THE UNIVERSITY OF SALFORD

MSc Program in Procurement, Logistics and Supply chain Management

Module 1: Strategic International Business Management – Assignment 1

Switzerland as a Potential Market for Tesco Plc

Suliman Al Awamleh

3/30/2014

Student ID: @00403011

Abstract This report discusses the expansion Strategy of Tesco PLC in the Swiss Market, it analyzes the Macro-environmental characteristics of the Swiss market, and then analyzes strategic position of Tesco PLC with the external and internal environments in Switzerland, the report then defines the strategic option for Tesco entering the Swiss market and the Entry mode with the strategic direction, the reports ends with some evaluations of the proposed entry strategy into the Swiss market and present more recommended actions for Tesco to be taken into account while preparing the entry into the Swiss market.

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Table of Contents 1) Introducing & Profiling Tesco PLC ......................................................................................................... 3

1.1. Tesco’s Values, Vision and Strategy .............................................................................................. 3

1.2 Tesco’s Ownership and Group Structure ...................................................................................... 4

1.3 Tesco’s current markets ................................................................................................................ 4

1.4 Tesco’s Financial Figures and Financial Health ............................................................................. 4

1.5 Global grocery and Retail Market – Key Players ........................................................................... 5

2) Switzerland as a potential market – The macro-Environmental characteristics of Switzerland .......... 7

2.1 Political Environment of Switzerland ............................................................................................ 7

2.2 Economical environment of Switzerland ....................................................................................... 7

2.3 Social environment of Switzerland ................................................................................................ 8

2.4 Technological environment of Switzerland ................................................................................... 8

2.5 Environmental concerns of Switzerland ........................................................................................ 8

3) Analyzing the External and Internal environment of Tesco in Switzerland .......................................... 9

3.1 The Swiss Grocery and Retail Market at a glance ......................................................................... 9

3.2 Analyzing the attractiveness of the Swiss Retail Market .............................................................. 9

3.2.1 The threat of Entry into the Swiss Market ............................................................................ 9

3.2.2 The threat of substitutes ..................................................................................................... 10

3.2.3 The power of Buyers: ........................................................................................................... 10

3.2.4 The power of supplies: ........................................................................................................ 10

3.2.5 Competitive rivalry .............................................................................................................. 10

4) Identifying the main opportunities and threats for Tesco to expand in the Swiss Market ................ 11

5) Options for entering the Swiss Market and evaluation ...................................................................... 12

5.1 Entry mode .................................................................................................................................. 12

5.2 Evaluating the Entry mode and competitive strategy for Tesco in the Swiss Market ................. 13

5.2.1 Suitability of the strategic position ..................................................................................... 13

5.2.2 Acceptability ........................................................................................................................ 13

6) Recommendations .............................................................................................................................. 14

7) References .......................................................................................................................................... 15

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List of Figures

Figure 1.1 Simplified scheme of the food supply chain …………………………………………………………………..7

List of Tables

Table 1.1 Key Figures of Tesco Group in 2013………………………………………………………………………………..6

Table 1.2 Top 10 worldwide retailers…………………………………………………………………………………………….8

Table 4.1 TOWS Matrix for Tesco in the Swiss Market…………………………………………………………………13

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1) Introducing & Profiling Tesco PLC Tesco PLC is one of the biggest grocery and retailer groups worldwide, founded in 1919 in Cheshunt,

England. Tesco is ranked number 2 globally amongst the top 250 retailers in 2012 in terms of revenues

(Deloitte 2014). Tesco operates in 12 countries in two continents; Europe and Asia with 6784 stores

(Tesco Annual Report 2013). Tesco has witnessed several repositioning and transformations since it has

opened its first store in 1929, from having a perception as a downmarket "pile 'em high, sell 'em cheap"

retailer, to one which is globally spreaded focusing on different groups of goods and dealing with

different environments and customers perceptions (Tesco Wikipedia.com 2014).

