Strategic Marketing - Tesco

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Organisation Overview

TESCO operate their functioning as largest British retailer and listed in world's third largest grocery retailer with having number of outlets across Asia, Europe and USA. With having prominent positioning in Marketplace Company continuously expand their business with acquisition of new stores through which they provide retailing services to customers by adapting their needs and demand in best effective manner (Kim, Hallsworth and Kim, 2019). In addition to this, it has been identified that TESCO satisfy need of customers with having a main “to serve the customer”. Further company believes that keeping existing consumer happy is also most important task as they are the major source for company revenue. Company offer their services in retailing sector and was established in the year 1919. Company headquartered in England, United Kingdom. Organisation offers their services with having 6,800 shops till 2019, and offers their services worldwide (Direction, S., 2019). Further it has been identified that TESCO offer their services via Superstore, Supermarket, Convenience shop and Hypermarket. In addition to this, it has been determined that company is moving aggressively into neighbouring market segment and with having big-name retailer tag organisation ensure significant growth and profitability. Along with this, it has been evaluated that TESCO continuously engage in the practices to open up new stores in UK as to extend their business division and gain more profitable advantages. With having constant increase in international business Segment Company geographically expand their business operations on continuous basis. In addition to this, company keeps on opening new stores in United Kingdom provinces as to duly ensure regional strength. Further it has been identified that, Tesco.com is having world's biggest online supermarket positioning. TESCO online conduct their functioning over 270 or more than stores around the nation that basically cover 96% of UK market. This has been identified that with having strong platform company develop their revenue stream and further ensure for more profitability. TESCO is having strong brand image and further serve their customers with good quality and trustworthy goods. This benefits company to ensure excellent value in marketplace. Company duly believes in innovation thus, they continuously keeps on improving their products and service quality as to make significant improvement in shopping experience of customers. In order to serve customers in best effective manner TESCO duly undertake advantage of successful multi format strategies in order to effectively accelerate overall profitability and productivity of company in well defined manner. Thus, it has been determined that TESCO by being leading retailer along with having 450,000 colleagues effectively serve millions of consumers in every week via satisfying their needs through different online and physical stores (TESCO PLC. 2020).

Current strategic marketing practice

Strategic marketing practice is termed as a business's overall game plan with the help of which business organisation can significantly able to reach out to potential customers in order to influence them towards organisation products as well as services. It has been identified that by taking advantage of strategic marketing practice TESCO ensure that they attract potential customers towards company products and services as to gain significant profitable advancements. Marketing is defined as a process of attributing, pricing, distribution and promotion of products and services in order to attract attention of customers towards organisational offerings. It is essential for companies to effectively ensure that they fulfil marketing objectives in order to make sure that products and services of company fulfil market as well as customer's needs and demand by undertaking use of best effective communication channel in order to target audience as to gain significant competitive advancements. In context with TESCO Plc which is a leading Supermarket brand in Britain it has been signified that company effectively managed to garner large base of customer popularity by offering their qualitative services with their stores across the boundaries of UK. The main reason for which customers choose this brand over other similar types of grocery stores is that TESCO always emphasize upon customers need and further provide products and services at cheapest prices. In addition to this, it has been identified that in order to fulfil needs and demands of customers according to the changing times TESCO opened numerous online stores while maintaining reliable brand manger in order to duly reap consumer loyalty in a well defined manner. Further it has been determined that company always engage in the process putting effective marketing efforts in order to duly defined target market and serve customers with as per according to needs, preferences, price range, demand and more. In addition to this, there are number of best effective best marketing practices that has been undertaken by manager of TESCO that include social media advertisements like, Facebook advertising, website pop up etc, Google AdWords Campaign and more. Mentioned below there are some certain form of strategic marketing practice undertaken by TESCO:

