Principles Of Marketing Assignment Sample

Principles Of Marketing

Introduction - Principles Of Marketing

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A good marketing strategy is essential for successfully conducting any business. In basic terms, the marketing strategy provides the customer with basic information about the products and services of the company and a reason for buying them. A good marketing strategy educates the customer about the product they want and helps them choose the right product according to their choice. The current study focuses on the existing issues that the company is recently faces and the probable solutions and recommendations that the company should take in order to gain more profit and corporate revenue.

Marketing mix

The marketing mix generally focuses on the various areas for developing a comprehensive marketing plan. The marketing mix generally refers to the four principles of marketing that are also popularly known as 4ps. Product, price, place and promotion. A marketing mix is essential for the company to understand how the products and services the company can offer the customer. The marketing mix also helps to understand the company's potential success for future growth and development. Every company generally follows these four fundamental factors in conducting their business and gaining more corporate revenue.

Table 1: Marketing Mix

(Source: Zhang et al. 2021)

The products that the company provides are very good in quality. The company is reputed for providing the best quality product that meets the needs and demands of the customer. The products that the company is sailing over the year are no doubt maintaining good quality. In the recent times of growing competition, the company should broaden the range of their products to maintain a strong foothold within the current competitive market. The customer's tastes and demands for a specific product are changing significantly. Therefore, the company should emphasize in innovating the products to grab more customers and also to meet the customer satisfaction rate.

Price mix generally refers to the price of the outer product determined by the company. Price mix is a vital component of the company that determines the profit and survival of the company. In the context of the Tesco company, the company should follow a low pricing strategy to offer its products to all levels of the customers.

A promotional mix is very vital for the company to promote its product and brand value to the customer. It is also very important for the company to promote its product to provide the necessary information and brand value to the customer (Cay et al. 2019). The Company should follow the same method, and it promotes its products on various social media sites. The company also provides various discounts on social occasions to attract more customers. This particular strategy helps to gain more attention for the customer hat further helps to spread the reputation of the company in a better way.

BCG matrix: analysis

The Boston Consulting Group (BCG) refers to the growth-share matrix of the company that is generally used for the graphical representation of a company's products and shares. BCG matrix with the cost generally helps the company to know the current position of the selling product of the company. Furthermore, it also helps the company have a clear perspective about the revenue generation of the selling products, which further includes from which product the count is gaining profit and from which product is not running so well (Janiah, 2019). The BCG matrix is the product planning tool used by the organization to determine the changes that the organization need typo focus for gaining competitive benefit.

BCG matrix helps the company to achieve its long term goal through strategic planning and reviewers of the portfolio it predicted. Furthermore, it also helps the company about where to invest, discontinue, or develop the products.

The BCG growth-share matrix divides the products into four types known as “dogs," "stars," cash cows," and “question marks." The company should follow the cash cow matrix for its further growth and opportunities. In this particular matrix, the company can produce the product in a low growth area but can generally have a large amount of market share. Cash cow products have a larger amount of cash than the production-consumption. If the company can follow this particular business model, then the products of the company will have a high market share and as well as it cost low price in the production. The inter deals within the BCG matrix dues but contribute a great amount of revenue within the production as it costs very high in the production, but it generally has a low market share.

Ansoff matrix

Ansoff matrix generally refers to the special technique by which the particular company identifies the opportunities for increasing revenues through improving new products and implementing innovative products within the services. Ansoff matrix generally refers to the market penetration, product development, diversification and market development strategy. TESCO should wade through these strategies in order to develop the overall performance of the company.

TESCO should use the market penetration strategy in order to develop the existing products within the market.One of the major issues that the company recently faced was selling meat products (Damayanti et al. 2018). Therefore, it is very important to be more conscious about the selling product of the company. If the company cannot get more aware of the selling products, then the marketing sharing of the company can be significantly lost. The company will further lose its corporate revenue. The company also implemented a pricing strategy in order to attract more customers to the company. The employees and management team of the company should be more aware of the selling product in order to maintain the leading position within the market. The social emphasis on the existing selling products and an approach to improve them will further help the company to maintain its current position in the business ambience.

