Principles of Marketing Management : Assignment
Added on 2020-05-28
22 Pages4174 Words191 Views
Leadership ManagementPolitical Science
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Running head: PRINCIPLES OF MARKETING MANAGEMENTPrinciples of Marketing ManagementUniversity NameStudent NameAuthors’ Note
2PRINCIPLES OF MARKETING MANAGEMENTMarketing Audit of Tesco Plc in UK MarketMarketing audit indicates towards comprehensive, systematic, interpretation and analysis ofbusiness marketing environment (counting internal as well as external), its goals, andstrategies, principles to determine the specific areas of issues along with opportunities and tosuggest an action plan to augment marketing performance. The current study elucidates indetail about marketing audit and analytically evaluates the micro as well as macroenvironment and competitive position of the firm Tesco Plc in the UK market. Company/Brand BackgroundThe company selected for the present study is Tesco Plc and the selected market is UK.Tesco Plc is a well-known British transnational grocery as well as general merchandiseretailer headquartered in Hertfordshire, United Kingdom. Size of the corporation: For the purpose of the study at hand the UK business will be takeninto consideration. The operations of the firm Tesco Plc in UK are necessarily the largestwithin the specific group, with more than 3400 stores and more than 310,000 colleagues.Range of products as well as services offered: The business concern Tesco Plc isnecessarily a retail corporation that is engaged in the business of retailing along withassociated services.
3PRINCIPLES OF MARKETING MANAGEMENTCross-functional associations within the corporation Tesco Plc:Cross-functional associations can be regarded to be vital within a specific corporation such asTesco Plc. In itself, it is important that numerous areas of business of the company Tesco Plcinteract with one another in a bid to deliver a seamless information flow as well as strategicexpertise. Essentially, the marketing development has a cross-functional association withvarious departments such as technology department in a bid to understand what products arerequired to deliver to the market (Kotabe and Helsen 2014). Again, management of the firmalso needs to understand the crucial association that exists in different departments in a bid tobe rigorous on budgets. Essentially, the business will not function without interdepartmentalassociations. Other Stakeholders of the firm Tesco Plc: Stakeholders refer to individuals, group else wise organizations that essentially has direct aswell as indirect position in corporation, it is affected by rules as well as regulations,strategies, policies along with decisions of business concerns. The external stakeholders of the firm Tesco Plc consist of: Regional and national communitiesPressure GroupsGovernmentTrade UnionsEmployeesThe internal stakeholders of the firm Tesco Plc include the following:Suppliers and customersUnionsGovernmentDirectorWorkersCommunity
4PRINCIPLES OF MARKETING MANAGEMENTCreditorsMacro AnalysisPESTEL AnalysisInfluence of the identified factors ImpactPolitical factors: The current factor stresses on the role of government institutions.For example, in UK at the time when the environment of thebusiness was struck by crunch in credit that again led to higherunemployment. Statement of impact on the company: In itself, this trend actuallyaided TESCO owing to dominance in the market UK and being oneof the fastest developing retailers that made attempts to decreasethe overall level of the unemployment generated by thesealterations thereby created the employment (Chernev 2018).There is higher rate of unemployment in the economy. Statement of impact on the company In addition to this, foremployment legislation, the government of UK inspires retailers(such as Tesco Plc) to deliver a combination of job opportunitiesfrom flexible, low paid and regionally based jobs to various highlyskilled, high paid and centrally situated jobs (Keller and Kotler2016). In addition to this, strong restriction imposed by the government isagainst the monopoly of the company (Kotler 2015). Statement of impact on the company: The company Tesco alsohave the need to analyse different aspects of government policieson particularly taxation since high level of taxation can beconsidered to be a major issue in UK as it is never stable (Kotabeand Helsen 2014). Fundamentally, the issues associated togovernment policies on mainly trade restriction and execution ofnovel regulations can also affect in a manner when there is freetrade between particularly the European Union. (+)Influence of the identified factors ImpactEconomic factors: There is another environmental facet that can exert huge influenceon the business of Tesco Plc. For example, the economic downturnencountered in UK owing to the unemployment that drasticallydecreased the demand of so many goods affecting the overalldemand (Kotler 2015).Also, higher unemployment ratecharacterised by lower disposable income also adverselybusinesses. (-)
5PRINCIPLES OF MARKETING MANAGEMENTStatement of impact on the company: This can be considered tobe a major area of concern to the company Tesco Plc as they arehighly dependent on the market of UK. Furthermore, if thecompany Tesco Plc had known about recession in the economy,with the use of PEST framework it would have aided plan.
6PRINCIPLES OF MARKETING MANAGEMENTInfluence of the identified factors ImpactSocial factors: Demographics, culture, customs alongside tastes and preferences ofcustomers are said to have high impact on retal business of UK. Statement of impact on the company: Tesco Plc can beconsidered to be one of most popular retail groceries operating inUK that has successfully addressed social as well as culturalrequirements of people. This is because of the increment in the totalamount of non-food items held for sale. Also, this has also kind ofinspired customers to move towards shopping in bulk (Armstronget al. 2015). In addition to this, demographic alterations such aslifestyle that is necessarily associated to beliefs of customers alongwith attitudes have made the company Tesco plc to focus onvarious value added products as well as services. Yet anotherimportant factor is the population that has compelled Tesco Plc tohave higher interest in increased demand of customers for differentorganic products. Essentially, this in turn can aid the companyTesco Plc to devise strategies to drive costs out the specific market. (+)Influence of the identified factors ImpactTechnological factors: The utilization of technology can enable customers to disburse billselectronically thereby lessening long queues, online marketing, inparticularly marketing . Statement of impact on the company: This technologicalprogression can be considered to be of the expansion strategies ofthe company Tesco Plc. Again, online marketing also exertedinfluence on development of several Tesco products. This alsohelps both the corporation along with its customers (Armstrong etal. 2015). In essence, this personalized service can make shoppingexperience of the customers more convenient and can positivelyexert influence on growth rate of Tesco Plc (Store.mintel.com2018). Essentially, the company has acquired benefits from itstechnological innovations and transformation from ‘bricks andmortar’ to particularly ‘bricks and clicks’. This has led to thesurfacing of Tesco Direct that is an online grocery stage with‘click-and-collect’ function. The company has implementeddigitalized in-store experience, Tesco Club card and many others. (+)Influence of the identified factors ImpactEnvironmental factors: Identification of challenges and overcoming the same: There areseveral environmental factors that affect the business environmentof the company. The corporation plays an important role inshielding the business environment and help in comprehending andaddressing the influence in the operations as well as supply chain.(+)
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