In any business, it is very necessary to have the right strategy and planning for the continued business growth. A company goes through many ups and down to run a business and to keep that business in the market they have to take many decisions. Many a time, a company needs to introduce a new strategy so that they can fulfill the demand of the customer and stick in the business world (Fifield, 2007). And with the changing time, the marketing techniques are changing also. Previously, the companies only focused on how to bring a new product to the market but and the process of outreach the customers were also very slow. But now, thanks to the technological development, reaching the customer and giving attention to their need is easier (Clinger, 2015).
Marketing is always the most important thing for a product to get the attention of the customers. But it is really very important that how the product is getting marketed. The core of the marketing strategy is the marketing mix through which a company determines their next plans and methods. TESCO is one of the top grocery and merchandise retailers in the UK. In the paper, we will find out that how the use of digital technology can be used in a manner that will increase the profit and also upgrade the standard of the company (Rogers, 2001). More precisely speaking, how can the marketing strategy with the use of technology reach a new success height is at the core of the discussion. And the prime concern of the company is to maintain the quality of the products so that they can keep their customers (Edward W. Cundiff, 1971).
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, .
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
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.
The marketing mix is a very important tool in marketing strategy making. If the knowledge and analysis of the marketing mix go wrong, then the result will be disastrous. In creating a marketing strategy, it is necessary to decide the target market as well as the target customer. With the help of the marketing mix, the company does every possible thing to present a product to the target customer (Rogers, 2001). Adding to this, the choice of the target customer determines the product price, place of the business and most importantly, the promotional activities. According to Stuart Clark Roger, “Marketing strategies usually relate to overall business operations, and influence strategies for each of the basic components of a marketing program, including the basic “4P’s” that include product, price, place (or distribution), and promotion (or marketing communication). (Rogers, 2001)” This clearly shows how important is the marketing mix is for the marketing strategy. There is no alternative to the marketing mix. Moreover, there are different strategies that are used like Single-market, Niche-market strategy, Concentrated market strategy, Growth market strategy, Product specialization strategy, Local-market strategy, Global-market strategy and more (Rogers, 2001). Other than this there are other 4C’sMarketing Model, the STP Model, Pricing Model to figure out the right marketing strategy for the company.
With time and advancement of science and technology, there are many changes in our life and lifestyle. We take things differently, we like things differently and then we shop and takes a product differently than the past. About the evaluation of the marketing and the new idea and tools, V. Kumar has said well. He said, “transformation in the marketing function reflect changes in the immediate business environment. While the impact of the transformation can be identified through companies (Kumar, 2018).” He also said, “Consider the changing consumer landscape, companies must operate in a market in which the populations are becoming more demographically diverse, customer needs and expectations are becoming more niece, and the requirements of the ethnic consumer groups are becoming more distinct. (Kumar, 2018)” It clears that, the needs and expectations of the customers are now changing so there is a need to change the strategies of marketing as well. The marketing mix is the best tool to understand the customer. But there is a need for technology to increase the rate of understanding. Because of the technology, it is possible to reach the customers in a very short time (Philip Kotle, 2007). There are various digital technologies that can be used to reach out to the target customer and know their comments and thoughts. This will also help to find the competitive state of a company and the competitors position in the market. But the sad part is, only some known and acknowledged brands and companies like TESCO are using the technologies to reach the customers (Fifield, 2007). The e-commerce business is very popular now but many companies still use the old age strategies and methods. If technology is combined with the marketing mix, then the progress rate of the analysis will increase. The use of technology can lessen the workload and also improve the sales of the company (MR. Solomon, 2013).
Though TESCO have a very good reputation and they also provide online service; there is the necessity for improvement and update (tescoplc, 2018). The company can apply different schemes to seek the attention of the customer like introduction internal social network, email management, call tracking, complain panel, help box, CEM or customer experience management etc. this will help in understanding the mindset of the customer and then when the company will conduct the marketing mix that will turn out very prominent (O. C. Ferrell, 2010). With the help of technology, a company a improve a lot in their product choosing, target customer, the pricing, the location and delivery tool, promotional policies and other things. According to Rajan Varadarajan, “At the broadest level, marketing strategy can be defined as an organization’s integrated pattern of decisions that specify its crucial choices concerning products, markets, marketing activities and marketing resources in the creation, communication and/or delivery of products that offer value to customers in exchanges with the organization and thereby enables the organization to achieve specific objectives. (Varadarajan, 2010)”
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).
The research methodology is a very crucial process for a research because the success of the research will determine many decisions of the company and will also change many practices of the company. It is the research method that explains the actions to complete the research and show how the survey will be done to get the most expected result (Michelle Hough, 2009). To collect the data from the primary source, a survey team is made and the survey team works very hard to collect the feedbacks from the sample population (Edward W. Cundiff, 1971). The main concern of the research is to see that how the technological advancement influenced the target customers and how the user can be beneficial for a company to make business. The survey team collected the data from the primary source through 16 survey questions and then used different mediums to collects the replies. Even different digital technologies are used for the data collection from the primary source like the email, social media, Google pole etc. and also face to face interview or phone calls or opinion taking are there. As for the secondary sources, different stored information from the books, journals, reports, television, statistics are mainly used. Other than these options, digital platforms like the social media survey or LinkedIn or websites or government report are also used as the secondary source (Dahlia K. Remler, 2014)
One of the data collection sources is the primary data. These are the data that are collected from surveying the sample population. The collecting the primary data a survey is conducted the on sample population (Bishop, 1998). In this research, the used ways to gather the primary data are varied. The main concern of TESCO is to find out that how the technology is influencing the marketing mix of the marketing strategy. When it comes to getting the replies from the sample population, the survey team used types of interviews personally or digitally (Egan, 2014). The data collection process also uplifts the use of technology in our lives and also fasten the data collection than previous.
The other kind of data collection source is the secondary data. These are the data that are collected from previous data collections and other histories about the subject. In this research, both the data collection source is used (Yoram Wind, 1983). The secondary data is collected from various preserved data and statistics. Here, in this research, mainly the books, journals, reports are used as the secondary data and with these sources, some other sources like websites, social media or other television survey or statistics are used to emphasize the result (Varadarajan, 2010). The secondary data is as important as the primary data collection. Gathering the data is one of the most important parts of a research because it determines the others phases of the research.
To complete the primary data collection, a sample population is needed. Usually, the population is a wide range of people on whom the survey is conducted to gather the necessary data. From the statistical point of view, the population is the vast people who can be from all around the world or only some chosen people by the company (Alexander Chernev, 2012). But for this research, the sample population is used as the source of primary data collection. It is quite impossible to survey a huge population and also the research need the opinion of the target market (Bishop, 1998). So, it is better to take a selected population with the help of sampling and complete the survey.
In every data collection, the population plays an important role because they give their valuable opinion to help the company to make their right decision. The main issue of the research is to see the use and impact of technology in the marketing mix (A. Parasuraman, 2000). For this reason, the target market should be kept in mind while selecting the sample population. Here, through sampling, a portion of a large population is chosen. Around 200 people have participated in the survey belonging from corporates to homemakers. They belong to the age group between 18 to 55. The participants of the survey are very important for the research (Constantinides,