Four P's in the Marketing Mix - Explanation & Implementation

Four P's in the Marketing Mix - Explanation & Implementation

The preliminary diagnosis of the situation, which should take into account both external variables (both internal to TESCO, allows the assessment of trends in the market and the current position and potential of the brand within this context. Diagnosis should be made to three levels: market competition and enterprise (Palmer, Simmons & Mason, 2013). Gain a thorough understanding of the actions of the competition is obviously essential for any organization, and is useful to predict some aspects of their future behavior. Competitive analysis should focus on the following points:

The objective of this analysis is to relate the strengths and weaknesses internal to TESCO's external opportunities and threats in the market and competition. Setting objectives at this stage is of paramount importance, as it begins the process of defining the strategy and determines its direction. It is important that the objectives are properly defined, for this should be:

Avoid any ambiguity in the definition of objectives, quantify them and make sure that the people who will contribute to its fulfillment understand them. Comparable to the actual performance in order to enable future monitoring: It is important that a organization establish controls and points of comparison of performance to evaluate its performance (Donnelly, Simmons, Armstrong & Fearne, 2012). The objectives should be clear, real and realistic in order to be in the future compared with the actual results. A marketing plan, you can, for example, establish goals for volume of sales to be achieved in the rate of customer satisfaction and how to market share, among others.

It is important to be ambitious, it must be realistic. Not worth setting goals you know you will not be able to meet in this case, only increase the frustration and dissatisfaction of employees. Create goals that require commitment and effort but can be achieved. It is this step that all decisions of a strategic nature are taken. Here, TESCO define the general direction that you want to print to the marketing strategy of TESCO.

Defining the targets of marketing strategy, the plan must specify who they are and what their role is. For example, a marketing strategy can be targeted to decision makers or influencers in the purchasing process (Rust, Moorman & Bhalla, 2010). Assuming that the consumer has to forgo other products to purchase TESCO's brands, it is important to define what types of products are these.

If consumers have to forego some products from one organization to purchase other products from the same organization, this is called “cannibalization”. It is a strategy that companies use to ensure market positions and a greater share, spread over several products. The products TESCO and competitors meet virtually the same requirements and customers waive some of them to acquire an undertaking.

The positioning of a brand is the junction between their identity and differentiation. It is different from the previously defined strategic positioning. In other words, the position indicates what the brand represents and ...