Facebook Advertising

With the significant increase in digitalization almost half of the population tend towards influence of social media. In addition to this, it has been determined that there are 68% of adults those who use Internet. This significantly creates vast advertisement opportunity of business organisations. As with the help of this, they can effectively able to attract attention of large base of customers despite of geographical location. Along with this, it also helps them to influence customers with exciting offers on daily basis. It has been determined that with the increase in penetration of Smartphone lot of individuals break of the day by glancing at their phones for social media sites. This provide organisation to have excess over audiences via mobile phones. Users over Facebook are growing on continuous basis thus; by considering this Tesco improve their brand awareness by offering number of attractive offers on Facebook. The new Tesco Facebook page offer different types of exciting offers that helps in building online relationship with consumers. In addition with this, company satisfy their Facebook fans with exclusive offers and answer consumer service enquiries (Jones and Comfort, 2019). It has been identified that customers are tend to exactly know about the core of TESCO on massive range of topics. Thus, in order to satisfy the whole community Tesco online Facebook page provide much easier way to talk with customers and seek their interest towards organisational offering. In addition to this, with the help of the social media advertising Tesco improve their customer service and further invite large base of customers to speak directly to brand via online discussions. With the help of this mode of advertising organisation is expecting to have Rapid increase in their online market presence while further cheering large base of customer's attention towards company offerings. It allows company to gain efficient rate of growth popularity among customers that further increases their brand presence in marketplace while ensuring high profitability

Corporate Social Responsibility

CSR is termed as commitment of organisation to contribute towards sustainable economic development, local community, employees, society, and environment at large in order to improve quality of life. In simple terms it is also considered as a process in which organisation integrate environmental and social concerns in their business activities and further interacts with stakeholders on voluntary basis to conduct their business operations as to increase living standards for every related individual. CSR practice includes effective management of economic, social and environmental impacts and further being responsible towards stakeholders. In context with Tesco company believes to work as per according to the set values and positively contribute towards society with the range of different type of actions. Mentioned below corporate social responsibilities that has been undertaken by Tesco in order positive image of company:

Food waste: Tesco believes that transparency and measurements are most important element in order to reduce food wastage. This made them to published data for the last 3 years on UK food waste in their operations. With the help of this company effectively helps in identifying hotspots in order to effectively tackle the root cause of food wastage (Jiménez-Zarco and et. al., 2019). In addition to this company roll out different types of food surplus donation programmes in order to ensure that no food will go waste from their UK stores.

Health: In modern days people are mainly tend towards their health and are moving towards sustainable edible products. Thus, Tesco cut down their sugar content in all soft drinks. With the help of healthy changes company is moving towards big difference. It has been seen that every time company change their recipe for food in order to make it healthier. In addition to this Tesco made Charity partnership with British Heart Foundation and Diabetes UK in order to duly prevent and tackle diabetes and heart disease.

Environment: Tesco emerged out as a first retailer in UK to join sustainable agriculture initiative. Further company make significant reduction in carbon emission by every year. In addition to this company ensure that there is less carbon reduction from their stores as well as distribution centres as to ensure environmental safety concerns.

Supplier relationships: TESCO believe that, suppliers to be their most trusted partnership on which their business depends. For this company announced standardization of payment term for suppliers in UK Company also offer reduced terms for their medium and small size business suppliers (Vergassola, I., 2019). In addition to this TESCO also created online community for Tesco suppliers in which they made communication channel between company and producers and suppliers from all around the world and share the ideas and innovation through which prominent satisfaction to customers can be provided.

Employees: Tesco believes that business success always depend upon employees as they are the key source for the company revenue. Thus, Tesco all support their colleagues and provide greatest possible support to them in order to develop them as individuals. For this company provide rewards bonus plans, highest pay benefits in retailing sector and more in order to increase their living standards.

Stakeholders: Stakeholders management is most important aspect with the help of which company can gain significance support while increasing their corporate image in marketplace in a well defined manner. Tesco ensure that they work closely with external and internal colleague's customers and stakeholders in order to formulate strategy and plan through which they can serve their customers with best. For this regular meeting is conducted in company at every quarter through which they provide every related information to stakeholders.

Every year Tesco Board of member discuss CSR strategy of organisation and further do performance based review in every quarter. In this, Tesco Steering Wheel Framework is being undertaken by Tesco in order to measure their achievements of corporate social responsibility.

Product design and development:

Tesco believes that nothing is more important than their customers trust thus in order to retain trust of consumers Tesco have team of experts those who engage in the service of developing product while ensuring its great quality and safety (Product Quality and Development. 2020). Company is having team who ensure that products of company effectively meet standards and values in a well defined manner. Product design manager of company make sure that customers have great quality products at best price. TESCO is having confident and passionate team those design and develop product as per according to the customers and market demand and further ensure that organisational offerings are provided to customers at best price and quality.

