Marketing Planning of Tesco : Assignment

Added on - 22 Jul 2020

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Marketing Planning
Table of ContentsINTROCDUTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Changing perspective in marketing planning........................................................................11.2 Organisation's capability for planning future marketing activity..........................................21.3 Technique for organisational auditing and analysation of external factors which affectmarketing planning......................................................................................................................21.4 Organisational audit and analysation of external factors......................................................3TASK 2............................................................................................................................................52.1 Main barriers of marketing planning.....................................................................................52.2 Ways for overcoming barriers...............................................................................................7TASK 3............................................................................................................................................73.1 Marketing plan for a product................................................................................................73.2 Importance of marketing plan in strategic planning.............................................................83.3 Techniques for development of new product........................................................................83.4 Recommendation on pricing policy, communication mix and distribution of new product.83.5 Factors affecting implementation of market plan.................................................................8TASK 4...........................................................................................................................................94.1 Ethical issues that influence marketing planning..................................................................94.2 Examples of how Tesco respond to ethical issues................................................................94.3 Examples of consumer ethics that effect marketing planning............................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11.......................................................................................................................................................12
INTROCDUTIONEvery organisation want to plan the activities which they are going to perform inupcoming years so they can minimise risk and prepare themselves for uncertainty. Marketing isconsidered as one of the most important function in a company, it planning basically relates toadvertising and other efforts so an enterprise can achieve their set objectives. Tesco is one of theleading company of retail sector, they are running approximately 4500 stores in more than 12countries (Constantinide sand Fountain, 2008). This file will discuss about external factors thathas capacity to marketing planning, it will also include main barriers which can create problemin attaining short as well as long term goals. Product development techniques will also becomepart of this assignment. Some ethical issues like consumer ethics, will get cover under thisproject.TASK 11.1 Changing perspective in marketing planningIn order to cope up with different kind of challenges and uncertainties, every firm makesome plans so they can move in right direction and do not get confuse by policies of otherorganisations. Marketing planning is a process where managers analyse a market place so theycan develop appropriate strategy for surviving and completing in an industry. It starts withfinding the goals of company and than identifying risks and opportunities. The last step of thisprocedure is implementation and monitoring proposal.Earlier firms were focusing on production and selling concept but in this era trend ischanging swiftly. Instead of quality marketing plans are concentrating on loyalty. If customershave faith in a company than they will buy their goods, they may ignore better quality and lessprice. One of the most important part of marketing is selling, but in time frame it is also changing(McDonald and Wilson, 2011). Nowadays enterprises are not trying to sell a product byconvincing customers that they should use them because it has so many benefits, they keep theirfocus on concept of ''well known''. They want t people to get familiar with an item or companyand if they think that certain commodity will satisfy their need than they should purchase it.Loyalty and well know are the new prospective of this era.1
1.2 Organisation's capability for planning future marketing activityTesco is considered as the table leader in domestic market because they hold maximummarket share. They are capable for investing huge amount in their marketing plan because theyhave deep pocket, experienced and talented employees. People have trust in their products andbrand which will help them in launching new organic items (Katsikeas, Morgan and Vorhies,2012). An organisation's capability mainly relates to core competency, their strengths andweaknesses and available resources. Cited company has strong presence in food section whichgenerates major part of their revenue. Their goodwill is better than other player of this sectorwhich provide them some extra edge over their competitors. They have a huge burden of debtwhich can create hurdle in expansion of business activities. One of the biggest advantage thatTesco can encash and include in their marketing plan is quality of their products. They havelarge number of loyal customer who provide stability to their business because they do not buygoods from stores of other companies.Although cited organisation have quality workforce but in recent times they face somebig strikes which affected them at more than one level. Their store were closed becauseemployees denied to work, in upcoming time their marketing plan has to find some solution forthese kind of problem because customers were not happy with these kind of incidents.1.3 Technique for organisational auditing and analysation of external factors which affectmarketing planningAn enterprise has various options relating to technique for organisational audit. First isSWOT analyses where a firm evaluate strength of a company. It can be related to finance orbrand image, these factors gives some extra edge to an organisation over their competitors. 'W'stands for weakness, in this point areas where they need to improve are determined so they canremove their shortcomings and move toward their goals. 'O' means opportunities, everyenterprise has some opportunities which can be related to expansion of business in new countryor development of a new product. Threats are part of business, these care challenges whichcreate various types of hindrances in achieving pre-determined goals (Metaxas, 2009).PESTLE analysis is considered as the best option for evaluation of external factors. 'P'stands for political where rules and regulations and political stability are taken into account formaking a decision. 'E' is for economy, elements like economic growth and interest rate comesunder this point. 'S' means social, culture, religion, taste and preferences are covered under this2
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