Marketing Fundamentals - Tesco Assignment
Added on 2021-02-19
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MarketingFundamentals
Table of ContentsTASK 1............................................................................................................................................4Processes and stages of marketing including the role of marketing mix ..............................4Role of marketing in creating value for customers................................................................8Stakeholder engagement and their impact on the marketing activities of an organisation 8TASK 2 .........................................................................................................................................10Reflection essay ...................................................................................................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONMarketing fundamental play an important role in a business. Marketing also help toprovide some new opportunity and held to identify beneficial customers. Beside it marking alsohelp the organisation to increase the sales and profit of the company by attracting morecustomers through marketing campaigns. (Shaw, 2016). This present report is based onorganisation naming Tesco which is a supermarket chain and introduced in the year 1919. Thisorganisation is dealing in retail sector. The following report has two sections, the first onediscusses about stages of marketing including the role of marketing mix and role of marketing increating value for customers. At last this section describes stakeholder engagement and theirimpact on marketing activities of the organisation. The next part consists of reflection of tacticalcommunication tools used for generating interest and awareness for marketing. TASK 1Processes and stages of marketing including the role of marketing mix Marketing is defined as activity that is undertaken by an organisation for promotingbuying and selling of service or product. The marketing process is defined as a plan that helps inlaying out all elements that are connected to business and they have great impact on marketinginitiatives of business. The various factors which are included in marketing process are mission,goals and objectives of the company, analysing strength, weakness, opportunities and strengththat affects marketing brand, determining target audience, required resources and distributionchannels that are used for supporting marketing initiatives. The marketing process helps inknowing own brand of the company and and also positioning of company in the industry. Tescois a British multinational general merchandise retailer and thus it is important for this companyto focus on marketing processes. This will help in increasing the sales and profit of the company.The main mission or goal of Tesco is to increase it's sale by 20% within 6 months. The first stepof marketing process is to analyse and evaluate opportunities that can be availed. Theopportunities for Tesco are analysing new trends and demands of customers so that level ofcustomers satisfaction will be high. Tesco is a well known organisation and it is having a lot ofopportunities in market because of that. Tesco has to conduct effective market research that willhelp in grabbing information related to it's competitors, Customers, trends and change occurred
in market. The marketing process of Tesco includes the following - Analysis of market andenvironment, Identification of marketing target , Setting marketing objectives , Dealing withelements of marketing mix , Reflection, control and revision (Marketing process of Tesco,2019).The market analysis of Tesco is done by conducting PESTEL analysis, SWOT analysis,Porter's Five Forces model and Value chain analysis. The next step is identifying of themarketing target and Tesco targets a particular segment of population in UK and other countriesin which it is operating supermarkets. The nest step is marketing objective or goal of Tesco. Themarketing goals of Tesco is profit maximisation in short term as well as long term perspective.Also other goal is to increase the brand image. The marketing goals of Tesco is related tobusiness strategy that includes growing business in core UK, maximising international presenceby using offline as well as online channels, increasing retail services in current market, focusingon corporate social responsibility, enhancing brand value, engaging in more diversified productsand creating value through teamwork. The other step of marketing process includes dealing withelements of marketing mix and this is essential for Tesco to deal with it's marketing mixelements. This consists of basically four P's i.e. product, price, place and promotion. Tesco'smarketing strategy focuses on advertising it's products in an effective manner. It develops pricingstrategies considering customers. This company undergoes a deep market analysis beforeexpanding it's business into other countries. The promotional activities and marketing campaignsof Tesco are made for attracting more potential customers. Marketing Mix of Tesco Tesco is one of leading brand of Supermarket. It manges the customer across theboundaries of UK and twelve other countries. Tesco designed and fulfilled needs of customer,hence it provides cheap prices and develop time for online stores and maintain a reliable brandimage with reap customer loyalty (Marketing mix of Tesco – Tesco Marketing mix,2019). Themarketing mix of Tesco which is explained below:- Products in marketing mix of Tesco: The company offers variety of products whichincludes food, clothing and electronics, financial services and many more. Online marketing toolwhich is adopted by Tesco company which aid customer need effectively. Price in Marketing Mix of Tesco: Company which maintained low pricing strategywhich reduces quality of products and running in loss. The major advantages is that customer ishappy with and which maintain economic scales. Due to economic changes people thought that
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