This report by Desklib discusses the concept of marketing, 7 Ps of marketing, Ansoff's growth matrix, and digital marketing. It provides insights on Tesco's marketing strategies and SWOT analysis. The report is based on the study of various books and journals.
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Introduction to Marketing 1
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Table of content Table of Contents Introduction......................................................................................................................................3 Marketing and 7 Ps..........................................................................................................................3 Explain the concept of Marketing...............................................................................................3 Define extended Marketing mix in aspect of the organisation...................................................3 Marketing and Competitiveness......................................................................................................4 SWOT Analysis..........................................................................................................................4 Ansoff's Growth Matrix...................................................................................................................5 Description of Ansoff's growth matrix........................................................................................5 Ansoff's matrix to analyse growth strategies at the organisation................................................5 Digital Marketing............................................................................................................................6 Use of digital marketing to improve performance and growth...................................................6 Conclusion......................................................................................................................................7 REFERENCES................................................................................................................................8 2
Introduction The report will discuss upon the concept of marketing. Marketing is a broad concept that comprises of activities like exchange of commodities, services as well as money in order to provide maximum value to their customers. Marketing focuses upon the satisfaction of needs and wants as well as upon building the long term goals (Dwivedi And et.al., 2020). The report revolves around the marketing concept of Tesco. Tesco is a UK based retail sector organisation that was founded by Jack Cohen in the year 1919. The organisation deals in various grocery as well as general products. Marketing and 7 Ps Explain the concept of Marketing. Marketing is referred to the concept where in an organisation promotes selling and promotion of products and services in the market. Marketing comprises of various actions that are undertaken by an organisation to attract customers in order to maintain strong relationships with the customers or the clients (Fahy and Jobber, 2019). Define extended Marketing mix in aspect of the organisation. The marketing mix comprises of 7 elements namely product, price, place, promotion, people, physical evidence and process. The marketing mix in essence of Tesco have been discussed below. 1.Product- Tesco deals in a wide variety of goods such as grocery items as well as general products like apparels, cosmetics, stationery products, etc. The organisation focuses upon fulfilling the needs and requirements of every minute requirement of the consumer. 2.Price- The pricing strategy adopted by Tesco is Cost leadership. Due to this, the organisation keeps the focuses upon keeping the price of the products low without compromising with the quality. Also, Tesco enjoys economies of scale and focuses upon building efficient supply chain. 3.Place- Place is referred to the channel of distribution used by the organisation. Tesco uses both online as well as offline channels in order to circulate their products in the market. The organisation has established over 7000 stores along with the online platform through its websites. 3
4.Promotion- Tesco uses various promotional strategies in order to promote its activities and business through the medium of television, newspaper as well as other social media platforms. The promotional strategies are used in order to attract customers towards the organisation (Jarek and Mazurek, 2019). 5.Physical evidence- Physical evidence is referred to the various tangible stuffs that have existence in the environment or the market. The physical evidence of Tesco include Business cards, stores, logos, offline stores as well as website of Tesco. 6.Process- Process is basically a set of activities that are performed by the organisation in order to accomplish their tasks. At Tesco stores, the customers pick their products and go to customer assistance, they also have methods to make self payment. 7.People- Tesco has a huge number of employees who play an important role in the organisational success. Tesco invests a huge amount in training and development of the employees. Marketing and Competitiveness SWOT Analysis The SWOT analysis helps in depiction of various strengths, weaknesses, opportunities and threats of an organisation. The SWOT analysis helps in analysing the market and thereafter taking possible actions in order to strengthen the business in comparison with the competitors. The SWOT analysis of Tesco has been discussed below. StrengthsWeaknesses Tescohasbeenservingawideand diversifiedbaseofcustomersinthe market and is not focussed upon just a single segment in the organisation. Tesco has a strong portfolio in order to sell equipments and services that fulfil customer demands. Patents and patent licensing agreements arestrengthsofTescoforitscore business operations. Infringementcontroversiesarethe weaknessofTescothathindersthe image of the organisation in the market forviolatingpatentsofother organisation. The business operations of Tesco are quite concentrated in specific regions like North America that can have a impactofslowdownuponthe organisation (Jena and Panda, 2017). 4
