Introduction to Business Studies

INTRODUCTION TO BUSINESS
STUDIES

Contents
INTRODUCTION...........................................................................................................................3
Marketing mix.................................................................................................................................3
LO 2 Understanding of collaborative working practices.............................................................4
LO 3 Understanding of the main factors, both internal and external, which impact businesses.5
LO 4 Demonstrate knowledge of the role of financial management and reporting within the
organization.................................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
This reports highlights different areas which helps to understand the needs of different
areas such as collaborative working, management of finance, marketing mix and the analysis of
internal as well as external factors of Tesco.
Marketing mix
Marketing mix is considered as the 4 Ps Such as Product, Price, People and promotion. It
also describes the marketing strategy of Tesco. There are various marketing strategy such as the
innovation in product or services, marketing investment, consumer experience and many more. It
aids the firms to accomplish business objectives as well as goals and also marketing mix which is
4Ps is broadly utilized framework in order to define the various strategies.
Product- It is considered as the heart of the marketing mix as all the activities regarding
marketing begins with the product. As it is not considered as the physical entity alone as it can
captures the whole intangible and tangible aspects such as personality, services, organization as
well as ideas (Al-Fadly, 2020). The product mix is considered as the whole range regarding
product Tesco provided huge range of products that are offering to the consumers at several
stores. The products such as Pet care products, Food, Bakery products, Frozen Food, Technology
and gaming products ,Car products and many more. Tesco has various types of product variety
and stores that are relied on several type of store. Firm also sells its products online. Tesco has
also recently reviewed all 33 food categories as well as decreased the product lines through 18
%.
Pricing strategy- It Provides the lowest priced goods and at the same time maintaining the
quality. Tesco is the one that regularly works with suppliers in order to improves as well as
Prices as after receives feedback from its consumers. Also firm has kind of unique programmers
known as Brand Guarantee where consumers get the lower price of any branded goods at any
other place will match if the consumer get the lower prices of any type of the branded product at
other place Firm can matches the price if the people can buy 10 or more product. In addition to
this Tesco has also launched food prices within very less rates. Tesco has also restricted its
product team so that they get the best offers for their buyers.