Marketing Management Assignment Help
Marketing strategy is one of the most important things in marketing any product. A business organization has to think of many things to set up a marketing strategy. The report is about the marketing strategy that can be taken into account by TESCO to increase their success and profit (tescoplc, 2018).
The customers are the lifeline of any company and if the customers are not satisfied the company can lose their business (Heini Maarit Taiminen, 2015). The aim of the report is to see how the marketing strategy has changed because of technological development and improving the technological side can bring profit for the company in the coming year (Bishop, 1998).
Every business organization uses a different marketing strategy to outshine in the business world. The main objective of the marketing strategy is to build up a bridge which will link up the company and the customer (Edward W. Cundiff, 1971). In making marketing strategy, most of the time a company thinks of the objectives and goals of the company and then comes marketing segmentation and marketing mix (Constantinides, 2006).
To plan the right marketing strategy for a company, it is very important for analysis and researches the market. The marketing mix is the best tool to research the market and find out the possibilities of success (Dib, 2016). But sometimes there remains a gap in between the current situation and the future goal. New technologies have changed the whole concept of strategic marketing but most of the use of these technologies are not proper in the marketing and strategy making (Graeme Drummond, 2005). Here, the objectives we are talking about are the technological advancement and how that affects the marketing strategy (Varadarajan, 2010). Another objective of the paper is to the find out how effective is the marketing strategy for the company to bring profit (A. Parasuraman, 2000).
Here, in the paper, the technological advancement and the divested use of it in marketing and the strategy making is discussed elaborately (Stanley F.Slater, 2010). The use of technology is a new concept and the user of old tools and techniques does have the proper idea about it (Philip Kotle, 2007). For this reason, the paper is focusing on the technological side of the marketing strategy. And mainly, how the marketing mix get affected by the technological development and how can it be improved is a very important issue here (Clinger, 2015). The main purpose of the study is to see the technological development and the changing marketing strategy (Rogers, 2001). And thus, the paper will focus on the future profit of TESCO. Though TESCO is a famous and reputed company, they need to improve their techniques and strategies.
o How will this help the Business of TESCO to grow?
o How is marketing strategy changed because of the technology?
o How the technological development is influencing the marketing mix of 4P’s?
o How can be the development of technology will improve next year the profit of TESCO?
In the present business world, the most difficult thing is to cope up with the constantly changing environment and to find out the right and suitable marketing strategy for a corporation. TESCO is a very renowned grocery and merchandise retailer (Constantinides, 2006). They have their business outlets in various places. The organization set up their business in the year 1919 and now they have spread their business in seven countries of the world. They ranked ninth in among the top retailers of the world (tescoplc, 2018). But still, they need to improve their strategies of marketing and upgrade their standers and services to satisfy the customer and ultimately gain more profit (Stanley F.Slater, 2010). For this reason, they need a strong and faultless marketing strategy. The marketing strategy is the most important thing to decide what to do and what not to do. The marketing strategy shows the position of an organization, the also the surrounding environment and then set an objective and goal to achieve and final plans for the profit (theguardian, 2017).
According to O. C. Ferrell and Michael Hartline, “Whether at the corporate, business unit or functional level, the planning process begins with an in-depth analysis of the organizations internal and external environment. (O. C. Ferrell, 2010)” So we can see that the strategic marketing starts working with the analysis of the situation of the company to get a better understanding of the company. If a company wants to make a good marketing strategy, then the overall review of the company is very necessary. To understand this, we need to understand the necessity of marketing strategy first because that will help us in understanding the importance of situational analysis. Marketing strategy is at the core of the success of a business venture. The success or failure of any business is the marketing strategy (Dib, 2016). To elaborate on the idea of marketing strategy we can say that, marketing strategy is the process through which a company tries to reach out to the customers. These strategies include so many tools and techniques through which the marketing strategy becomes stronger. The marketing strategy is really important for bringing any product to the market (Egan, 2014).
In this time of globalization, there are many opportunities and ways to conduct the business and bring success. But all can’t get the success and the only reason is the wrong marketing strategy. Customers are the life of a company. If there are customers, there are profit and growth and if there are n customer then there is no growth. So, the choice of the customer is a very important thing in taking decision and marketing strategy (Graeme Drummond, 2005). Because if the customer doesn’t like the product then they will not buy it. In this regard, the marketing mix is the best tool to understand the customers’ choice and find out the acceptability of the brand as well as the products (Håkan Håkansson, 2005).
