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Marketing is that concept, defines the activities which has been performed by the organisation. The concept of marketing is used to create the customers, retain them for a longer period of time and satisfy their needs. There are many elements of marketing mix which is used by organisation in order to achieve their objectives. It is responsibility of manager to create proper market plan in which they can also target the new customers (Berthon and et. al., 2012). The marketing plan of company should include basic elements such as segmentation, marketing goals and measures, tactical plan, timeline and many more. In present report, TESCO company who is making marketing plan for the new products crowdfunded and it has been discussed below.
Micro and macro environment analysis: Micro environment analysis defined as a framework and tool used by manager of TESCO to analyse external marketing environment and activities.
Tesco company use PESTEL analysis for a marketing plan for a new crowdfunded product
PESTEL analysis include
Political factors refers to the government interfere in the economy. The economic factors include Government policies, political stability, instability in overseas market, foreign trade, taxes, labour law, trade restrictions and environmental law (Boone and Kurtz, 2013). These all factors affect the organisation and their business activities. Tesco company analyse all these factors for launch new products in market. The cited firm need to be move to the current and awaited future legislation and effectively adjust their marketing policies according to their products and services.
Economic factors have significant impact on the Tesco company and their business. Economics factors include interest rate, expendable of income of business and consumers, inflation rate, exchange rate. These all factors can be broken-field into the macro economical and micro economic factors (Chen, Wang and Wang, 2010). Macro-economic factors deal with the management demand of the given economic. The government use interest rate, taxation polices. Government expenditures is the main mechanisms for control all the activities.
These factors also known as the socio-cultural factors. These factors include the shared belief and attitudes of the populations, population growth, age distribution, health consciousness, career attitudes. These factors have the direct effects on the markets understanding for the customers and their preferences. Tesco company analyse all these factors before introducing new product in market
Changes in technologies impact the way for market the products and new services in market (De Vries, Gensler and Leeflang, 2012). High use of technology will help to organisation in campaign the product in appropriate manner. Through this the resources will also use in appropriate manner. Technological factors affect the marketing and the management of the Tesco company in three clear ways for their new product and services these are as follow:
Environmental factors become more important due to the increasing inadequacy of raw materials, population targets, company doing the business in sustainable and ethically. Different targets set by the government. These factors are issues for the markets are facing. Consumers are now more demanding for the products and services they buy are ethically and sustainable. Tesco company analyse all the environmental factors before introducing new products and services in market. The company effectively analyse all these factors because these factors affect the introduction of the products and services.
Legal factors include the health and safety, advertising standards, equal opportunities, consumer’s rights and laws, labelling of products, safety of products, raw material use for the products (Grönroos, 2011). It is clear for the Tesco company need to know what is and what is not legal in order to trade successfully. If the Tesco company trades globally then it is become a very tricky to get right as such country has its set of rules and regulations. So the company has to make their products and service according to the rules and regulations of other country.
In Microanalysis, it covers customers, government, competitors and many more which have to be analysed by the manager.
While launching new product which is related with crowdfunded then the manager have to properly analyse the needs of customers. The customers are playing important role. If the customers are not satisfied with the products which are launched by the company, then it will give negative impact on organisation (Hair and et. al., 2012). For example, if the company is launching Dash which is wireless in ear headphones. Then in this it should include all the music part player or fitness tracker and many more.
The goals and objectives which has been framed by the organisation regarding launching of new product should be made properly. The governments are making many rules and regulations which has to be compulsory follow by the organisation.
The manager have to analyse the strategies of competitors in order to achieve their business targets. For example, if any organisation is selling the product of dash then then it should contain unique features. Through this it will help to organisation to differentiate their products from others.
In situation analysis, it includes micro and macro factors. The managers are facing so much problems while analysing the micro and macro factors (Hartley and Claycomb, 2013). The manager has responsibility to considered all these factors which are facing by them so that they can make proper strategies in order to attain their objectives. While analysing the micro factors the organisation has face many problems which has been described below:
The marketing objective of organisation is to be set out such a manner in which the organisation can achieve their targets. In this, it should include overall aims and objectives of organisation. With the help of marketing objectives, it provides the important focus on the marketing team also. Marketing is that concept which helps the organisation in identifying, anticipating and satisfying the needs of customers (Kozinets and et. al., 2010). The marketing objective of organisation should be effective and meet the criteria of SMART approach.