1.1. Tesco’s Values, Vision and Strategy Tesco’s Values

Tesco states its core values in its annual report 2013 as follows:

“We make what matters better, together”, which shows clearly that the firm is striving for continues

excellence and improvement focusing on the what matters elements, which means not focusing on

making more in terms of profit, revenues, products, expansion, but rather focusing on making better of

what matters, so the main values that the firm is looking to keep and follow are summarized in 3 main

points:

1. “No one tries harder for customers”, and so setting a high level of required customer

satisfaction and excellence through more understanding of customer needs and striving to meet

those needs.

2. “We treat everyone how we like to be treated”, and so the firm confirms some basic statements

that is crucial for cultural survival in the business environment, by means of respect for all

stakeholders including customers.

3. “We use our scale for good”, and here the firm is positioning itself at a high level of cultural,

social and environmental governance and sustainability, by focusing on making a lot of

opportunities for youth to excel and work, encouraging employees and customers to have a

healthy life – mainly relating to their eating habits, and also trying to reduce food waste globally

wherever Tesco is located.

Tesco’s Vision

Tesco’s Annual report 2013 defines the firms Vision as: “We want Tesco to be the most highly valued

business by: the customers we serve, the communities in which we operate, our loyal and committed

colleagues and of course, our shareholders. For these things to be possible our Vision for the business

has five elements”

And those fives elements are:

1. “Tesco to be wanted and needed around the world”.

2. “Tesco to be a growing business, full of opportunities”.

3. “Tesco to be a modern, innovative and full of ideas corporate”.

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4. “Tesco to be winner locally whilst applying our skills globally”.

5. “Tesco to be inspiring, earning trust and loyalty from customers, our colleagues and

communities”

From these 5 vision related points, we can clearly find out what the company is striving for, which I can

summarize in: continues growing locally and globally, more investments in order to cope with market

and customer requirements changes, being a flexible corporate that can be successful where ever it is

located in the world, and to be a model of innovation and first adapter of new technologies and

changes.

Tesco’s Strategy for growth

The strategy of Tesco for growth in summarized in 7 main pints cited here from Tesco’s Annual report

2014:

1. To grow the UK core.

2. To be an outstanding international retailer in stores and online.

3. To be as strong in everything we sell as we are in food.

4. To grow retail services in all our markets.

5. To put our responsibilities to the communities we serve at the heart of what we do.

6. To be a creator of highly valued brands.

7. To build our team so that we create more value.

1.2 Tesco’s Ownership and Group Structure Tesco’s Ownership and shareholders

The Tesco PLC group has 4 main Business segments which are taken into account when it comes to

accounting and financial reporting, the main 4 business segments are UK, Asia, Europe and Tesco bank.

Tesco PLC is a public listed company, which means that it has a public ownership style, the major

shareholders and there shares percentages are: Barclays Global Investors (3.8%), Legal and General

(2.8%), Schroder Investment Mgt Ltd (2.8%), and State Street Global Advisors (2.6%) (Tesco Annual

Report 2013)

1.3 Tesco’s current markets Tesco PLC is operation in 12 countries in 2 continents as mentioned before, the countries are:

United Kingdom, China, India, Malaysia, South Korea, Thailand, Czech Republic, Hungary, Ireland,

Poland, Slovakia, and Turkey.

1.4 Tesco’s Financial Figures and Financial Health Table 1.1 shows the main figures of Tesco PLC group form the year 2013.

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Table 2.1 Key Figures of Tesco Group in 2013 (Tesco Annual Report 2013)

Revenues £64,826m Gross Profit £4089m Net Income £120m Earnings per share £35.97 Return on Capital Employed 12.7% Gearing Ratio 39.6% Market share in UK 30% (Investor event – Winning in

the new era of retail 2014)

From those figures and the previous discussion, we might come to some conclusions regarding the

financial health of Tesco as well as some of the core competencies it has. Tesco is in a very good

financial shape with one third of its revenues coming from its core market representing strong base for

investments and future more internationalization , while the other 2 thirds of its revenues coming from

the international markets which represent the high level of internationalization and the success it has

gained from those international markets.