The company should implement a social campaign to promote its brand value and also to promote its brand value of the company. Nowadays, the company is using more social media changes in order to promote its brand. The company should give emphasis on the 24*7 services within the business. It will further evaluate the current opinion ad and the customer's feedback about the company. Organisation is facing major issues in maintaining the social media cost. Social media promotional campaign is crucial for facilitating organizational growth through increased brand image and reputation. It is found that the company is facing difficulties in conducting advertisements on various social media. The company can reduce the cost of the social era by creating more challenges rather than developing new social media sites (Elbeck, 2018). The company should spread its information and brand value. Developing the market stage is another vital aspect of the company. TESCO should implement the market development strategy for the future growth and development of the company. TESCO is now giving importance to selling the new products in other places apart from the existing marketplace (Dost et al. 2019). The company should improve thots existing products and should promote the brand value in a global manner. Therefore, this specific strategy will help the company in increasing its that revenue generation and will further explore the new portable possibilities of the company in the current business ambience.

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Discussion on the customer-driven strategy

The customer-driven policy refers to the special policy in which the company puts the needs and demands of the customer at the centre of all things. Furthermore, it also increases the best pricing strategy in which more customers are attracted to the products of the company. The customer-driven policy is the main source for the company to grasp more customers to the services of the colony by implementing some innovative strategies. The customer-driven strategy further helps in identifying the target customer and fulfilling their needs and demands. TESCO is currently using the correct customer-driven strategy (Adebayo and Govender, 2020). The company can identify the segmentation and target customers as well as to fulfil the expectation of the customers.

Table 1: STP model and customer-driven strategy

(Source: Blut et al. 2018)

There are special attributes that are needed to conduct the best customer-driven policy. Identifying the target customer is very important in this matter. TESCO should give importance to identifying the target customer of the company. TESO should use the "data-driven strategy in order to identify the target audience, the motivation that leads them to purchase the products provided by the company (DeLong and Elbeck, 2018). Segmentation of the target audience is the key factor in the customer-driven policy. TESCO should implement those specific strategies in order to provide the news to the audience in a broadway. TESCO should improve the products to grasp the customers. Segmentation of the target audience retains the customer by offering more new and innovative products. Product strategy is one of the key factors that determine the customer-driven strategy. TESCO should givemore emphasis on producing the products based on the customer's needs (Sadq et al. 2019). The company creates a positioning map which is based on the customer's perception of the brand.

According to Yuan et al. (2020), TESCO should create a product road map with the challenges the company is facing in producing the product. If TESCO cannot introduce the variation within the products, the top brand supplier will have more power over TESCO, and that will negatively impact the corporate revenue of the company. According to Yuan et al. (2020), customer feedback is one of the integral parts of attracting more customers to the services provided by the company. TESCO should give emphasis on the needs of the customer in a very specific way. All through the products provided by the company are very good, yet some of the products are facing difficulties in meeting customer satisfaction. The company should give importance to improving the products to meet the customer's needs (Wikner and Bäckstrand, 2018). The positive approach of the customer to the product is very much needed in order to maintain a strong foothold in today's competitive business ambience. According to Mo (2020), the strategy generally refers to the engagement of the customer through the various social media status to the services of the company. TESCO should give emphasis in creating more channels to promote the brand and products. According to Ceesay (2020), the company should provide more challenges in which they can introduce the producers to attain the customer's attention towards the brand. Furthermore, the company should use Omnichannel marketing through various channels and websites in order to interact with the customers and understand their needs and expectations (Janiah, 2019). This also helps the company to comprehend the further changes that are needed according to the preferences of the customers. As opined by Kim et al. (2018), an omnichannel marketing strategy is further important to spread more information about the company and to promote its brand value.

In today's modern world, the consumers are very active in the various online channels, and they generally prefer to check out all details of the company's products. Therefore, TESCO should broaden its omnichannel marketing as it will further help the company to evaluate more about the demands and needs of the customers. Knowing the existing customers is one of the vital aspects of the customer-driven strategy. According to Zhang et al. (2021), it helps the company to identify the extinguisher customers in a better way and also to improve the services in order to retain that existing customer in a more effective way. There are various ways by which the company can identify the existing customers (Weiwei, 2021). The provided data when the customers visit the company's websites, the types of registration, subscription date, and account balance. Furthermore, the data that the customer service team collects through communicating with the customers, evaluating the positive and negative feedback and the feature request. The company can also know about the existing customer by "data collection tool" by default. Collectively all these things are very helpful in gathering information about the existing customers (Cay et al. 2019). Knowing the existing customer further helps the company to further include the innovation in the provided services and the necessary actions that are needed to grasp more customers to its services.

