Effective Marketing Management: A Case Study of Asda
Verified
Added on 2023/06/08
|15
|4821
|87
AI Summary
This report analyses the key theories and concepts of effective marketing management and their impact on Asda's marketing strategies. It also discusses the complexity of the competitive environment and its impact on marketing decisions. The report includes a SWOT analysis, PESTLE analysis, and Porter's Five Forces model.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Marketing Management Table of Contents
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 TASK 1............................................................................................................................................3 Understanding key theories and concepts to guide development and execution of marketing strategies.................................................................................................................................3 TASK 2............................................................................................................................................7 Understanding the complexity of competitive environment and discussing its impact on effective marketing decisions.................................................................................................7 TASK 3..........................................................................................................................................10 Critically analysing the marketing situations.......................................................................10 Analysing marketing strategies of Asda...............................................................................11 TASK 4..........................................................................................................................................12 Recommendations to improve the marketing strategies.......................................................12 CONCLUSION..............................................................................................................................13 REFERENCES:.............................................................................................................................14 Books and Journals...............................................................................................................14
INTRODUCTION Marketing Management is a process which helps to control various marketing aspects. The organisation can achieve their inherent goals and objectives in market.Withthehelpof effective marketing the company can provide better products and services to consumer.The report aims to analyse about understanding effective marketing management. Asda is a British supermarket chain which is headquartered in Leeds England. It was founded in 1949 by Asquith family(Kumar, and et.al 2020).They had seen an efficient growth over a period of time. On the other hand, in this report there will be brief discussion about various key concepts and theories which helps the organisation to carry out effective marketing strategies. Along with that, there will be evaluation about developing effective marketing strategies. The management can take various decisions to understand the complexity of business environment. For further instance, in this report there are different skills which can be adopted by company in order to understand dynamic and uncertain future. MAIN BODY TASK 1 Understanding key theories and concepts to guide development and execution of marketing strategies In order to achieve more profitability in market the organisation can use various strategies to provide better products and services to the consumers(Herhausen, and et.al 2020). The main vision of firm is to generate more revenues in market and gains competitive advantage in the desired industry.Asda use various key theories and model to target new audience and achieve an overall growth in market in an effective manner. Marketing Mix helps the firmto understand dynamic situation of market. There are various components of marketing Mix is described below: Product –This is the first and major component in marketing mix. The main focus of firm is to offer quality products to consumers to generate more revenues in market. Most of the company which are regulating their operations in industry is facing the threat of substitutes. With the changing market conditions they need to improve the overall quality of products. In relation to Asda they are one of the huge retailers in industry. The
organisation has a wide range of product portfolio. They offer quality products to consumers which helps them to generate more revenues in market. Price –The price of product plays crucial role it attracts a lot of potential customers form market. Most of the companies has set competitive prices in order to enhance the sales in an effective manner(Jalalova,2021). Asda has set competitive price of their products. This will help them to gain a competitive advantage on industry. They provide excellent quality products to consumer at an affordable rate. Promotion –This component helps the company to attract new audience from market. In this new digital era there are various methods which could help the organisation to do effective promotion of their products. In relation to Asda they are using the online an offline methods to promote their products and services. They use the social media platforms which include Instagram, Facebook etc. The organisation is regulating various campaigns which helps them to generate more revenues in market and attract different individuals. Place –This is the fourth P of marketing which helps the organisation to understand their place in market. Asda is providing quality products tothe consumer. With the help of ethical practices they had build a positive brand integrity in industry(Evert, 2021). More importantly, they are focusing on various improvements in this new era to achieve more profitability in the market. Packaging –The organisation needs to minimize the packaging of products. They need to implement smart changes which will help to preserve the environment in an effective manner. Asda management is focusing on achieving sustainable performance in the market. They had significantly minimizing the packaging of products to save the environment. Positioning–Thisisthecomponentwhichhelpsorganisationtounderstandthe viewpoint in the mindset of consumers. They need to create positive brand image in the market. This will help them to position themselves better in an effective manner. Asda is following rules and regulations an they are understanding the changing preferences of customers(Leonidou, and Hultman,2019). This helps them to position better in retail industry. They had build a positive image in the mind of consumers.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
