MARKETING PRINCIPLES

Marketing Principles

Marketing Principles

Introduction

Marketing is the process through which the values of a product or service are communicated to the customers. It is not only the method of selling the product, but it spreads awareness and attracts the customer towards the offerings of a business. Marketing is an integral function of organizations, and is a set of processes that create, communicate and deliver value to customers.

Marketing is not only limited to goods and services but also to people and ideas. Marketing involves the identification of the right target market through effective market segmentation (Tsiotsou & Goldsmith, 2012, p12). It only makes sense to market your product to the relevant buyers. Organizations have different budgets, objective and offerings, and in accordance to these dynamics the appropriate marketing strategy has to be determined. In recent years, the communication and the dynamics of the customer have changed rapidly making marketing a more challenging task.

The organization which I have selected for my research paper is Tesco. Tesco is the most recognizable name in the retail industry as it is counted in one of the leading food retailers in U.K, an estimated 15.5% share of the total market. Tesco is also designed to increase their share of non-market. The two most important factors for the success of Tesco in listening are to customers and learning from mistakes.

Offering quality products at low prices and put local people first in the way they conduct their business as their main strategy. The British supermarket company Tesco is now the fourth largest retail chain in the world, employing 450 000 people and has a growth rate of 13% annually (Tesco, 2010, p55). However, things were not always smooth sailing for the big retail in 1992 was forced to shift its strategy, focusing squarely on the shopper. The paper will focus on the organization's marketing principles, sales and customer base.

Task 1

Marketing Process

Market Research

The marketing process starts from identifying your target market and their needs. This is done through market research, a process through which the data is gathered systematically from customers to classify their needs. The research is essential in understanding the want and needs of the customers. The research will also help in analyzing the secondary products that can be sold along with the primary, i.e. the clubcards.

Secondary products could include clothing and entertainment items, gifts and jewellery collections. The research could help in identifying the particular destinations for which the packages could be offered and what are the features that the customers look for in the products of superstores. This can also be a valuable source of feedback for the supermarket providers, who in partnership with the agency can offer better products that suit the need of the customers.

Situation Analysis

A situation analysis needs to be done to find out the current needs of the market and what the needs that are not being fulfilled are. This provides a window of opportunity to the company to meet those ...