Specific – The marketing objectives of organisation should be specific. The objectives which has been made by the manager in launching of new products then it should specify the details of plan also. In this the manager should know exactly that what they have to done in launching new products.
Measurable – The objectives which has been set by the managers have to measure their progress on regular basis (Lovelock, 2011). The performance of employees should be measured that they are giving best outcome of result or not.
Achievable – The manager has to measured that who are responsible for achieving the business objectives. The objectives which has been set by the organisation should be achieve in time period.
Realistic – The objectives should be made in such a manner which is possible for employees to achieve in appropriate manner. In this they have to motivate the employees in order to give the best possible of outcome results.
Timed – In this the time period of objectives should be set in appropriate manner. The proper time strategies should be followed by the manager so that they can hit their targets within stipulated time period.
To provide basic marketing plan objectives there are some significant points which has to be considered by the manager. Through this the organisation will segment the market according to the needs of customers (Stelzner, 2014). The proper marketing strategies should be included such as Ansoff matrix, porter five forces and many more. Through this the company will able to introduce the new product in proper manner. The campaign of that product will also done in proper way so that the organisation can target the customers.
TESCO company has launching the crowdfunding products which includes dash, pono music, bitvore and many more. The company have segment the market according to the needs of customers. For example, there are some customers who does not like music so that in dash equipment, only fitness tracker is there (Chen, Wang and Wang, 2010). Market segment is that in which the manager divides the market on the basis of potential customers which includes; groups, different characteristics. In market segment, customer is created by TESCO company in which they will share their traits such as wants, interests. While segmenting the market, it makes easier for marketers to personalise their marketing campaigns. Through this the company can save their times, money, resources in targeting new customers. The following are some theories which can be used manager to target new customers (Hoffman and Fodor, 2010).
This clause has been made in the fifth amendment provided by the US constitution. In this clause it is stated that no personal can punishment more than one time for the same offense or same crime on more than one occasion. This is one of the oldest concept. This clause help prevents the person to get the punishment again on the same charges. It is rule in this clause that if this kind of issues raised anytime the evidence is to present before the court. In the some of the countries like Canada, Mexico and US this clause comes under the constitutional right. But in other countries it is protected by the statute (De Vries, Gensler and Leeflang, 2012).
It is the process in which the brand which is having the low shares in the market suffers the low purchase by the consumers and low brand loyalty. This kind of brands have the few buyer and few loyal customers. Take the example of the company having the large market share like Tesco. It is the leading grocery store in the UK. The company is having large number or buyers and loyal customers. On the other hand, ASDA is company in same sector but have the less market share. As-da needs to make more efforts to buy the company’s product. While launching new product the market share of company can be increase. It will give also benefit to organisation to beat their competitors (Grönroos, 2011).
This law applies where the brand is sharing their customer to the other brand. This law stated that the buyer behaviour is random while purchasing the products. The big brand shares its customer to another big brand rather than small brand. By this law it is analyse that brands compete with each other by sharing customers to each competitor. Because the loyalty rates are not always 100%. Consumer is always switching the brands. If the customers are not getting the product in one brand they can go to the competitor brand to purchase the goods. By this it is stated consumer are aware of list of brands which make them to switch brands (Berthon and et. al., 2012).
The consumer minds are set with the marketing strategy adopt by the companies such as advertisement, promotions, and loyalty programs. Because of this reason company need to advertise its product more, give the consumer discounts so that they purchase companies product again and again. The company earn the revenues from the competitor consumers also. The enterprise should take the advantage and give them the better services so costumer visit the enterprise store again. This can decrease the promotional cost to the organisation. The manager has to take proper care that, introducing new product will also increase the brand royalty. The product which are announcing by the organisation (Michaelidou, Siamagka and Christodoulides, 2011). The product should not be match with the other product of their competitors.
