MARKETING

Marketing

Marketing

Marketing Process

Elements of Marketing

The marketing process comprises, mainly, of market research and the marketing mix that includes the 4 Ps, which are product, price, place, and promotion. Besides that 3 additional Ps are also a part of the marketing process, including people, processes, and physical evidence. However, all 7 Ps might not be used for every product. Therefore, the 4 Ps are a major part of the marketing process (Armstrong & Kotler, 2007, p. 19).

Benefits and Costs of Having a Marketing Focus

Tesco is the market leader in grocery retail market. They have attained this position by using their competitive advantage to compete on grounds of pricing and distribution strategies. Tesco also sustains its competitive advantage through strategic competitive pricing and product portfolio expansion to maintain its position (Jobber & Fahy, 2006, p. 52).

The firm wants to learn to identify attractive markets with the help of this process. Value is the result of giving benefits to customers and subtracting the cost of providing those benefits. It is very important for the firm to create value, because they must satisfy their customers as well as the investors. The return on investment is greatly affected by the value created by a firm (Armstrong & Kotler, 2007, p. 27).

Competitive Advantage through Products and Processes

Competitors are those organizations that are rivals and are fighting for the same market position. Competitive rivalry affects all types of strategies and its strongest influence is on the business-level strategy. It occurs when two or more firms are fighting for the same market position. It is the competition from rival firms and needs to be eliminated by developing a competitive advantage. Competitive behaviour is the direct struggle between individuals for environmental necessities or a common goal. Competitive dynamics results due to a series of competitive actions and responses between rival firms in the same industry (Armstrong & Kotler, 2007, p. 39).

A corporate level strategy is one where a firm takes action for gaining competitive advantage through selection and management of a combination of businesses that are competing in more than one industry or product market. An example of a corporate level strategy is acquisition, when the firm decides to acquire another business or firm. In contrast, the business level strategy is one where the firm uses integration and coordination of a set of commitments and actions to have a competitive advantage. The firm does this by exploiting the core competencies in distinct product markets. An example of a business level strategy is a low cost strategy. The five categories of businesses are single business and dominant business for low level of diversification. For moderate to high level, there are the related constrained business and related linked (mixed) business. Lastly, unrelated business for very high levels of diversification. These can exist in a sole proprietorship, partnership or corporation (Drummond & Ensor, 2005, p. 61).

Distribution Arranged To Provide Customer Convenience

The distribution strategy is the fuel for the distribution channels. It is the distribution channels that deliver the products ...