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Marketing is an act of selling goods and services by satisfying the needs and wants of customers. Marketing principles such as product, price, place and promotion plays an important role in the achievement of organizational goals and objectives. For this project report, Tesco is selected which is one of the largest retailers in UK. This project report depicts the micro and macro environmental factors which closely affects the marketing decision of company. Besides this, it also depicts segmentation, targeting and positioning criteria which Tesco uses to sell its products and services. It indicates the extent to which the marketing activities affect the buying behavior of individuals. This report also depicts the ways through which company is able to build and sustain competitive advantage. Extended elements of marketing mix also provide help to company for achieving success in the dynamic business environment.
Various elements of marketing process are as follows...
Corporate objective of Tesco includes mission, vision, strategies and policies of company. It guides and provides direction to its employees to make their best efforts which enable company to meet their marketing goals and objectives.
Marketing audit shows detailed statement which contains the marketing activities of Tesco. Besides this, it also entails the past, present and future actions of Tesco. It enables company to compare its performance as against to its competitors.
Marketing and environmental analysis
Through marketing analysis, Tesco is able to identify the effect of market growth, trend, cost and pricing structure upon the profitability of firm. In addition to this, environmental analysis indicates effect of legal, political and economic factors upon the business operations of organization.
SWOT analysis shows strengths, weaknesses, opportunities and threats which are present in the business environment. It aids to Tesco to convert its weaknesses into strengths and to build the competitive advantage.
Marketing orientation can be defined as a tool through which Tesco designs and delivers its product as per the needs, wants and desires of customers. To deliver the products and services more effectively and to satisfy the customer needs, Tesco undertakes marketing orientation program. Company conducts research to identify the needs and desires of customers. For this, the organization prepares questionnaire and makes a survey to identify the needs and wants of customers. Besides this, organization also makes use of email id to understand the needs and wants of customers. It proves to be more beneficial for the organization as it makes contribution in increasing the productivity and profitability as well as helps the firm in maintaining long term relationship with the customers. In addition to this, it also imposes high cost in front of company in terms of marketing research. Customer’s demand and expectations are continuously changing with the passing time. It is very difficult for Tesco to understand the customer’s needs, wants and desires in the same manner. If organization succeeds in identifying the customer needs and wants through market research program, then it provides benefits such as customer satisfaction and customer loyalty as compared to the cost that is associated with the market orientation program.
Micro environmental factor consists of controllable or internal factors which can be easily controlled by Tesco. It includes customers, competitors, employees, shareholders and suppliers. They have direct impact upon the business operations and success of the firm. So, Tesco needs to take into consideration all the above mentioned factors before making any marketing decisions. Impact of micro environmental factors such as competitors and employees upon Tesco are as
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