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TABLE OF CONTENTS INTRODUCTION ............................................................................................................................... 3 1.1 Macro environmental and Micro environmental factors influence on decisions of marketing 3 1.2 Segmentation for Tesco products while entering in new market rather than existing one ........ 4 1.3 Targeting strategy to help boost sales for Tesco ........................................................................ 5 1.4 Effect on marketing activities at the time of different situations in buying products or services ......................................................................................................................................................... 6 1.5 New positioning for designer clothings .................................................................................... 6 TASK 2 ................................................................................................................................................ 7 2.1 How products in Tesco are developed to sustain competitive advantage ................................. 7 2.2 Selection of suitable distribution to provide convenience to customer ..................................... 8 2.3 How prices should be set by Tesco ........................................................................................... 8 2.4 Explanation of integration of promotional activities to attain the marketing objectives of Tesco ......................................................................................................................................................... 9 2.5 Three new elements of marketing mix .................................................................................... 10 TASK 3 ................................................................................................................................................ 9 3.1 Different marketing mixes for different marketing segment ................................................... 11 3.2 Tactics used in marketing for customers are different from the tactics implemented for business organizations ................................................................................................................................. 11 3.3 International marketing is different from domestic marketing ............................................... 13 CONCLUSION .................................................................................................................................. 14 REFERENCES .................................................................................................................................. 15
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INTRODUCTION Marketing is considered as one of most critical aspect for the business organisations as it provides better opportunity to amend the sales and attain better marketing share. In other aspect, it can be considered as an idea which provide better assistance to promotional actions of business firm in respect of products and services (Bradley, 2013). Number of business organisations are focusing on marketing actions for better optimization of organisational performance. Companies can have better opportunities by effective promotion of existing products and introduce new services in effective manner. In this report, learning will focus on work culture of Tesco Plc in order to understand the concepts of marketing. It will focus on various concepts which relates to segmentation, targeting and positioning. It will also provide detailed information regarding individual elements of the extended marketing mix. With an improved focus on various factors of marketing mic the management of Tesco Plc can easily attain organizational objective and overcome the issues. Furthermore, it will also focus on use of marketing mix in diverse contexts in order to boost the business opportunities.
TASK 1 1.1 Macro environmental and Micro environmental factors influence on decisions of marketing Macro analysis Political: In this, it is necessary for business organisation to focus on various forces of government. In other aspect, it can be said that the governance policies and rules regarding business sector can impact the marketing decisions of Tesco (Kirca, 2005). The classification of policies can be as tax rates, ethical terms and other changes in political aspect as influence the procedure of marketing.
Environmental: In current conditions the environment scenario is changing rapidly which can also influence the organizational decisions. It is necessary for Tesco to focus on development of eco-friendly products and store management. Social: Social needs also changes rapidly so it is necessary for Tesco to consider social Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
changes in decisions (Magrath, 2013). It is essential to understand social needs in order to have effective development of as per social needs. Technological: Technology is playing key role in marketing process as business organizations are focused to use technological tools in order to have advancement in sales as well as market size. Economy: UK economic conditions can also influence the decisions of Tesco. For example, at time of recession it is vital for Tesco management to have decrease in cost of products as compared to other organization in the industry (Use Strategic Planning to Renew Your Organization. 2005). It will provide better sustainability and profitability to Tesco. Micro environment factors Employees: Tesco is managing high ratio of employees in current market and it manage employees from globally located stores. It means Tesco have cross cultural employees which allows to improve diverse skills by assisting in respect of diverse culture. Employees are also well satisfied with the organisational culture (Benson, 2002). Suppliers: There are number of retail industry suppliers so the needs of supplier can also affect the decisions. It is necessary for management to meet the needs of suppliers as they provide raw material which is essential for better demand and supply of product. Competitor:
The work culture and practices of competitors can also influence the
marketing activities of Tesco (Cooke, 2000).
