Tesco Marketing Strategies

   

Added on  2020-10-22

13 Pages4177 Words100 Views
MARKETING
Tesco Marketing Strategies_1
TABLE OF CONTENTSINTRODUCTION................................................................................................................................................3TASK – 1............................................................................................................................................................3Brief description of Tesco........................................................................................................................3Tesco’s marketing orientation.................................................................................................................4Role of brand in marketing strategy of Tesco..........................................................................................4TASK – 2............................................................................................................................................................45 C’s of Tesco...........................................................................................................................................4Figure 1: Competitors of Tesco................................................................................................................6TASK – 3............................................................................................................................................................7Market research in Tesco........................................................................................................................7TASK – 4............................................................................................................................................................8Market segmentation..............................................................................................................................8Target market and value prepositions.....................................................................................................9Positioning statement for target market...............................................................................................10TASK – 5..........................................................................................................................................................10Marketing mix........................................................................................................................................10Figure 2: Marketing Mix.........................................................................................................................11CONCLUSION..................................................................................................................................................11REFERENCES...................................................................................................................................................13
Tesco Marketing Strategies_2
INTRODUCTIONMarketing refers to an important process of introducing a product of the company totarget customers of any type of market. In this current business scenario, business is requiredto adopt workable marketing strategy to attain a competitive edge from the other competitorfirms and can significantly generate high amount of sales and profit (Brassington and Pettitt,2006). In order to reach to the market, the marketing strategy of the organization should beaggressive as well as effective. The chosen organisation in report is Tesco which is amultinational retailing organisation in overall UK. In this current research report, marketingapproaches being adopted by Tesco will be studied efficiently. The company deals in food,grocery, clothing, telecom and many other businesses. Further, company’s marketorientation, marketing strategy and role of brand will be elaborated. The current researchstudy will carry out situation analysis of Tesco through 5C’s and will develop a marketingstrategy and related tactics i.e. marketing mix. TASK – 1Brief description of TescoTesco is one of the largest multinational retailing chain in United Kingdom and holdsa third largest position all throughout the world. The company has initiated their business inUK in the year 1919 and at present they have their stores in 13 nations of the world includingAsia, Europe, USA etc. Firm have more than 4200 stores in UK and it is quite popular for itsvaluable product at lower prices (Ryle, 2013). In addition to this, the company get itsoperations in the areas of clothing, food, financial service, telecom, gas stations, insurancesand many more. Apart from conducting their business, the firm is also engaged in socialservice where they work for the welfare of the society. The philosophy of Tesco ‘Every little helps’ puts their customers, employees andsociety at the heart of everything being performed by them. The firm also feels pride inoffering a great shopping experience for customer. Further, the main mission and vision ofthe firm is to be the most highly valued business by the customers, community, employeesand shareholders. In addition to this, the core value of the organization is “we make whatmatters better, together”. This core value statement clearly states what Tesco is seeking toachieve (Tesco, 2018). 3
Tesco Marketing Strategies_3
Tesco’s marketing orientationTalking in relation with the market orientation, it is being regarded as the core ofretailing brand strategy. There are many firms who are selling same good as theircompetitors. However, the main key to success is that they have developed their own uniqueposition in the market (Drucker, 2008). Thus, with the market orientation, companies createsa differentiation with their rivals. Market orientation is generally related with the processes aswell as activities being related with creation and satisfaction of the patrons by continuousevaluation of their requirements and needs in such a manner that the performance of thebusiness is highly affected. Tesco is customer oriented brand and it is a prime example of amarket oriented firm. The core objectives of the firm is customer oriented and they alwayshold on to this. The overall strategy of the company is committed towards this guidance.There are three main elements of a market oriented firm i.e. customer focus, competitor focusand finally, inter-functional orientation. Role of brand in marketing strategy of TescoSpeaking in relation with the brand, it is a product having unique features in design orin image. A brand is quite consistent and well-recognized. Overviewing the current retailclimate, it is changing rapidly than ever before, even the trends of customers are altering at afast pace (Lim, Machado and Iglesias, 2015). In such a scenario, it is vital for Tesco to reviewand update their brands on a regular basis so as to stay relevant and to maintain their share inthe market. Brand plays an important role in Tesco’s marketing strategy and it is beingdefined below: It helps in offering a promise to the customers.It also supports in informing the audience both internally and externally on what canbe expected from the firm in relation with its products and services.Helps in creating a differentiation from the competitors.Support in increasing the revenue and share in the market.TASK – 25 C’s of TescoFor the purpose of making the customer satisfied their needs, each and every firmrequire to comprehend its internal as well as external situation including market environment,customers, own capabilities and opportunities. Further, they are also required to forecast thetrends in this complex environment wherein they carry out their business operations(Lancaster and Reynolds, 2005). The situation analysis can be performed by important and4
Tesco Marketing Strategies_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Macro and Micro Environmental Factors (PDF)
|15
|4803
|292

Principles and Practice of Marketing INTRODUCTION
|18
|4732
|243

Business Strategy
|7
|465
|35

Strategic Management Assignment - Tesco organisation
|14
|3782
|38

Sales Planing and Operations CQF
|13
|342
|378

Key Principles of Marketing Adopted by Tesco
|13
|3847
|76