Marketing Principles: Market Orientation, Benefits, and Costs

This report provides an overview of Tesco's marketing strategies, focusing on the elements of the marketing process, market analysis, and market orientation. The analysis includes a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. The report examines Tesco's marketing objectives, the benefits and costs associated with market orientation, and the importance of understanding customer needs. It also highlights the significance of building strong customer relationships. The report references several academic sources to support its analysis and conclusions. The report aims to provide insights into how Tesco can improve its marketing strategies to achieve its objectives. The report also includes references to academic literature and the importance of a strong brand image. The analysis also considers external factors that impact Tesco's marketing success. The report concludes by emphasizing the need for skilled human resources in marketing.

MARKETING PRINCIPLES
Task 1

ELEMENTS OF MARKETING PROCESS
The elements of marketing process are
 identifying the needs of the customer
 Analyzing the situation of the market
 Making marketing strategy
 Implementing the strategy
 Evaluating the results of the marketing
planning

MARKETING AUDIT
 For analyzing the market, Tesco firm can
conduct the market analysis with the help of
SWOT technique. In this it will help to identify
the organization strength weakness,
opportunity and the threat which is prevailing
in the environment.

CONT...
Strength
 Good brand image in the minds of the customer
 Big retail chain
 Profitable organization
Weakness
 Is not able to manage all the stores
 Sells only one type of product
Opportunity
 Can expand in many countries
Threat
 There are many competitors of tesco.

MARKETING OBJECTIVES
 To increase its market share
 To make more people aware about the
product
 To create a positive image in minds of
customer.

BENEFITS AND COST OF MARKET
ORIENTATION
 There are several benefits and cost attached
to market orientation:
Benefits are
 Helps in identifying the needs and
requirements of buyers
 It also assist in building a strong relationship
with the customer
 Reduces brand switching

CONT..
cost
 The cost attached in doing market
orientation is very high
 The resources required for the market
orientation is also more
 Skilled human resource is required by Tesco
for making the market orientation
 It consumes lot of time in making the
strategy.

REFERENCES
 Henley, N. Raffin, S. and Caemmerer, B.,
2011. The application of marketing principles
to a social marketing campaign. Marketing
Intelligence & Planning. 29(7). pp.697-706.
 Jocumsen, G., 2002. Marketing Strategies for
Competitive Advantage. European Journal of
Marketing. 36(½). pp.273 – 275.
 Stern, P., 2006. Marketing Management and
Strategy. Financial Times Prentice Hall
 Haley, G., 2006. Managing for strategic
success in emerging markets. Handbook of
Business Strategy. 7(1). pp.27 – 33.