Adding to the financial stability of Tesco, it possesses the following core competencies:

1. a global sourcing scale by being presented in 12 countries in 2 continents which has already helped

Tesco in building strong relationships in sourcing and establishing a great supply chain and logistics

model.

2. With more the 500,000 employees worldwide, Tesco has a strong base of people, process and

systems (Tesco Annual Report 2013)

3. Tesco presented several Store formats operating in UK and internationally, ranging from Tesco

EXPRESS stores to Metro Stores, Super stores, Tesco Extra, Tesco Value Stores, Tesco Online, and

Hypermarkets, each with unique different size, products and customer focus. All located in great

store locations (Tesco Annual Report 2013).

4. Tesco has proved successful online grocery business which gives it the required experience to

extend it in different markets and reduce costs of the supply chain.

5. Tesco proved as well having a strong-own brands and services, which makes new customers aware

of them in different markets.

6. Especially in the UK with a market share exceeds 30%, Tesco has a loyal customer base.

7. In addition to those core competencies, Tesco has been successful in other business along with it

grocery business such as banking and telecommunication through its partnership with O2.

1.5 Global grocery and Retail Market – Key Players

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The section explains generally the value chain of the grocery and retail industry, the European

commission provided this simplified figure describing the key stakeholders in the grocery and retail

sector.

Key global grocery & retailing market players

Deloitte has published its annual report on the retailing industry for the year 2014, and in that report,

Deloitte has ranked the top 250 global retailers according to the total revenues, the following table 1.2

shows the top 10 retailers globally:

Figure 1.1 Simplified scheme of the food supply chain (European Competition Network 2012)

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Table 1.2 Top 10 worldwide retailers, Source: Deloitte Global Power of retailing 2014

Ranking Name Country of Origin

2012 Retail revenues(US $m)

# of countries of operations

Wal-Mart Stores Inc. USA 469,162 28 Tesco PLC UK 101,269 12 Costco Wholesale Corporation USA 99,137 9 Carrefour S.A France 98,757 31 The Kroger Co. USA 96,751 1 Schwarz Unternehmens Treuhland Germany 87,236 26 Metro AG Germany 85,832 32 The Home Depot USA 74,754 5 Aldi Einkauf GmbH Germany 73,035 17 Target Corporation USA 71,960 1

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2) Switzerland as a potential market – The macro-Environmental

characteristics of Switzerland

This section will discuss Switzerland as a potential new market and opportunity for Tesco, by

analyzing the Macro-Environmental characteristics of the country and how does these fit into

Tesco’s expansion and growth strategy.

To Analyze the Macro-Environmental characteristics of Switzerland, I will use the PESTEL framework

to analyze the impact of Macro-Environmental issues on the Swiss market, PESTEL stands for studies

the Political, Economic, Social, Technological, Environmental and Legal characteristics of the market

and its impacts on an organization.

2.1 Political Environment of Switzerland Switzerland is a federal parliamentary republic, adopting a direct democracy political system, where

citizens are taking part not only in the government and parliament formations via elections, but also

having the right to submit requests for constitutional amendments and referendums

(AllAboutSitzerland.info 2014), which made a great level of trust between citizens and their political

system.

The country has a long history of armed neutrality; the country has never been involved in wars or

critical political conflicts since 1815 (Switzerland Wikipedia.org, 2014), which represents the stability

of the country and its neutral way of dealing with other nations.