People –This is final P in the Marketing mix the organisation is responsible for various elements. They need to practice the ethical practices in order to achieve the necessary goals and objectives in the market. Asda is working extremely hard to provide great quality products to consumers. They carried out the operations effectively in order to become more profitable in the market. Swot Analysis Swot analysis is a strategic framework which helps the organisation to evaluate the changing dynamic conditions of the market. There are various new opportunities on which they can capitalise and generate more revenues(Reddy, and Karimikonda, 2019). There are multiple components which helps the firm to identify their weakness and strengths. The following aspects of this model isdescribed below: Strengths This is the factor which helps the company to identify strengths in business. This will certainly help them to achieve an effective growth in the market. There are various strengths of Asda which ismentioned below: Huge rand of products –Asda has diversify their business operations. The company is providing quality products to consumers. There are various products which is provided at an affordable prices. This helps the organisation to attract various new customers in the market. Sustainability –Asda has clear aim of achieving a sustainable performance in the market. The organisation has implemented various techniques and approaches to carry ut their operations effectively in the workplace(Iankova, and et.al 2019). They are using the resources in an significant manner to preserve the environment. Excellent marketing campaigns –They use various new platforms in this digital era to promote the products and services. Asda is keen to attract various customers with the help of various campaigns and other promotional methods. Weakness This is the factor which helps the firm to assen their critical areas in which they are lacking. They can implement new innovative ideas to make it better(Ziemba,Jankowski, and Wątróbski, 2018). The weakness of Asda ismentioned below:
Limited Global Presence –Asda has limited Global presence the organisation needs to indulge in various campaigns to improve their image in the market. There are new technological advancements which the company could implement in order to achieve great result in the future. Quality of products –This is the major issue which Asda is facing in market. Most of the consumers are complaining about the quality of products. This is highly impacting the company's reputation in the market. In the upcoming future they need to improve the quality to build a positive image in industry. Diversified business Operations –Asda has restricted their business entry in various regions the organisation needs to improve their presence in major region. The main reason is that they fear of facing the competition from local vendor and other big companies in that regions. The management need to diversify their business operations in various region to attract more customer in the market. Opportunities The organisation can capitalise on different opportunities to enhance their sales in the market. In this new era most of the companies has seen an explicit growth in desired industry by capitalising on various opportunities(Bagozzi, and et.al 2018). The opportunities on which Asda can capitalise ismentioned below: Presence in Online Market– The organisation can improve their presence online. They can sell their products on various online platforms. With the changing situation of market most of the customers prefer to buy products and services online. In relation to Asda they can improve their online presence in the industry. There is a lot of opportunity for the company in the online market. They can generate more profits which will help them to achieve a systematic growth in future. Acquiring Small Companies– Asda can acquire different small companies to expand their business in the market. This will also help themto cut down the competition in an effective manner. This is major and one of the most crucial opportunity on which organisation can capitalise in market. Long Term Goals –The organisation needs to clear their goals and objectives which they want to achieve in the market. Asda needs to focus on their targets the management
can improvise the productivity of workplace with the helps of various techniques and methods. This will help them to incur more profits in the industry. Threats The organisation needs to asses their threats in an effective manner. The organisation needs to understand the market competition to build a sustainable future in which they can achieve the goals and objectives(Visconti, Peñaloza, and Toulouse, 2020). The threats which could possibly affect the business of Asda ismentioned below: Government Changing Policies –This is one of the major threat which the company could face in the market. The changing policies of government is a huge threat for Asda. There are serious implications which needs to addressed by the organisation. This will help them to achieve a systematic growth in the market. Price war –The organisation needs to set the competitive price of their product to attract various new customers in the market. Asda needs to provide the products at low price to achieve an effective market growth. On the other hand, they can target new audience in the industry in a systematic manner. Other Online retailers– This is major threat which Asda is facing in the market. Online retailers provide the product at low prices. There are new strategies and approaches which the company could use in order to become more profitable in market. They can use the competitive pricing strategy and needs to improve the market presence in an effective manner. TASK 2 Understanding the complexity of competitive environment and discussing its impact on effective marketing decisions Pestle Analysis It is a strategic framework which helps the organisation to track various environmental factors. There are various internal and external forces which could affect the business in a significant manner(Hua, 2019). There are multiple components of this framework which is mentioned below: Political Factor –This particular factor drives the various government policies and actions. The organisation needs to follow all the rules and regulations which is abide by