Theory

Marketing mix is termed as a set of tactics as well as actions with the help of which organisation can effectively able to promote their brand and products within defined marketplace (Dekimpe and Geyskens, 2019). It is mainly a foundation model/theory that duly aid business to pursue their marketing objectives in a well defined way. Tesco Plc is a leading brand of supermarket and offer wide range of products like electronics, food, financial services, clothing etc. Company continuously expand their product line in order to satisfy customers with best services and products. Mentioned below marketing mix of Tesco in which company can identify their strong areas and can further able to address various aspects in order to achieve broad marketing strategy in a well defined manner:

Product

Tesco provide huge range of products via its numerous stores. With their vast product range Tesco aim to fulfil preferences and needs of each and every group of consumer from different market segment. Company offer products like, Frozen food, food, technology and gaming products, beverages, bakery products, car products, health and beauty products, home and garden products, entertainment and books, party and gift product etc. In addition to to this company is having their own brand like, Tesco value, Tesco, Tesco kipa, Choice, Everyday Value, Tesco Lotus, Tesco bank, Tesco baby, F&F clothing. Company recently undertake review of their food categories and make reduction in their products line by 18%. With the wide range of products segment Tesco ensure that they do not leave their consumer lacking when it duly comes to choice.

Price

Tesco always ensure that they maintain their products and services price as low without make compromise in product quality. In addition to this, company undertake different types of pricing strategies for instance entity use club card system in which their allow consumers to allocate points for their purchase than further get converted to money (Jalil and Yeik, 2019). With the help of this excellent price-promotion strategy company assure to reduce price while ensuring maximum increase overall sales of entity without affecting profits.

Place:

With having headquartered in Chestnut, Hertfordshire, England Tesco operate their services with having stores spread all across the world. Company is mainly having two distribution channels for their organisational offerings namely online and offline through which they satisfy needs of customers in a well defined manner (Martinellim, De Canio and Marchi, 2019). Tesco with the help of market research studies that it number of customers do not feel comfortable with big stores such as Tesco extras. For this they have different types of smaller stores that allow easy access accessibility to customers. Company mainly have six different form of offine stores like Tesco Extra, Tesco Superstore, Tesco Compact, Tesco Express, Tesco Metro, Tesco Homeplus through which they offer their products and services. While they also offer their services via online website website www.tesco.com. Main aim of company to provide one stop for customers thorough which they can have routine shopping under one roof.

Promotion:

Tesco is having strong brand image in marketplace as they mainly relies on low price. Promotional activities mainly centred on their low pricing theme. Company undertake use of television ads, social media advertisements, hoardings, charitable events as their promotional channels. In addition to this company use promotional discounts as well as offers at large extent for instance by one and get one. In addition to this, Tesco use loyalty card “ Tesco Clubcard” in order to promote their products and services and duly attract customers in well defined manner.

People:

Tesco operate their functioning as largest leading organisation. Company employing lot of individuals. In addition to this, individuals within entity undergo with selection process held in organisation. Careful job and policy selection is must in order to get correct individuals in organisation and project. It has been identified that Tesco highly encourage diversity and people within entity are valued more as to gain maximum performance from them. In addition to this, employees within company are encouraged towards to help other and be supportive. Along with this, Tesco offer promotional opportunity to staff and to encourage their potential.

Process:

Tesco ensure that in their stores products are always available for this they installed a system with the help of which retailers can easily notify when the inventory get low. This will aid Tesco to replenish the stock in time effective manner and ensure customers get satisfy with best. Further via their online delivery process a computer based system notify entity when order are received. In addition to this company effectively engage in the activity of researching market opportunities as to identify needs of customers and further customers needs via their feedback.

Physical Evidence:

Tesco offer their products with distinct colour packaging in order to make them easily recognizable on retail shelves. In addition to this, design and colour of company products makes their products easy acknowledgeable even at busy retail stores. Along with this, online website of Tesco is user-friendly that further allows their customers to view products of company in high quality image even from different angles.