2.2 Economic environment of Switzerland The website Wikipedia.org aggregated several information about the Swiss economy, mentioning

several high rankings of the country in terms of financial stability, wealth, GDP and other key

economic performance indicators as follows: “Switzerland has a stable, prosperous and high-tech

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economy. In 2011 it was ranked as the wealthiest country in the world in per capita, while the 2013

Credit Suisse Global Wealth Report showed that Switzerland was the country with the highest

average wealth per adult in 2013. It has the world's 19th largest economy by nominal GDP and the

36th largest by purchasing power parity. It is the 20th largest exporter, despite its size. Switzerland

has the highest European rating in the Index of Economic Freedom 2010, while also providing large

coverage through public services. The nominal per capita GDP is higher than those of the larger

Western and Central European economies and Japan. If adjusted for purchasing power parity,

Switzerland ranks 8th in the world in terms of GDP per capita, according to the World Bank and IMF”

The county has a stable currency and mature market economy, enjoying trading partnerships with

EU countries in addition to trading agreement with the most strong economies of the world such as ,

Germany, France, Italy, USA, UK and Japan (allaboutSwitzerland.info 2014).

The country is known for being a very bug exporter for several products and service such as

machines and electrical devices, pharmaceuticals, financial services including insurance and banking,

and exporting electrical energy (allaboutSwitzerland.info 2014).

2.3 Social environment of Switzerland Switzerland has a population of 8 million people according to the 2012 estimates

(allaboutswiterland.info), with around 23.3% foreigners mainly from neighbored countries, Portugal,

Serbia, Turkey and Spain.

The country has 4 official languages; German, French, Italian and Romansh, reflecting high degree of

cultural integration.

Different religious groups exist in Switzerland with majority of them being Christian, in addition to

5% Muslims and 1% Jewish (allaboutswitzerland.info 2014).

Life expectancy is around 80 years for men and 85 years for women (allaboutswitzerland.info 2014),

representing the world highest life expectancy figures.

2.4 Technological environment of Switzerland Switzerland has a market based on machine and electrical manufactures, including automation

equipment and engineering of whole power or industrial plants. The focus is on niche products with

a high proportion of complex engineering but rather small series.

Chemical sector is very advanced in Switzerland with main focus on pharmaceuticals. The country is

known as well of being an innovator in producing electrical energy from renewable recourses.

2.5 Environmental concerns of Switzerland “Switzerland has one of the best environmental records among nations in the developed world; it

was one of the countries to sign the Kyoto Protocol in 1998 and ratified it in 2003. With Mexico and

the Republic of Korea it forms the Environmental Integrity Group (EIG). The country is heavily active

in recycling and anti-littering regulations and is one of the top recyclers in the world, with 66% to

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96% of recyclable materials being recycled, depending on the area of the country.” (Switzerland

Wikipedia.org 2014).

From the previous discussion and by focusing on the most important aspects of the PESTEL

framework compared to the Tesco’s Values and strategy Politics, Economic, Social and

Environmental concerns) , we find that – the political stability and neutrality, mature market and

stable currency, the wealthy community and high GDP rates per capita, the high level of cultural

diversity and integration, similarities to Tesco’s core market in the UK, and the similar envornmental

and health concerns that are shared between the Swiss market and Tesco’s values and strategy – all

represent a very strong potential market for investments and international expansion for Tesco.

3) Analyzing the External and Internal environment of Tesco in

Switzerland This section will discuss the external and internal environment of Tesco while thinking about

entering the Swiss grocery and retail market.

3.1 The Swiss Grocery and Retail Market at a glance The Swiss grocery market is sized at €33bn in 2010, with 12 groceries and retail chains, the market

have been dominated by the 2 major retailers Migros and Coop with 32.8% and 23.1% market

shares respectively (Bord Bia 2010).

However, the market has seen some changes in the last years since 2005, when retailers focused on

discounting have entered the Swiss market such as Aldi 2005 and Lidl 2009, which made prices go

down showing that the discounters are also welcome in such a wealthy market with high buying

power. The market has witnessed some slowing down in growth due to what is called the “Grocery

tourism” which means that some people were traveling to neighbor countries such as Germany to

be their needs of grocery.

