BSc Business Management: Marketing Mix in Contemporary Issues-BMP4004

This report provides a comprehensive analysis of the marketing mix within the context of contemporary marketing issues, focusing on the nature and importance of the marketing mix elements. It begins by defining marketing and the marketing mix, followed by a theoretical explanation of the 4Ps (Product, Price, Place, and Promotion). The report then introduces Tesco, a British multinational retailer, as a case study. It applies the 4Ps marketing mix to Tesco's products and services, detailing the company's strategies related to product offerings, pricing approaches, distribution channels (offline and online), and promotional activities, including television advertising and social media engagement. The report concludes by highlighting how Tesco uses these strategies to maintain a competitive edge and cater to a wide range of customers.

BSc (Hons) Business Management
BMP4004
Contemporary Issues in Marketing
The nature and importance of the
marketing mix within the marketing
process
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Contents
Introduction 3
An explanation of marketing 3
An explanation of marketing mix 3
A brief theoretical explanation of 4Ps marketing mix
4
Introduction of product/service
5
Application of 4Ps marketing mix to the selected
product/service 6-8
Product 6
Price 6
Place 7
Promotion 7
Conclusion 8
References 8-9
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Introduction
Marketing refers to the activities undertaken by a company to promote the buying or
selling of the products and services of a business. It includes advertising and
delivering products to the consumers or other businesses. Marketing mix is a tool
which is used by businesses in order to prepare effective strategies and gain
competitive advantage in the market. The current report will be based on Tesco, a
British multinational general and groceries merchandise retailer which is popular for
its quality products in the supermarket industry. It will provide an explanation of
marketing and marketing mix, theoretical explanation of 4Ps of marketing,
introduction of products and services and application of the 4Ps to the selected
product or service.
An explanation of marketing
Marketing is defined as the process of attracting the potential clients of the company
towards the products and services offered by an organization. It involves promotion,
selling and distribution of the products to the ultimate customers in order to increase
the market share and profitability of the organization (Lim, 2021). It focuses on the
study of the market and the behavior of consumers to analyze the commercial
management of the organizations in order to acquire, attract and retain the
customers. It helps organizations to create an effective image of the brand in the
mind of the customers and ensuring brand loyalty among them. The marketing
techniques are used by several companies to increase their sales and achieve their
goals effectively. It helps in generating brand awareness among the people which
may be beneficial in developing the trust of customers towards the organization
(Moorman and et.al., 2019). Marketing is crucial for any business in the world in
order to grow and expand its services to stay sustainable in the market.
An explanation of marketing mix
Marketing mix is a set of effective tools and tactics which is used in order to promote
a service or product in the market. It helps an organization to develop appropriate
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strategies in order to gain competitive advantage in the industry. It includes selling
the right product at the right time, price and place. The products can be than sold to
the targeted customers effectively and give better output to the organization. A
marketing mix may include a range of important strategies that allows a business to
target a specific market and increase the engagement of customers towards the
brand. It includes all the specific elements that have an influence on the ideal target
market and how they collaboratively work in order to increase the reach of the
products (Morgan and et.al., 2019). Businesses depend on the marketing mix to
identify the major values of the most important products and guide the market
research of the company.
A brief theoretical explanation of 4Ps marketing mix
The marketing mix is consisted with the four major Ps that provides the
organizations to achieve the maximum customer satisfaction by creating and
implementing the successful strategies for the business. The model is essential for
the companies to promote their business and the strategies that the company is
using for their products that so that the company can aware the customers with the
services and the products that are provided to them (Pinarbasi, 2019). The four Ps
of marketing mix provides the details about the various aspects and the strategies of
the organization.
The four Ps of marketing mix are as follows. Product- The first P of the marketing mix provides the information about the
product or the services that the company is providing. This helps the
organization in making the customers aware that the company provides the
various types of products or services in the market that they are looking for
(4Ps of marketing mix, 2022). This factor provides the complete information
about the product that what is the use of the product, what sizes or the colors
are available for the product and how does the product is presented to the
customers. Price- The second P of the marketing mix explains that what is the cost that
the customers are required to pay for the product or the services. The element
provides the brief information that the product is competing with its
competitors or not in terms of pricing. This factor explains that what is the cost
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that has been decided by the organization after looking at the various price
factors and what is the limit that customers can spend. Place- This factor explains that what will the place and the platforms where
the customers can find the product or the services of the company. This
element provides the complete information that the product is sold in the
offline market at the stores of the organization or the customers are required
to purchase the product online from the website of the company.
 Promotion- This factor provides the details about how the business is
communicating its business and the products that the company is providing to
the customers. It explains about the means that the business will be using for
the advertisement for the product. It describes the various marketing
strategies of the organizations that the business will or has been using the
various strategies to promote its products or services to the customers.
Introduction of product/service
The Tesco provides the variety of its products and the services to the
customers as the company is diversified its business into a variety of the business
units that provides the customers with the different types of products and services.
The company provides the Tesco provides the customers with the variety of the
products that is ranging from the books that the company sales to the customers.
The organization also provides the variety of clothing and cosmetic products that the
business provide to the people that are looking for the better and affordable options
for clothing (Bala and Verma, 2018).
