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Implementation of Retail Strategy Mix Assignment

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Added on  2019-09-18

Implementation of Retail Strategy Mix Assignment

   Added on 2019-09-18

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A Study Of Tescos & Waitrose,UKNameDate1
Implementation of Retail Strategy Mix Assignment_1
Executive SummaryThis paperwork relays the methodology and research of the development professionals from the University. The research was performed in order to define and develop an assessment tool to monitor assessment. After in-depth work on research groups, & case studies, we were able to identify two important retailers of UK which are Tesco PLC&Waitrose which have a strong presence across & how they compete in the same market. This report covers external & internal factors, resources surrounding Tesco & Waitrose Company. It conducts an in-depth analysis & identifies implementation of retail strategy mix which could differentiate Tesco & Waitrose existing in the same environment. The core emphasis lies in the strategy planned & marketing mix used by both in key highlighting their strength & weakness.Both the companies are leading companies in super market stores especially in food & drink industry. Even after having knowledge of know how techniques of handling resources in manufacturing, management of supplies, trained staffs how they are both able to distinguish themselves & still provide unique essence of retailing industry. For understanding the research we measured various parameters & the scope of project by reading reports, magazines, books & online searches.2
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Table of ContentsTable of ContentsExecutive Summary 2Introduction 3Situation Analysis5i.PESTLE Analysis51.Political Factor52.Economic Factor63.Social Factor64.Technological Factor65.Legal Factor76.Environmental Factor7ii.Porter’s Five Forces71.Bargaining Power of Suppliers82.Bargaining Power of Buyers83.Threat of New Entrants84.Threat of Substitute Products85.Competitive Rivalry8iii.SWOT Analysis91.Strengths92.Weaknesses103.Opportunities104.Threats 11Objectives 12Positioning, Targeting, and Image 13i.Target Market of Tesco vs. Waitrose13ii.Positioning Strategy of Tesco vs. Waitrose13iii.Image of Company of Tesco vs. Waitrose13Retail Mix 14i.Range of Merchandize Mix14ii.Pricing14iii.Communications15iv.Location15v.Store Design and Layout (should include visual merchandising, and atmospherics) 16vi.Customer Service173
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Conclusions18CHAPTER ONE: IntroductionLeading UK companies in super-markets how they compete in the same environment facing challenges internally or externally & how they transfer it their strength & sustain their market share. Reading about previous strategy retail mix used, analyzing it in depth through researches online & from reports helped in translating into a live example to resolve the current implementation of retail strategy issues & mark it as learning for the future courses of action. Key strategy was devised which was mapped as per the challenges levels. For the external issues,joint ventures & diversifications were recommended & for internal retail strategy issues with the support of promotions, advertisements & tie ups attributed into streamlining strategies to distinguish itself from the competition. The research questions to approach this hypothesis focused on the following main themes:Issues during implementation of retail strategy mixSolutions to smoothly implementretail strategy mixStrategies used in distinguishing itself What recommendations or conclusions can be drawn while implementing This report summarizes implementation of retail strategy mix be it in Tesco or in Waitrose UK, ways to strategize it and optimizing it to capture maximum market share. All the key topics are bifurcated into seven chapters which comes helpful in learning & concluding issues. First, it highlights the key topic covered in an introduction. The next section includes situation analysis & then it covers objectives. Chapter 4, explains the Positioning, targeting, image & Chapter 5 explains retail mix strategies to understand market & ways to capture it. Last chapters draw conclusion part.4
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CHAPTER TWO: SITUATION ANALYSISIn this chapter, we draw comparisons between Tesco & Waitrose by understanding the situation in which both the company coexists and for this we did extensive research in situation analysis.i)Comparative PESTEL Analysis framework of Tesco & Waitrose1.PoliticalFor Tesco, UK political market has always been favorable and for Waitrose same is the scenario.The challenge remains when it requires penetrating into new global market segments it needs a political support & permission of targeted countries. For eg. Penetrating into India it needs to check political stability, favorable reforms & then decide launch of new stores & products. For this Tesco have huge resources and funds to sustain while diversifying globally but same is not the case with Waitrose which has limited resources with optimum utilizations.Tesco has a vision to penetrate globally & keeps a check in a peer strategy for the road blockage while entering into new market domain & segments. On the contrary, Waitrose captures majorly in UK & has penetrated less globally hence it only compliances with UK government rules & reforms.2.EconomicFavorable economic factors globally & locally are a big concern for both the companies. Downturn in economy results in consumer changed behavior while tough reforms leads to price dropping & no sales growth especially in non food items.5
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However food items are last dropped item form the list during high inflation & economic downturns but still to sustain in existing scenarios & retain customer base TESCO should launch more loyalty & warrant cards scheme (Euromonitor, 2010).While for Waitrose it is highly dependent on UK economic reforms. As of now it has stable prices but due to the bad recession in 2008 it resulted in customer switching & heavy losses. Hence regular schemes, promotions, cards loyalty should be launched to maintain customer database3.SocialChange in lifestyle, buying behavior, improved health awareness leads to changes in pattern. Tesco should consistently foresee changed social behavior & choose alternative plans.For example : keeping more organic or non-organic food items for a health- conscious people. Tesco keeps a tab on the payment methods used such as cheques, cash credit/debit card, bank transfer or payment through customer loyalty or cards which help in serving satisfied customers.While Waitrose has adopted itself to changed mindsets of consumer behavior because of buying patterns, new lifestyles, habits & preferences. Waitrose follows an updated market trend of food or non food items & has excluded outdated stuff. Keeping abreast with Waitrose focus it came with up market promotional activities.4.TechnologicalKeeping stocks fresh, introducing latest technology, maintain logistics is all tricks to penetrate easily in the market & cater to the needs of customer (Office for National Statistics, 2010).Tesco upgrade itself to latest style & technology in order to sustain & compete with peers.6
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