Good Example Of Essay On Strategic Management And Strategic Competitiveness
Impact of Globalization and Technology on TJX
The TJX Corporation, Inc. is the Primary off-price store of clothing and home fashions in the U.S as well as globally and at ranking number 108 in the most recent Fortune five hundred listings. (Fortune, 2014) As a global, off price, value distributor TJX earn $27.4 billion in profits (2013) TJX is truly a global company as they have more than 3,200 stores in six countries, three best websites, buying and about 191,000 Associates (Forbes, 2015). Over 3,200 stores TJX offer a quickly changing verity of quality, brand-name, and designer Products at prices generally 20% to 60% below department and store routine prices, every day. TJX operating multiple off-price retail chains in US (TJX operates T.J. Maxx, Marshalls, Home Goods and Sierra Trading Post), in Canada (Winners, Home Sense, and Marshalls) and in Europe (T.K. Maxx, as well as Home Sense). TJX widely rely on various information systems, data centers and software applications to manage several divisions of business, together with processes like recording transactions in stores, to modify effective communication systems, to track inventory flow, and to get performance and reports related to money. TJX is dependent on the integrity, security and reliable operations of these systems and related backup. The efficient operation and successful growth of TJX depend upon these information systems, including the ability to control them effectively and to select and implement acceptable new technologies, systems, controls, data centers. Globalization and technology have impacted TJX significantly. TJX continuously growing and shows a successful expansion in Canada and growth potential in Europe and see huge opportunities to bring price around the world (Hitt et. al, 2014)
Application of Industrial Organization Model and the Resource-based Model
If TJX utilize the industrial organization model and the resource-based model then there is an excellent chance they would perceive an increase in revenues. The industrial organization model tells that higher than average returns mostly determined by outside the firm. The model offers five steps plans which incorporate (1) External Market Conditions (2) Striking Industry (3) Creation of Strategy (4) Valuable Assets and Skills (5) Implementation of Strategy, and give the high returns. The resource-based model tells that high returns mostly determined by inside the firm. This model focuses on getting valuable resources and capabilities that are difficult for rival to replicate (Hitt, Ireland, and Hoskisson, 2014, p.7). According to TJX, they are having one of the large flexible business models in the world. Their great flexibility has enabled them to do well in various economic and business environments. Their stores don’t have walls between departments that allowing them to expand and contract merchandise classes to react according to market trends and customer’s tastes. Their inventories turn quickly, which permits them to buy as per customer need. They see themselves as leaders in innovation, testing new ideas, looking for the right class, current fashions, and top brand and they will always have loyal customers as they provide the customer what they want (Hitt et. al, 2014).
Influence of Mission and Vision on Overall Success
“The company mission is to deliver a promptly shifting variety of quality, product brand name at prices usually 20%-60% less than store and sphere store normal prices, on a daily basis.” (June, 2014)
TJX mission statement is a good example of what they really stand for. TJX operate multiple off-price retail chains in the U.S., Canada, and Europe which are known for their treasure hunt shopping experience and excellent values on fashionable, brand-name merchandise. They reach a wide range of consumers across several demographic teams and income levels with the values they provide. Through their buying pattern, they are generally able to react to cost fluctuations in the wholesale market to keep up this valuation. TJX operate with a little price structure compared to several traditional retailers. In the 37-year history, they need to deliver steady sales and earnings growth and a few of the best returns on investment in retail
“TJX companies, Inc’s Vision statement is to grow TJX as an off-price value company. (June, 2014)”
TJX vision statement is good as they are actually growing and becoming the primary off-price distributor of apparel and home fashions within the U.S. and worldwide. Presently they are working in more than 3,200 stores in six countries, three websites, and approximately 191,000. They also see tremendous opportunities to bring valuable price around the world. They have confidence that they will continue driving profitable growth for several years to come.
Influence of Stakeholders on Success
Stakeholders usually affect by the actions of the organizations, their objectives and by their policies. There are two types of stakeholders. (1) Primary Stakeholders are the main stakeholders and usually the inside stakeholders, like buyers, dealers, creditors, and works. (2) Secondary Stakeholders are typically the outside stakeholders and they don’t interact in undeviating economic exchange with the business and are affected by company actions like government agencies, regulation agencies, trade unions, labor unions, political groups, social teams, and also the media (Hitt et. al, 2014).
TJX are fully committed the organization and operating the business with the highest standards of business ethics, not merely in accordance with applicable law. TJX is performing well in maintaining the relationship with stakeholders either they are internal or external. TJX maintain a powerful and valuable relationship with their distributor because relationships that they believe are a key factor in the success. These relationships are engineered on a foundation of honesty and trust to moral business practices.
TJX wants that all products offered for sale in their stores are made in facilities that meet specific principal, as set forth below:
Observance with Applicable Laws and Regulations
The product must meet all applicable laws and regulations, and not to be limited to, all environmental laws and regulations, and all laws and global restrictions embrace regarding bribery and corruption (Glac, 2010).
Health and Safety
TJX retailers need to give their workers with a safe and healthy workplace and safe working environment.
TJX distributors need to avoid child labor. The word “child” will be rule by the national law of the country in which the production is being implemented.
TJX retailers need to avoid use of involuntary or forced labor, in the form of prison labor; bonded labor and labor get through slavery.
Benefits and Wages
TJX retailers should abide with all applicable laws regarding to wages and advantages and must give the legally prescribed wage. At The TJX Corporation, they greatly value their distributor relationships as they have been a key factor in their long-run success With almost 179,000 Associates and 3,050 stores globally at the end of fiscal year 2013, at TJX, acknowledged that it is necessary to their growth and success to represent, perceive and leverage the variations of people inside and outside their organization (Glac, 2010).
TJX retailers should not require their staff, on often scheduled basis, to work in excess of sixty hours per week. All overtime should be voluntary and should be compensated according to local law.
TJX retailers should respect the rights and pride of their staff. They will not tolerate human rights neglected, including physical, sexual, psychological or verbal harassment and violence with workers.
At TJX, they have got a protected history of treating people with pride, fairness and respect. They have a tendency to perceive however, that once it involves valuing people and leveraging variations, their work is rarely done. They know that their success in leveraging variations rests on their ability to see this process as an endless journey
TJX retailers are in observance with all environmental laws and regulations. The retailers are strongly motivated to protect the environment.
Hitt, M., Ireland, R. D., & Hoskisson, R. (2014). Strategic Management: Concepts: Competitiveness and Globalization. Cengage Learning.
Glac, K. (2010). The influence of shareholders on corporate social responsibility. Center for Ethical Business Cultures, 1-38.
The TJX Companies, Inc. (2013, May) Corporate Responsibility Report. Retrieved from http://www.tjx.com
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