Strategic Marketing for Tesco: Market Analysis, Competitor Analysis, and Key Objectives
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Added on 2023/06/17
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This presentation provides an overview of Tesco's strategic marketing approach, including market analysis, competitor analysis, macro and micro factors, customer analysis, stakeholder analysis, and key objectives. It highlights the importance of strategic marketing in developing a strong market position and achieving success.
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Strategic Marketing
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Table of content Introduction Market size and trend data Competitor analysis Macro and micro factors Customer analysis Stakeholder analysis Key strategic marketing objectives Conclusion References
Introduction Strategic marketing can be defined as the process in which the company uses different methods and ideas of marketing in order to make differentiation in the market (Beirman, 2020). Every company tries to make use of those strategies and methods which will be helpful for them in attaining competitive advantage. Tesco is a UK based multinational grocery store, it is third largest retailer in the whole United Kingdom.
Market size and Trend Data In the year 2020-21 the annual sales which was recorded of Tesco is of 28.6 billion which is huge compared with that of year 2016 in which there sales was declined. The company was in a position to make a growth in its sales which grew in the year 2017 and Tesco made around 200 million pounds of profit in the year 2020.
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Competitor Analysis ThecompetitioninmarketforTescoishugeinwhich companies like Sainsbury, Asda, Morrison's is having huge market share. The highest valuation is of Sainsbury which is having around 28.8 billion which is biggest in the market.
PESTEL analysis Political factors-Tesco have to face the issueofchangesinthegovernment regulationswhichcoverstaxationpolicy which creates problem to them. Economicfactors-Therecessionisthe difficult factor which might have to face by Tesco because during this time people will onlychosetomakethepurchasesof essentialproducts (Donthu and et. al., 2020).
Continue… Technological factors-They have the facilityofprovidingtheproducts directly at the doorsteps of consumers which is done by making online orders. Environmentalfactors-Tescodoes notmakeuseofplasticsforthe packaging or for distribution purposes.
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SWOT analysis Strengths-Tesco uses different and unique promotion strategies because of which they develop the focus of consumers towards their brand. Weakness-The rise in prices of food prices has created a impact on the prices of products of Tesco. It is because of this reason they are selling the products at high.
Customer Analysis Customers have the potential to make any changes if they do not like the products and the services of any company. Specially in the retail sector where the competitionishugesointhiscase consumerswouldliketomakethe purchasesfromthatcompanywhoare providing them at affordable and quality products (Sahaf, 2019).
Stakeholder Analysis Stakeholder analysis is the process of making the identification of people who are involved in making the projects. Highpower,highinterest-Itmeansthat people who have the investment in the projects because of which they will be having high powertomakeanychangesbecausetheir interest is on to check that if it would provide adequatereturn(Thrassou,Vrontisand Bresciani, 2018).
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Key Strategic Marketing Objectives Promoting new products or services-For Tesco it would be great if they will launch their new products which will helpthemtoincreasetheirmarketshareandgain competitive advantage. Target new customers-This will include to target new customer base which can be done by providing products to them at lesser prices.
Conclusion From the above presentation it can be concluded that strategic marketing is important for developing a goodwill in the market. It will always be helpful in making the analysis of those goods and services which will help the company in achieving success. Small businesses provide quality products and services to society on regular bases. Government also supports establishment of small businessthroughprovidefinancialassistanceandrelaxationintaxes. Background and experience creates positive as well as negative impacts on entrepreneurship.Therearevariouscharacteristics,traitsandskillsof entrepreneurs that differentiate then from other business managers.
References Beirman,D.,2020.Restoringtourismdestinationsincrisis:Astrategicmarketing approach. Routledge. Donthu, N. and et. al., 2020. A retrospective of the Journal of Strategic Marketing from 1993 to 2019 using bibliometric analysis.Journal of Strategic Marketing, pp.1-21. Sahaf, M.A., 2019.Strategic marketing: making decisions for strategic advantage. PHI Learning Pvt. Ltd.. Thrassou, A., Vrontis, D. and Bresciani, S., 2018. The agile innovation pendulum: A strategic marketing multicultural model for family businesses.International Studies of Management & Organization.48(1).pp.105-120.
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