It is necessary for management to take decisions as per current status of market in order to have better sustainability and overcome the pressure in their retail market segment. 1.2 Segmentation for Tesco products while entering in new market rather than existing one In order to have better success it is necessary for business organisations to focus on various factors which can enhance the effectiveness of marketing actions. In this, respect it can be stated that with an assistance of segmentation the management of Tesco Plc can easily have better market share in new market (Ferguson, 2007). Moreover, in order to have better segmentation the management of Tesco Plc can focus on some key criteria which will enhance business opportunities. Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
Geographical segmentation: Tesco Plc is offering number of services in diverse sectors so it is necessary for business organisation to focus on various geographical areas as per the nature of service or product. In order to have effective development in the global market conditions the management of Tesco Plc can have focus on geographical aspects (McDonald, 2012). Management can target its customers on the basis of new geographical area it will boost the market opportunities and provide effective accessibility to new market with existing range of products and services. Company can introduce its retail store or services in USA. With an assistance of diverse geographical aspects the management of Tesco Plc can easily market its products and services in new market (Yannopoulos, 2011). In this it is necessary for management to understand the buying behaviour process of domestic customers in order to create better awareness. It is also necessary for management to develop actions and products as per needs of USA citizens.
Demographic segmentation: Company can also focus on demographic segmentation criteria for effective development of product and services as per the living standard of UK citizens. It will provide better understanding about needs of UK market and boost product efficiency in better way (Cavalcante, 2013). Products can also be developed as per the different income level available within UK. 1.3 Targeting strategy to help boost sales for Tesco To have effective sales of designer clothes, management of Tesco Plc can focus on following targeting strategy. It will enhance the sales of company assist in effective development of wide range of products and services in order to improve customer base. Management can target age group of 18-30 (Girls) and focus on differentiated marketing strategy. In this management can introduce new fashion products for girls who are looking for differentiated designer cloths. With an assistance of differentiated marketing strategy the management can easily understand the needs of customers and develop clothes as per the aspects or requirements of targeted groups It will also allow management to overcome number of issues which are influencing the overall Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
development. It will bring uniqueness in the product which will attract more and more customers and facilitate in advancement of customer base (Zhongbing, 2013). 1.4 Effect on marketing activities at the time of different situations in buying products or services It has been spotted that the different buying behaviour of customers influences the marketing actions of Tesco Plc. For instance, the changes in income level can impact the decision regarding buying of product as customer always purchase goods as per income level and range of spending (Publication, 2004). In this, management must focus on proper selection of targeted groups and provide discount offers to attract customers.
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In another way the social factors can also influence the marketing actions and buying behaviour. The values and social environment always need to consider as it can impact marketing actions. Product must be developed as per market needs and cultural values otherwise emotional appeal can influence buying behaviour in negative manner and lead business to critical failure. 1.5 New positioning for designer clothings Tesco Plc is currently focusing on designer cloths and premium apparels products. In order to have better positioning of products to the new segment, it is necessary for management of Tesco Plc to focus on diverse strategies of positioning. With an effective focus on positioning Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
strategies the management can easily accomplish organisational goals and attain number of benefits from this new product development strategy (Rao., 2004). In the support of this, it can be said that the management can focus on celebrity endorsement for better positioning of designer fashion cloths.
Company can use female celebrity to to position females such as Madonna, Britney Spears, etc (Bowman, 2010). It will also create better brand awareness among customers and lead business to impressive level of success. Number of campaign and social networking site promotions can also be used to build better awareness among target customers about product. Company can also post advertising on the solely dedicated fashions websites.
TASK 2 2.1 How products in Tesco are developed to sustain competitive advantage Competitive advantage refers to those privileges that are available to Tesco over its competitors. They further help organization in performing better than its rivals. The competitive advantages further help company in attracting more customers and retaining brand loving customers. Tesco can sustain competitive advantage by developing unique, innovative and quality products and services (Ferguson, 2007). The company can do research and development to develop new techniques that will help company in manufacturing innovative products. Since, its inception that Tesco is planning to launch high end designer clothes for ladies. Therefore, company can develop new patterns of designs and fabrics that are still not provided by any of the rivals. To sustain competitive advantage, business enterprise can use the concept of customized clothing (McDonald, 2012). In this respect, organization can develop new designer clothes as per the needs and preferences of customers. The customer can detail out the design she wants in its designer apparel. However, the company will regard the customized viewpoints in specific areas only like, choice of fabric, length of apparel, color combination, stitching pattern and choice of button etc. The major advantage of customized clothing is that such concept is not provided by any of the rivals of Tesco.