Apart form all this, company conduct social welfare programmes those are specially designed in order to help individuals within society (Blakeney, M., 2019). In addition to this Tesco benefit individuals with corporate welfare by providing regular pension and investing in green technologies as to benefit individuals and society in a well defined manner. In addition to this, in Tesco corporate agenda environmental responsibility has been added on top of their priorities. Further organisation operate their functioning by being accountable to both society and government. Along with this, company engage in the process of growing customer interest and awareness towards utilizing and preserving natural resources and reusable products. In addition to this, “ Organic” products sales duly encourage green initiative of company. Thus, by duly considering Corporate social responsibility into consideration company reducing waste, have responsible towards sourcing of materials and supplies, adhere labour standards, ensure Employee, vendor, customer and community engagement and relations, use Anti-corruption measures, duly uphold social equity, gender equity and other human rights goals, ensure to conserve resources, like water and energy, in production (Corporate Social Responsibility for a Marketing Mix in an Organization. 2017). This duly aid Tesco to ensure employee loyalty, brand perception benefits, cost saving benefits and long term financial success.

Gap Identification

It has been identified that, due to increase in competition there is large base competition in retailing sector. Number of organisations comes up with distinctive range of product line in order to lure the customers as per in accordance with latest trends. In addition to this, due to competition increase in competitive based pricing duly raised. It has been identified that there is a gap that signifies that company is required to introduce new product with price penetration strategy in which they are required to provide their products and services at initial lower price than its competitors. Along with this, competitors of Tesco have different and maximum number of online sites those are much more user-friendly. In addition to this, company lacks in digital marketing techniques. Further it has identified that upcoming competitors undertake use to more up to date and innovative measure in their process in terms with both cost and efficiency. Thus, as per the discussion it has been analysed that Tesco is required to undertake use of more effective strategic measures in order to satisfy their customers in best effective and possible manner.

Effectiveness Improvement

Effective improvement for product:

Tesco is required to improve their product range with new product line in accordance with latest trends within marketplace. Further company are required to test their newly introduced products in test market before making it fully commercialize. In addition to this, Tesco must widen their product portfolio in order to offer new product lines as to duly satisfy customers with best. Along with this, company is required to improve their product packaging in order to make them more convenient to use and transport. Further entity must ensure that their packaging is visually appealing as to attract attention of customers in best effective manner. By making these improvement in their product segment company can satisfy their customers with best while ensuring maximum profitability in marketplace.

Effective improvement for Price:

Tesco must improve their pricing strategy and can use psychosocial pricing in order to duly attract attention of customers for instance, they can price a product worth $100 as $99 as people would consider this to be lower. Along with this, company must introduce new allowances and discount measures. In addition to this company must improve pricing of their products and services by conducting market research and then set price with the help of price penetration strategy in order to offer offering at lower price as compared to their competitors in order to gain maximum market share. Company can also improve their pricing by reducing a percentage off the price of its products. Thus, with the help of all these measures company can significantly able to make improvement in their price at best effective manner.

Effective improvement for Place:

Tesco can duly improve their place presence by opening their shops on social media as well. In this they can sell their products on different social media platforms and can further able to generate more sales. Along with this company must improve their services via integrating their online shop and social media pages as to provide easy navigation for their users. In addition to this company is require to ensure that they sell their products to large retailers via personal selling in order to make significant increase in their sales ratio. Along with this, Tesco by opening company-operated retail stores can offer their all the products. With the help of this entity can able to save cost of organisation as wholesaler and retailer margin would not exist.

Effective improvement for Promotion:

Tesco is required to significantly improve their promotional techniques as to duly attract attention of customers in well defined manner. For this it is require for company to hire social media influencers like bloggers or trending movie, TV or social media stars. This will effectively aid company to promote their products and services at different manner as to increase customers awareness towards brand. In addition to this, Tesco can take use of different digital marketing techniques as to make significant improvement in online traffic on their website for instance, Search Engine Optimization, banner advertisement and more. Along with this in order to improve their social media promotional activities Tesco is required to incorporate with different types of latest trends of social media like memes, hashtags etc. With the help of all these measures Tesco can ensure high profitable advancements within marketplace along with long term sustainability.

