teams and virtual meetings. It's not all face-to-face anymore, with so many teams working remotely and videoconferencing with apps like Zoom becoming a daily occurrence. And this means managers need a new set of approaches and skills to manage their teams. One situation where we see these skills come into play is in virtual meetings and one-on-one chats with your team members.

When you're holding a video conference in English with a team member, you'll typically start with a bit of small talk before switching to the main topic. With remote work, people may have more anxiety, and as a manager part of your job is to relieve that anxiety. Emotional leadership and building trust may also require you to show vulnerability.

At the same time, supporting your staff will involve outlining very clearly your expectations about communication. After all, we have so many more options in today's business world. For example, if you're using Zoom or another video conferencing tool, you'll find yourself sending resources through the chat function, rather than handing someone a document or sending a link through email. And as people adapt to new ways of communicating, you will have to give solid technical or logistical advice.

In today's dialog, we'll listen to a conversation between Heather, a manager in a consulting firm, and her employee Adam. Adam is a junior consultant preparing for a meeting with an important client. Heather is demonstrating her skills in managing her team remotely.
Listening Questions
1. What does Heather say to show her vulnerability?
2. What expectations does Heather emphasize about communicating with clients?
3. What bit of technical advice does Heather give Adam?

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https://traffic.libsyn.com/secure/bizpod/BEP360-Virtual-Teams2.mp3 Welcome back to Business English Pod for today's lesson on managing remotely by video conference in English. Managers today have to juggle lots of different communication channels, even more so with the rise of remote teams and virtual meetings.

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Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here.

Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.

Tesco plc is a leading global grocery with its headquarters in Cheshunt in the United Kingdom where it is ranked second in this country in terms of revenues and third in terms of profits. This company has stores in more than 14 countries in the world and has employed more than 326000 employees globally. In the United Kingdom, the food and drink retail sector represents the largest industry offering large employment opportunities to people of the United Kingdom and the whole world in general. In the global competition and companies' pictures, it is of great importance for a company to come up with a strategy that will evaluate its competitive advantage. In this case, PESTEL analysis is used by the Tesco plc. This analysis indicates that, Tesco plc has to monitor and respond to uncontrollable forces that are posed by six factors. These factors include; political, economic, socio-cultural, technological, environmental, and legal. In this essence, these forces influence the macro environment of the Tesco plc. The other aspect which is of great significance to consider when evaluating the competitive advantage of this company is the SWOT analysis. In this respect, the strengths, weaknesses, threats, and opportunities of this company are analyzed. From the analysis it can be learned that the company's strengths and opportunities neutralize the weaknesses and threats. It can be learned from the analysis that this company has been able to operate a number of stores in the whole world with the major ones being in the United Kingdom. The increased advancement of technology acts as a potential basis for the company to operate online and offer its customers with products from different parts of the world.

Introduction

Tesco Plc. is one of the largest global groceries headquartered in Cheshunt in the United Kingdom. It is the second largest retailer in the whole world when measured in terms of profits and third largest when measured in terms of revenues. In the United Kingdom, Tesco has a market share of 30% hence becoming the market leader in this country. This company has more than 2318 stores in 14 countries across Europe, Asia, and North America. Tesco plc was founded in the year 1919 by Jack Cohen and the first store was opened in the year 1929 in Burnt Oak. Tesco plc has a flat hierarchical structure where each and every intended action has to pass through the management. There are six levels which are between checkout staff and chief executive. This company has employed more than 326000 employees across the globe where 237000 of them are in Europe where it has its largest private employer. This company has 83 Tesco stores and 447 superstores in the United Kingdom. Tesco plc has been using the strategy of pile 'em high, sell 'em cheap as a way of minimizing production costs. The mission and vision of this company are to offer superior and technical representation and add value to its products and customers by providing highly innovative solutions to their customer's design, manufacturing requirements, and procurement. This is usually done by improving the quality, productivity, and services to a competitive edge.

