Marketing Principles Analysis
Marketing describes –product, good services and customers. Marketing all aboutidentify customer need and satisfying customer with products and make profit. In Mr Tan’swords [22/4/13] “marketing is mutually satisfying exchange at profit in the long term”. Marketing isthe built-up relationship and created customer delight, capture value from customer to create profit and customer quality. Marketing process identify customer need, situation analysis and marketing strategy decisions about product prise distribution and promotion and then how this is implemented monitored and controlled.
A. Situation Analysis:- In a situation analysis a company need to understand customer need and carefully think about company resources and capability in which it is operating. Some point can be used for situation analysis -5c, Pest analysis, Swot analysis. a) 5c:- 5c presentcompany, customers, completions collaborations and climate. Company present internal situations, sources, availability and options. Customer, compitions, collaborations climate are external situation. For example tescowas tea but when they analysis customer need then tesco start adding brand and products in their business.
In other example, Tesco analysis customer by rewarding club card points, in this way tesco gathering all information about customer need, interest, and product and spending. b) PEST Analysis:- Political, economic, socitical and technological factors come pest analysis. Day by day customer need is changing, because of change economy society and change of interest. After second war Jack tesco funder launched a food rationing to make sure everyone received an equal amount if food[political, economic] Now England is multicultural country so tesco selling so many ethnic products to serve different community [societal].
Tesco add electrical product intesco market according to customers need. [technology] c) SWOT Analysis:- Strength, weakness, opportunity and threats is in swot analysis. For example strength- tesco was the only one and one only retailers and had no competitors. Opportunities-Tesco has 50 branches and soon 1939 have doubled branches. Weakness and threats- after opening 150 stores tesco business was going down because of internal weakness. Then mr Jack son-in-law came and manage all business.
B. Marketing Strategy:- Marketing strategy that combines all its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from good marketing research and focused on the right product mix in order to achievethe maximumprofit potential and grow the business. The marketing strategy is the foundation of a marketing plan, this includes- segmentation targeting, positioning the product within the target market. C. Marketing mix decisions:- After marketing making market strategy Tesco take decisions about marketing mix.
Marketing mix includes 4 basic things which are known as 4 ps, they are following as: * Product: – Tesco identify and design their product. * Price: – Tesco fix the prices for their products. * Place: – Tesco identify a specific area in which they will introduce their product. * Promotion:- Tesco make advertising campaigns to advertise their products by using different mediums of advertisement such as electronic media, print media. D. Implementation and Control:- After situation analysis, marketing strategy, marketing mix decisions Tesco launched their product in market.
They implement their all strategies on product and also on target market. They control and monitor their products such as is their product fulfils the customer needs and wants. POSITIONING positioning helps establish product or services to identify within the eyes of the customers. A company positioning strategy is related to customers’ motivation and requirements, as well as by its competitors. Tesco express store mainly in high street to target working people who have less time for shopping VALUE PROPOSITION TO THE TARGET MARKET A value roposition is a promise of value to be delivered and a believe from the customer that value will be experienced. 2. 2 MARKETING MIX DECISIONS Marketing mix dicision is mixture of product, pricing, distribution and promotion, and make decisions and policies to maximise profit and minimise cost. Product development –product is the physical product or services which is company offer to consumers. product development include appearance, packaging, warranty etc. Tesco adding and changing products according to customer need.
Prise-prising decisions is important in marketing mix decisions,company have to consider product production cost , advertising,prising response of competitors and margin Distribution contracts- the distribution system performs transactional, logical and facilitating functions. Distribution contract help to company to put the products in market Promotion – promotion decisions are communicating and selling the products in market. Promotions decision involve advertising, public relation media type ect. 2. IMPLEMENTION AND CONTROL Implementation is a type of feedback, inimplementationmonitor all business activities and identify problem and shortfall in business. As the market change the marketing mix can be adjusted to accommodate the changes and can control on business. Often Small changes in consumer wants can addressed by changing the advertising massage, if the change become more significant, a product re-design or entirely new product may be needed. In Tesco for example horse meat was found in beef burgers and other products, Tesco removed all products containing horse meat and apologised to all their customers.
