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    Marketing Strategies and Analysis for TESCO

    University: University of Queensland

    • Unit No: 2
    • Level: Undergraduate/College
    • Pages: 16 / Words 3961
    • Paper Type: Assignment
    • Course Code: MKT30016
    • Downloads: 372
    Question :

    This assessment will cover following questions :

    • Generate detailed analysis and evaluation of the company, its marketplace and its marketing strategies by implement Marketing Models and Theories.
    • Apply Ansoff Matrix to suggest strategies for future growth and target different customer segments and expand into global market.
    • Create a Innovate market campaign.
    Answer :

    INTRODUCTION

    Marketing is the process of selling the products to the consumers by designing products and services according to customer's need and also need to analyse the behaviour of the customers. Marketing is the activities which are done the organization to increase the buying and selling propositions. Marketing is the customer oriented process the organization need to analyse the behavioural patterns of the customers. The organization also need to determine the efficiency of the goods and services which increase the satisfaction level of the organization. There are many market factors which are considered in the macro and micro level of the business environment and also need to be analysed to increase the productivity of the organization. In this report there is a brief information about the marketing strategies and the analysis of the efficiency of strategies of Tesco which is leading retail store chain in UK.

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    TASK 1

    Marketing Strategies of Tesco and Asda

    Tesco is a multinational retail chain company which deals in all the grocery products. The company was established in 1919 in England, UK. Tesco have increase the business capacity effectively and it is also focusing on expanding the company in future to increase the profitability and market share to compete in the market. Asda is one of the major competitor of Tesco and is also very efficient in capturing the market as the t is also the retail store which provide all the grocery to its customers at very competitive prices. Tesco need to analyse the internal and external factors which can increase the market reach for the customers to increase the sales. The company need to increase the evaluation of the market factors which can increase the efficiency of marketing strategies which will also attract more customers to the company and increase the market share to maintain the position .

    Tesco

    Asda

    Demographic

    The company have divided this segments into age, gender, income level, occupation, education level. Family size. In this the company focuses on all age customers and also Target on the low and middle income level customers with medium or low education level and also focus of all types of family size.

    The ethnicity of customers are used to divide the demographic segment. the company also divide the customers according to income level.

    Psycho-graphic

    The lifestyle and personality of consumers as the company focuses on the traditionalists, and also need to be easy going and determines which can increase the sales of the company. (Wood, Wrigley and Coe, 2016)

    The traits, values, attitudes are focused to divide the customers into the segment to attract them more effectively and increase the efficiency of the company.

    Behavioural

    Regular occasions and the customer which are attracted with the variety of the products and also are very positive in thinking.

    T6he company focuses on the never settle for less theory and provide the best quality products to the customers.

    Geographic

    The company have focuses on UK and other countries which the company is operating it business.

    The company divides the market according to the city and towns to operate the stores.

    Marketing Mix of Tesco

    Tesco also have analysed the importance to increase the efficiency to attract and market their products and services to the customers effectively. The company have analysed that marketing factors have to be analysed to increase the efficiency of the marketing process and increase the efficiency of the company.

    Product

    Tesco have introduced many products which are according to the preferences and tastes of the customers to increase the satisfaction level of the customers. The company also have many products list from which the customers can choose and increase the satisfaction according to the budget and price range they are willing to pay. The company also provide food, electronics, financial services and catering. The company also have to determine the quality of products and behaviour of the customer value to the products and services to increase the efficiency of them.

    Price

    Tesco also have to determine the factors which are very effective in decreasing the price of the products and services of the company so that they can increase the customer's attraction in the company. Tesco also have identified the low cost methods like economies of scale to increase the production and decrease the per product cost. The company also increased the use of reward cards for the customers to increase the sales and decrease the prices of the products and services.

    Place

    Tesco is emerging in the world and the need to identify the new market place is also a major aspect to attract the customers is very essential. The company also have to determine the quality and efficiency of the store destination as it will help the company to attract as many customers to increase the sales of the company. The stores of the company are majorly in the market place which is situated where the maximum tourists and customers are available(Wongleedee, 2015). The company also need top examine the place efficiency to decease the transportation cost of the goods.

    Promotion

    Tesco uses its low prices to increase the promotion efficiency to attract the customers to the company. The company also have to provide the quality of its products with a proper band name and label to provide a better information about the product so that the customers can increase the knowledge abut the products. This will also help the company to increase the brand image by creating trust in the customers. The company also increased the promotion by online marketing this will also help the company to increase the coverage areas.

    Physical Evidence

    Tesco also have effectively placed there stores in the market in such a way that it can increase the value of the customers and increase the brand value of the company. This will also help the company to increase the clean and healthy store environment  for the customers by increase the quality of the stores.

    People

    Tesco also have to analyse the efficiency of the customers in the company to increase the productivity of the company. The company also provided the loyalty programs for the customers to increase the loyal customers and the effective employees help the company to make the loyalty program successful.(Perreault, 2018)

    Process

    Tesco have also adopted the technology to improve the billing process so that the customers don't have to stand in the big lines. The company also have introduced fast deliveries for the online store to increase the satisfaction level of the company and provide them with better quality of products and services. The company also have increased the efficiency of their employees by provident them with better skills and knowledge to develop an affective bond with the customers to increase the satisfaction level.

