Business Management Marketing on Tesco Assignment

Business Management - Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
1. Marketing Definitions..............................................................................................................1
2. Role of Market Research in Product development..................................................................2
3. Marketing Mix.........................................................................................................................4
4. Role of Marketing Strategy......................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In a business organization different organizing and coordination activities that are
conducted to achieve the business goals of company known as business management. Business
management is important for the organization to keep the operation of organization under control
(Lovelock and Patterson, 2015). Tesco is a multinational organization that is in retail business. It
is a public limited company and it was established in year 1919 in Hackney, London, United
Kingdom. The founder of company is Jack Cohan. Tesco is operating on more than 6800
locations. Role of marketing research is explained for the product development in market.
Different types of marketing research are considered in study. Importance of marketing strategy
is covered in report.
TASK
1. Marketing Definitions
There are different marketing definitions are derived by different peoples and these all
definitions of marketing are right from their perspective. According to De Mooij, (2018)
marketing is are and science of exploring, delivering and creating values to get optimum profit as
per the need of market. Marketing help to find the required need of market that is targeted by
organization.
As per Tuten and Solomon, (2017) marketing is a way to connect with the target audience
to convey value of company product and ultimately sell product and services to customers. The
marketing is a planning or strategy of organization to improve the sells of company product in
the market place. It is all about to set foundation of company product in target market to get best
performance in market. According to the marketing the planning and action to manage sakles in
market also can be considered as marketing. Marketing is an ongoing communication exchange
with the consumer and it way to build relationship with customer to inform and educate them
about the product or services of organization. Marketing is a strategy of organization to convert
or transfer the needs of consumer into revenue of company. Marketing is a way to make contact
with customer via product and services. This connection between company and consumer is
improved with different methods and processes of marketing.
Baker, (2016) considered that marketing is a bridge between consumer and company and
this bridge is made of company branding, pricing and naming. It is not only related to sales of
organization it is a combine operation of organization to build relationship with customers.
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Marketing also known as action of organization to make relation with the people who are
interested in company and company products. Some people considered the marketing as share
and tell the story of organization to the customers to attract them towards the company and make
them aware of company procedures and products. It also can be explained as the method of
organization to represent the result of hard work and research in front of consumer of company.
Marketing is one of the most important functional department of Tesco. The products and
services of company are promoted in market place to improve the productivity and performance.
It is very important to perform marketing of products and services cause the customers of
company are not aware of new products and services of Tesco and it a way to make them aware
of changes in company. This is how by conducting marketing the performance of organization
can be improved in global market. This is the best action of organization to utilise the positive
points of company product & services for the good of Tesco PLC.
2. Role of Market Research in Product development
Market research plays important role in the product development for the organization.
Innovations are in organization help to improve the revenue of company. Before the new product
development it important for the organization to conduct market research to know about the
current trends in market. This knowledge of current trends of market can help telco to design the
features of innovative product or service of company. Different factors of market research help
Tesco PLC in different ways.
Generating Ideas
Market research help the company to get innovative ideas as per the need of consumers.
There are different ways to develop a new product or services but it will not be that much
effective until customer find it useful. So, market research help the company to design innovative
product or services which are useful for organization. This is how market research help the
company to design the features in product to make it effective for customers.
Test Concept
There are different ideas and strategies an organization have but they are not aware of the
real time condition of market place. So market research help them find out the most suitable
strategy or idea for specific and particular market. This will improve the effectiveness of
company in market place.
Size of Opportunity
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Company works with different strategies and policies in the market place and success of
organization is based on the opportunities of market place. The success of company in particular
market is dependent on the opportunities of local market. The market research help Tesco PLC to
check and evaluate the opportunity of market by providing factual data of target market. This can
allow the company to decide strategy for different markets.
Prototype Testing
Before a company launch a product in market place they launch a prototype to check the
performance of product in market with other name of product. The research is performed on the
product performance in target market to check its suitability and market possibilities for
particular product (Hastings and Stead, 2017). The reviews of people are collected in the
marketing report to provide the brief of performance of product in specific market that is chosen
by company to launch the new product.
This is how market research plays important role in the new product development and
launching in target market.
Types of marketing Research
Different types of marketing research are used by Tesco PLC as per the need of
organization. Most common types of marketing research that are in practice are segmentation,
product testing, advertising testing, loyalty analysis, brand awareness reach and pricing research.
In all this type research there are different purpose for each type.
Market Segmentation
In this type of market research Tesco target specific group of people for the research
work. When a company launch a product by targeting particular group of people as customer
then this method of marketing research is used to check the future possibility of product.
Product Testing
This method is used by organization to check the suitability of product in the market
place. By evaluating performance of product in market place.
Advertising Testing
In this type of research the response of customer about a product is checked by releasing
advertisement of product.
Loyalty Analysis
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In loyalty analysis company use the outside sources to conduct research to check the
loyalty of customer by testing their responses by taking their feedback or personal interview one
on one.
Brand Awareness Reach
Brand awareness research is used to check the awareness of people regarding to the
product of organization. This can be done by taking asking them different questions about the
company and their products.
Pricing Research
Pricing research is used by the organization to deciding the pricing for the new product of
the organization. For the best performance organization have to decide the best suitable price of
service of product to make it affordable for consumers.
Limitations of Marketing Research
1. it is costly affair for organization.
2. It is a time consuming process.
3. It is hard to predict the behaviour of people.
3. Marketing Mix
The seven P's of marketing are analysed to evaluate the performance of organization in the
market place by analysing each factor. This seven P's of marketing are-
Product- The performance and quality of product is monitored by organization to maintain
performance of organization in market place.
Price- Price of the product and service is most important for customer so it is need be as per
consumer.
Place- The location where the organization is working is also an important factor to keep
performance of Tesco high.
Promotion- to improve the selling of company product promotion is also an important aspect for
the organization.
People- Employees and customer who are connected to organization are important for Tesco to
conduct business. In better way.
Process- Efficiency of company processes are important to the organization to maintain high
productivity of Tesco.
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Physical Evidence- The boards, hoardings and the objects that shows the existence of
organization in the market place (Sajid, 2016). So this factors also need to be considered by
Tesco PLC.
This is how this all factors marketing mix are considered and managed by organization to
keep the performance of organization good in the market place.
4. Role of Marketing Strategy
In Tesco to maintain the performance of organization monitoring is most important. In
monitoring management keep track on the different activities in the organization to check the
efficiency of processes used in organization and the efficiency of employees is also evaluated in
monitoring. For monitoring different techniques and methods are used by Tesco that are
Cameras, RFID and artificial intelligence.
The marketing actions of organization are also important factors for company to manage
the supply and demand of product. Company used different methods like television
advertisement and online promotions to catch the eye of consumer towards the branding and
product of company.
CONCLUSION
This report is concluding different definitions of marketing and different marketing
research for Tesco. Limitation of marketing research is also evaluated in the study. The
marketing mix is critically evaluated to check the performance of organization. Marketing
strategy is explained in context of monitoring and marketing actions.
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REFERENCES
Books and Journals
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
De Mooij, M., 2018. Global marketing and advertising: Understanding cultural paradoxes.
SAGE Publications Limited.
Hastings, G. and Stead, M., 2017. Social marketing. Taylor & Francis.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Sajid, S.I., 2016. Social media and its role in marketing.
Tuten, T.L. and Solomon, M.R., 2017. Social media marketing. Sage.
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