Marketing strategy is all about the communication and connection between the customer and the company. The company may be a new one or an old one like TESCO, but the company should think about the profit by satisfying the customer (Fifield, 2007). Many times, the marketing strategy and marketing plan are taken as same. But these two things are not the same because of the value and application of the marketing strategy a quite broad (Graeme Drummond, 2005). The planning only contains the list of the thing that a company wants to achieve but to achieve those things a clear strategy is made after much analysis and research. In the marketing strategy, there are so many information including the position and status of the company, the message that the company wants to provide, the target customer, and other elements which shows the planning of the company. According to Philip Kotler, “A company’s main focus should be on maximizing value for the customer, the company, and its collaborators. (Alexander Chernev, 2012)” This again gives emphasis on the importance of the customers in the business. the most necessary thing to do is to ensure that the product is full of quality and there is no place of complaint. Only then the customer will become happy. By earning the trust of the customer, a company can turn more customers into their products because the older customers will review the quality of the product (Haydee Calderon, 1997).
According to Paul Fifield, “the key to information and analysis is knowing, before you start the collection exactly what you are going to do with the data. As data collection is a means to an end, (Fifield, 2007)” this shows the importance of marketing strategy more pointedly. Because, the strategy needs data to ensure the planning, objectives, and goal but before that, the company should know everything about the environment and the marketing mix. That will help them in deciding the right thing (Heini Maarit Taiminen, 2015). The more the company gets to know about the customer, the more the success rate increase. The best way to conduct the marketing strategy is to know the customer well. Here comes the marketing mix in the light (Stanley F.Slater, 2010). There are various factors that determine the marketing strategy but the most important of them are the 4P’s of the marketing mix. They are the product, price, place, and promotion. These four elements help a company to understand the psychology of the customer well and give them the idea what the customer wants.
Marketing strategy is one of the most important factors in the growth of a business. An organization has to take necessary measures to improve the marketing and the business. And there is no alternative to a right marketing strategy. TESCO is one of the largest grocery chain shops in the UK but they still need to improve their position in the market (tescoplc, 2018). To find out the impact of technology on the marketing mix and the behavioral change of the target customers is the purpose of this study. And at the end of the research it will be clear that the use of technology has boosted up the marketing strategy and it will bring more profit if the technology is used more. To complete the research, various methods and marketing models are applied here (Matt Law, 2018).
It is very necessary to follow some specific rules or methodology to conduct a research work. This methodology will make the results of the research crisp and clear. There are different types of research methodology to complete research. To get a better result, it is necessary to follow the methods properly (Stanley F.Slater, 2010). Here, in this research of the marketing strategy and the impact of advanced technology, a mixed method is used. At the very beginning, there is data collection and for which both the quantitative and qualitative process is applied. Then, to collect the data, the used sources are the primary and the secondary sources (Dahlia K. Remler, 2014). After completing the data collection from the various sources, the other phases of research are completed one by one. The other phases of research are – data sorting, data storing, data analyzing, data translating etc. (Kumar, 2010).
Data Collection Method:-
In this research work, both qualitative and quantitative method is used to get the best possible result. If we try to understand the methods, it will be easier to understand the reason for choosing both. The qualitative method is more document based and the quantitative method is number based. Moreover, the qualitative method took more time the quantitative method because the qualitative method is a deep study and understanding of the subject. Mainly, the analyzing the previous document or data, studying different journals or reports, observation of a person is the basis of the qualitative method. It gives a generalized knowledge about the subject (Edward W. Cundiff, 1971). And in the quantitative method, the number of the survey gives an idea about the thinking of the population. It takes less time and also gives the information through the statistics and the numeric figures. Here, both the methods are useful for the research (Clinger, 2015).
The main concern of this research is to see that how the marketing strategy is getting affected by the technology. Technology is now in every nook and corner of our life and it has made our life easier. Many changes have come in the marketing because of the technological advancement. Now, through the research, I am trying to see that how the marketing mix, a tool of marketing strategy is getting affected by the technological use. Because the use of technology has brought changes in the application of marketing mix which is the prime factor of strategic marketing (Haydee Calderon, 1997). Now, while collecting the data, I have used both the primary and secondary data. To me, using both types of data will help me in gathering more information and the more I will generate information the more I will find a suitable answer for my result.
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