However, summed with faulty anticipation of the market trends and too much investment in a particular project to support its aggressive marketing strategies, Tesco also had to face significant challenges in securing the desired return on its investment along with affecting its market reputation to a considerable extent. Illustratively, it was because of the same reason that the launching of Tesco’s fresh and easy store failed in the US market recently. Marketing Plan for the First Year: One of the major problems that Tesco is facing is maintaining accuracy in anticipating the changing needs and wants of the customers. Therefore, in the first year, Tesco should build such product management strategies that could identify the tastes and preferences of the potential customers. Besides ensuring the quality while offering the products to its potential customers, Tesco shall also try to renovate the older products according to the tastes and preferences of the customers to augment their demand. Similarly, as a market leader and to make a stronger appeal to its customers, Tesco should note that in the modern world the customers are becoming increasingly quality driven. Therefore, Tesco should reassess its marketing processes concerning certain products in order to attract the customers’ loyalty at a greater degree. To be specific, Tesco should also be concerned regarding its product quality rather than entirely focusing on pricing at a cheaper rate than its competitors. Tesco must also pay due attention on enhancing its customer relationship model to sustain its competitive advantages at stake owing to the rising competition and the various ethical issues surrounding its regular functioning. Accordingly, to maintain transparency and enrich its customer recognition, the company should emphasise taking regular feedbacks from its various stakeholders including customers, employees, suppliers and shareholders. As expected, the feedbacks shall assist Tesco to balance its shareholder-centric objectives and its sustainability goals in a more competent manner and overcome the currently observed challenges. Marketing Plan for the Second Year: In the following year, Tesco should deliver due emphasis on storing and interpreting the feedbacks obtained from the stakeholders. This will certainly assist the company not only to develop a more objective oriented business functioning to reward a better market stance but will also enrich its product/service marketing strategies, contributing to a more competitive advantage to the company. It will be noteworthy for the company to ensure that the feedbacks obtained from the customers and other group of stakeholders are not misinterpreted, which will further assure accuracy in its market anticipation. Likewise, the company can develop different strategies to suffice the market trends and demands in different places. It is very much essential in this context that Tesco aims at taking a competitive advantage of its brand name and keep focusing on its transparency obligations as well as better customer focus in its marketing operations. Besides, in the second year of application of this marketing plan, the company needs to take an assessment of the strategic application effectiveness. Accordingly, Tesco must also shift from its
Marketing Management Exam Q.1. Produce a 2 Year Marketing Plan for a Company of Your Choice. Tesco PLC is one of the leading and UK’s strong core business entities operating in the global retail sector. A key strength of Tesco has been its ability to grow continually by offering greater value for the customers and keeping itself cheaper than its consumers…
Advertisement is the means to offer product to the customers by creating awareness about the company and establishing a brand about what it is offering. There are several ways to advertise a product, i.e. word-of-mouth, newspaper, internet, radio, cinema and television (Ilango, 2011).
Integrated marketing communications is a comprehensive approach to marketing and advertising that is customer centric and data driven. Within this spectrum of understanding integrated marketing communications involve the development, coordination or an organization’s advertising strategies and resources.
The vision of Better Place is based on the creation of productive linkages between the battery companies, car companies, consumers and utilities. Theses productive linkages are likely to accelerate the mass adoption of the electronic vehicles. Better Place aimed at overcoming the main obstacle in the acceptance of the electronic vehicles by the masses which is limited mobility.
As in any business, no organisation can exist and conduct successful business in isolation, thus stressing the importance of stakeholders. For this organisation, the most important stakeholders include potential buyers of electric vehicles, governments, city authorities, and suppliers.
5). The company is in the business of electric vehicles and it is an electric car service provider. The stakeholders of Better Place include venture capital companies, automobile manufacturers, governments, employees, managers, competitors – such as other electric car service providers like ERGO, Coulomb Technologies and Elektromotive –, battery manufacturers, utility companies, city authorities, potential purchasers of electric vehicles, and company owners.
Also it is important to know that hat type of an image would a retail store project for its customers in the target segment harbor and what Retail Market Strategy needs to be applied.
Positioning of a retail store is important because usually people are buying brands when they come in a particular retail store.
Segmentation allows the seller to better satisfy the needs of the customers - existing or potential.
Some questions that can help businesses in market segmentation are: Can the organization make a profit out of the segment (is it viable)? How easy is it for people
10) through a number of different strategies and marketing techniques. Marketing managers are responsible to evaluate demand levels and manage it effectively, by influencing the level, timing and composition of demand to meet company’s
The notion of internal marketing is broader than just communication tactics and employee meetings in order to build employee satisfaction. Instead, internal marketing deploys strategic tools to assist organization in achieving its objectives.