The grocery sector where foods and drinks are sold represents the largest industry in the United Kingdom. This sector offers employment opportunities to more than three million people in different levels such as primary production, manufacturing, and retailing. In the year 2003, the food and drink retail sector accounted for about 9% of the country's gross domestic product. In order to increase its competitive advantage, Tesco plc has diversified its production where it supplies clothing and other non food lines. Its own label products are in three levels which include, value, normal, and finest. In addition to convenience produce, most of the company's stores have gas suppliers hence becoming one of the largest United Kingdom autonomous petrol retailers (Porter 1980: 27).

Strategy growth company

PESTEL analysis

In the process of evaluating the competitive advantage of this company, there are six forces that Tesco has to respond to and which influence its macro environment. These forces include; political, economical, socio-cultural, technological, environmental, and legal factors. In the process of shaping the marketing strategies for the Tesco plc, these macro-environmental factors have been evaluated in both global and domestic markets to successfully penetrate the markets and possess a higher niche in competition (Pearce & Robinson 2003: 237).

Table 1: PESTEL analysis of Tesco plc

Political factors

As it operates in a globalized environment with stores across the globe, Tesco's performance is greatly influenced by the political conditions of the countries where it has its stores. This is because each and every country has its own political standing which may be different from United Kingdom. Among the important factors that act as productive grounds for this company is the fact that United Kingdom is politically stable and free from corruption. Additionally, most of the countries where it has its stores like; Japan, Turkey, Hungary, Ireland, and Poland among others are politically stable providing good environment for business (Patterson 2002: 251). The United Kingdom government encourages businesses and retailers to offer a mix of job opportunities from centrally located, highly paid, lowly paid, locally based jobs, and flexible jobs. The political factors prevailing not only in Britain but also in the whole world influence Tesco to employ all kinds of people as a way of providing employment opportunities to citizens. The aspect of political stability has increased the company's profits as taxation policies in Britain encourage operations of business sector.

Economic factors

Economic factors as they influence demands, costs, and prices of the products offered are of great concern to this company. The whole globe has experienced economic decline and hence the aspect of purchasing products has been greatly affected in all companies without the exception of Tesco plc. In this respect, the inflation rate of the United Kingdom has dropped from 3.6% in the year 2009 to 2.2% in the year 2010. This indicates that there is an increased value of money hence decreasing the costs of living and the purchasing power increases in return. Since Tesco plc has a number of stores not only in UK but also in the whole world, its business cycles are not heavily affected since there are sales throughout the year. The current economic growth has affected the purchasing power of buyers hence reducing the number of sales made by this company. Additionally, the level of income in the United Kingdom is relatively unequal hence making some people fail to afford the products offered by this company (McLoughlin & Aaker 2010: 211).

Socio-cultural factors

It should be noted that people make up markets in the world and hence there is a strong demographic force in global and local markets. Population growth is one of the interests of marketers especially in cities, urban areas, and towns but this does not necessarily mean that the increased population forms potential markets for the produced goods. This is because one may have a lot of people to feed hence failing to purchase the products offered by Tesco plc. The fact that many people have gone to school has increased customer awareness of their rights and hence they are only buying products that are of high quality (Mazzucato 2002: 58). The concept of ethnicity implies that the United Kingdom is an amalgam of races where different races have different tastes and cultures. In this country more than 90% of the total population are the Whites hence marketers are mostly targeting them. Location is another factor that is usually considered by marketers as most of the potential buyers are found in urban areas as compared to rural areas. Tesco plc is strategically located in a place where potential buyers are heavily targeted.

Environmental factors

Globally, there have been increased campaigns on environmental preservation and many companies are supposed to preserve the environment. This is because most of the pollutions that are done to the environment are caused by industries. As a way of maintaining and preserving environment, Tesco plc usually uses licensed waste disposal services. There are legal requirements that force companies in the United Kingdom to support the aspect of sustainable development and this cannot be done without professional ways of disposing wastes (Lake & Powell 1999: 63). Additionally, water that is used in this company is usually recycled in so that it can be reused as a way of preserving the most important resources in the United Kingdom. Globally, consumers are aware of the impacts of environmental pollution and hence are increasingly buying products that have been produced through environmentally friendly means.