Effective improvement for People:

In order to ensure more profitability and productivity it is important for an organisation to satisfy people those who are associated with company in best effective manner (van Tulder and Roman, 2019). It will not only help them to increase efficiency of their daily basis work but also aid in ensuring their loyalty towards entity that will significantly able to increase organisational productivity at great extent. Tesco can duly able to improve skills, knowledge and efficiency of their employees by proving them opportunity to undergo different training measures. In this company must offer training to people like customer services, sale force and purchasing people as they play key essential role in order to deliver value to consumers. In addition to this company must offer incentives to their sales force by way of bonuses for achieving targets or via commissions in order to boost up their performance level. Along with this, it is essential for Tesco to make significant improvement in their workforce by hiring individual in organisational workplace those who show respect towards consumers and have committed nature towards entity. By undertaking all these measures into consideration Tesco can effectively able to improve their people that directly aid them to increase their sales and profitability.

Effective improvement for Process:

In order to gain more competitive advancements it is important for organisations to conduct their operations with more effective techniques and tools. In context with Tesco it is essential for them to use computers in order to handle their organisation process in order to increase work efficiency and further deliver products to customers in timely manner. This will significantly aid them to stay one step ahead of their competitors. In addition to this, company is required to improve their products for this they must engage in research as to identify latest trends and constantly have look to make innovation and improvement in their process as to duly increase their efficiency in cost effective manner. As if company operate their process in cost saving manner them this eventually lead them to make reduction in prices of their products and services. With the help of this company can effectively able to conduct their services in best effective manner while ensuring cost and satisfaction of customers. Further it has been identified that with the help of innovation Tesco can effectively able to take lead in

Effective improvement for Physical Evidence:

It is important for an organisation to maintain their place in marketplace as to ensure their growth and profitability (Burt, Coe and Davies, 2019). This will not only help company to ensure high growth advancements but also benefit them to retain loyalty from their customer's on constant manner. Tesco can improve their product packaging by collecting feedback from their customers on regular basis. This will effectively help company to improve physical evidence of their products. In addition to this, company is required to set up their own stores in which they can provide their customers with shopper-friendly environment as well as ambience. With the help of this Tesco can effectively able to encourage large base of customers towards organisational products as well as services. By all undertaking all these elements into consideration company can effectively able to serve their customer with best and can further able to attract their attention towards company products as well as services.

As per the above mentioned discussion it has been identified that by being third largest global grocer Tesco is required to make some certain form of improvement in their products, services, process and operations (Bozic, Siebert and Martin, 2019). This will effectively help them to influence buying power of customers towards organisational products and services. In addition to this, company can make diversification of their business and expand their organisation in Asian countries. This will effectively help them to grow their business at international markets in best effective manner. In addition to this, company is required to take use of more high tech technologies and to make significant increase in their margin of return. It has been identified that Tesco currently hold number one positioning in UK marketplace. It is required to company to effectively understand that domestic marketing and international marketing both are complex process. Thus, company is required to make sure that marketing is different in every country as they have diverse range of customers (Baker and et. al., 2019). So in order to effectively fulfil their needs and demands in best effective manner company is required to make significant improvement in their products and services to gain more profitable advantages in marketplace and further ensure high profitability and productivity in best manner.

REFLECTION

Self reflection enables an individual to process and make meaning of all of the great (and not so great) learning and working experiences that one had. In addition to this, Reflection is a generic term for those intellectual and affective activities in which individuals engage to explore their experiences, in order to lead to a new understanding and appreciation. It has been identified that Self Reflection enables a person to learn from their experiences and to apply what they had learned to future experiences. With the help of reflection one can significantly able to improve understanding of the context they work in, transform perspectives, deepen understanding and help to re-appreciate the job they do.

