MARKETING

Marketing



Marketing

Task 1

Answer: 1.1

Tesco Company is a Multinational British Grocery in Cheshunt, United Kingdom. It is the third largest retailing company in the world. The elements which Tesco use for its marketing process mainly include the following:

understanding the customer needs and demands

coordinating functions and strategies to achieve marketing aims

adopting a marketing approach

effective customer communications

Tesco is highly involved in understanding the needs of his customers as it has the fragmentation of vast consumer markets. It tries to understand the customer needs in order to build up the strong relationship with the customers. As it believes that relationship marketing enables the company to provide the extra ordinary service to each and every customer through the efficient use of individualized information. Tesco provides the customize market offers, services and programs. The main marketing strategy of Tesco is the introduction of discounted club cards that have been specially developed to stimulate brand awareness. This strategy is also powerful in retaining customers and attracting the new one. As the most important asset of any company is its customer base.

Tesco applies the marketing approach in which it analyzes the customer needs and formulates its strategies accordingly to serve the maximum customer base. It accesses the customer wants through examining their complaints and addressing them in the efficient way. Tesco has always been involved in the aggressive strategies in order to respond the maximum market needs.

Answer: 1.2

Market orientation means an approach or philosophy of a business where it focuses on identifying and then serving the needs of customers. Tesco also believes that success can only be achieved by satisfying the customer needs and wants. For Tesco, the relationship with customers has more importance than that of anything else. The key approach of Tesco's business is providing the customers with the maximum quality products and services. The objective of Tesco behind using this approach is to make the lives of people more convenient. It hopes to attract customers and to win their customers and increasing the customer base through its marketing oriented approach. The Tesco creates value for customers through categorizing its customer base. Tesco analyzed that different customers have different characteristics and different values so categorized them into the three classes, the high class of customers who prefer high quality products in order to satisfy their needs, the middle class of customers prefer the low price but high quality products and the lower class of customers are found to be highly sensitive to the price of commodities. So, Tesco keeps this thing in consideration and holds the range of different products in different prices and qualities in order to better serve the needs of each category of customer base. The market orientation includes the following elements:

Customer Orientation: Tesco primarily focuses on customers and their needs. The main strategy of Tesco is based in the scheme of loyalty cards, through which it obtains the information about their customers and differentiated needs (Jobber, 2010). The objective behind this loyalty card strategy is to provide maximum customer satisfaction (Hooley, ...