Legal

In the United Kingdom there is competition law that is established under the Competition Act 1998 and the Enterprise Act 2002. This usually affects the behaviours of businesses in this country as there is a manner in which they are supposed to compete. It is a requirement for all businesses in this country to abide with these laws and Tesco plc is not excluded (Kotler et al 2005: 54). Tesco plc is mostly involved in selling foods and drinks and hence has to abide with the Health and Safety Laws in this country. These laws are provided under the Health and Safety Act 1974.

Technological factors

In the global competition, quality of products or services is highly appreciated by customers and any company that produces high quality products wins most customers. In this case, quality is usually guaranteed by technological advancement and hence Tesco plc has improved its technological innovations. The speed of technology transfer in this company is very fast as employees are learning technological aspects in order to improve their performance within the company. Innovation is highly encouraged in this company and this has helped the company in improving its competitive advantage in the whole world (Jeffs 2008: 68).

SWOT analysis of Tesco plc

The concept of SWOT analysis usually indicates the competitive advantage of a company by looking at its strengths, weaknesses, opportunities, and threats.

Strengths

Tesco plc has been able to operate a number of stores in the whole world with the major ones being in the United Kingdom. This has helped it to enter into the global market hence reaching a wide number of customers. Additionally, this company has recently engaged in advertising its products online where customers are in a position to learn and order products online (Rumelt 1991: 172). Through the stores that are located in more than 14 countries globally, customers are able to get their ordered products in time. The products that are produced by this company are usually of high value and quality hence attracting large numbers of customers. By operating in urban areas, Tesco plc has been able to capture most people as these are the highly populated areas globally. This company has been able to compete stiffly with its competitors like Sainsbury, Marks & Spencer, and ASDA hence improving its financial strengths. There has been diversification where Tesco plc also supplies clothing and other products away from food and drink line. This has helped this company is competing with its competitors (Ireland et al 2007: 37).

Weaknesses

Tesco plc is using a lot of fossil fuel in its distribution of products especially in transport network. This is because it is not wholly established to have stores in almost all countries of the world. Additionally, this company has only targeted the developed world leaving out the developing and under developed nations which may produce potential customers for their products. The aspect of using internet in advertising its products has been covering only a certain group of people as mostly the youths are the ones who make use of internet. This indicates that those people who do not use internet frequently will not be in a position to know about its products (Human Resource Management 2010).

Threats

There is a very stiff competition that is posed by Tesco competitors like Sainsbury, Marks & Spencer, and ASDA. Most companies worry about taxes in any country and Tesco being no exception worries about taxes in the United Kingdom and the other countries where it has stores. The innovation by other companies is another threat of this company as any increase in innovation will result to a very stiff competition towards this company (Grant 2009: 26).

Opportunities

The recent advancement in technology offers Tesco plc a great opportunity of using internet in selling its products. In this aspect, internet is the most used technology that is able to reach a wide number of customers even in areas where there are no stores. Additionally, there is an opportunity of forming alliance competitors or suppliers in order to reduce production and distribution costs. Collaborations are very necessary in that companies share resources and hence they do not fear taking risks in any pursuit of development (Coulter 2009: 56).

Recommendations

In order for the Tesco plc to achieve a higher ground in competition than its rivals it has to do the following;

Improve the management in order to make sure that all stores are well managed so that quality services may be offered to customers.

The company should encourage employees' innovations in order to compete with other companies.

The company should increase its target population by opening new stores in other countries in order to target large numbers of customers

Conclusion

In winding up, competitive advantage of a company can be evaluated using different strategies that are very essential in a company. In this case, the PESTEL analysis of the Tesco plc indicates that this company has to monitor and respond to the six forces that influence its macro environment. These forces include; political, economic, technological, soci0-cultural, environmental, and legal. From the SWOT analysis of the Tesco plc, this company has a number of strengths and opportunities that are able to neutralize weaknesses and threat.

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Strategic Management of Tesco: PESTLE and SWOT Analysis

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Pathos, ethos, logos explained

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This video deepens students' understanding of the concepts of pathos, logos, and ethos with visual examples. The video explains how the television, print, and online advertisements utilize the three rhetorical strategies. The narration in the commercial further explains their use in each advertisement.