    TASK 2

    Ansoff Matrix of Tesco

    Tesco need to adopt this analysis to increase the efficiency of the company to establish its operation in the market and active the company's objectives to maintain the market position. The company also have to develop the effective strategies to determine the quality of products and market share in the market. This will also help the company to increase the satisfaction level of the customer and attract them to be loyal customers of the company. This  matrix will also help the company to analyse opportunities to grow the business and maintain the efficiency of the business. The company have to discover the four generic strategies to establish in the market effectively.(Liu and Chou, 2016)

    Market Penetration

    The company have increased the investment of the grocery stores in the current market and current products to increase the number of customers in the market. The company have also used the strategies of competitors to grow itself using different strategies. Tesco also have to increase the efficiency of the products to increase the sales in the current market to penetrate in them Market and compete in the existing competitors. This will help the company to increase the customer base and achieve the objectives effectively. The market saturation is also major factor which the company have to analyse in order maintain the leadership in the market. As the company is operating globally it also have to analyse the external factors which are responsible yo impact the growth of the company so that the company can formulate the effective strategies and increase the quality of the products in the market. In this strategy the market risk is low as the company only have to invest I the same market with the same products and increase the sales with the help of effective strategies. The company have also increased the customer loyalty programs and provided many discounts and offers for the existing customers to retain them and also attract the new customers.(Kingsnorth, 2019)

    Market Development

    Tesco in this strategy have to increase the market research to collect more information about the customers. This strategy helps the company to enter a new market and create a new customer  base with the existing products and services so that the company can increase the profitability with less risk and lower the competitors in the market(Key and Czaplewski, 2017). The company also have to design new market segmentation according to the behaviour of the customers in the new market. Tesco also have the opportunity to develop a new market in the international market also that they can also  increase the growth of the company ad provide better quality and goodwill of the company. The risk in this strategy is moderate as the customers are not used to but the products from the retail stores and it does not have the education about the efficiency of the products of the company.

    Product Development

    In this strategy Tesco need to determine the new products in the existing market. Tesco also have the opportunity to innovate the existing product so that the customers have more product differentiation and increase the satisfaction according to their needs. The company can also increase the distribution channel in the existing to decrease the cost of the company. This will also help the company to increase the number of products so that it can also increase the variety of price ranges in the product which are available for the customers. Tesco need to evaluate customers needs and current market wants of the customers to increase the efficiency of the new product in the market. The research and develop of the company have to be efficient so that they can achieve the market share and also increase the customer's satisfaction.

    Diversification

    Tesco in this strategy have to examine the factors which will help the company to design new services and products and in the new market to increase the efficiency of the company. This strategy is having a high risk and the company can also receive failure. But the new market will also have new customers and new product will increase the value and knowledge of the customers to increase the efficiency of the company. Tesco is also trying to analyse all the factors so that it can expand its business other the world and increase the satisfaction of the customers to improve the stability of the company in the market. Technological advancements are also adopted by the company to increase the diversification of the market and products so that it can hep the company to attract new customers.

    Recommendations

    Tesco need to use product development and diversification strategy to increase the efficiency of the company and stabilize the company in the market(Hasan and Ali, 2015). Tesco also need to understand the current market trends to develop the future trends which will be followed by the competitors in the market. This will also increase the goodwill of the company and provide better vision. The use of technology in the operation of the company will also help to improve the efficiency of delivering the services to the customers and improving the stakes in the market. This strategies will also help the company to increase product differentiation and provide knowledge to the customers to become more aware of the fraud strategies of the competitors. It will also help the company to develop more assets for the company to decrease the liability by increasing the probability and proving better opportunities to the customers to choose all the products which are offered by the company. The loyalty of the customers will also hep the company to establish in the new market and also lean about the taxation policies which can increase the efficiency of the company.

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    TASK 3

    Marketing Plan of Tesco

    Aim

    The aim of Tesco is to increase the knowledge and awareness of the consumers about the products and services to increase the sales of the company. The company also need to develop a strategic plan to conduct a campaign in the market which will also help the customers to be more educated about the products so that they can increase the effectiveness of the decision-making in selecting the products. 

    Target

    The company will have to analyse the target customers which will help the company to increase the sales and provide better stability in the market. The company have to choose the customers which are rural and urban citizens, age factors, gender factors, income level, class, lifestyle, tradition. This will help the customers to target the customers and provide the better knowledge and attract them to increase the sales of the company. The company ca also help the company to adopt the technological assessment to analyse the efficiency and providing knowledge to the customer about the products. The company have also analysed that the customers which use internet can be provided knowledge easily.

