Marketing Essentials Assignment | Tesco Plc
Added on 2021-02-19
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Marketing Essentials
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P 1 Roles and Responsibilities of Marketing function.................................................................1P 2 Roles and Responsibilities of marketing in relation to the wider organizational context....4LO 2.................................................................................................................................................5P 3 Comparison of marketing mix (7Ps) of different organizations............................................5LO 3.................................................................................................................................................9P 4 Basic Marketing Plan ............................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONMarketing Essentials refers to all the important elements that are required in themarketing function of the company that leads to the generation of the sales revenue and promotethe products of the company. This report is based on Tesco Plc, which is a multinational Britishcompany that deals in supermarkets and groceries retailer in England. Tesco is the third largestretailer in the world in forms of gross revenue. Tesco has overall of 6,800 shops and operates in11 countries across the world. The company deals in supermarket stores and has the revenue of£63,911 million and consists 450,000 employees working for it. This report will highlight theroles and responsibilities of marketing function and explain the relationship of marketingdepartment with other departments of the organization. The report will also include thecomparison of marketing mix of the different organization in same industry. The report will alsoinclude the evaluation of basic marketing plan for the organization.LO 1P 1 Roles and Responsibilities of Marketing functionMarketing- Marketing is a process that contains the activities that promotes buying and sellingof a product or service. It includes advertising, promotion, selling and delivering products to theconsumers. Deeply, Marketing is a discipline that involves all the actions that organizations taketo satisfy their customers and build relationships with them(Lancaster and Massingham, 2017). Importance of marketing for Tesco- Tesco is the biggest supermarket in UK and has themarket share of 28% of the total UK market. In order to operate and expand its market and servethe customers as well as to maintain the revenues, Tesco needs and effective marketing unit forits organization. Marketing not only promotes and advertises the product brands of Tesco butalso enhance the better relationships with the customers and make sure they are satisfied with theproducts and services offered by Tesco(Moorman and Day, 2016). Marketing is the biggestsource of revenue generation for Tesco as there are several numbers of competitors and effectivemarketing strategy makes the company to beat and face the competition from its rivals.Marketing has helped Tesco Plc to generate the global sales revenue of £48.4 Billion and thecompany's operating of £944 million. Thus, it can be observed that marketing is of immenseimportance for Tesco in terms of revenue generation and survival in the market.1
Marketing functions of Tesco elaborating different roles and responsibilities of thefunctions in the organization- The following are the different marketing functions ate TescoPlc- Market Analysis- Market analysis refers to the study of dynamic changes in the market.It is an analysis of the current market information and trends that helps the organization to framethe strategies as per these conditions. Tesco operates in the wide area market of 11 countriesacross the world. In order to continue to survive in the market Tesco has to identify variousdimensions of the market of different countries(Tomczak and et.al., 2018). These dimensionsinclude Market size, growth rate of the market, Trends, Market profitability, key factors ofsuccess in a particular market, distribution channels etc. Market analysis let Tesco know all thesefactors related to the market as well as help in understanding its current position and thestrategies to be framed in order to deal the changing dimensions of market. The following are theroles of market analysis of Tesco-To conduct the market research and survey in its areas of operations.To identify the needs and demands of the customers.To collect the marketing information regarding the customer's preference, tastes,perception, purchasing power etc.To identify the profitability and growth rate of particular market.To determine the current position of the Tesco in the current market.To find out the effectiveness and success of the new product that can be launched byTesco.To understand the economic factors such as inflation, exchange rates of the country,taxes and other factors that might affect the business of Tesco. Market Segmentation- Market segmentation refers to the division of a particularmarkets on the basis of customers. Tesco has about 6,902 stores of supermarkets across theworld, In order to deal and satisfy every customer it is difficult for the company to framestrategies and hence the company makes the segmentation of the customers based on variousfactors(Rowley, 2016). Customers are divided as per the Psycho-graphic segmentation whichmeans on the basis of interests, culture and lifestyle, Behaviouralistic which means on the basisof customers loyalty towards the brand and Geographic division as per the different areas, which2
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