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This video deepens students' understanding of the concepts of pathos, logos, and ethos with visual examples. The video explains how the television, print, and online advertisements utilize the three rhetorical strategies. The narration in the commercial further explains their use in each advertisement.

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The latest news from International on Business Insider

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Sheryl Sandberg: Why we have too few women leaders

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Facebook COO Sheryl Sandberg looks at why a smaller percentage of women than men reach the top of their professions -- and offers 3 powerful pieces of advice to women aiming for the C-suite.

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Sir Richard Branson is one of the most successful and most influential persons in the world of business. Born Richard Charles Nicholas Branson, he is known in the world over for his significant contributions in the economy and innovations. He was born on 18 July 1950 in Surrey, England. His father is Edward James Branson who was a barrister. His mother is Eve Branson who was a flight attendant.

At a young age, Branson struggled with dyslexia, making his school life harder for him. In fact, he almost failed out of Scaitcliffe School, an all-boys institution, which he attended until he was 13 years old. After that, he attended Stowe School in Buckinghamshire, England.

Background of Richard Branson

Branson started displaying his leadership prowess at the early age of 16. He dropped out of high school and went on to start a youth-oriented magazine called "Student" in 1966. In its first edition, Branson's publication sold $8,000 worth of ads. Three years later, while living in a London commune, Richard started a company called Virgin, which offered mail-order records to obtain funds for his magazine. This record company performed well enough to let the self-made billionaire expand his venture. Branson then built a recording studio in 1972 in Oxfordshire.

Today, Branson is known for being an icon and adventurer. He has built an empire of 400 companies under the Virgin Group, which includes a bank, bridal wear, mobile phones, pension plans, music, hotel chain and airlines. His company is one of the most recognized and respected brands in the world. He was also listed as one of Forbes eligible billionaires in 2012. In the United Kingdom, he ranks sixth in the richest citizens with a net worth of #4.6 Billion. What makes this amazing man so inspirational is that he was a high school dropout yet he turned himself into a billionaire after 40 years of hard work, determination and perseverance.

An Author

Aside from being a business magnate, Richard Branson has written books titled Like a Virgin: Secrets They Won't Teach You at Business School, Losing My Virginity, Screw It, Let's Do It, Business Stripped Bare, Reach for the Skies and Screw Business As Usual.

Leadership Style

In an interview with Dan Schawbel, Branson said that his leadership style is rule breaker. He said, "I never learned the rules in the first place. To change the game is at the heart of what Virgin stands for, so the company culture has always been: Don't sweat it: rules were meant to be broken."

Branson's Virgin Group is considered the only brand that transcends such a wide array of products and services. And despite that, his brand has become stronger rather than diluted. This is why many people look up to him not only for his lavish lifestyle but also for being a dynamic and symbolic entrepreneur with multi-colored ideas for ads, innovative strategies and a cheeky attitude. But most of all, he is admired for his leadership style with an aim to help create great leaders in any kind of workplace. Although he might have had his fair share of failures along the way, what makes him incredibly admirable is his determination to come out of it.

Key to Success

What makes Richard Branson a successful leader is that the words usually connected to his name include fun, anti-establishment, warm, friendly, risk taker, adventurer, opportunist, fast, competitive, hard negotiator and workaholic. According to trait theories of leadership, all of which make up a good leader.

Aside from that, Branson maintains a healthy leader-member relationship with all his people. He treats his employees as equals, like family and with respect. In fact, he goes out of his way to give invitations to his junior members for parties in his own home. The business tycoon also welcomes feedback and suggestions from his employees. Plus, he gave his staff the freedom to be creative. His organization has no established procedures on how things should be done, and works on flat and non-hierarchical structure. Instead, it is made of clusters. His staff are given freedom to work without much interference from superiors. With all this in mind, Branson's leadership style is more democratic and participative.