The company had also adopted marketing attribution model in which they can determine how they can lead in multiple campaigns and touch the buyer points. This model is typical because it is time consuming and hard to touch to buyer journey for requesting them to purchase the products. This model includes three models such as first-touch, last-touch and multi-touch attribution. Through these models it provides visibility to organisation for the content and campaigns which are drive from the revenues. For attaining the success then it is also important for the organisation to satisfy the needs of customers. The company has to provide product according to the needs of customers. Duplication of purchase law model has been adopted by the organisation. In this the company cannot sale the product which are similar to other organisation. If anyone is found with similar product, then it will give disadvantage to organisation in achieving their targets.
The marketing mix tactics in marketing strategy include the product, price, place, promotion. The marketing mix is the set of controllable, tactical marketing tools that Tesco company use to produce desired products from the target market. An effective marketing mix taking the time to develop a strategy and plan which provide better outcomes for the marketing activities. It helps the company for pricing for the products and services, position in the marketplace, promotion for the products and services, people related with the business activities and the process which represent the buying experience. Marketing plan includes marketing mix through this the manager can easily target numerous customers (Grönroos and Ravald, 2011).
Tesco company can use the marketing mix to set the objectives, conduct a SOWT analysis and undertake the competitive analysis. It is practical framework for the company to evaluate the existing business and work through suitable and effective approaches when evaluating the mix elements.
Elements of a marketing mix
Product define as the combination of different elements which is offer to customers to satisfy their needs and wants. The services which is offer by the organisation is clearly stated. It is important for the company to discuss about the branding, the packaging and ongoing product or development. The company should consider the features and benefits of their offing’s, unique selling points of products and potential spin off products and services might be. For example, the cited firm is launching new merchandise which is crowdfunded product. In this dash item is included (Day, 2011).
Pricing is the critical part of the marketing mix. Choosing the price for the products and services will help the company to maximise the profits and it also helps in build strong relationship with customers. With the help of adopting pricing strategy, the company can avoid the serious financial consequences that can occur if price is too low and not enough for profit or too high and not enough for the sales. The price of dash should be reasonable so that every customer can afford to buy. They have to sell the merchandise on a reasonable price so that they can not face any obstacles and on the basis of that they can attain the goals and objectives.
Place is related to the placing the product and services whether it is retail store, online shop or on social media. It is related to the channels and the locations for distributing the products, related information and support services (Kim and Ko, 2012). The company how will position their products and services in the marketplace is the location where the product can be purchased. The outlets of organisation should be located everywhere so that all customers can purchase the product.
It is the process that helps managers to communicate with their customers. It is very important for every business organisation to promote the sales of their products, so as managers can easily achieve their target market and goals. Along with this, the main aim of promotion is to aware customers form the products and services of TESCO (The 4Ps of Marketing Revisited, 2017). There are many tools and techniques which can be adopted by the organisation in order to attract large number of customers. Such as; advertisement, sales promotion, direct selling,
As mentioned above there are four techniques of marketing mix, such as- place, product, promotion and price (Peppers and Rogers, 2012). Among all those strategic managers of TESCO should have to prefer promotion strategy because it helps to increases the publicity of the product and service. Employers follows these promotion techniques to promote their products, such as- advertising, public relations, sales promotion, personal selling, internet marketing and social media. These are the tools by which managers can develop their public relations media and customers. Good and healthy public relations are enable to know the customers’ needs and their desires. Personal selling involves personal interaction with customers so as managers can easily create a key group of customers (The Marketing Mix, 2017). On the other hand, social media and internet marketing are also a good method of increasing sales and revenue because many customers prefer online shopping.
After summing up the assignment it has been interpreted that the employees of the business entity have to use appropriate techniques for the situational analysis so that they can not face any issues in selling in the market and according to that they can attain the goals and objectives. They can use PESTEL analysis which helps in evaluating the situations. Along with this for increase the sales they have to adopt the appropriate marketing mix and they have to sell the merchandise in the reasonable rates so that every can afford that merchandise. The employees of the firm have to adopt the SMART objectives which will assist in accomplishing the expectations of the market. TESCO have to adopt relevant techniques for promoting the product of the company which aid in meeting the expectations of the service users.
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