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OpportunitiesThreats A continuous investment and efforts in researchanddevelopmentisan opportunity for the business growth in a competitive environment. Tescocanplanforvariousstrategic acquisitions that will help in substantial growth of the organisation and limit the competitors. Changesintheglobaleconomic environmentalongwithseasonal variationsareathreatforthe organisation. Risk in oil and gas industry is also a threat for Tesco. Ansoff's Growth Matrix Description of Ansoff's growth matrix Ansoff's growth matrix was developed by the business manager and mathematician H Igor Ansoff in 1957. There are various risks that are associated with the business expansion and these are highlighted by Ansoff's matrix in order to help the various marketers. There are four strategies of the matrix, namely Market penetration, Product development, Market development and diversification (Kotler, Pfoertsch and Sponholz, 2021). Ansoff's matrix to analyse growth strategies at the organisation The two among four quadrants of the matrix have been discussed in aspect of Tesco below. Market penetration- Market penetration focuses upon increasing the sale of existing products in the existing market of the organisation. Tesco has used market penetration strategy in order to expand its business in the market. The strategy has been proved helpful in order to increase the market share of the organisation along with its use of products by the existing customers in the existing market. The reason behind the success of market penetration strategy of Tesco is that it has been focussing upon the cost leadership strategy along with attractive ad campaigns. The risk behind the market penetration strategy is that it can at times limit the profit margin of Tesco in the market. Product development- Product development is referred to the introduction of new products within the existing market. Tesco has come up with various product under its own brand in order to compete and sustain in the market. Tesco deals in their own as well 5
other brand products too in order to fulfil the customer needs and demand in the market. If Tesco had not launched various products under its own brand name, then in that case the competitors might have had the power of negotiation while resulting in lesser profits for Tesco. The risk behind product development strategy is that it is cost consuming. Development of new products in the market requires high cost and high efforts in the organisation (Terech, 2018). Digital Marketing Use of digital marketing to improve performance and growth Digital marketing is basically a component of the marketing concept wherein the marketing process is carried on with the help of internet and technological devices. The various technological devices include laptops, mobile phones, desktop along with digital media that help in promotion of products and services through online platforms. Digital marketing is of huge significance in the present technological era. The various forms of digital marketing are search engine optimization, pay per click, content marketing, social media marketing, email marketing, mobile analytics, etc. The various digital marketing tools that help in improvement of the performance and growth of an organisation have been discussed below. Search engine optimization- The digital marketing tool of search engine optimization is important in order to increase the attraction towards the website. This helps in enhancing success of the organisation. Tesco has collaborated with Big Mouth Media for the search engine optimization campaign of the organisation. Email marketing- Email marketing strategy comprises of sending information regarding theproductsandservicesbytheorganisationtothepotentialcustomersofthe organisation. It has been determined that Tesco has gained nearly 60% online revenue with the help of email marketing (Zhang, Pitts and Kim, 2017). Online advertising- Online advertisement is one of the most effective advertising process that facilitates the organisation to have a closer relationship with the customers. Tesco can use various kinds of social media platforms like Facebook, twitter, etc. 6
Conclusion It can be concluded from the report that Marketing is of huge significance. The concept of marketing has been discussed in the aspect of a primary organisation wherein 7 ps of marketing have been discussed such as product, price, place, promotion, physical evidence, people and process. The marketing tactics that can be used by the organisation in order to remain competitive have also been discussed in the report along with the growth strategies of ansoff matrix. Further, the digital marketing tools have been discussed in light of the organisation that help in growth and success. 7
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REFERENCES Books and Journals Dwivedi, Y.K. And et.al., 2020. Editorial introduction: Advances in theory and practice of digital marketing. Fahy, J. and Jobber, D., 2019.EBOOK: Foundations of Marketing, 6e. McGraw Hill. Jarek, K. and Mazurek, G., 2019. MARKETING AND ARTIFICIAL INTELLIGENCE.Central European Business Review,8(2). Jena, A.B. and Panda, S., 2017. Role of marketing automation software tools in improving or boosting sales.Splint International Journal of Professionals,4(7), pp.30-35. Kotler, P., Pfoertsch, W. and Sponholz, U., 2021.H2H Marketing: The Genesis of Human-to- Human Marketing. Springer. Terech, A., 2018. An introduction to marketing and branding.Generations,42(1), pp.45-49. Zhang, J.J., Pitts, B.G. and Kim, E., 2017. Introduction: Sport marketing in a globalized marketplace. InContemporary sport marketing(pp. 3-22). Routledge. Dwivedi And et.al., 2020 Fahy and Jobber, 2019 Jarek and Mazurek, 2019 Jena and Panda, 2017 Kotler, Pfoertsch and Sponholz, 2021 Terech, 2018 Zhang, Pitts and Kim, 2017 8