Branson has a participative leadership style, too. He believes that "no one can be successful alone and you cannot be a great leader without great people to lead." So his leadership style boils down to caring for his employees. He also said that he believes in the art of delegation, in finding the right people and in giving them the freedom and push to flourish on their own.

The eclectic entrepreneur also believes that a great leader is someone who is genuinely interested in people and who strives to bring out the best in them. He also advised that to succeed, it is important that you build a great team that believes in what you do. Because Sir Branson is people-oriented, he believes that praise always changes people's game plans. By offering praise generously, people will flourish. And if leaders promote people more than what they expect, they excel because showing them that you trust them makes them more confident in their respective tasks.

What Makes Branson Successful

Another thing that makes Branson a fantastic leader and inspiration is that he has strong contingency and situational leadership skills, as well. He's always proactively looking for opportunities and takes every chance he gets to create a new company that is viable. Branson has also mastered the art of controlling situations and using techniques that will fit the situation and the context. What's more, he constantly proves that he has the ability to implement changes immediately.

Branson is also a transformational leader. He is able to adapt easily to change in organizational cultures. This is evidenced by the fact that he has bought new firms and transferred to new locations with his staff. What makes Branson a transformational leader is that he is able to rise in times of distress and major changes. This kind of leadership also reflects social values. And since Richard's company Virgin is a focused on growth and adaptability to change, the transformational leadership style works best.

Sir Richard Branson is a leader who puts his employees' interest first. This is because he believes that this not only inspires them, but also motivates them to work harder and feel at home as members of the Virgin household.

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Richard Branson Leadership Style Commandments - Joseph Chris Partners

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Sir Richard Branson is one of the most successful and most influential persons in the world of business. Born Richard Charles Nicholas Branson, he is known in the world over for his significant contributions in the economy and innovations. He was born on 18 July 1950 in Surrey, England.

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For teachers and students preparing for Cambridge English: Advanced (Cambridge Certificate in Advanced English, CAE. CAE Practice tests, daily vocabulary exercises, a weekly writing task and help with the Use of English tasks.).

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Reading activity based on Project Management

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Reading activity based on Project Management

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Now you're going to read a five-point guide to project management.
Before you read
Look at these two summaries. Then read the article once, quite quickly, and decide which summary is correct.

1. Good project management is about creating a plan and making sure it doesn't change.

2. Good project management is about making a plan and changing it if it's not working.

The principles of project management

1. A good development phase is important.
This is when people involved in the project decide the objectives: what it aims to achieve and within what time. They calculate costs and if they do this carefully, the better the chance of success. In some cases, if they hadn't noticed the need for extra funding at this early stage, the projects would have failed.

2. Roles and goals must be clear and realistic.
The project manager is responsible for the achievement of the objectives, and a kick-off meeting with the project team helps everyone to understand their roles. Further meetings take place to discuss individual workers' goals and these goals should be realistic. There are many examples of projects where they were not and problems arose as a result. If the project manager had considered the team members' goals more carefully, they could have avoided many problems.

3. The schedule and risks must be managed efficiently.
The project manager produces the schedule and uses it to check that the team have completed tasks on time. Higher management will need reports at regular meetings, where they consider any risks to the project in terms of funding, time or staff. They make key decisions at these meetings.

4. Have good communication within the team.
There are many examples of projects on which the staff would have felt more motivated if there had been more communication. For project managers, good social skills and regular contact with the team are essential to make sure that everyone remains involved and informed.

5. Be ready to adapt. Projects rarely go exactly as expected. Good project management requires the ability to deal with new challenges as a project develops.

Which was the correct summary?

The correct summary was:

2. Good project management is about making a plan and changing it if it's not working.

To do

Now it's time to look at the article in detail. Read it again and then answer the questions. They will test your general understanding and your knowledge the third conditional. Good luck!

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BBC Learning English - Course: intermediate / Unit 9 / Session 4 / Activity 1

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Now you're going to read a five-point guide to project management. Before you read Look at these two summaries. Then read the article once, quite quickly, and decide which summary is correct. 1. Good project management is about creating a plan and making sure it doesn't change. 2.

