Tesco 2012 Annual Report Download - page 15
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The Big Price Drop
In September 2011, we launched
The Big Price Drop, investing more
than £500 million to reduce the
prices of over 3,000 everyday products.
Big Price Drops target the products
that customers buy week in, week out.
The progress is encouraging and we’re
now more competitive. It’s an important
step in the journey but there’s more
to do to get the blend right on price,
promotions, couponing and loyalty.
Quality and innovation
We are reviewing and refreshing our entire range
of over 8,000 Tesco brand products starting with
the relaunch of Tesco Value as Everyday Value, with
quality improvements to hundreds of products. Helping
customers manage on tight budgets, Value was already
growing at twice the rate of the market as a whole:
these changes will further strengthen its position.
We will also be comprehensively updating our other
Tesco ranges this year.
We have already stepped up the pace of innovation
with our new Venture Brand exclusive products – such
as Chokablok ice cream, Parioli authentic Italian ranges
and the Latham’s range of premium pet food.
With such a strong variety of ranges to appeal to the
needs of different customers, we will also be applying
more personalisation and localisation in stores to help
them tailor their ranges much more for their local area.
Over the page
Tesco PLC Annual Report and Financial Statements 2012 11
STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTSOVERVIEW
Chief Executive’s review Strategy in action Business model
11