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
the government. It includes corporate taxation, Trade disputes, other fiscal initiatives etc. In relation to Asda they had modified their methods of commencing business operations. The management fulfils and political decisions of various regions in which they are going to expand their business.There is a major drawback of the political factors the organisation needs to change their decision-making in order to fulfil the rules and regulations. Economic Factor –These factors tends to affect broader economy. On the other hand, these are financial in nature. It includes interest rates, Employment rates, exchange rates etc. Asda follow all the factors related to the UK economy. The organisation understand the rate of inflation which is regulating in market due to impact of Covid 19. They provide high employment opportunities to the individuals. This will help them to retain it in an effective manner. Social Factor –These factors tends to be more difficult. There are various factors which includes demographic considerations, consumer beliefs etc. Asda is fulfilling all the social factors. There are different new trends which are regulating in society. The organisation provide the products according to customer preferences. This has help them to enjoy multiple benefits. On the other hand, they are generating significant amount of revenues in the market. Technological Factor –in this new digital era the organisation is implementing new technological advancements in workplace to improve their overall performance. The major focus of the firm is to generate more revenues in the market(Shemyatikhina, Shipitsyna, and Usheva, 2020). There are various factors which includes automation, research and development, digital infrastructure etc. Asda is improving their business operations with the help of new technological inventions. There are major improvements which has been established in Asda business. This has certainly helps them to generate more revenues in the market and achieve the inherent goals and objectives in the market. Legal Factor –These are the factors which affects the broader economy or certain specificsector.Itincludesindustryregulations,employmentlawsandconsumer protection act etc. Asda follow all the labour and consumer laws. It has helped them to become most ethical organisation. The organisation has build a positive brand image in the market.
Environmental Factor –These are the sensible addition which the organisation needs to follow in order to preserve the environment. Asda has managed to achieve a sustainable performance in market. They had modified their way of carry out the operations. They had significantly reduces the carbon footprint, and utilise the resources in an effective manner. This has help them to build a positive brand image in retail industry. Due to the ethical practices they are attracting various other customers in the market. Porter five forces model Porter five forces model helps the organisation to identify competition. On the other hand, they can offer better products to consumers(Iacobucci, 2021). The main focus of the company is to incur more profits in the market by understanding the competition in an effective manner. There are five major forces in this model which isdescribed below: Competitive Rivalry –This is the first component which help the organisation to examine competition present in marketplace. There are various competitors present in industry. The organisation needs to analyse the competition effectively. Asda understand themarketcompetitiontherearemajorimprovementswhichtheorganisationha implemented in workplace. Due tothis they are offering great quality products to the consumers. The bargaining Power of Suppliers –This particular force analyse the power of suppliers in the market. The organisation needs to maintaina healthy relationship with the suppliers. Asda management is subsequently building a positive relationship with suppliers. The company sells majority of their products in their stores. This is not the major threat for the firm. They are generating various revenues in the market by offering quality products to consumer. The bargaining power of customers –The consumers can affect the pricesin a significant manner. There are various competitors which are present in industry. The main focus of the firm is to set up competitive prices. In relation to Asda they are providing quality products to consumers. They provide the products at an affordable prices to attract various customers in the market. The threat of new entrants –This force considers the competition which is present in industry. The organisation needs to take several measures in order to minimize the threats of the company(Havidz, and Mahaputra, 2020). There are various new opportunists on
