Marketing Mix and Its Application to TESCO's Clothing Segment
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This report discusses the importance of marketing and the practical applicability of the 4 P's of marketing mix in relation to TESCO's clothing segment. It includes an explanation of marketing, marketing mix, and the application of 4 P's to the selected product/service.
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Business Management BMP4004 Contemporary Issues in Marketing The nature and importance of the marketing mix within the marketing process Contents Introduction3 1
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An explanation of marketing3-4 An explanation of marketing mix4 A brief theoretical explanation of 4Ps marketing mix 5 Introduction of product/service 5-6 Applicationof4Psmarketingmixtotheselected product/service6-7 Product6 Price7 Place7 Promotion7 Conclusion8 References9 2
Introduction Marketingrefers totheusingof thedifferent kindof advertisement and promotional activities in order to sell the products and services of the company. It is undertaken by the business organizations to promote the products of the companies through which they get large number of customers for their business (Wang, 2021). Int this report element of marketing mix will also be discussed. It is a framework that include 4 P's which helps the companies to find out the best product of the company to use in promotion. It also facilitates the business organization in finding the best place that where they can advertise their product. This report is based on the TESCO brand, it is a multinational grocery brand that is based in Welwyn Garden City, London. It was founded by Jack Cohen in 1919. TESCO mainly operates in the consumer goods industry. This report includes the theoretical definition of marketing that helps in the business firms to use various types of promotion techniques. This report contains the explanation of marketing mix that helps the companies in making effectivestrategy fortheexpansionoftheirbusiness.Itincludesthe4P's of marketing mix. Introduction of new products and services of the company will also be discussed. There will be the practical applicability of the 4 P's of the marking mix in relation to the company. An explanation of marketing Marketing can be defined as the use of various promotional and advertisement techniques through which the business organization can sale their products and services in the market. It is the process to targeting and selecting the potential customers for the business. It is wide term as it includes huge level of research, promotional activities, and distribution of the products and services to the customers(Kamps and Schetter, 2018). It Is a action that is undertaken by the companies In order to attracts the more number of customers for the business. Marketing also helps the business to give knowledge about the products and services of the companies. There are various types of marketing tools through which a company can advertise their products and services in the market. In this modern era of technology, it is very important for the companies touseeffectiveandefficient platforms in order to promote their products. There are various tools for advertisement available in the market that is internet marketing, blog marketing, social media marketing, video marketing etc. These tools can help the business to reach more and more customers 3
in the market. Through using these techniques of promotions business firms can capture huge share in the market. An explanation of marketing mix Marketing mix referred to as the techniques, tools or strategies that are used to make the marketing plan. This is used to attract more and more number of customers for the business. It facilitates the business to target the appropriate and potential market for the business and also helps in creating the brand image for the company. These strategies are used to make a specific plan for the business that how the marketing and advertisement activities will be carried out in the business. Marketing mix is dependent on the ideas of the 4 P's that is used to carry out the promotional activities. These elements helps the firms that how to advertise the products in the market and how to get core customers for the business (Rauschnabel and et.al., 2022). These four P's are referred to as price, promotions, place and product. These tools plays an very important role in building the image of the business. It helps the business firms to deciding the reasonable price for their product so they can get large number of customers. Marketing mix helps the companies to make a effective marketing plan for the business to increase the sales and operations of the business. It also tells the organization to keep an eye on the advertisement techniques of the competitors through which they can easily survive in the market by using effective promotional techniques. This strategy helps the companies to make changes in the product range of the company. Marketing mix helps the organization to run their business effectively which results in more generation of profits. A brief theoretical explanation of 4Ps marketing mix Product Products refers to the number of goods and services that is to be offered to the customers of the business. It includes designing of the product and product that is being offered in the market should satisfy the needs and wants of the customers. 4
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Price This means deciding of the cost that the consumer will pay in return of the product (Quach and et.al., 2020). In this the marketer analyses the price for the product in relation to the value that is derived form the products or the services. Place This element of four P's is focused on choosing the appropriate place for the business. This means where the product will be sold orc how the product will be delivered to the customers in the market(Kotler and et.al., 2020). Selecting of the distribution of channels also comes under this as business firms select the effective channel to deliver the products to the customer fast. Promotion This element of 4 P's focus on choosing the best advertisement and promotional techniques that helps in increasing the sales of the business. This helps in identifying the potential market and consumers where they can expand the operations of the business. Introduction of product/service TESCO is a multinational grocery brand and have operations in many countries. They are the third largest retailers across the world. They have operations in many sectors like clothing, furniture, financial services, petrol etc. They have supermarkets across the UK and they serve different variety of products like drinks, bakery, baby products, clothing, frozen foods, beauty products etc. TESCO has supremacy in clothing filed as they sell the best quality of clothes to their customers. They have variety of clothes for the all age groups (Wirth, 2018). They sell ready made as well as unstiched clothes. They keep on introducing the new fashionable products and attractive clothes to their customers through which they can satisfy the needs of their customers. They use new stitching machines and techniques to make clothes which produce the fine quality of product. They can attract lot and lots of customers as they regularly provides discounts on the clothing products and new schemes. They sell the best quality clothes at a very reasonable price which helps them in attracting lots of customers toward their business. It helps them to increase their sales through which they maximizes their profit and it helps them in expansion of their business activities. 5
