Marketing Mix and its Application on Plant-Based Meat Products by Tesco PLC

This report discusses the importance of marketing mix in promoting products and services in the market. It focuses on the application of marketing mix on the new plant-based meat products launched by Tesco PLC. The report covers the four Ps of marketing mix: product, price, place, and promotion. It also includes an explanation of marketing and marketing mix, and a brief theoretical explanation of 4Ps marketing mix.

Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
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Contents
Introduction p
An explanation of marketing p
An explanation of marketing mix p
A brief theoretical explanation of 4Ps marketing mix
p
Introduction of product/service
p
Application of 4Ps marketing mix to the selected
product/service p-p
Product p
Price p
Place p
Promotion p
Conclusion p
References p
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Introduction
Marketing is the set of activities which are conducted by the organization to
promote the products and services in the market. This is the primary process of the
company where they use different strategies to advertise and promote their products
in the market. This process is wide which consists of communication, creation,
offering and delivering the context of services or products that are offered by the
company. Marketing mix is the process that consist of four P’s which cover the major
areas of marketing (Hossain and Khan, 2018). The company should evaluate their
four P’s to sustain in the business environment for a longer period of time. This
report is based on the marketing strategy followed by Tesco PLC in their operations.
Tesco PLC is a UK Based multinational retail company that is the third largest retail
organization dealing in grocery. Marketing mix is further applied on the new products
launched by the organization which will help further in evaluating the products
existing in the market.
An explanation of marketing
Marketing is the process of creation, exploration and delivering of values
which helps the organization in meeting the objectives. The objective of business is
to deliver the advertisement in a way that defines the product in best manner.
Marketing includes a range of factors and components which directly contribute to
the company in terms of increased result. Marketing includes a range of components
such as themes, target audience, designing of products, advertising campaigns and
packaging of products. This is considered as one of the major component in the
business management and commerce which helps the organization in delivering the
objective. Marketing is considered as most essential tasks which creates the value of
services and product (Kim and Kim, 2018). The functional area of marketing is
dedicated towards the performance of function which is related to promotion and
selling of products and services in the market. In context of Tesco, they have
increased the marketing team of the company which directly contribute to the
development of organization. They have a full fledge marketing team which ensures
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that the products and services offered by Tesco are well received in the market.
They organize campaigns which are centered towards bringing more and more
customers in the organization. The aim of the organization is customer acquisition
which will ultimately result in increased productivity and profitability.
An explanation of marketing mix
Marketing mix refers to the set of tactics and actions that the organization
uses to promote the products and services in the market. The mix is composed of 4
Ps which covers the major areas existing in the industry, these areas must be
critically evaluated to compose the best marketing strategy. Effective marketing
strategy consists of a perfect structured which helps the company in terms of dealing
with challenges and competition. Tesco should focus on the marketing mix process
as it will help in terms of making strategies and setting up a good image of the
company in the market. These schemes are directly helpful in revising the existing
products and further delivering the best services in the market. The objective can
easily be delivered by using a range of techniques considered under the marketing
mix process.
A brief theoretical explanation of 4Ps marketing mix
The four P’s that exist in the marketing mix directly represent the area which
helps the brand in terms of focusing on maximization of sale. The marketing strategy
of the organization will be dependent on the basis of Place, Price, Product and
promotion which will ultimately lead to attaining of objective. Through these
strategies the organization will use the key elements of marketing mix to foster the
process of delivering best value to the clients (Lahtinen et. al., 2020). Product of
marketing mix consists of the detailed analysis of features that are offered in the
product along with the specialty of the products and services that set them apart
from the competition and will increase the customer base. The second element that
is the price of product plays an important role in the life of consumer and company
as most of the decisions are based on the pricing value of the product offered by the
organization. The third element of the marketing mix is place which consists the
information about the place at which the above particular product be available for the
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customers. The availability of products and services is one of the major component
which is related to the growth of the organization. The marketing mix process is
incomplete without a proper place where the product will be available for the
customers. The last part of marketing mix is promotion which consists of the process
that will be followed by the company in terms of advertising their product in the
market. The promotional strategy of the organization should be effective as it will
help the organization in sustaining and getting a competitive edge. Tesco should use
the marketing mix in a most effective manner as it will directly contribute to the
enhanced process of marketing and will deliver the best set of results in the
organizations.
Introduction of product/service
The new set of services that will be offered by the company is analyzed with
the help of marketing mix model. Tesco is one of the largest grocer retail across the
world and they have also expanded their operations in several countries. Tesco is
further expanding their product line to capture more customers in the business.
Tesco will offer a range of plant based meat products which will acquire more
customers that prefer vegetarian food (Lim, 2021). Tesco will be able to add a range
of plant based meat product which will directly help in terms of delivering the best
product in the market. Tesco is looking to take advantage of current trend and
scenario where people are looking for more and more vegan food choices. Through
this they will increase their growth prospects in the grocery retail sector. If Tesco is
able to add more and more such products, then the organization will have a range
which will target the untapped market. Marketing mix is further applied on the new
product of the company to analyze if it is worth the investment or not.