which they can capitalise in the market. In relation to Asda there are various further improvements which can company is implementing in order to become more portable in the market. The company sells their products at lower prices which helps them to significantly address the competition sin the market. They also use the technological tools to asses the market competition in an effective manner. The threat of substitute products –With the changing market conditions there are various new products present in the market. The customers can viably choose there are multiple options present. Asda improves their products appropriately the company enhance the business operations in an effective manner. They are also providing the products at an affordable prices. This has certainly help them to generate more profits in the market. They are also minimizing the threat of substituting the products in a systematic manner. TASK 3 Critically analysing the marketing situations STP Analysis This is one of the most crucial tool for companies which helps them to regulate their business operations in market(Park,2020). With the help of STP analysis the organisation can target potential audience and provide the products and services effectively. There are three major components in this model which isdescribed below: Segmentation -In this stage the organisation segment their audience into various groups. This helps them to provide the products only a majority of audience. There are multiple ways to segment the target markets areas follows: Demographic –This component helps the organisation to segment audience on the basis of gender, age or occupation etc. Asda provide the products by judging the demographics in an effective manner. They mainly focuses on every section groups which can use their products and services. Geographic –This particular component helps the organisation to segment audience on basis of country and regions etc. Asda has diversified their business operations in various regions. This helps them to offer the products and services in an effective manner.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Targeting –After deciding the segments the organisation target the customer which will buy their products and services. They eventually judge the consumers preceptive and what are their needs and wants from particular product(Kotler, and et.al2018). The organisation can generate more profits in the market. Asda is targeting the customers in an effective manner They had maximize their overall sales by offering great quality products to the consumers. The products which they are offering fulfil the needs and desires in a significant manner. There are various barriers which is impacting the business operations of the company. The management needs to take effective decisions in order to generate more profits in the market. Positioning –The organisation needs to position themselves better to target the most valuable customers. There are various significant opportunities on which the organisation can capitalise in the market. The products needs to have an uniqueness which will attract most of the customers. The major focus is to generate more revenues in the market in a significant manner. Asda needs to understand the mindset and requirements of the customers. They had build a positive brand image among various customers. In the future they will achieve greater results in the market. Analysing marketing strategies of Asda In this new digital era the organisation promote the products with the help of new platforms. This also helps them to attract various customers in the market. Asda is using technological tools effectively in order gain a competitive advantage in industry. They use television, newspapers(Kim,and Moon,2021). On the other hand, they indulge in multiple social media campaigns. This helps them to communicate with various customers. Asda main marketing strategy is that they provide the products to consumer at an affordable prices. The organisation is also providing special offers on their products. This will help them to attract new customers in the market. The main vision of the organisation to offer quality products to the consumers. By doing ethical practices they are managing to achieve it in an effective manner. Asda also use the social media platforms in a better way. The organisation has managed toachieve a sustainable growth in market. They are partnered with different social media influencers. This will certainly influence new generation in the market. They are incurring more profits in the industry and this will help them to gain a competitive advantage.
They had seen an tremendous growth in the market by offering quality products to the consumer. The organisation is attracting various customers with the help of different strategies and approaches. Recommendations Asda can improve their way of promoting the products and services. The organisation can provide various benefits and other discounting methods to attract different customers. The organisation tends to improve their campaigns on the social media. They need to make it interactive with new and unique strategies. The management needs to enhance their vision with implementation of new and innovative ideas(Deepak,and Jeyakumar, 2019). This will particularly help them to achieve greater results in future. Asda can use technological tools to check the performance of their social media campaigns. They can take the help of data insights to check the traffic on their campaigns. The organisation can also asses the critical areas in which they are lacking an improve it in an effective manner. TASK 4 Recommendations to improve the marketing strategies Asda needs to focus on new technological tools which help them to become more profitable in the market. They can achieve they targets in an effective manner. The management needs to transform their ideology and use the social media platform more often. This will certainly help them to attract more audience from the market. Understanding the appropriate audienceis one of the most crucial factors which will help Asda to offer better products and increased the sales in an effective manner. The main focus is to enhance the growth of the organisation in future(Pedersen, Ritter, and Di Benedetto, 2020). They also need to set their long term goals and the management needs to understand the changing preferences of customer in order to provide the quality products. Using the Online marketing tools effectivelycould help the organisation to improvise their reach in different segments. They can become more profitable in the market. With the help of online platforms the organisation is able to promote their products significantly. Social media platforms like face book, instagram, YouTube tends to attract people. Asda can indulge in multiple creative campaigns to attract more audience.