3.2 Analyzing the attractiveness of the Swiss Retail Market To analyze the attractiveness of the retail sector in Switzerland, I will be using the Michael Porter’s

five forces framework, which analyzes the dynamics of a sector and its attractiveness based on the

impact of five main factors as follows:

3.2.1 The threat of Entry into the Swiss Market

The discussion here is about the existing barriers to enter the market, and by talking a look at the

previous discussion about the Swiss market, we can get some conclusions like:

1. Scale and experience: it is clear that the 2 dominant retailer Migros and Coop have strong power

in the market due to their high market share, and their strong established own brand, this would

mean some difficulties for Tesco when entering the Swiss market since it will not have the same

buying power over supplier like Migros and Coop. this will also mean that the margins would be

relatively low, and the return on investment will require some extra years, but nevertheless

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Tesco has proven already very strong own brands internationally, but still need a lot of time to

compete against the big 2 in Switzerland in terms of buying power and establishing scale.

2. Expected Retaliation: since the entry of Aldi and Lidl into the Swiss market, there has been some

reactions by the big 2 in Switzerland by established their own discount brands such as M-Budget

for Migros. However, this will not make a big problem for Tesco since the efforts of retaliation

by the big 2 incumbents will be scattered among different retailers such as Aldi, Lidl and Tesco.

3.2.2 The threat of substitutes

The main substitutes threat here come from the previously introduced term of “grocery tourism” ,

meaning that customers are traveling to neighbor countries in order to by their needs of groceries,

however, this Tesco can avoid this by focusing on locating their store not close to the German

borders, since it is cheaper for customer to buy from Germany than from Switzerland, other

neighbor countries does not represent higher risk, since the prices of groceries are not much

cheaper in France and Italy for example.

3.2.3 The power of Buyers:

The power of buyers could be neglected in Switzerland, since it does not apply directly to the

grocery market where there is no concentrated buyers accounting for majority of sales, and now

low switching costs since the financial power of customers is really high and they are willing to pay

for high quality products.

3.2.4 The power of supplies:

It would not also play a significant role here since in this industry, suppliers are willing more to

achieve more customers and the number of suppliers in this industry is really high.

3.2.5 Competitive rivalry

Looking at the Swiss market, we can notice that it is an open market for new investments and trade,

so the competitive rivalry would be causing pain for the incumbents in the Swiss market more than

it is for Tesco.

From the previous discussion, I still see Switzerland as a very good potential market for Tesco, but

Tesco has to take some points into account such as:

1. understanding that establishing a scale and experience in the Swiss market would be very

difficult because of the big 2 retailers there, and return on investment would take more time

than normally, so Tesco has to adjust their business model and focus accordingly in terms of

locations of its stores, offerings, and SKUs count.

2. Thinking about effective ways to avoid the “grocery tourism” , an example would be focusing

their business on the center , eastern and western part of Switzerland and avoiding the northern

part which is close to Germany where grocery prices are much cheaper.

3. Tesco should also focus on what actually matters for customers in Switzerland, by conducting a

research on the market focusing on the success factors for a grocery business and measuring the

scores of other competitor’s on each of these success factors, using the concept of Strategy

Canvas which compares competitors position in the market and would tell Tesco on which

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success factor to focus while entering the Swiss market, knowing that Tesco is already doing

good on those success factors. Some factors include Store design, specializes departments

within the store such as special departments for coffee, organic products, pharmacy ,

restaurants and coffee bars…etc., and high level of customer service…etc.

4) Identifying the main opportunities and threats for Tesco to expand

in the Swiss Market By using a TOWS Matrix, we can define the Strengths and Weakness that Tesco has internally

within its organization and combine those Strengths and weakness with the external

Opportunities and Threats coming from the Swiss market, which will result in an understanding

of the position and capabilities of Tesco ad well as options for the company to focus on, table

4.1 shows the TOWS Matrix.