Application of 4Ps marketing mix to the selected
product/service
Product
This refers to the product or service that is offered by the company in terms of
capturing the market. Tesco is further looking to expand their grocery line to capture
the vegan market as the current trend is inclined towards the vegetarian lifestyle.
This product will offer the customers with vitamins, proteins and other nutrients which
are founded in the non-vegetarian meals (Othman et. al., 2020). The product which
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is offered by the company will solve the major problems of customers who are
looking for vegetarian substitute of the meat. The nutritional value offered by the
plant based meat product will be same as the other non veg items. The products
offered by the organization should be made with attractive packaging as it will help in
terms of brining more and more customers in the organization. Plant based meat are
generally chosen by people who are into fitness and want to get the nutritional value
from the vegetarian product.
Price
It refers to the price point in which the organization is looking to offer the
products in the market. This is the most crucial factor as it directly helps in terms of
offering the quality products at a best price possible. The major role of the company
is to decide the right buying price for the product which will acquire more and more
customers in the business (Raewf et. al.,2021). Tesco offers customer friendly prices
so that they can attract more and more customers towards the new product. Non veg
products are not consumed by every person and hence the new product offered by
the company will fulfil the needs of the customer. If the products offered by the
company are affordable then the organizational will be able to build a larger
customer base for their product.
Place
This refers to the distribution channel that is used by the company to supply
the customers with the new range of products. The two types of channels and places
that can be used by the organization to supply their product are online and offline
channels. Tesco is one of the largest chain of grocery products and they have
established their stores in all major cities of UK. They also provide the products to
the customers using the online channels which help in acquiring a large customer
base. Plant based meat product that is offered by the organization can be supplied to
customers using the online and offline approach. The online grocery market will
acquire customers who are looking for the plant based meat and purchase online.
The offline grocery market that is the stores of Tesco will have a separate line where
they will offer the customers with the newly launched product. Place is one of the
major component which directly contributes to the success of the newly launched
project. This is one of the major criteria of marketing which helps the business in
terms of effectively maintaining a brand image in the market.
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Promotion
This refers to the main process of marketing which includes promoting the
services and products within the market. The values given in the promotion mix plays
an important role in terms of attracting the customer towards the product. The
organization must come up with several techniques of promotion which will help in
terms of making the product strong worldwide (Stead and Hastings, 2018). Tesco will
promote their plant based meat on different platforms such as offline and online
channels as it will attract more and more customers. The offline channels will attract
more and more customers that are traditional in terms of approaching the products.
The online approach of marketing will use the social media channels to target the
customers who are up from the traditional approach and look for products online.
The business model used by the organization in terms of promoting plays an
essential role in the success of the new product. Promotion will enable the company
to deal with the challenges that exist in the market and it directly helps in terms of
increasing the growth prospects of the new product and the company.
Conclusion
From the above report it can be concluded that marketing plays a crucial role
in terms of maintaining the business profile of the company. The main function of the
organization is to focus on the marketing techniques as they directly contribute the
growth of the company. Marketing mix is one of the major tool which is used by the
organization to evaluate the areas through which the organization can get a
competitive edge in the market. Marketing mix covers the four major areas which are
given under P column that are price, promotion, product and place. The above report
concludes that the new product must be evaluated on four bases as it will help in
deriving success in the business.
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References
Dost, F and et. al., 2019. Seeding as part of the marketing mix: word-of-mouth program
interactions for fast-moving consumer goods. Journal of Marketing, 83(2), pp.62-81.
Hossain, A. and Khan, M.Y., 2018. Green marketing mix effect on consumers buying
decisions in Bangladesh.
Kim, M.S. and Kim, J., 2018. Linking marketing mix elements to passion-driven behavior
toward a brand: Evidence from the foodservice industry. International Journal of
Contemporary Hospitality Management.
Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix. Testing
the effectiveness of the commercial marketing mix in a social marketing
context. Journal of Social Marketing.
Lim, W.M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of
Strategic Marketing, 29(5), pp.453-469.
Othman, B.A and et. al., 2020. The effects on customer satisfaction and customer loyalty by
integrating marketing communication and after sale service into the traditional
marketing mix model of Umrah travel services in Malaysia. Journal of islamic
marketing.
Raewf, M.B., Thabit, T.H. and Jasim, Y.A., 2021. The Relationship between the Elements of
Marketing Mix and Consumer Behavior during Environmental Uncertainty. Cihan
University-Erbil Journal of Humanities and Social Sciences, 5(1), pp.50-55.
Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the
balance right. In Social Marketing (pp. 29-43). Psychology Press.
Wu, Y.L. and Li, E.Y., 2018. Marketing mix, customer value, and customer loyalty in social
commerce: A stimulus-organism-response perspective. Internet Research.
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