Marketing Strategy of TESCO and Barclays : Report
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Added on 2020-07-23
Marketing Strategy of TESCO and Barclays : Report
Added on 2020-07-23
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INTRODUCTION TOMARKETING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Marketing techniques are used to market products................................................................1P 2 The limitations and constraints of marketing........................................................................5TASK 2............................................................................................................................................6P3 Describe how one of the selected organisations uses marketing research.............................6P4. Describe how the organisation utilises data and information collected through marketingresearch for marketing planning. ................................................................................................7P5 Explain how and why groups of customers are targeted for selected products.....................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9Online........................................................................................................................................10
INTRODUCTIONMarketing is a way to introduce your product to your targeted customers in any market.Today's business world demands every business to adopt a workable marketing strategy so thatthey could achieve competitive advantages over their rivals and could generate higher sales andprofits successfully. There are different ways adopted by all the companies to maximize theirreach in markets. This marketing strategy should be aggressive and effective. In this assignmentwe are going to study the approaches adopted by the TESCO and Barclays to analyse thedifferent marketing strategies. TASK 1P1 Marketing techniques are used to market productsMarketing is the process of planning and executing the developing, pricing, promotionand distribution of good and services to satisfy individuals needs and organisational goals. Inthis context, analysis has determined that TESCO marketing strategy aims to regain the trust ofstakeholders to the brand. The company is focusing on “Every Little Helps” strap line tostrengthen its core traditional competitive advantage in the marketplace (Marketing theory,2017). Barclays PLC is a major global financial service provider engaged in retail andcommercial banking, credit cards, investment banking, wealth management, and investmentmanagement services provider operating in Europe. Corporate strategy provides a direction thatserves as the framework for carrying out all the organisation’s functions. It specifies the aims thecompany will pursue and identifies the growth objective. In addition to this, growth strategies aredescribed which are used to market the products by TESCO and Barclays.Ansoff's matrixThe Ansoff Matrix also known as the Ansoff product and market growth matrix is a marketing planning tool which usually aids a business in determining its product and market growth. This Matrix has four alternatives of marketing strategies; Market Penetration, product development, market development and diversification. Market penetrationTESCO perfected its long term growth strategy based on four key parts. The openings onother locations are supported by their purpose of growth in the core UK, expansion ofinternational retail industry, strong non-food and food services & outstanding customer services,TESCO uses competitive pricing strategies, advertising and the other sales promotions to sell1
existing products & services to existing markets (Wilson and et.al., 2012). The Barclaysconsiders to increase the market share of the student account holders and to re-evaluate thestudent proposition to ensure it relevance to the target market. This is done by implementing themarket penetration and by product development and by capturing current account market sharefrom the other banks and financial institutions, those which have been weakened by theeconomic crisis.Market development The intention of TESCO to expand beyond its current business environment is supported withcoming up with new product dimension, distribution channels, & other strategies with exclusivepurpose of attracting customers to build a new market (Masterson, and Pickton, 2010).Product development The risks of introducing new product or service in an existing market are countless. ForTESCO, their growth strategy on the expansion of non-food is an example. TESCO introduces2Illustration 1: Ansoff's matrixSource 1: (Masterson, and Pickton, 2010)
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