Conclusion

Principles of marketing are one of the vital aspects to the company in order to grasp more customers to its brand. Principles of marketing are one of the integral parts of conducting the business in an effective manner. TESCO should implement all these strategies in order to implement the various strategies in order to generate more corporate revenue. The company should implement these strategies in order to maintain a strong foothold in the recent business ambience. TESCO should provide all these things in order to grasp more customers and to satisfy the needs and expectations of the consumers. The place, pricing, promotional ix of the company and its better implementation will further give the company to develop its future growth. Following all these mentioned strategies, the coy will further improve in future and will have the opportunities in future. Customer-driven strategy is one of the vital things in the development of the company. The company should further give emphasis in evaluating the customer-driven strategy. The current application of the customer-driven strategy will further help the company to measure the existing customer and to grasp more customers in the local ambience and as well as in the global aspect. All these strategies contribute to the overall growth and development of the company.

References

Journals

Adebayo, R.O. and Govender, J.P., 2020. Marketing as an enabler for churches to fulfill their social responsibility. Journal for the Study of Religions and Ideologies, 19(55), pp.3-19.

Blut, M., Teller, C. and Floh, A., 2018. Testing retail marketing-mix effects on patronage: A meta-analysis. Journal of retailing, 94(2), pp.113-135.

Cay, D.E.N.I.Z.H.A.N., Goker, N.A.Z.L.I. and Dursun, M.E.H.T.A.P., 2019. Modelling r&d strategy to fulfil customer demands through digital transformation. WSEAS Transactions on Business and Economics, 16, pp.525-531.

Ceesay, L.B., 2020. Building a High Customer Experience Management Organization: Toward Customer-Centricity. Jindal Journal of Business Research, 9(2), pp.162-175.

Damayanti, Y., Koeswo, M. and Sarwiyata, T.W., 2018. The difference of knowledge level of marketing staff and employees of RSI UNISMA MALANG between before and after basic marketing principle training. Jurnal Aplikasi Manajemen, 16(1), pp.156-161.

DeLong, D. and Elbeck, M., 2018. An exploratory study of the influence of soft and hard skills on entry level marketing position interviews. Marketing Education Review, 28(3), pp.159-169.

Dost, F., Phieler, U., Haenlein, M. and Libai, B., 2019. Seeding as part of the marketing mix: word-of-mouth program interactions for fast-moving consumer goods. Journal of Marketing, 83(2), pp.62-81.

Elbeck, M., 2018. Beyond Digital: Exploring the Influence of Two Disruptive Technologies on Marketing Education. The e-Journal of Business Education & Scholarship of Teaching, 12(1), pp.112-119.

Janiah, S., 2019. STRATEGIC MANAGEMENT EFE-IFE MATRIX, SWOT ANALYSIS, COMPETITIVE PROFIL MATRIX (CPM) DAN BCG MATRIX PADA PT YAMAHA. Jurnal Ekonomi Manajemen Sistem Informasi, 1(2), pp.188-196.

Kim, E., Beckman, S.L. and Agogino, A., 2018. Design roadmapping in an uncertain world: implementing a customer-experience-focused strategy. California Management Review, 61(1), pp.43-70.

Mahmoud, T.O., 2018. Impact of green marketing mix on purchase intention. International Journal of Advanced and applied sciences, 5(2), pp.127-135.

Mo, S.W., Lee, K.B., Lee, Y.J. and Park, H.G., 2020. Analysis of import changes through shift-share, location quotient and BCG techniques: Gwangyang Port in Asia. The Asian Journal of Shipping and Logistics, 36(3), pp.145-156.

Sadq, Z.M., Othman, B. and Khorsheed, R.K., 2019. The impact of tourism marketing in enhancing competitive capabilities. African Journal of Hospitality, Tourism and Leisure, 8(5), pp.1-11.

Sudari, S., Tarofder, A., Khatibi, A. and Tham, J., 2019. Measuring the critical effect of marketing mix on customer loyalty through customer satisfaction in food and beverage products. Management Science Letters, 9(9), pp.1385-1396.

Weiwei, L., 2021. Analysis of Ansoff Growth Strategy: a Case of Chinese Yunnan Baiyao Company. Industrial Engineering and Innovation Management, 4(2), pp.1-6.

Wikner, J. and Bäckstrand, J., 2018. Triadic perspective on customization and supplier interaction in customer-driven manufacturing. Production & Manufacturing Research, 6(1), pp.3-25.

Yuan, Y., Dehghanpour, K., Bu, F. and Wang, Z., 2020. A data-driven customer segmentation strategy based on contribution to system peak demand. IEEE Transactions on Power Systems, 35(5), pp.4026-4035.

Zhang, J., Xie, W. and Sarin, S.C., 2021. Multiproduct newsvendor problem with customer-driven demand substitution: A stochastic integer program perspective. INFORMS Journal on Computing, 33(3), pp.1229-1244.