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The customized clothing will also help in increasing the satisfaction level of customer as apparels are designed by the specifications suggested by customer (Yannopoulos, 2011). However, it is important for company to study the market environment to have knowledge about prevailing fashion trends, new technique of designing clothes, colors and fabric trends etc. This will further help company in sustaining competitive advantage. 2.2 Selection of suitable distribution to provide convenience to customer To ensure satisfaction among customer and give competitive benefit to product it is important for Tesco to select appropriate communication channel. A good choice of distribution channel will ensure convenience to customers which will further enhance the satisfaction level of customers. Therefore, to retain the consumers and ensure their repetitive purchase it is important for company to select best distribution channel (Cavalcante, 2013). For this aspect, company can select such distribution channel which enable customer to make frequent purchase with minimal efforts. At present Tesco have more that 7817 stores around the globe that facilitate ease of buying of retail and fashion products to customers. According to the current scenario, online distribution is best and widely used distribution channel (Parrish, 2010). The online distribution is most convenient option as it provide 24*7 hours availability to customers. Therefore, it mostly liked by customers as they
can view wide range of product compare prices and then make final
decision. Thereafter, it makes the product easily available when it is required. Hence, customer can use online distribution to market its customized clothes as well as designer apparels. The online distribution will require less funds to setup as compared to own dedicated store. This will also solve the problem of lack of storage facility that company face in its superstores and brand stores (Zhongbing, 2013). 2.3 How prices should be set by Tesco The success of product in market depends to the large extent upon the pricing policy adopted by company. Therefore, it is significant for company to select right price for appropriate product. Tesco should aim to provide qualitative products to customers in comparison of value paid by them. For this aspect company adopts value based pricing policy which states that customer is required to pay for the value and benefits received. With this aspect, organization tries to maintain a equilibrium between cost of product and quality of product (Publication, 2004). The main advantage of using value based pricing is to ensure satisfaction among Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
customers. This further help in increasing brand loyalty and love among customers. However, as company is providing custom made designer clothes company can charge high prices. In addition to this aspect, such type of product is not provided by any of the rivals like, Sainsbury, ASDA, M&S etc (Rao., 2004).
Thereafter, Tesco can also chose price
skimming which means charging high prices initially at the launch of designer clothes and lowering down the prices after some time.
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2.4 Explanation of integration of promotional activities to attain the marketing objectives of Tesco The promotional activities play a key role in ensuring the success of designer clothes of Tesco in competitive market. The promotional activities help in generating awareness about the product in market and attracting more customers and increasing the profitability of business. Therefore, promotional techniques will help Tesco in reaching the prospective clients of designer apparels. Following are the promotional activities that can be used by company Online marketing: Tesco is distributing products online therefore it will be significant for company to do online marketing. With the rapid increase in online mediums, it is most viable option for company (Bowman, 2010). Therefore, company can do online Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
marketing and detail the benefits, attributes of customized designer clothes. Direct marketing: It is process used for linking up with customers personally rather than through indirect channel. For this aspect, company can use direct channels such as direct mail, instant messaging etc. thereafter, Tesco can design a site where customers and management can interact and consumer can detail out their specifications. Social media marketing: With the increasing trend of social networking sites and their usage, Tesco can promote its designer clothes on social networking sites. It is most innovative, effective and cheap method. Celebrity endorsements: It is most effective and strong approach that can be used by Tesco to promote its designer clothes. The company can market its product through celebrities and famous personalities (Dransfield, 2001).
The organization can conduct fashion shows and concert where the designer products of Tesco can be marketed by fashion models and celebrities. Advertisement: Tesco can use mass media advertisement to promote its designer products. The advantage of using advertisement is that it help in reaching wide audience and increase the brand image. Thereafter, company can also give advertisement in fashion magazines, fashion channels on TV etc. 2.5 Three new elements of marketing mix
Physical evidence: It reflects the quality of services that Tesco provides to its customers. Further, it involves the ambiance, design of the dedicated store of Tesco. Thereafter, it also involves the packaging of product which should be attractive and impelling. While distributing the product through online medium (Freytag, 2011). Process: It describes the procedure of manufacturing and delivering the product. It is important for company to adopt systematic process of offering its designer clothes to different segments of customers. Proper planning and distribution process should be adopted by Tesco so that product reaches to maximum customers. People: It relates to human resources that are key assets of Tesco. It is important for company to give proper training and development opportunities to its employees to they Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
can stimulate the customers to purchase the product of company (Hassan, 2003). Thereafter, people should be trained so that they can identify the needs and preferences of customer's and take effective steps to fulfill them. TASK 3
