The second applies the analysis to Tesco plc, providing relevant examples.
Companies develop marketing plans to know how it should direct its efforts towards bringing a particular product or brand to market. The plan acts as a roadmap, a set of guidelines to ensure success, and contains an analysis of the target market, the marketing objectives, and the marketing mix, which explains in detail the selected strategy for the product, its promotion, distribution, and price (Cohen, 1995).
The quality of a marketing plan depends on the assumptions it makes about the customers and the basis for those assumptions, how the marketing objectives are defined, and how the marketing mix are analysed; above all, how it is put into action (Shark, 1994).
Traditional literature on marketing programmes and actions such as by Wind and Claycamp (1976) identified the development of product policies (brand, quality, and value) as the most critical element of a marketing plan because this is how companies can engage customers and meet their needs.
As Peter and Donnelly (1997, p. 127) observed: "developing new products is the lifeblood of successful business firms". Crawford (1994, p.9-11) categorised "new products" as follows: new to the world (inventions), new for the firm, additions to product lines, product improvements, and repositioning (retargeting for new use or application).
Major changes in the marketplace, media and communications, ...Show more