With the change in economic environment, technology is also changing. In the recent few years, the number of smart phone users has increased rapidly. The Smartphone has created a different image in the minds of people and became a part of their life. The Smartphone is not only the mode of communication, but also best medium of entertainment. Its different qualities and features have made it popular worldwide. Motorola introduced some cell phones to the public in 1980. In this way, cell phone era started and being popular among people worldwide (Atonally, 2011). Tesco is a one of the biggest retail giant having a brand image in the UK retail market. It deals with different products and now, planning to diversify …show more content…
Market strategies: Marketing strategies are set of interrelated tasks that are considered important while launching any product in the target market. There are different products and seller in the market. While preparing a plan, it is important to understand the market conditions. The knowledge of other products available in the market is also important. Tesco is using different marketing strategies to increase its sale and earn maximum profit. (Hamilton, 2012).
The company focuses on the following factors:
• What product or service company will sell?
• Which types of customer’s company will target?
• What will be company’s policy regarding product and services, advertisement, and sales promotion.
Using this method the company can prepare a complete estimate of revenue and selling costs, but not the production cost of its product and services.
Important factors to be considered before formulating marketing …show more content…
It is especially relevant for the companies which focus on providing all sorts of services to the customers. For example, the Tesco company is using the procedures to identify the customer needs and wants. Not only this, company also focused on the processes to handle the complaints.
In ancient times, the outlook or design of the company does not matter to the end customers, but, today the appearance or physical layout is very important according to changing environments. The physical environment includes activities like smart, comfort facilities, interface. Here also Tesco Company is using distinct looks with different colors, which are helpful in attracting customers.
Target market segment
Target market means one or more groups toward which the company is focusing its marketing strategies. The main aim the company is targeting their potential customers. Tesco Company has different strategies to target their customers for their new product:
• Mass market means one single product for one