Tesco Marketing Process Essay
At the beginning of the part the elements of the marketing process are discussed. There are different elements for the marketing process. All those elements are equally important. Cost and benefits of marketing are also important to know.
1.1 Explain the various elements of marketing process
Generally the marketing process consists of four steps. These are
(1) Targeting: targeting means focusing on the type of customers we are going to offer our product. And divide the customer sections into parts. Our desired customer and who are not. There are some factors to be considered when targeting the people, these are- economic factors, demographic factors, social factors, cultural factors …show more content…
By means of marketing Tesco got competitive advantage than the other retailer worldwide. Marketing helps the Tesco gaining higher customer satisfaction, The sales volume of the Tesco has increased when the sales volume of other companies have decreased. The sales revenue for the Tesco has been increased by more than 13% (Brassington and Pettitt, 2003). The profit growth in the company is also satisfactory. Moreover enhanced marketing helps the Tesco getting competitive advantage in the retail industry. Better customer loyalty is also an important gain for the Tesco.
The costs associated with marketing for the Tesco are- increased price level for the product is a problem for the Tesco. Providing higher quality product needs higher marketing cost which increases the product price. Marketing research outlay is another cost for the Tesco. Product development needs higher marketing research, which increases the cost of marketing. Another cost is to gathering the customer needs regularly. It increases the marketing cost. To provide better marketing and to reach the customer there is need of skilled marketing manpower which needs proper training. If there is lack of qualified marketing stuff then there is extra cost of …show more content…
We will discuss here micro and the macro environment factors, segmentation criteria, targeting strategy for the product, buyer’s behavior and different marketing positioning for the firm.
2.1 show micro and macro environment factors which influence marketing decision.
Micro Environment: Micro environmental factors influence the marketing decision of the Tesco. Factors are customers, suppliers, shareholders, employees, media, and competitors.
Customers: They are the core center point for the Tesco PLC. Customer choice, customer preferences play significant role in the production of the firm
Suppliers: Another important factor for the Tesco. The success of the firm depends on the quality of the materials provided by the suppliers (Goodfellowpublishers.com, 2014). Tesco has to make good communication with its suppliers.
Employees: They play important role in the development of the firm. If employees are not skilled production will not be satisfactory. So employees should be given proper salary, promotion and other