Elements of Marketing Process of TESCO | Report

Added on -2020-02-05

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MARKETING PRINCIPLES
TABLE OF CONTENTSINTRODUCTION................................................................................................................................1TASK 1.................................................................................................................................................11.1: Explaining marketing process in context of TESCO............................................................11.2: Evaluating the cost and benefits of marketing orientation...................................................2TASK 2.................................................................................................................................................32.1: Showing various macro and micro environmental factors which influence marketingdecision........................................................................................................................................32.2: Proposing a suitable segmenting criteria in the context of TESCO.....................................52.3: Choosing a targeting strategy in the context of TESCO.......................................................52.4: Demonstrating how buyer behavior affects marketing activities of TESCO in differentbuying situations..........................................................................................................................62.5: Proposing a new positioning strategy in the context of TESCO..........................................7TASK 3.................................................................................................................................................73.1: Explaining how to develop a new product to attain competitive advantage........................73.2: Explaining how distribution is arranged to provide customer convenience in context ofTESCO.........................................................................................................................................83.3: Explaining how the prices are to be set by TESCO to reflect its marketing objectives andconditions.....................................................................................................................................83.4: Illustrating that how the TESCO can integrate its promotional activities to achieve itsmarketing objectives....................................................................................................................93.5: Analysing additional elements of extended marketing mix.................................................9TASK 4...............................................................................................................................................104.1: Planning a marketing mixes for two different marketing segments...................................104.2: Illustrating difference between B2B and B2C....................................................................114.3: Showing the difference between international and domestic marking activities...............11CONCLUSION..................................................................................................................................12REFERENCES...................................................................................................................................14
INTRODUCTIONMarketing principles is that organisational plan which combines all goals into onecomprehensive order. In order to give birth to a good marketing strategy, one is required to gothrough research and right product mix. It helps in achieving goals and objectives of the firm as-well-as help in sustaining competitive advantage over the competitors in the market. TESCO is apublic limited retailing company founded 97 years ago in the London UK. It distributes widerange of products in worldwide through its supermarkets, hypermarkets and superstores etc.Ample of employees are working in the TESCO. Also, it is the 3rd largest retailing company thathas expanded its services in around 12+ countries of the world. From the last 5 years, there hasbeen a continuous decease in the overall sales of the TESCO which had lead to profits at £62.284billion by the previous year 2015 (About TESCO, 2016). Further, the report will includeexplanation on the elements of marketing process as-well-as evaluate cost and benefits of marketorientation in the context of TESCO. After that, it proposes targeting and a positioning strategyin the report that will help in penetration of product into new markets. Furthermore, the reportwill include a brief explanation on how prices are to be set to reflect the organisational objectiveand marketing conditions. At last, a plan will be prepared in the report which will showmarketing mixes for two different segments of consumer markets. There has been continuous decline in the financial statistics of TESCO. Revenue of thefirm has shown fall by 1000 million dollar from previous year 2015. While looking for the grouprevenue, there has been a decline in the profits of the firm and had reached to 54,433 from63,916 by this year (Five year record, 2016). TASK 11.1: Explaining marketing process in context of TESCOManaging marketing efforts- In this, TESCO is required to analyse, plan, control andimplement a plan that will help in increasing sales and profits of the firm. In this, the company isrequired to analyse its marketing environment in order to determine various marketing threatsand opportunities (Schlegelmilch, 2016). After that, it is required to make a detailed plan for itseach business unit, brand and product. Implementation is a process in which the plan is finallyturned into marketing actions to achieve predetermined objectives. Control is the last step that
involves looking working of basic strategies as per the defined direction and their matching withthe opportunities. Preparing marketing mix- Forselecting correct marketing mix strategy for TESCO,following conditions are required to be completed before. Those are: right Product, right price,right place and most suitable one is promotion which is required to be decided while selectingsuitable marketing mix strategy for the retail firm. Selecting the target market- After the selection of marketing mix, the company isrequired to go for market segmentation (Blank, 2013). While segmenting market, two things thatTESCO should consider are attractiveness of segments and fit balance between firm’s objectiveand its resources, capabilities etc. This will further help the retail organisation in bringing up itssales and revenue. Analysing Marketing Opportunities- In this, TESCO is required to analyse variousopportunities and threats that might occur to it in the future. Opportunities will help the firm inovercoming its losses in last five years. 1.2: Evaluating the cost and benefits of marketing orientationMarket orientation is a process that helps the organisation in analysing needs and wantsof their customers by conducting research. BenefitsIt helps TESCO in attaining higher customer satisfaction and loyalty. Also, it helps inincreasing the market share and sales of the retail firm. It also leads to profitable growth of thefirm. Market orientation assists TESCO in enhancing competitive advantage over its rivals in themarket and also helps in improving the corporate image of TESCO. CostMarket orientation leads to increase in the expectation of customers towards the company(Jones and Morgan, 2014). Also, proper development needs and staff training is required to begiven for this approach by the TESCO which leads to extra cost. RecommendationTESCO should go with both customer as-well-as competitor orientations. Customerorientation will help the firm in regular collection of information related to customer’s need.

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