The organisation can give free products for promotionthis will help them to gain a competitive advantage in the industry. Asda needs to improvise their branding strategies in an effective manner to dominate the market and acquire a huge share in industry. They can offer heavy discounts which will attract a large number of audiences in market (Sheth, 2019). In the festive season most of the customers could be attracted by offering discounts. This will automatically enhance the sales of Asda. CONCLUSION From the above report, it has been evaluated that the marketing strategies tends to improve the overall performance of company. There are various tools and approaches in this new modern era which can be used to assess the critical points. On the other hand, this report also states that swot analysis could help the firm to track various eternal forces which could affect the firm performance for a longer period of time. It has been also analysed from the report that STP analysis could help the firm to target the appropriate audience in market and provide the quality products to consumer. Along with that, there is evaluation of pestle which is important tool for the company in order to achieve significant targets in industry. For further instance, in this report there is discussion about new porter five forces which could help the organisation asses the appropriate competition in industry. There are valid recommendations which could help the company to improve their overall performance and help them achieve a significant growth in market.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCES: Books and Journals Bagozzi, and et.al 2018.Marketing-Management. Walter de Gruyter GmbH & Co KG. Deepak, R.K.A. and Jeyakumar, S., 2019.Marketing management. Educreation Publishing. Evert, G., 2021. Total relationship marketing. Havidz, H.B.H. and Mahaputra, M.R., 2020. Brand image and purchasing decision: Analysis of price perception and promotion (literature review of marketing management).Dinasti International Journal of Economics, Finance & Accounting,1(4), pp.727-741. Herhausen,andet.al2020.Thedigitalmarketingcapabilitiesgap.IndustrialMarketing Management,90, pp.276-290. Hua,H.,2019.MobileMarketingManagement:CaseStudiesfromSuccessfulPractice. Productivity Press. Iacobucci, D., 2021.Marketing management. Cengage Learning. Iankova, and et.al 2019. A comparison of social media marketing between B2B, B2C and mixed business models.Industrial Marketing Management,81, pp.169-179. Jalalova, D.J., 2021. Strategies for achieving competitive advantage in enterprise marketing management.ACADEMICIA:AnInternationalMultidisciplinaryResearch Journal,11(5), pp.151-160. Kim,K.H.andMoon,H.,2021.InnovativedigitalmarketingmanagementinB2B markets.Industrial Marketing Management,95, pp.1-4. Kotler, and et.al 2018.Marketing management: an Asian perspective. Harlow: Pearson. Kumar, and et.al 2020. Digital mediation in business-to-business marketing: A bibliometric analysis.Industrial Marketing Management,85, pp.126-140. Leonidou, C.N. and Hultman, M., 2019. Global marketing in business-to-business contexts: Challenges,developments,andopportunities.IndustrialMarketingManagement,78, pp.102-107. Park, S., 2020.Marketing management(Vol. 3). Seohee Academy. Reddy, G.D. and Karimikonda, H., 2019. Social Media as a Prominent Marketing Management Tool: A Literature Review.SSRG International Journal of Economics and Management Studies,6(11), pp.112-117. Shemyatikhina, L., Shipitsyna, K. and Usheva, M., 2020. Marketing management of a nonprofit organization.Ekonomicko-manazerske spektrum,14(1), pp.19-29. Visconti, L.M., Peñaloza, L. and Toulouse, N. eds., 2020.Marketing management: A cultural perspective. Routledge. Ziemba, P., Jankowski, J. and Wątróbski, J., 2018. Dynamic decision support in the internet marketingmanagement.InTransactionsonComputationalCollectiveIntelligence XXIX(pp. 39-68). Springer, Cham. Pedersen, C.L., Ritter, T. and Di Benedetto, C.A., 2020. Managing through a crisis: Managerial implicationsforbusiness-to-businessfirms.IndustrialMarketingManagement,88, p.314. Sheth,J.N.,2019.Customervaluepropositions:Valueco-creation.Industrialmarketing management,87, pp.312-315.