Before that, I want to introduce the main Strengths and Weaknesses that Tesco has in general as

follows:

Strengths

- Big Market share in UK.

- International expansion experience in 12 countries.

- Well established brands

- Strong online sales

- Global sourcing scale with world class supply chain

- Multiple format stores

- Strong financial performance.

- Discounting products and brands

Weaknesses

- UK market as the only cash cow

- Wide range of products, services and offerings from grocery to banking, telecommunication

and previously insurance.

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Table 4.1 TOWS Matrix for Tesco in the Swiss Market

Internal Factors

Strengths Weaknesses

External Factors

Opportunities - International expansion experience will help in entering the Swiss Market -ability to make big investments with UK market covering.

- focusing on a narrow range of offerings - reducing the number of SKUs

Threats - ability to offer discounting products to compete with discounter in Switzerland - multiple format stores experience which will help in defining different formats in order to compete in Switzerland and avoid grocery tourism

- attacking discounters in the Swiss market to avoid competition with the big 2 incumbents

The TOWS matrix presented some options that Tesco might follow in order to either get benefits from

its strengths and the opportunities in the Swiss market, or to avoid some weaknesses it has taking into

consideration the threats of the Swiss market.

5) Options for entering the Swiss Market and evaluation

5.1 Entry mode According to Johnson et al. (2008), there are 4 main options for market entry and they are: exporting;

contractual agreements through licensing and franchising; joint ventures and alliances; and foreign

direct investment. Each mode of these has its own advantages and disadvantages.

After exploring the need for expansion into the Swiss markets for Tesco, the Swiss macro-environment,

Tesco’s core competencies, the Swiss grocery and retail market situation and building the TOWS model

showing different options for Tesco to focus on. I want now to choose the entry mode that best suits

Tesco in to the Swiss market according to the conditions and factors discussed above.

This Swiss market has already 12 grocery and retailer chains, out of them only 2 retailers having

combined a market share of around 56%, with other players having a maximum of 6% market share such

as Manor, Denner and Aldi (Bord Bia 2010).

This would mean that Tesco should go with a joint venture strategy with one of the retailers ranked 3-5

in the market , suggesting here either Manor (6% market share) or Denner (6% market share) (Bord Bia

2010). This would help Tesco in entering the market with a minimum risk since the investments would

be shared with the new partner, this will also help Tesco in gaining more knowledge and experience

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about the Swiss market, and combine the needed resources and know-how with the partner who is

already established in the Swiss market for a long time. The new investments from Tesco will help with

the partner to increase the market share and the scale of the business, an additional point here would

be also to focus the marketing on the discounting business since it showed also that price does matter in

such a wealthy market, and to establish strong relationships with suppliers to gain more scale and

favorable prices, since it would be very difficult to compete directly with the big 2 in Switzerland.

Later on, after settling down in the market and gaining the necessary knowledge and scale to compete

with the big 2 in Switzerland, and given the strong financial situation and health of Tesco internationally,

the company may move to acquire its partner, and even other small players, which will give the

company more control of resources and capabilities of those acquired retailers.

5.2 Evaluating the Entry mode and competitive strategy for Tesco in the

Swiss Market From the previous discussion, I have defined the strategic options available to Tesco as having a hybrid

competitive strategy by focusing on low prices, while also presenting the differentiating brands of Tesco;

in addition, I have defined Joint venture and later on an acquisition as en entry mode for Tesco.

In this section, this strategic position and method of entry will be evaluated to show why they should

work better than other competitive strategies options and entry modes.

The evaluation of strategies is done by assessing two main factors of success according to Johnson et al.

(2008), these 3 factors are: 1. Suitability, 2. Acceptability.