Applicationof4Psmarketingmixtotheselected product/service Product Product means the goods and services of a company that is offered to the market. This element of marketing mix focus on to satisfy the needs of the customers by providing the valuable products or services. TESCO have a huge variety of clothes and they cater to every class of the market. They regularly introduces the new designs and pattern in the market. They also conduct various surveys in market to find out the new needs of the customers. They have all variety of clothes in the company which helps them to focus on all age groups (Reyes, ed., 2020). This have specialty in making clothes and this section is very important for TESCO as it generates a good percentage of profit for their company. Quality department of TESCO ensures that they should use the best quality thread through which fine clothes could be made. While buying a clothes customer expect to get better quality products from the manufacturers on the other hand TESCO assures that their customers should get fine quality of product. Price Price means the value that will be charged from the customers in exchanging of the products and services. This means selecting the appropriate price for the product that is to be offered to the customers in the market. Prices of the products are selected after considering many factors that are present in the market. This element helps in competing in the market. This point focuses on making the effective price strategy for the business in order to capture the huge share in the market. TESCO uses this strategy very effectively as they have the clothing products for every class of the market(Pedersen, 2021). They set price according to the different quality of the products and they deal in the cheap as well as premium quality of clothes. This helps them in attracting both middle and upper class of people to their business. Sometimes they faces difficulty in surviving in the market so for that they use the effective price strategy through which they give various types of discounts on the clothing products. 6
Place Place refers to selecting the market place where the products and services of the company is to be offered to the customers. This element also consider that how is the product will be delivered to the ultimate consumers. In this element companies decide the channel of distribution through which they can deliver the products to remote areas as well. Companies ensures that they should use the cost effective & fast channels through which they can deliver the product in a less time. TESCO select the effective distribution channel for the transportation of their clothes products to the ultimate consumers (Ferrell, Hartline and Hochstein, 2020). They maintain a big network for the delivering of their products through which they can target the remote areas as well. TESCO have also opened big stores in the malls and markets across UK which gives the facility to their customers to buy directly from there. TESCO also provides the facility of online purchasing to their customers as they have their personal app and website for clothing segment. This helps their customers to shop their clothes from the home through online platform. Promotion Promotions includes various types of advertisements, promotional activities that helps the business to grow in the market. This helps to more share in the market. It is the main element of the marketing mix as it facilitates the business to chose the effective way for promoting the products and services in the market. There are various types of advertisement techniques through which companies can advertise their products in the market. This element is also used by the organizations to give the information about the products and services in the market. TESCO uses various techniques of promotions in order to increase the sales of their company(Kumar and et.al., 2019). They spend lots of their funds on marketing their clothing products as they have the best quality products. They use various social media platforms to advertise their products in the market. This element of marketing helps the company to reach more and more customers and helps in generating more profits for the business. Conclusion 7
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From the above report, it can be evaluated that in today's era marketing is very much important for the business. In above report the role and importance of marketing have been discussed. Various elements of marketing mix have also consider in this report which helps the business to make effective marketing plan for the business. Introduction of the products and services of a company have also been discussed. This can be analyzed that 4 P's of marketing plays major role in the growth of the business. There is a practical applicability of 4 P's of marketing mix have been taken into account in relation to the specific company. References Ferrell, O.C., Hartline, M. and Hochstein, B.W., 2021.Marketing strategy. Cengage Learning. Kamps, I. and Schetter, D., 2018.Performance marketing. Springer Fachmedien Wiesbaden. Kotler, P and et.al., 2021. Marketing management: an Asian perspective. Kumar, V and et.al., 2019. Understanding the role of artificial intelligence in personalized engagement marketing.California Management Review,61(4), pp.135-155. Pedersen, C.L., 2021. Empathy based marketing.‐Psychology & Marketing,38(3), pp.470- 480. Quach, S and et.al., 2020. Toward a theory of outside-in marketing: Past, present, and future.Industrial Marketing Management,89, pp.107-128. 8
Rauschnabel, P.A and et.al., 2022. What is augmented reality marketing? Its definition, complexity, and future.Journal of Business Research,142, pp.1140-1150. Reyes, M. ed., 2020.Consumer behavior and marketing. BoD–Books on Demand. Wang, C.L., 2021. New frontiers and future directions in interactive marketing: inaugural Editorial. Journal of Research in Interactive Marketing. Wirth, N., 2018. Hello marketing, what can artificial intelligence help you with?. International Journal of Market Research,60(5), pp.435-438. 9