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Marketing Essentials Assignment- TESCO

   

Added on  2020-06-06

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Business DevelopmentProfessional DevelopmentData Science and Big DataHigher Education
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MARKETINGESSENTIALS
Marketing Essentials Assignment- TESCO_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Role and responsibility of marketing functions.....................................................................1a. Marketing and its nature..........................................................................................................1b. Marketing concept, its current and future trends....................................................................2c. Key roles of marketing within Tesco......................................................................................4P2 Relationship between role of marketing and objective of firm..............................................5a. Marketing Mix.........................................................................................................................5b. Marketing process of Tesco....................................................................................................5c. 4P's relations with responsibility of marketing.......................................................................6d. Role of marketing in context business to business (B2B) or business to consumers (B2C). .7M1...............................................................................................................................................7Effects of micro and macro environmental forces on marketing effectiveness..........................7Impact of external environmental elements on marketing activities...........................................8M2...............................................................................................................................................9a. Functional units in Tesco........................................................................................................9b. Role of marketing, finance, human resource and operations..................................................9c. Interrelationship between function and mission of company..................................................9d. Value chain framework.........................................................................................................10D1..............................................................................................................................................11Key elements of marketing functions.......................................................................................117P's of marketing.......................................................................................................................11TASK 2..........................................................................................................................................12P3 Comparison between Tesco and marks and Spencer marketing mix..................................12a. Comparison of business objectives of Tesco and M&S........................................................12b. Difference between products and services of both companies.............................................12c. Extended marketing mix.......................................................................................................13d. Marketing planning process..................................................................................................13e. Applying of marketing mix in organization..........................................................................14M3.............................................................................................................................................14
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a. Comparison of objectives of firms........................................................................................14b. Difference between tactics of different organizations..........................................................14c. Reason of shifting from 4P's to 7P's......................................................................................14d. Overview of marketing planning process.............................................................................14TASK 3..........................................................................................................................................15P4 Marketing plan.....................................................................................................................15a. Drawing marketing plan and its stages..................................................................................15b. Importance of marketing plan...............................................................................................16c. Link between marketing plan, objectives and strategies.......................................................16d. Monitoring of marketing planning process...........................................................................16M4.............................................................................................................................................17D2..............................................................................................................................................17CONCLUSION..............................................................................................................................17REFERENCES..............................................................................................................................18
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INTRODUCTIONMarketing is the process through which entities create value for its valuable consumersand try to develop a strong relationship with them. It is the tool that assists in identifying needsof potential buyers and providing them products which can satisfy and make them loyal towardsthe brand (French and Russell-Bennett, 2015). Present report is based on Tesco which is asupermarket firm that aims to provide high quality products to consumers and become a leadingbrand in this industry. Current assignment will explain the roles and responsibilities ofmarketing. Furthermore, it will discuss the marketing process of Tesco, its strategic planning andmarketing mix. In addition, study will describe the impact of external environmental factors onbusiness activities. It will also define the relationship between functions and objectives of firm.Comparison between Tesco and Marks and Spencer will be done with reference to theirmarketing mix as well. Furthermore, current study will describe 7'p and reason of turning for 4'psto 7ps. Importance of marketing planning will also be explained in this assignment. TASK 1P1 Role and responsibility of marketing functionsa. Marketing and its natureProfit maximization is the main aim of any organization. Modern corporate environmentis highly competitive. In such environment, it has become essential for companies to providesatisfactory products to consumers so that they can be retained at the workplace for longerduration (Charter, 2017). Marketing is the only way through which entity can meet with itsobjectives. It can be defined as a set of activities and process that creates value for consumers,communicates message and exchange offerings so that more people would get attracted towardsthe brand. Marketing is a managerial process that helps the firms in selling their products to endusers. American marketing association has defined marketing as a function of organizations thatcreates, communicates and delivers valuable to consumers and develop relationship with them.Customers are the most important stakeholders of business, if they are satisfied with the firmthen it can grow well with earning high revenues and vice versa (Fortenberry Jr and McGoldrick,2016). Nature of marketing:1
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Marketing is the management process in which company exchange its products in orderto get monitory benefits. It is the goal oriented function that helps entity in accomplishing theirobjectives. Tesco is operating its business in supermarket industry, its main aim is to earn moreprofit and satisfy the consumers. It identifies needs of customers and accordingly offer themsatisfactory products (Fan, Lau and Zhao, 2015). Through marketing activities, Organizationbecomes able to analysis specific needs of different clients and accordingly, it offers them goodsand services so that maximum people would get associated with brand for longer duration. Thus,marketing supports in achieving the business goals to a high extent. Marketing has scientific and artistic nature. There are many competitors of Tesco such asMarks and Spencer, Asda, etc. They all offer similar products to clients. In such condition,marketing is the only way through which company can create a unique image in the kind of endusers and can make them positive towards the brand (Barrales‐Molina, Martínez‐López andGázquez‐Abad, 2014). It is the process through which Tesco can get better information aboutneeds and desires of clients and it can provide them similar services. In addition, marketing is theway that can help in understanding behaviour of the person so that marketing officers and othermarketing team members can deal with them accordingly. Research, market segments, productdevelopment, determination of attributes are another essential facts of marketing. With the helpof this tool, company can make necessary changes in its existing retail products so thatsatisfaction level of clients can be increased. It helps in spreading a positive brand image of thefirm across world (Walker, 2014). b. Marketing concept, its current and future trendsMarketing is philosophy that helps in making sound decisions for growth oforganization. There are various concepts of marketing:Production conceptProduct conceptSelling ConceptMarketing conceptSocietal marketing concept2
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Illustration 1: Marketing ConceptSource: (Concepts of Marketing, 2017)Production concept of marketing is popular and used by many firms in their businessoperations. Most of the consumers want to buy quality products at affordable rates. Tesco adoptsthis concept; it offers a wide range of goods to buyers at low cost. This operational orientedmarketing concept helps the firm in attracting more clients towards brand (Margarita, 2014). Product concept is another type of marketing idea in which company pays more attentionon the quality of goods. They use innovative ideas in order to improve the quality of its offeredthings. Customers like to buy such things which have good quality. This conceptual frameworkhelps entity in attracting more people towards brand and making them loyal towards firm.Selling and marketing are two different aspects but have same goal. In selling concept,company aggressively concentrates on selling of goods whereas marketing pays attention onoffering products as per the needs of consumers. Marketing concept supports corporation increating a unique image in mind of clients and retaining them in firm for longer duration.Societal marketing concept is another type of function in which organizations concentrate ondelivering more valuable products to clients as compared to their competitors. They offer suchproducts which can be valuable for society and its well-being (Chegwe and Anaehobi, 2015). Current and future trends in marketing3
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