5.2.1 Suitability of the strategic position

The suitability of the strategic position is evaluated by using the TOWS Matrix (table 4.1), which shows

that going for a low price strategy with presenting Tesco’s own brands as an element of differentiation

would be the best fit, since Tesco owns some key strengths such as offering discounting in several

markets and being successful with that, and that Tesco has already experience with several stores

format, this will help it overcome the threats of grocery tourism and competing with small players in the

market and avoiding the big 2 in Switzerland which will reduce the expected Retaliation from them.

5.2.2 Acceptability

The acceptability factor is concerned with the expected performance outcomes of the strategy, which

can be classified in three key measures according to Johnson et al. (2008) as follows: financial return,

Risk, and Stakeholder reactions.

To measure the financial returns, Tesco must study and calculate some measures such as the return on

capital, discounted cash flow and payback period, which will help to define the financial return on the

investment that Tesco is going to set.

To measure the risk associated with the strategy and entering the Swiss market, Tesco needs to evaluate

some financial ratios such as Break-even point, gearing, equity, and liquidity. Tesco has already strong

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financial ratios such as gearing and ROCE compared to other big players in the market (Yahoo Finance –

Tesco PLC, 2014).

Stakeholder reactions will not be a crucial element here since has already built strong relationships in

the past due to its experience in the retailing industry especially with suppliers and its own employees.

6) Recommendations The Swiss market represents a very good potential market for Tesco’s future international expansion.

Switzerland Micro-Environmental factors do support and encourage such an entry.

The Swiss grocery market is dominated by two main retailers accounting together for 56% of market

share, with other small players focused on discounting.

Tesco can overcome some barriers to the entry in Switzerland due to its scale and experience,

international expansion experience, and strong financial position.

By analyzing the strengths, weaknesses, core competences of Tesco and comparing them to the

opportunities and threats of the Swiss market, this report recommends a strategy based on low prices

offerings and marketing of Tesco’s well established own brands to compete with small players and avoid

retaliation from the big 2 in the market.

The entry mode suggested for Tesco is to form a joint venture with one or more of the existing small

players in the market and later on trying to acquire the since Tesco has the ability to do that. However,

Tesco should take the following points into account to make sure that this strategy is the best fit for it:

1. Analyzing the financial impact of such an investment and its returns.

2. Taking the risk and uncertainty related to the proposed strategy into account.

3. Bringing the strategic and financial evaluation closer together.

4. Evaluating the shareholders opinion and expectations by using the Real Option framework

(Harvard Business review, reprinted in Johnson 2008).

5. Identifying the resources and competences needed for this strategy to assess its feasibility.

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7) References

List of references:

Deloitte 2014. Global powers of retailing 2014 – Retail beyond begin.

Tesco Annual Report and financial statements 2013, http://files.the-

group.net/library/tesco/annualreport2013/pdfs/tesco_annual_report_2013.pdf

Wikipedia.com 2014, Tesco PLC http://en.wikipedia.org/wiki/Tesco

European Competition Network 2012. ECN activities in the food sector, Report on competition law

enforcement and market monitoring activities by European competition authorities in the food

sector. May 2015. From http://ec.europa.eu/competition/ecn/food_report_en.pdf

Allaboutswitzerland.info 2014, Government (http://swiss-government-politics.all-about-

switzerland.info/)

Wikipedia.com 2014, Switzerland ( http://en.wikipedia.org/wiki/Switzerland)

Allaboutswitzerland.info 2014, Economy (http://swiss-economy-business.all-about-

switzerland.info/)

Johnson G., Scholes K., and Whittington R. (2008), Exploring Corporate Strategy; Texts and cases (8th

Edition), Pearson Education.

Yahoo Finance, Tesco PLC (TSCO.L) 2014 (https://uk.finance.yahoo.com/q?s=TSCO.L )

Johnson G., Scholes K., and Whittington R. (2008), Exploring Corporate Strategy; Texts and cases (8th

Edition), Pearson Education, ( Exhibit 10.9, page 376).