BMP4004: Marketing Mix Nature, Importance & Tesco Application

This report provides an explanation of marketing and the marketing mix, with a focus on the 4Ps (Product, Price, Place, Promotion). It highlights the importance of the marketing mix in attracting a larger audience, building brand value, and increasing sales. The report also includes a brief theoretical explanation of the 4Ps and applies them to Tesco, a multinational groceries and general merchandise retailer. It discusses Tesco's product strategy, pricing strategies, place (distribution) strategy with their various store formats, and promotional activities, including advertising, charitable events, and the Tesco Clubcard. The report concludes that marketing is an important aspect of an organization, and the marketing mix strategy is crucial for making profits and fostering growth.

The nature and
importance of
marketing mix within
the marketing process

Table of Contents
INTRODUCTION ...........................................................................................................................3
TASK ...............................................................................................................................................3
An explanation of marketing......................................................................................................3
An explanation of marketing mix..............................................................................................4
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
CONCLUSION ................................................................................................................................7
REFERENCES.................................................................................................................................9

INTRODUCTION
Marketing is an effort made by business organisation to sell their products and services in the
market that includes lots of research about the product and advertising about the product. This
process enables building a product , communicating with potential buyers and deliver them best
product and services. There are many types of marketing that includes content marketing,
relationship marketing, inbound and outbound marketing. Company has to apply different
marketing strategies on buyers in order to offer and sell product and services. A set of marketing
mix strategies is used by organisations to promote their product in the field. This report is being
made in the context of tesco , a multinational groceries and general merchandise founded in
1919(Wu and Yang, 2021) . The aim of this report is to highlight the process of marketing mix
and explanation of 4P's mix in context of product and services with its application.
TASK
An explanation of marketing
The word marketing is much more than about selling and buying products it encompasses the
broad range of actions that company can take for attracting the larger number of audiences by
catering the quality messaging. Marketing includes the research and promotion. In today's every
company includes the marketing for their growth in a company. The marketing word caters to
many things like social media content, content writing and research of a market. The company
ultimate aim for using marketing is mainly for producing the valuable services for their customers
as well providing the smooth quality work to the every individual. It also helps in broadening and
strengthening the value of a brand by building the brand value in the market which equivalent
increase the sales of a company. The marketing encloses the research and analysation work
moreover it conducts the surveys for their product from the customer and fulfilling the needs of
customers time to time (Kumar, Shankar and Aljohani, 2020) . Company can imply the strategies
by targeting the higher scale of a market and increasing their profitability. As the technology is
rapidly advancing it provides the opportunities to a company to marketise and make

people aware about their product. The company can includes the media as one of the
medium to make their new customer aware about the products and notify their old
customers about the company products. Social media can also be a big support for a
marketing company as their product can reach to millions and it can be very beneficial for
a small scale business as it will up their game in the market .
An explanation of marketing mix
Marketing mix is a method that company use for their brand promotion it involves the
different set of ideas and strategies for the promotion of their product. Company needs to
keep an eye on the various factors of a product before marketing and framing the
marketing blueprints. Marketing mix has become the most prominent and dominant
influence for making any business management decision. Marketing mix can be explained
as by delivering the knowledge about the product and commercialising the product for a
better reach to an audience and by building the connectivity with people by using
different methodology. It includes the numerous plan for attracting the customers. This
method is the essential for any business to advance their sales. Their are distinctive tools
in a marketing mix which makes the business flexible and adaptable while answering to
the customer in a buying and selling the products. It also become the vital part of a
company as it gives the brand identity and image and make it different from all their
competitors. It is highly included in the marketing theories as it is efficient and
uncomplicated (Kim and Kim, 2018). Executives get an idea by marketing mix as it ensures
and analyse that their all their market segment are systematic and presented in a
constructive manner. All the business strategic decision are considered by keeping 4p
into consideration product, price , place and promotion. Further these 4ps has been
modified and 7ps are also used in contemplation.
A brief theoretical explanation of 4Ps marketing mix
Marketing mix has 4P's of marketing in it. These 4P's identify and combine the potential buyers
and provides a basis of promotion and development in context of marketing. The 4P's of
marketing consist product, price, place and promotion in it. These elements covers all the
essentials to promote a product and foster brand value to the company. These are important

