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Marketing Essentials - Tesco

   

Added on  2021-01-29

16 Pages4282 Words24 Views
MARKETING ESSENTIALS1

Table of ContentsIntroduction......................................................................................................................................3The function of marketing and its interaction with the organisations' other functional units (P1)3Compare methods in which companies use marketing mix (7Ps) components to accomplishoverall company goals...............................................................................................................10To create and review a basic marketing plan for Tesco (P4).....................................................13Conclusion.....................................................................................................................................15Reference List................................................................................................................................162

IntroductionMarketing could be described as a part of the business activities in which products and servicesare shared in order to fulfill the consumer's needs. A marketing plan is generally an overview ofan organization’s marketing strategy. In an organization, marketing has several stages that allowa business to grow its revenue and also grow its consumer base. The focus of this study is allabout the key functions in marketing and its interaction with the company's other functionalunits. The study further represents the numerous aspects of the marketing mix that theorganization employs to accomplish its overall goals. The organization selected for this report isTesco. Tesco headquartered in Welwyn Garden City, Hertfordshire, England, UK, is a Britishmultinational grocery and general goods retailer. It is the third biggest supermarket measured bysales in the globe as well as the ninth biggest supermarket based on revenue in the market.Finally, the report contains an overview of a basic marketing strategy for Tesco.The function of marketing and its interaction with the organisations' other functional units (P1)In order to satisfy customer desires, the marketing role is vitally important in the production anddelivery of goods. Marketing's key functions and duties include the distribution of the goods ofthat they are needed, storing the goods, processing of demand details to satisfy the client'srequirements (Henríquez, 2018). Marketing roles in the wider sense also include theidentification of customer preferences, the anticipation of client demands, and the identificationof opportunities to improve profitability. The main roles and responsibilities of the marketingfunction are defined as follows:●Identifying the wants of the consumersThe marketing role is important for the understanding of the evolving desires ofcustomers. It focuses mainly on defining the consumer's needs, preferences, behavioursand attitudes and on evaluating the data systematically to determine what consumersreally want around the industry.3

●Predicting consumer needsIt is also the responsibility of the marketing department to predict the clients'specifications. Predicting customer preferences will provide the organisation with thefirst-mover benefit that will help firms achieve customer needs and priorities.●Satisfying the demands of CustomersIn order to meet the needs of the customers, that's the primary task of the marketingfunction. Marketing should recognize goods that can fulfill consumers ' needs andprovide them with quality and value.●Increasing ProfitTo find new and imaginative ways to sell customers their products, the marketing role isnecessary. It may entail delivering value-added goods to clients that could not onlyprovide better value to buyers, but also increase the net sales and profit of the company.Marketing ProcessA variety of practices and procedures related to the beginning of the product route to the place ofmanufacture and use are included in marketing. The marketing function in organizations to buildis based on connecting suppliers with customers (Blythe and Martin, 2019). In addition, themarketing method involves creating an appropriate approach for 4 marketing Ps and executingthe campaign to attract and obtain existing consumers from existing customers.●Product: The marketing department is expected to develop a product that meetsthe needs of the customers●Place: In comparison, the selling process entails putting the goods on the marketin the right location where buyers can quickly be met.●Promotion: This includes the application and development of effectiveadvertisement strategies and means of collecting maximum customer figures.4

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