    Marketing Campaign Concept

    Tesco need to formulate the innovative marketing concept to increase the efficiency of the target and aim of the company. This will also help the company to determine the effective stability of the company. The market concept will Also help the customers to educate them with more effective methods and techniques(Festa and et.al., 2016). As this will help the company to directly impact the values and belief of the customers to connect to the product and services easily. Tesco also evaluated the cheapest and effective ways to increase the efficiency of the marketing campaign online marketing which will decrease the cost and also increase the market area to provide knowledge to the customers. E-mail, calls, live chats are also very effective methods which are used by the company to increase the product efficiency to the customers. This marketing concept will generate the results which will help the company to identify the behaviour of the customers which are, consistency, liking, consensus.  This will also help the customers to creates the knowledge which are scarce and also provide authority to them to get the better products from the company to increase the satisfaction level of the customers.

    Campaign Media

    Tesco have to set the effective media to delver the message to the customers so that to can increase the knowledge of the customers about the products (Fernie and Sparks, 2018). The company also need to evaluate the communication channel as it will help the company to decrease the cost ad increase the profitability.

    1. Website- the company can deliver the messages by posting the content on their websites so that they can improve the knowledge of the customers and also decrease the cost of company.
    2. Events- Tesco also have to organize the events which will help the serve as the medium to increase the education of the customers. As the company can help the customers to use the products and services in the events and also help the company to get the feedback about the challenges faced by the customers to improve them. (Evans and Mason, 2018)
    3. Email- email is also a very effective way to approach the specific customers to target them according to their needs and wants. As the customers can receive offers and also understand more about the products through email so that they can purchase the product and increase the sales of the company.(Fan, Lau and Zhao, 2015)
    4. Print- Tesco also can increase the knowledge of the customers about the products features and specifications with the help of print media which is new papers, magazines and publications which will help the customers to understand the detail about the products.

    Resources

    Tesco also need to analyse all the resources which are need to make the marketing campaign successful. This will help the company to decrease the cost of production and increase the profitability of the company.

    1. Money- the company need to raise the capital and also need ti find the investors which are ready to invest in the company so that the company can increase the efficiency to conduct the marketing campaign to grow the company.
    2. Human Resources- The company also need to increase the skilled employees so that it van help the company to increase the success rate of the marketing. The employees are the support of the company and it will also hep the customers to increase their satisfaction level by improving the customer relations and also providing better quality products. (Cacciolatti and Lee, 2016)
    3. 3.      Enthusiasm- the company also need to motivate the employees and the customers to increase the sales of the company. This will also help the company to move forward towards the success and stability In the market. This will also help the company to maintain the position  to increase the profitability. This will also help the company to compete in the market and achieve the competitive advantage.

    Creating offers

    Tesco need to decide the offers and benefits given to the customers to attract them to buy the product and visit the store. The company also need to design a budget which will be used to promote the customers and also provide them a better experience being the customers of Tesco. With this the company can make effective strategies to allot the benefits to the customers like the company have given buy one get one free offer, discount offers, schemes for the customers this helped the company to increase the loyal customers and increase the efficiency of the company to support the growth of the company.  (Baltes, 2015)

    Budget and Return on investments

    Tesco have to analyse all the expenses done in increasing the knowledge of the customers and increasing the productivity of the company. The budgets will be made according to the matrices which are developed by the company which forecast all the future expense and also provide an effective projection of the returns. (Baker and Saren, 2016)The company will then have to analyse the efficiency of the company and all the gross profits which will be deducted from the all the expenses which will be done to increase the product efficiency this will help the customers to analyse the return on investment. This will also help the company to determine the pricing strategy of the products and services which will help the customers to be satisfied and increase their knowledge.

    Challenges

    There are many challenges which Tesco have faced in achieving the success of the marketing campaign of the products and services to the customers.

    1. The company ca face issues in convincing the customers and accumulating enough customers to increase the sales and improve the profitability of the company. The company should decrease the prices of the products with the increased features and quality so that the customers can increase the satisfaction level.(Adewuyi, 2016)
    2. Calculating Return on investment is also very difficult as there are many hidden activities which take place in the company to create the marketing plan. This can decrease the efficiency to create an effective budget for marketing of the products and increase the quality of the products. To solve this problem the company should adopt effective accounting software which keep the track of all the transactions of the company to reduce the inefficiency of the company and increase accuracy.
    3. Tesco also have analysed that just by opening online store will not increase the sales of the company. There are many factors which should be kept in mind to make the technology effective like the company should provide fast deliveries of the products for free this will increase the customer's satisfaction.(Abril and Rodriguez-Cánovas, 2016)

    CONCLUSION

    This report had concluded that Tesco has to more effective in increasing the efficiency of the products. The company also need analyse all the factors which are responsible to decrease the cost of the operation of the company and increase the profitability. The identification of customer's needs and wants also helped the company to formulate effective strategies to increase the growth of the company and satisfaction level of the customers. Tesco also had to compare the strategies with all the competitors so that they could use their strategies to attract the customer in company. The retail store also had to make the effective growth so the company also improved the efficiency of the employees by providing them training and developing their skills. This helped the company to make diversification strategies to increase the global expansion of the company.

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