From this report while performing activities in the report of strategic marketing there were some challenges which I faced while performing the overall work. There were some issues, which I have gone thorough and this includes difficulty in finding appropriate data for completion of the research. In every project there is requirement of authentic data so that reliable outcomes can be drawn at the end of research. I also faced some other issues such has there was limited time which was allotted to me for completing this project work and I felt that for effective completion of the project I needed some more time. There was limitation of resource was another problem which I realised in this project. Resources in terms of finance, human were two basic requirements which were not in accordance to the requirements of the project. I had to interact with employees & customers of TESCO so that I can collect authentic information. There was a trust issue as it was difficult sometimes for me to make the customers believe that information which they are providing to me will be kept confidential. So, it became sometimes very difficult for me to convince some of the customers that they must provide the information without any hesitation. This surely had a effect on overall project outcomes. For this many times customers were not ready to provide detailed information and I was not sure about if they are giving honest reviews & answers to many questions. These all are some of problems had a negative impact on whole project as there will not be proper outcomes which will be drawn at the end of report. In addition to this, the major challenge that has been faced by me is related to allocated well effective and appropriate data and resources in well effective manner. As I order to gain data of Tesco there is requirement for me to collect data by analysing employees point of view. In addition to this in order to allocate different types of statistical data I had to go through number of websites in order to use best effective and appropriate set of information in report as to ensure project confidentiality and effectiveness. Thus, it has been determined that due to all these challenges hamper my work somehow and create obstacles for me to accomplish my project in given set framework of time.

Apart from this it can be said that while working on this project I was able to have a very different experience and I was able to work on some of the skills. Such as my communication skills became more better while I was making effective communication with customers & employees of Tesco. There was proper time management which I did while I was working on each aspect of the report. Effective Management skills are also very important for timely completion of a project. The overall learnings while working on this project has completely changed me as a person as, this experience will be very helpful for me from future prospect. All the different skills which I have learnt and developed through this project has improved my overall level of knowledge and in shaping my overall personality. If given a second chance I will try to reduce and minimize the problems which is faced in this report. There will be some more time which I will consider to complete the project and achieve various outcomes. This is going to have a positive impact on overall authenticity and quality of the project. There will be a larger sample size which I will choose so that varied response can be collected and this will lead to achievement of project outcomes in a more better way. Further it has been identified by me that lot of experience have been gained by me in order to manage time and resources in best effective manner. With the help of this I can duly able to manage all my activities in perfect time frame and can further ensure their completion in best effective manner. In addition to this, it has been evaluated that by gaining second change I will surely move towards more effective resources at one go as by undertaking this project I have gained significant knowledge related to gathering data and required informations from different websites, sources and other effective data collection methods.

By pursuing this project, I has really new experience from both learning point of view as well as performance wise. It has been identified that, this project proves to be really helpful from me where I get a chance to implement all the knowledge, skills and past experiences. I have learnt that innovation requires collaboration, creativity, practical implementation and added value to the product. Along with this I have truly learned a systemic approach to designing a product, that how to start from scratch and nothing to build a customer oriented or to introduce a new product into the market, how to filter the needs or requirements of the products, the manner in which all the activities get arranged as per according to time in order to accomplish project in time effective manner, how to manage and divide tasks as per according to their importance, which project management methodology to apply depending upon the nature of the project and more. By having all these experiences from this project I have gained significant knowledge to accomplish project in a well defined framework. With the help of this I can significantly able to accomplish my future projects in more effective manner and can further ensure significant growth.

Related Services: Strategic Marketing - Unilever

CONCLUSION

As per the above mentioned report, it has been concluded that strategic marketing involves a process in which functions related to plan, develop, implement, measure and implement is mentioned with the help of which organisation can significantly able to make increase in their growth opportunities, profitability and productivity. In addition to this, by undertaking this process company can able to make identification of their organisational strength and can further differentiate themselves from their competitors. Strategic marketing play key essential role with the assistance of which company can fulfil their goals and objectives in well defined manner. In this report current marketing practices is being included that duly aid business organisation to promote their products and services among customers and can further able to increase their overall sales in a well defined manner. Further this report include marketing mix with the help of which entity can effectively able to undertake profitable marketing decisions in best effective manner. With the help of this business organisation can effectively able to identify their strength as well as weaknesses can can further implement strategic decision. Take assignment help service from Instant Assignment Help. They are the best assignment writing service providers in the UK. Their experts are highly qualified and skilled. They will provide you with a plagiarized free assignment at a low price which will help you in achieving A+ grades. So contact Instant Assignment Help for the assignment writing service.

in order to ensure more competitive growth in marketplace. In addition to this project include effectiveness improvement that will benefit company to significantly increase their organisational efficiency. Lastly reflection is being done in this report as to duly evaluate challenges that has been faced while doing project along with experiences. You can get the answer: MG624 Strategic Marketing - Brake Bros Ltd.

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