components in the market that consist product that satisfy buyer's need. Price the monetary value
of the product. Place, from where a company can reach to their buyers. Promotion, it cover how a
company can make aware the general public about its product. With respect to the tesco , they
first analyses their brand in the framework of 4P's which help them to set goals. Their selling
strategy explained as, They sell clothes, electronics, books, toys, furniture and many more selling
best quality products with affordable prices is the vital key for their success (Warrink, 2018) .
By delivering variety of products in the market with best quality and packaging helps them in
product strategizing . They offer vast variety of products in the different market segments. and
their strategy covers that majority of products with its own brands.
Introduction of product/service
To run any business products and services are their major components. A product refers
to attainment and consumption whereas service is not tangible however the services and
product are interlinked and aligned for instance tesco is mainly a grocery store but it
comes with different services altogether. The service has the ability to satisfy the wants
and needs of a customer. There product and services are dissimilar to each other in a way
where the products are sold physically and services are weighed in terms of skills and
expertise . Moreover the products are in a physical structured form and every individual
can see the product and use whenever the person wants while on the contrary the services
cannot be seen but can felt person can be satisfied after using the product. Services
presence can be felt only when the customer wants and needs are satisfied. Tesco a
multinational retailing industry selling the products as well it has included their services
online too which makes the process very simple and satisfying for a customer. The
product and services has the disparity on numerous factors which encompasses the perish
ability , heterogeneity , tangibility and variability. For the customer wants online retailer
might allow the free shipping for a customer to see the products in a physical form than in
a digital mode. However the services are intangible as they provide services to consumers
which includes the skills and also it does not cost expensive in manufacturing examples
that includes services digital, content creation in comparison to a business which sells the
product it costs an arm and leg and in the inventory ( Fraser-Arnott, 2020) . Products and

services also differ in a major way where products can have many quantities unless it is
not under the protection of a patent so it can have different formulations and existence
while on the other hand services cannot have much formulations whether you choose one
individual or the provider over the other you are going to experience the same service
which is not the case when it comes to products you will experience different formation of
a same product. The product quality can measured has various methods to sense the value
and can be varied in a numerous forms while the services are not mostly measured it has a
few measuring methods such as analysation or the reviews.
Application of 4Ps marketing mix to the selected product/service
It covers the stratezing of 4P"s marketing mix. The application of 4P's depends on several
factors that consist detailed analyses of product and services of company , with the help of
analyses company identify how the product produces by the company can satisfy the needs of
customers, getting knowledge of location from where company can find targeted
buyers(Sawmong, 2020) . The mix marketing strategies of Tesco are discussed below:
Product
Its a marketing mix strategy that fill the consumer needs by offering different products and
services. By estimating that how an product can make a change in the day to day working or
lifestyle of customers and how it generate profits for the organisation, a company makes a
product. Its a bundle of needs that fulfils ads satisfy consumer needs. With respect to market and
the buyers company can make a change in the products . In the context of Tesco, they are having
and offering huge range of products in different stores (Ramani and Srinivasan, 2019) . They
are also selling products with their own brand name some of that are Tesco, Finest, Everyday
Value, Tesco Loves Baby and more. They Regularly develops their products.\
Price
Pricing plays a major aspect in any organisations , it directly affects the sales and profitability of
any company. By analysing product value in the market,adding expenses of company and with
respect to costumer point of view a company sets a price of the product. An effective pricing
strategy consist value of products which maintains good profit margins. Generating right product
price includes government rules, demand cost, pricing trends and many other important factors.

In the context of tesco, they offer the lowest prices with good quality products. They uses best
channels of procurement to maintain low prices. They make their supply chain efficient to reduce
prices. Tesco provides reasonable price with having a unique program called Brand Guarantee.
They also restructured their product team to maintain best prices for buyers.
Place
Selecting right places for the products from where it is easily available for customer for selling
purposes. Selling includes physical environment as well as selling online market where a
company can reach their targeted buyers. The term place indicates choosing right channel of
distribution of product and services where product is available for the customer at right place at
right time. For this examining market conditions are very important. In the context of Tesco ,
they are having more than 7000 stores in many countries. depending upon the sizes , they have
different types stores that includes Tesco metro, Tesco superstore, Tesco express and tesco extra
and these stores sell different types of products in it.
Promotion
The main aim of promoting a product is to make public aware about the company products and
services. It covers campaign, advertising, public relation outreach and many other strategies of
selling. Communicating to potential buyers through non-personal modes to sell their product and
services. Identify right market, formulating right marketing strategy and use effective tools to
influence general public to buy the product is what promotion called. In the context of Tesco,
they have a strong brand image and the basis of that is low prices. They are using advertisement,
charitable events , hoarding as their promotion modes(Mandal, 2022). Tesco also offer discounts
and have a loyalty card called "tesco clubcard" which owns points and helps in getting discounts.
CONCLUSION
From the above given report it is concluded that marketing is an important aspect of
organisation. It adds wide scope of activities to attract new as well as existing buyers. Marketing
includes implementation of different marketing strategies, one of them is marketing mix strategy.
It refers to mix various ideas and plans to promote a certain product. It also discusses the 4P's of
marketing strategy which is product, price, place and promotions. An organisation should focus
on this 4P's marketing mix strategy to make profits and for the growth of the business for long
term purposes.

REFERENCES
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