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Macro and Micro Environmental Factors (PDF)

   

Added on  2019-12-03

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Marketing Principles
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Various elements of marketing process............................................................................11.2 Evaluating the benefits and cost of market orientation....................................................22.1 Macro and micro environmental factors influencing market decisions...........................22.2 Proposing segmentation criteria.......................................................................................32.3 Choosing a targeting strategy...........................................................................................42.5 Positioning of selected products.......................................................................................43.1 Product development to sustain competitive advantage...................................................53.2 Distribution of products according to customer’s convenience.......................................53.3 Pricing strategies as per marketing conditions.................................................................63.4 Promotional strategies to achieve marketing objectives..................................................63.5 Additional elements of the extended marketing mix........................................................7TASK 2............................................................................................................................................74.1 Marketing mix for two different segments of consumer markets....................................74.2 Differences in marketing products and services to businesses.........................................84.3 Difference in international marketing and domestic marketing.......................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONMarketing principles can be defined as an idea that form widely agreed decisions on thebasis of different product promotional strategies. Business organization opts various marketingprinciples in order to utilize the market performance for their existing products and also tolaunch new products into brand new markets (Stover, 2007). In this context, the organizationundertaken for the present study is Tesco which is a British multinational grocery and generalmerchandise retail company and is considered as third largest retailer in the world in term ofprofits and second largest by the mean of revenue. Tesco has its operations in clothing, furniture,toys, books, software, financial services, telecom and different types of internet services. Thispresent report is based on evaluating the different elements of marketing process. Further, thisreport will also showcase the macro and micro environmental factors which will influence up themarketing decisions. Moreover, this report will also have its significance on focusing ondifferent products which will lead organization to have competitive advantage over other firms. TASK 11.1 Various elements of marketing processElements of marketing process within cited organization contains the following points,Analyzing market environment- Strategic tool require by Tesco in order to give theircompetitors a stiff competition. Mentioned company can focus on PESTLE analysis,SWOT analysis, PORTER five force, value chain, etc.Identifying the market target-Tesco can focus to target a specific segment ofpopulation IN UK as well as in other countries in order to increase more of theproductivity and revenue of the firm.Setting core goals and objectives-Tesco have to set their marketing objectives whichwill constitute maximization of profit for their short term and long term goals andalso focus on to increase the value of their goodwill (Petkus, 2004). Organization goalis to be the growing retail sector in UK, increase the international presence with bothoffline and online stores, develop more and more product services for the presentmarket, etc. Determining marketing mix-Organization focusing on only those goods and serviceswhich satisfy the customer’s needs in significant manner. Further, the unique1
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characteristics of their customers are fully and deeply understood by the managementof Tesco.1.2 Evaluating the benefits and cost of market orientationMarketing orientation is considered as a business model which focuses on deliveringproducts according to the needs and desires of customers. Further, mentioned company isfocusing on delivering best of the products at an affordable price to their large customer’s base(Gordon, McDermott, Stead and Angus, 2006).Cost- Marketing orientation comes up with a significant cost as Tesco have to identify their allthe required resources and factors in effective as well as efficient manner. However, Tescofinance profit level was badly impacted with bad debts, customer’s credit card arrears and alsowith different household insurance claims. Further, cited company is retail leader in the UKmarket but their effective advertisement expenses is decreasing their profit as they have somehigh prices for some of the products and services. Further, Tesco also have huge electrical andother costs which is generally impacting their overall revenue and productivity. Further, rainyseasons also impact the performance of the cited firm. Benefit- Tesco has secured the best commercial standing in global market by achieving “Worldretailer award” and this can be used effectively in all the advertisement promotion of theirexisting or new products and services. Further, market where other competitors like Sainsbury,Asda, Marks and Spencer showing decline on the level of performance, organization like Tescois able to maintain their sale and revenue both in national as well as in international markets(Armstrong, Adam, Denize and Kotler, 2014). Further, mentioned company is having excellentbrand image especially in UK and also other in the other part of world too. Further, organizationhaving a base of loyal customers which help Tesco in increasing their revenue and profit.2.1 Macro and micro environmental factors influencing market decisions Micro environmental factors are close to the business organization and can significantlyimpact the performance of mentioned retail venture. Some components are stated below:Employees-Organization having strength of more than 500,000 employees and they aregiving their productive services around the globe. Further, employees of citedorganization are skilled, motivated and quite knowledgeable (Sridharan andViswanathan, 2008). These employees plays significant role in providing best andeffective customers service.2
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