Marketing Techniques of Tesco

Added on - 22 Jul 2020

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UNIT 3 IM
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Describing the marketing techniques such as growth strategies (Ansoff’s Matrix); survivalstrategies; branding and relationship marketing are used to market products in the twoselected organisations..................................................................................................................1Branding and relationship marketing in Iceland.........................................................................2P2 Describing with suitable examples the limitations and constraints of marketing withreference to legal requirements...................................................................................................3TASK 2............................................................................................................................................3P3. Describing the way in which TESCO uses marketing research such as qualitative;quantitative; primary internal/external research; and secondary internal/ external research tocontribute to the development of its marketing plans.................................................................3P4. Describing the way in which TESCO utilises data and information collected throughmarketing research for marketing planning................................................................................4TASK 3............................................................................................................................................5P5 Explaining ways and reasons of targeting groups of customers for selected products.........5TASK 4............................................................................................................................................5P6 Developing a coherent marketing mix for a new product or service.....................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONMarketing is a crucial function in all businesses and organizations, and is becomingincreasingly crucial to success in our modern global economy. This course, regardless of yourindustry background, will teach you core concepts and tools to help you better understand andexcel in marketing (Blau, Ferber and Winkler, 2013). Marketing is the science of meeting theneeds of a customer by providing valuable products to customers by utilizing the expertise of theorganization, at same time, to achieve organizational goals. According to The AmericanMarketing Association: Marketing is the activity, set of institutions, and processes for creating,communicating, delivering, and exchanging offerings that have value for customers, clients,partners, and society at large.TASK 1P1Describing the marketing techniques such as growthstrategies (Ansoff’s Matrix); survivalstrategies; branding and relationship marketingare used to market products in the twoselected organisationsAnsoff matrix of TESCO as public sector firm-The Ansoff matrix represents the strategies an organization can plan based on the fourdifferent product market combinations. The company to follow a strategy of market penetrationbeing a leading brand in the US is not feasible and neither diversifying to new markets with newproducts as it is a risky venture. The strategy options for TESCO for the next five years are:Market Development:It is a strategy to enter new markets with existing products. TESCOthough is operating in 14 countries its concentration is in the UK markets contributing 71% ofthe total revenues (Hayes, Wallage and Gortemaker, 2014). Entering new markets, a strategy ofinternationalization by strategic alliances and joint ventures would enable TESCO to tap theglobal resources and cash flows on a higher scale. This strategy would enhance the global marketshare of the company and its brand recognition across boundaries. This would require extensiveresearch on the different markets and understanding the local customer’s needs and preferencesfor TESCO’s successAnsoff matrix of Iceland as private sector firm-1
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