PRINCIPLES OF MARKETING

Introduction

After conducting internal and external analysis of Tesco, lots of issues are identified. An issue like Tesco is progressively losing sales to larger rivals. As a result, the company must concentrate on keeping its stock in line with market demand. Therefore, Tesco is slowly losing its market share. Other businesses have been using debt to generate profit, then when the company starts to reduce its debt, its profits immediately decrease. If the company tries to focus on all issues and starts improving on them. Then it will be helpful to grow in the global market. With the help of SMART objectives, a good marketing plan has been discussed.

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Specific

Tesco has to focus on maintaining good sustainability and focus on providing good services to their customer. That will help to provide a good ecosystem.

Measurable

The company has different segments that help to generate good growth almost every year. They always maintain a low price range.

Attainable

To get good results in the upcoming years, the company has to focus on aligning with more international and domestic brands.

Realistic

All things can be performed and completed by the Tesco Company. It will help to provide some good capital development and be able to provide a good distribution process.

Time

Within the year 2025, the company will be able to gain good profits. It can be good for the company to make a good ecosystem.

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Marketing mix -4ps

Product

Tesco is a large retail chain in the UK. Therefore, the product range can be based on the place and product dimension. The company provides so many offers that help to grab customers’ attention (Mahadevan, 2019). Different types of segments help to understand the customers’ requirements. The company has food, gaming, home electrical, bakery products, DIY products, Entertainment, health and beauty, clothing and jewelry, and others. Their private label also works and is mainly recommended by the customers. That can be a way the customers want to buy products at their convenient deals. That way, the company generates more sales and can build a good reputation in the global and domestic markets.

Place

Tesco has a huge demand in the global and domestic markets. After the market research, the company will be focused on its supply chain management. Tesco has a lot of stores around countries. It can be depending on the different types of segments like Tesco Express, Tesco Superstore, and others. Tesco superstore is a supermarket that comes under 1000sq. meters and can be situated in the city center. All the stores have different types of wide range of products included with general merchandise. The company mainly focuses on restocking and customer shopping experiences. These two will help to maintain stability in the market. It can be classified by different types of essential materials to showcase and be able to understand the product’s benefits.

Price

Tesco products come under mass pricing strategies. The company mainly follows an economic scale to find the best channel to generate more sales. The company focuses on improving its supply chain management. With the help of feedback, the company will know their customers’ requirements and can help to provide everything at a low price range. The company has a unique loyalty program that helps customers to shop more from their store and able to purchase free products. Tesco started working on a pricing strategy which is an essential process to build a good base. The company slowly focusing on building its e-commerce sites.

Promotion

Tesco provides its products at a low rate. Therefore, the company holds a strong brand image in the market. It will help the company to focus on its promotional activities on different types of things. That way, Tesco promotes their products and brands via television ads, charitable invents and hoardings. It can be a way to show benefits and introduce a referral program to earn good revenue. With the help of Tesco club cards, their customers can buy products, and every time they will get a reward. The rewards will be stored on their club card. The company slowly focuses on building its social media pages so that a way they can have a large audience and easily capture the market. Tesco also did a few PR activities to generate a good bond with the customers and their clients. These things always can help the company to grow in the market. (www.mbaskool.com, 2022).

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Marketing analysis BCG

Stars

With the help of strategic business, marketing helps to operate in the future market. Tesco has a potential market share that helps to make good investments. The company has to focus on its vertical integrity to increase its supply chain management. With the help of strategic marketing, the earning rate can help to generate more profits (Etareri, 2022). A sales portfolio helps to generate some good sales rates and can generate strong market demand. The product development strategy helps to develop some innovative features to attract new customers. As an example, Tesco has started expanding its market presence and providing good services at an affordable rate.

Cash cows

Strategic management will help to manage the cash cow within the BCG matrix. That can be operated to gather some good significant revenue. Few cash cow products come in high demand like fresh meat. Tesco mainly focuses on restocking high-demand products that can help generate a good brand image (Keiningham et al. 2020). The most recommended strategy is to impact the most useful. Tesco will slowly influence the markets. Therefore, they slowly started investing in research and development to make it strong. Slowly Tesco is getting benefits and it will increase their sales. The company has to follow the latest trends and focus on some good strategic business investments. That will help to grow in the global market.

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Question marks

The question mark is related to the market trends to focus on local market requirements. The market share will help to understand the high market growth rate. That can help to provide some good suggestive strategies to invest in making innovative features. With the help of a product development strategy, the business will maintain some good strategic features. It will help to understand the market requirements. Slowly Tesco’s market is growing and that can help to manage its innovative strategies. Some good processes can help to understand the preventive losses and growth stages. At a certain point in time, the market has a low share and distribution also comes under some good market processes. The company has to focus on its sales and strategic market to grow in the business.

Dogs

The strategic market is slowly getting lost and starting to decline towards its main aim to maintain a sustainable environment. It will add some good recommendations to understand the business units. The segments will help to understand the company’s declining market. That can help to grow and be able to make some good profits. It can help to manage some good market segments to start growing in the market. There are a few categories the company has to maintain their performance and generate good revenue. The company has to focus on its investment to operate a good business and able to identify the source of investment (bcgmatrixanalysis.com, 2022).

