Marketing Management - Tesco
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Added on 2021-02-21
Marketing Management - Tesco
Added on 2021-02-21
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MARKETINGMANAGEMENT
ContentsINTRODUCTION...........................................................................................................................3MAIN BODY..................................................................................................................................31.Brief introduction of company and industry.............................................................................32. A marketing audit, outlining the overall market attractiveness and whether there is thepotential for market growth.........................................................................................................43. Review of the marketing mix of the TESCO...........................................................................84. New marketing mix actions to achieve gaps between the company’s present marketingstrategy and external environment.............................................................................................11Conclusion.....................................................................................................................................12References......................................................................................................................................13
INTRODUCTIONThe American Association ofMarketingdefinemarketing managementas the process ofplanning and executing the conception, pricing, promotion and distribution of ideas, goods andservices in order to create, exchange and satisfy individual and organizational objectives.Following report will lay emphasis on Tesco. Tesco is now a grown and well established retailcompany with loyal and passionate employees. With approx. 31.2% in market as Tesco’s marketshare company develops its status and share which attracts investors to invest in the Tesco.Present report will lay emphasis on brief introduction of company and industry. It will alsoconduct marketing audit in which the internal and external factors which affects company will behighlighted. MAIN BODY1.Brief introduction of company and industryTesco is a British multinational company which has headquarter in England, UnitedKingdom was founded in1919 by jack Cohen. Tesco is being crowned as 3rd largest retailcompany in the world. Tesco has 6800 shops in all over the world with the annual revenue of64,911 million euro with operating income of 2,206 million euro and net income of 1,320 millioneuro Tesco is breaking the bars in business(Shaw, 2016.). Tesco has approx. 450,000 employeesin all the store over the world are working happily. Tesco is in retailing industry serving fromlast 100years in this industry. Its has stores in 14 countries as in Asia, Europe and in northAmerica with some excellent profit and market share they have been selling their goods andservices as a retail company. Tesco products are in food and drink where they proved thereexcellency as they get specialisation in food and drink. They also diverse their area of productline or they diverse there product line as they get in to electronics, clothing’s, insurance andfinancial services as well. As time changes they also take major decision in market where theytook their products as on the online platforms. Tesco also has gas stations. Tesco run theircompany on one mission and vision that they serve their customers with loyalty, trust andcommitment.. As an well-established company Tesco is also in to CSR activities and in this areaTesco committed its contributions in 1.75% in2006 for charity and aid to society(Deepak andJeyakumar, 2019.). With some creative and attractive marketing strategy tesco come up withsome different advertisement by using celebrities as a brand ambassador with some catchy atlines like “every little helps” made an impact in eyes of customers.
Retail industry – it refers to a process where goods and services reach out to their endusers which are consumers that process of providing goods and services to customers withmultiple channels of distribution of product and services are known as retail. Retail industry is anindustry where all types of goods and services is out for sale to its end users. For retailing ofgood and servies there are many strategies where decision making realted to the oppourtunities,challenges can make an effect as in the market with the competition as in the market(Chernev,2018.). With retail strategy or in making of retail strategy there is a market analysis, customeranalysis, competition analysis and many strategies is been tested as in reatail industry foreffective control over market and customer.2. A marketing audit, outlining the overall market attractiveness and whether there is thepotential for market growthTesco is a international company situated all over the Asia and Europe. When Tescostarts his services to other countries they have to prepare a marketing strategy for the countriesand for that they have to prepare pestle analysis of the market that will effect the organisationperformance. First of all analysis of the political environment of the nation (Wierenga and Vander Lans, 2017.Political factor- Tesco have to know the taxation policy of the economy of the how muchgovernment intervenes in the working of the organisation and infrastructure development ofnation for marketing of you brand in the nation Tesco needs to know the foreign trade policies ofthe nation for marketing product in their market have to know how much their marketingstrategies will affect the government policy of the nation they have to know the labour laws ofthe nation and there political stability towards. The Tesco needs to prepare the marketingstrategies according to the political factors of the environment of the nation. Economic factors- They are those to analyse the economy competency of the nation the rate ofthe economy growth the income of consumers of the nation and the unemployment level of thepeople (Phadermrod, Crowder and Wills, 2019. ). This factors are analysing to know the abilityof the consumers to purchase their product and according to that Tesco prepare their marketingstrategy about how much investment to be done on the marketing and to what extent and what
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