3.1 Different marketing mixes for different marketing segment Tesco Plc is currently operating in diverse market and they have deal with number of customer’s needs, so it is necessary for business firm to focus on separate marketing mix in order to meet the organisational objectives in effective manner. For example, the company is focusing on demographic segment for girls designer cloths (Dransfield, 2001). In this management is considering age group of 18-30, so management of Tesco must have correct information regarding fashion style and then develop the product in order to meet the satisfaction level of targeted group. It is also necessary for management to focus on effective assessment of income level of targeted group then decide the pricing of the product (Freytag, 2011). The products can be sold and promote at the Tesco reatil store as well as online portals. In order to have better promotion the Tesco can focus on celebrity endorsement as it will create new opportunities for the product and lead business to impressive success. On the other side, for geographic segment, management need to focus on culture and local fashion of region. The product must be developed as per the cultural needs of local region in order to have better product mix for this segment (Hassan, 2003). The price of product will as per the average income level of citizens as customer always buy product as per spending level. For effective promotion the assistance of local fashion experts can be taken into account. Tesco can use local personality to influence the local community. 3.2 Tactics used in marketing for customers are different from the tactics implemented for business organizations It has been spotted that there are number of marketing tactics that business organisation can use for better accomplishment of organisational gaols. In the support of this, it can be stated that in order to have better development it is also necessary for management to use different tactics for customer and business (Muhamad, 2012). Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
There are number of differences in B2B and B2C buying process so the different tactics are also required to be used by management of Tesco Plc. In the current market conditions the business organizations are focusing more on business practices which relates to B2B commerce (Shehryar, 2005). Business firms are expecting more business opportunities in B2B as compared to B2C. In respect of B2B, the management of Tesco is following commercial aspects in better way. Moreover, the business organization can focus on small and specific market for better targeting. In other aspect, it can be said that the niche marketing tactic is beneficial for Tesco while dealing with B2B (Hasan, 2013). For illustration, management of Tesco Plc is focusing on creating better B2B relation with online media portal for effective distribution channel. In this respect, it is necessary for business organisation to ensure that they are not using emotional appeal as it will not attract B2B market (Kotler, 2005). In this management must ensure that they are providing correct information to the online portal organisation. In this management also need to focus on quality of product as the standards of portal. It will provide brand reorganization in the market and improve long term relationship. On the other side, while dealing with B2C buying process it is necessary for management to consider different aspect as compared to B2B. Customers have different kinds of needs so it is necessary for management to develop product as per specifically diversified needs of customers. In order to meet the needs customers the management can offer discount to targeted groups (Murray, 2010). Moreover, the management can also influence customer buying behaviour by focusing on social and emotional aspects. It will attract more customers and boost the business opportunities in context of B2C.
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3.3 International marketing is different from domestic marketing Types of marketing strategies which are adapted in domestic marketing and international marketing are different. For example in context of international marketing, management of Tesco Company is carried out detail research by using different online and offline tools in order to assess distinct needs and requirements consumer of different countries (Slater, Sengupta and Mohr, 2010). In this process, Tesco also tries to assess the impact of different cultural and social factors on purchase pattern and behaviour consumers. This approach supports Tesco in selection of product range and marketing tools through which business entity is able attract consumers. In overseas marketing operations, business entity also has to follow the framework and guidelines while advertisements of target countries where Tesco is going to expand business.
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At the time of planning for advertising, companies also has to follow the acts related to environment also. The management of Tesco also considers culture based marketing plan while developing and planning for international marketing plans (Proctor, 2014). Marketing manager Global Assignment Help- Get Assignment Help Service For University Students At Very Affordable Price
of companies also formulates the promotional plans with reference to traditions of citizens. It will also help the management to make its good position in international market for its face wash product. This process helps management to hold position of new face wash in international market. For example: In new emerging markets, Tesco has tailored the store experience as per preference and taste of local consumers. In addition to that company also carries out joint venture with local partners as marketing agencies or suppliers. On the other side in domestic marketing, there is no need of detail investigation of external business environment as per the needs and desires of customers. In domestic promotion, there is not any requirement of detail investigation of external business environment and interest of consumers. In the process, Tesco is focusing on change in interest and lifestyle of consumers (Brady, 2010). For example: Tesco is using different channels of direct and online marketing such as sales executives, social media, and online website in UK. Apart from that Tesco organizes various promotional campaigns with the help of different events that play important role in promotion of brand in retail market
CONCLUSION As per the above study it can be said that the marketing principals plays a key role in effective promotion of goods and services. With an assistance of segmentation, targeting and positioning the management can have better opportunities in market as it allows to present goods in appropriate manner.
Moreover, it has also been spotted that with an assistance of marketing mix the management can also boost the business opportunities. It is necessary for management to ensure that the products and goods and services are developed as per market needs
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