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Introduction

For any business, becoming and staying the market leader is a huge task, even for household names such as McDonald's. Keeping ahead involves continuous hard work to enhance the reputation of the brand, coupled with product innovation based on detailed market research that indicates how to please customers.

McDonald's has built its success around a formula of providing a range of standardised high quality products quickly and cheaply. The McDonald's concept was originally developed in the USA, but is truly global with over 25,000 restaurants in more than 114 countries.

Today, many people live busy lives and place great importance on convenience when buying and paying for goods and services. They are attracted by modern, quick service products such as drive-in car washes, mobile phones and ready meals. For many people (though not all), this emphasis on instant service is a winning formula, particularly for younger people and young families. However, research indicates that modern consumers of all ages are seeking experiences that are more individualised than in the past. McDonald's is developing new concepts and products that provide a more personal experience while still giving excellent value for money.

This case study examines the positive way in which McDonald's is responding to changing customer habits and increased levels of competition.

The competitive environment

For businesses to understand adequately the nature of the competition they face, they must define their market accurately. This involves recognising a broad base of competitors. McDonald's has thousands of competitors, each seeking a share of the market. McDonald's recognises that it is up against not only other large burger and chicken chains but also independently owned fish and chips shops and other eat-in or take-out establishments. A company like McDonald's therefore, has to develop competitive strategies that differentiate it from its rivals.

All organisations need to be in touch with their business environment in order to make sure that what they do fits with customer expectations. These expectations change over time. Moreover, the IEO market in which McDonald's operates is becoming increasingly competitive, as the chart below illustrates.

Recently, in this crowded market place, McDonald's competitive lead came under pressure largely because many fast food outlets have either:

copied the trail-blazing ideas that previously set McDonald's apart and put it ahead of the field

promoted new ideas of their own e.g. urban supermarkets and petrol stations that sell convenient, portable mealtime replacements.

McDonald's recognises the need to respond. It is looking to increase the competitive gap by:

adding greater value through innovation

making the process of visiting a McDonald's less routine and controlled

enhancing the overall in-house experience.

Consumer trends

Over time, consumers' tastes evolve in response to changing fashions and greater awareness of alternative lifestyles. Businesses need to monitor these changes and, whenever possible, anticipate them. In terms of the product life cycle, quick service restaurants have reached maturity in the UK and need an injection of fresh life through innovative ideas if their lifespan is to be prolonged.

Market research reveals that snacking is an increasingly important trend and is particularly popular amongst teenagers and young people. However, the total number of meals eaten in the non-quick service restaurant sector has risen while meals eaten in the Quick Service Restaurant (QSR) sector have fallen in total. The convenience meal market is now worth over £800 million, with over 60growth since 1996.

The causes of this shift in tastes are not yet completely clear. Rising incomes allow people more opportunities to turn eating out into a more individualised experience rather than a routine 'quick fix'. At the same time, when it comes to informal eating out, people may be moving away from burgers and fries towards other meals that are promoted as 'the healthy option' e.g. sandwiches and salads.

Organic food is rising in importance and is forecast to account for 20of all supermarket food purchases by 2010. Chicken continues to increase in importance, as white meat is perceived to be healthier and safer than red meat. At the same time the traditional mealtimes of breakfast and lunch are becoming less significant and arrangements for the main meal of the day need to be increasingly flexible to accommodate changing consumer lifestyles. McDonald's is looking to provide appropriate solutions to these changing trends. In particular:

consumers are seeking more food variety and healthier eating - McDonald's is providing a more balanced offering that includes fruit, sugar-free fruit drinks for children and more chicken products

price is becoming more critical to decision-making - McDonald's has created an Extra Value Meal and a McChoice menu offering a flexible combination of drinks, sandwiches etc in addition to the meal, thereby providing excellent value for money.

The marketing mix

Enlightened businesses respond to the data they gather through market research by providing the best possible marketing mix (the four P's) for their customers. This involves providing:

appropriate products e.g. chicken as well as beef, salad items, and healthy drinks for children

the right price: in this case providing food and drinks in a value for money way

in the right place (at convenient locations) e.g. in shopping areas/malls

through the right form of promotions. McDonald's spends more on advertising its promotional offers than all of its competitors combined.