The Tesco also provides the customers with the health and beauty products
so that the customers can have better and high quality products for their skin and
health. The company is able to provide their customers with the various types of
products that are being used by the people in their day to day operations. The
company also tries its best to provide the customers with the highest quality of their
products so that the customers are able to consume and receive the high quality of
products and services.
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Application of 4Ps marketing mix to the selected
product/service
Product
The Tesco provides the customers with different types of categories that the
company produces so that the customers can experience the products of the Tesco.
The organization provides a variety of products that the customers can experience
with the high quality products of the Tesco. The business provides the various types
of categories so that the customers can choose the products according to their
preference. The product strategy of the Tesco is that the organization produces the
various types of products in the various categories. The company provides the
customers with the category of the clothing and jewelry that provides the customers
with the high quality of clothing and jewelry products (Morgan and et.al., 2019).
The Tesco also provides the customers with the products in the category of
technology and the gaming so that the people are able to experience the high quality
products that are used in the technical requirements if the day to day operations of
the customers. The company also provides the customers with the books and the
entertainment products that the customers can purchase from the company. The
company also keeps the various necessities of the customers in mind and produces
the various garden and car accessories that the customers are required to use in
their lives. The company also produces the toys and the products that are related to
babies.
Price
The strategy of Tesco in relation to the pricing is that the organization always
keeps the prices of their products low while keeping the quality of their products high.
The company keeps the prices of their products low so that the customers can
experience the products of Tesco. The company provides a range of prices for its
products that starts from low and goes to high priced products. The company uses
this strategy so that every customer can experience the services of the Tesco by
choosing the products according to their spending limit. This factor helps the
company in attracting the customers from every category as there are various
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ranges of price that can match the needs of every person (Marketing mix of Tesco,
2022).
The company also uses the club card system in their price strategy by giving
the points to the customers after their purchases. The customers can collect and use
the gathered points in future do that the collected points can be converted into
money. The Tesco also provides its loyal and good customers with additional
discount that increases the sales of the company without affecting the profits. This
attracts the customers as the customers are always looking for affordable and cost
efficient products in the market that is affordable to them but provides high quality of
experience.
Place
The Tesco uses the various places for the sales of its products as the
company has 7000 offline stores all around the world. The company operates in
various countries of the world and provides its products to every customer in the
world who are looking for the affordable and high quality product for them. The
company operates the business from offline stores by selling the products in the
stores of the company so that the organization can promote its business to every
customer in the market that are looking for the products that the Tesco is producing.
The tesco also operates its business from the online website of the company
and the online stores. The company provides the various services on the online
platform by delivering the products to the customers at their home. This strategy
attracts a lot of customers as the company is able to provide the customers with the
services and the products of the organization without the customers to physically
visit the store. This provides the ease of convenience to the customers as the Tesco
is providing the customers with their desired products at their doorstep. This strategy
makes the company to attract a huge audience from the online website as the
organization is able to create customer loyalty by providing them high quality of
products at their home (Rosnizam and et.al., 2020).
Promotion
The promotion strategy of Tesco provides the customers with the various
information about the products of the company and the business that the Tesco is
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operating. The organization uses the promotion as the tool for communicating the
message and the business of the company to the customers. The company uses the
various tools of marketing and advertising so that the Tesco can provide the
customers with the various information such as the description of the product and the
legal compliance of the company in relations to the production methods of the
company.
The Tesco uses the Television for advertising their products and services to
the customers so that the audience that watches the television will be able to
provided with the information about the company and its products. The Tesco also
uses the social media pages of the company to reach the audience that are more
active on the social media platforms. The organization mainly promote its business
on the Twitter for interacting with its online audience and promote the business to the
youth audience that are more active on the social media.
Conclusion
On the basis of the above report it has been concluded that marketing has been
beneficial for organizations to increase the popularity of their products and services
among the customers. It is successful in providing the organizations the opportunity
to improve their sales and increase the profitability of the company. By using the
marketing mix different organization has been able to provide better products to their
target market and expand into more market places. It has helped the organization to
establish a better image in the mind of the consumers and increase the engagement
of the people towards the brand.
References
Bala, M. and Verma, D., 2018. A critical review of digital marketing. M.
Bala, D. Verma (2018). A Critical Review of Digital Marketing.
International Journal of Management, IT & Engineering. 8(10).
pp.321-339.
Lim, W. M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of
Strategic Marketing. 29(5). pp.453-469.
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Moorman, C. and et.al., 2019. Challenging the boundaries of marketing. Journal of
Marketing. 83(5). pp.1-4.
Morgan, N.A. and et.al., 2019. Research in marketing strategy. Journal of
the Academy of Marketing Science. 47(1). pp.4-29.
Pinarbasi, F., 2019. Contemporary Issues and Challenges in Marketing
Environment Worldwide. In Handbook of Research on Managerial
Thinking in Global Business Economics (pp. 22-40). IGI Global.
Rosnizam, M.R.A.B. and et.al., 2020. Market opportunities and challenges:
A case study of Tesco. Journal of the Community Development in
Asia (JCDA). 3(2). pp.18-27.
Online
4Ps of marketing mix. 2022. [Online] Available through:
<https://www.mindtools.com/pages/article/newSTR_94.htm>
Marketing mix of Tesco. 2022. [Online] Available through:
<https://howandwhat.net/marketing-mix-tesco-tesco-marketing-mix/>
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