Marketing Fundamentals Analysis and Evaluation: Doc
Added on 2021-02-20
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Marketing Fundamentals Analysis andEvaluation._1566477331
·········TABLE OF CONTENTSINTRODUCTION...........................................................................................................................2TASK 1A.........................................................................................................................................2Processes and stages of marketing including the role of the marketing mix...............................2The role of marketing in creating value for customers................................................................4Stakeholder engagement and their impact on the marketing activities of an organization.........6TASK 1B.........................................................................................................................................7Conclusion and reflection of the tactical communication tools to generate awareness..............7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9····
·INTRODUCTIONMarketing refers an important process and action that helps organization in promotingand selling their products by effective market research (Kerin and Hartley, 2015). This presentessay is based on Tesco Plc that is a British multinational grocery. Headquarter of this companyis in Welwyn Garden city. This essay is going to show about stages of marketing that is beingfollowed in proper manner for accomplishing goals. It will also show about importance ofmarketing mix and all 7P's which helps customers in making purchasing decisions. Marketingfunctions do not only have positive impacts but also have some negative impacts if the companydo not follow them in an effective order. Further this essay will show about stakeholder matrixon which basis the company makes its strategies and perform its marketing functions.·TASK 1A·Processes and stages of marketing including the role of the marketing mixAccording to (Kotler and et.al., 2015) marketing can be defined as a process and actionof promoting brands and products of an organization by doing market research and advertising.It is an important function for any type of organization because it helps the company to developdemands and sales for their products and services and fulfilling customers' needs.As per the view of (Martynenko, Lysytsia and Prytychenko, 2018) it is stated thatmarketing processes involves 5 steps which plays an important role for completing markingfunctions successfully. It includes setting a clear vision, analysing internal factors, targetaudience, analysis of required resources and take actionable metrics. They said that developingvision before marketing strategy is vital to marketing success and by developing a clear vision,Tesco and other organization can attract the right strategy. 1st stage is setting a clear vision andthen target audience is an important process of marketing. With the help of clear vision thecompany can propel their marketing and on that basis it performs its further functions. Aftersetting out clear vision it is important for the company to analyse all internal factors with thehelp of SWOT analysis. This analyses of internal factors support an organization to takecompetitive advantages.
Pestle is the analyses and framework that helps in identifying the different externalfactors and their impact on the TESCO. It is analysed and monitored to have a profound impacton the performance of the organisation. Furthermore, the term PESTLE stands for political,economic, social, technological, legal and environmental factors. The following are the impactsof this discussed below:·Political factors: The political factors are concerned with the intervention of the governmentalfactors where it includes rules and regulation set by the government of the country, subsidies,taxation, terrorism, etc. If the tax prices minimises then this will have impact the TESCOpositively, because with this the company will be able to increase its sales and also exportbecomes relatively cheaper which will enhance the growth opportunities for the company. ·Economic factors: The economic factor relates to the description of financial stability andlevel of profitability which the company is earning. It includes factors like inflation, deflation,recession, etc. So, during the period inflation when the rate of inflation will be high, then thiswill have negative impact on operations and functioning of TESCO because prices of all theproducts will went up and customers will focus on spending their disposable income on usefulproducts only. Furthermore, this will have adverse impact on the organisation. ·Social factors: The social factor relates to the changes in tastes and preferences of thecustomers. It involves factors like social belief, demographics, age, gender, religion, etc. Thiswill have positive impact on TESCO because of the changes in needs and demands of thecustomers, the company will be focussing towards innovation on regular basis that willultimately help them in competing. ·Technological factors: The technological factor is concerned with advancement in innovationand research and development department. This will have favourable impact on TESCO becausewith this the company will be able to invest in research and development department and newand innovative products and services will be produced. ·Environmental factors: Such factors are gaining most crucial attention in the present businessworld. It involves factors like use of renewable sources of energy, work on minimising carbonfootprints, etc. This will again have favourable impact on TESCO as they will work on installingsolar plants in their premises in order to control the electricity, furthermore, they will adopt thepaper packaging rather than plastic bags, etc.
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