The McCafé Concept

Even mature markets can have gaps in provision that leave some potential customers unsatisfied. The McCafé development is the result of intensive market research that has identified a group of potential customers that had remained largely untapped.

McDonald's recognises the importance of listening to the needs and requirements of this substantial group of users. McCafé provides an avenue for McDonald's to target these consumers by offering high quality coffee served by specially trained café staff in a café style environment.

McDonald's has defined its target market clearly. TheMcCafé target market is customers who appreciate quality coffee and who want an excellent product in an attractive, undaunting environment. This concept has already worked well in Australia and New Zealand where the café concept is less developed than in Europe and America. These examples suggest that while McCafé works well and is profitable in both city and suburban locations as city locations in the UK become increasingly flooded with new entrants to the café market, competition for 'the coffee £' will continue to increase as will the need to continue to look for new ways to compete within cities.

Suburban and regional McCafés offer a new group of customers a way of taking 'time out' with a good cup of coffee. Demographically this group is primarily female, aged 25-39. Many within this group have young families. McCafé are designed to offer them a place to meet friends and enjoy a quality coffee experience as well as keep the children fed and entertained.

A casual welcoming environment

The emphasis is on a casual coffee experience in a comfortable place where people can relax and feel welcome. At the same time, McCafé's association with McDonald's brings with it a 'Family Friendly' environment and, unlike some of the more pretentious cafés, a place where children are welcome and specifically provided for. The convenience of car parking and playgrounds also makes McCafé a highly attractive destination for these people.

McCafé customers are busy people. Whether they are 'Mums with Kids' in search of a little 'time out' to themselves, or white-collar city workers in search of a quick break from the office, they all have one thing in common -the need for a promptly-served high quality drink. McCafé offers a haven in which they can spend whatever time they have available with a good quality coffee at a value for money price.

Conclusion

As the market leader and as a pioneer of the Quick Service Restaurant concept, McDonald's has to respond to a changing business environment. It is well placed to do so. It has listened to its customers, and also observed them. Based on its research, it has launched McCafé and McChoice - new products conceived and designed to complement and extend what it already offers and to keep the company 'ahead of the game' in an increasingly competitive market place.

McDonald's Restaurants | Staying ahead in a competitive environment

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Staying Ahead In A Competitive Environment A McDonald's Restaurants - Business Case Studies

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For any business, becoming and staying the market leader is a huge task, even for household names such as McDonald's. Keeping ahead involves continuous hard work to enhance the reputation of the brand, coupled with product innovation based on detailed market research that indicates how to please customers.

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Dragons Den Peter Hopton Very PC Epic Fail PT1

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The Economist offers authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them.

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TED Talk - This is what makes employees happy

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TED Talk - This is what makes employees happy

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Michael C. Bush: This is what makes employees happy at work

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There are three billion working people on this planet, and only 40 percent of them report being happy at work. Michael C. Bush shares his insights into what makes workers unhappy -- and how companies can benefit their bottom lines by fostering satisfaction.

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Find the video under the Video column.

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which cambridge english exam should i take

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This is a quick, free online Business English test. It will tell you which Cambridge English exam may be best for you.

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Practise your business vocabulary!

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business english vocabulary by topic | learn new word and phrases

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Business English vocabulary by topic | Learn new word and phrases

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Business English vocabulary by topic | Learn new word and phrases

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How to create a great brand name | Jonathan Bell

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Accessibility helpSkip to navigationSkip to contentSkip to footer

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Prospects for graduate jobs, postgraduate study, advice about work experience, internship opportunities and graduate careers

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Improve your English for the workplace and learn about business topics to help you work more effectively and make the most of career opportunities.

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Cambridge English Qualifications are in-depth exams that make learning English enjoyable, effective and rewarding.

Designed to help professionals develop the English language skills to communicate confidently in an international workplace, our business qualifications prove to employers that you have the English language skills to succeed.

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Cambridge English Qualifications for business are designed for professionals who want to improve their English. Find out how you can prove your skills to employers

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