Figure 1-BCG matrix

(Source: www.content.grin.com)

Marketing developing strategies -Ansoff matrix

Market penetration

In the Ansoff matrix, the market penetration is the most important factor. That will help to manage and encourage good sales and manage a strong bond with the company. The strategy will help to increase the market share. That will help to understand the promotional strategies to grow in the market (Tian, 2022). Tesco can adopt more marketing techniques and promotional strategies and help to build good personal selling. The company slowly started developing some good targeted markets to generate good revenue. It will comprehend and manage a good competitive advantage to generate a good market share. That can affect the revenue to manage the competitive advantage. That can help to understand and adopt new types of strategies to manage the promotional strategies.

Product development

Product development mainly shows some good strategies to make new types of products to focus on the existing market. The product expansion generates a good product portfolio. That added a strong portfolio to understand product expansions to adopt different strategies. The company can use some good promotional and PR to gather attention towards the brands. Tesco mainly focuses on providing more organic food that helps to understand their customers’ preferences (Van Berten, 2020). The company slowly understands its customers first choice to generate goods and social responsibility. The company also expanded its business and started giving loans, insurance, mortgages, and others. It will help to make good profit and able to grow in the global market.

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Market development

The market development will help to understand the new market expanding process. That will help to manage the company’s expansion process in the market. Tesco has to focus on building new strategies and distribution networks to attract customers’ attention. It will help to focus on advertising the marketing campaigns and start educating people about the environment. Tesco wants to make a deal with local customers that can be a way to increase their supplier base. Therefore, the company has to keep on implementing new ideas to maintain stability in the market.

Diversification

Diversification can help to fulfill the Ansoff matrix. After introducing the new product Tesco has focused on identifying the risk. That will help them to make a strong place in the market. The company takes a lot of feedback from their customers for their better improvement. That way, they can provide them with some value-added services at an affordable cost. It can be a way for the company to find out their customers’ requirements. Providing value-added services always makes a good customer base. Slowly the company started to focus on making a good marketing strategy to undertake and introduce new types of services like financial services, rental services, furniture, and electronics. The company has clothing brands that mainly target all types of market groups. That can be a way to merge with local groups. With the help of a diversification strategy, the company uses some market comprehension techniques to provide good solutions (ansoffs.com, 2022).

Figure2: Ansoff matrix of Renault

(Source: www.corporate finance institute.com)

Customer-driven strategy

Segmentation

The company has a macro and microenvironment that can affect while making marketing decisions. The marketing management of Tesco can provide some direct and indirect strategies to improve the decision-making process. These things come under all external factors that help to understand the market competition (Pheunpha, 2021). Service and products that are offered by the company can have some equal terms and are not acceptable to their customers. It can help to segment the targeted customers. The market segment mainly focuses on the population’s needs and requirements. Slowly, the company can develop new products. Segmentation can be divided into demographic and geographic location. It will help to manage the brand and understand the targeted customers. It will be depending on the high-income level and customer segment to understand the cost structure. Sometimes happens company pushes a few products to their segmented customers and some products are only available in a particular region. It will be based on culture, rituals, and beliefs. The company has to maintain all these things to grow their business. The company mainly targeted a mass market that can easily help to get any products at an affordable price range. Every product has specifications that can be understandable by the customer.

Targeting

The company mainly focuses on its customer segment and their buying behavior. To maintain good revenue all of these are essential. Taking care of customers is one way to retarget a certain age people. Technically the company targets all generations of people. There are a few segments the company makes and targets a specific group of people. Sometimes it happens financial market has clashed and buying behavior has changed. Tesco has a lot of market competitors in the market. They have to deal with and can make new types of plans. The company has to focus on a cost-effective communication process that can integrate the market practices. That will be able to deal with the marketing mix and able to attract some good targeted market. It will be good for the company to grow in the market.

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Positioning

Positioning can be involved to deal with the product and add some individual elements to increase the function. In the functional positioning mainly associated with the product and quality range add some good methods. Tesco always wanted to sell a wide range of products that can maintain some good functional positioning. It will help to showcase the basic product prices and be able to compare with other brands. Therefore, it can come under an additional product range and enhance some additional costs to manage the value. It can address some good valuations to manage a fair trade among the grocery and food items. The price positioning has to be maintained by the company. It will raise a good concern to manage the marketing mix. Slowly the company targeted different types of products like beauty and health products. It will be good for the company to provide some good vision to think about what the product will look like. That can be a way to generate several segments to understand the brand position (research-methodology.net, 2022).

Conclusion

Tesco always finds ways to satisfy their customers that will help to grow their brand image. Building a good audience base always provides stable revenue. Slowly the company provides a lot of segments. Having lots of segments is also a good added value to build a good future.

The company primarily uses an economic scale to determine the best channel for increasing sales. Their main goal is to provide high-quality services at a reasonable cost. The company is working to improve its supply chain. With the help and guidance, the company will learn about their customers‘ needs, which will allow them should provide anything at a low cost. The company values customer feedback and uses it to improve its products. There are a few categories in which the company must maintain its performance and generate revenue. As a result, they can offer them some value-added services at a reasonable price. Fresh meat is one of the few money-maker product lines that is in high demand. Tesco focuses primarily on restocking high-demand items that can contribute to a positive brand image. It could be a method for the company to learn about the needs of their customers. Providing value-added services always results in a loyal customer base. The company has a unique loyalty program that encourages consumers to order more at their store and earn free products. The company gradually aims to build its social media accounts to reach a wide audience and easily lead the market.