MARKETING PRINCIPLES

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Marketing principles

Table of Contents

Task 12

1.12

1.24

Task 25

2.15

2.211

2.311

2.412

Task 313

3.113

3.213

3.314

3.414

3.515

Task 416

4.116

4.217

4.317

References19

Marketing principles

Task 1

1.1

According to many theorists, marketing process includes scanning the marketing environment, targeting, segmentation and positioning (Marketing Society, 2009).

Scanning the marketing environment

Tesco realizes the importance of customer service, in order to provide the best customer service; it has made improvements to the adopted systems. As it has been in the competitive market, it must monitor frequently and move fast on anything that wishes to improve. Tesco deals at a large scale, therefore, it will be difficult to monitor customer service in all stores, but a clear and productive way for the company is to use mystery shoppers. At Tesco, a researcher paid to advance as a typical client and only shop around the store in order looking for an improvement and provide comments about the store so that the negative aspects can be worked upon. This monitoring performed on all Tesco stores. If the organization is aware of the shortcomings in the customer service process, it can repair them in a better way (Marketing Society, 2009).

Targeting

The next step of the marketing process is targeting. Targeting is the most crucial stage of the marketing process. In this section, you use all the opportunities and trends that were processed in scanning the environment stage (HSBC, 2013). Tesco has a very customer oriented targeting strategy. The company follows mirror image strategy when it comes to targeting. In a particular orientation, all Tesco stores reflect what that particular society is made up of. All the factors of demographics, economics, and political, social and technological changes are a reflection of the society it is working in.

Segmentation

The next stage is segmentation. Segmentations are created on the basis of opportunities analyzed and defined in the previous step. Market segmentation is based on breaking down or simplifying the market according to segments. Customers have varying needs and wants; one strategy for all is not a right way to go. In this modern age companies can't afford to make one strategy for all, competition will wipe away the market share by creating custom made or tailored segments for customers (Marketing Society, 2009).

Positioning

Customers have intrinsic needs and want which are not easy to understand that is why companies like Tesco focus on marketing research. Segmentation must be based on firm's strength and weaknesses . The last process for scanning the environment is market positioning. This is the most important concept. Unique characteristics about the brand must be positioned inside the customers mind (Belohlavek, 2008).

1.2

The world has changed in the past hundred years or so. Businesses are now following a strategy called consumerism. It is based on an absolute principle, give the customers what they want, a market oriented approach defines consumerism (Belohlavek, 2008).

TESCO works in a highly competitive environment, and in this environment, it is a necessity to follow a market-oriented strategy because if they will not than the competition certainly will. Market oriented approach is consisted of constant research and ...