LSBM101 Marketing Principles And Practice

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LSBM101 Marketing Principles And Practice

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LSBM101 Marketing Principles And Practice

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Course Code: LSBM101
University: London School Of Business And Management

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Country: United Kingdom

Question:

This item of assessment covers the following learning outcomes. For the full list of learning outcomes forthe module, please refer to the Module Study Guide.

Understand how marketing concepts and principles are used in daily busineoperations.
Explain key marketing concepts and terminology.
Explain how consumers make their buying decisions under various conditions, bothlocally and internationally, as well as online versus offline.
Communicate findings and plans effectively.

This assignment gives you hands-on experience using one of several marketing concepts and principles = that are used in daily business operations.
Tesco is one of the largest food retailers in the world, operating around 2,318 stores and employing over 326,000 people. As well as operating in the UK, it has stores in the rest of Europe and Asia. It also provides online services through its subsidiary, Tesco.com. The UK is the company’s largest market operating under four banners: Extra, Superstore, Metro and Express. Tesco sells approximately 40,000 food products in its superstores, as well as clothing and other non-food lines. The company’s own-label products are at three value, normal and finest. Own brand accounts for approximately 50% of sales. As well as convenience produce, many stores have gas stations. The company has become one of Britain’s largest petrol independent retailers. Other retailing services offered in the UK include Tesco Personal Finance and Tesco.com. Tesco Personal Finance is a joint venture with the Royal Bank of Scotland. It has over 3.4 million customers, and provides various financial products and services
Whilst a vision is important, without values a business such as Tesco would struggle to remain competitive.
Tesco’s values are:

No one tries harder for customers.
We treat everyone how we like to be treated.
We use our scale for good.

Create a PowerPoint Presentation to give an accurate summary of your induvial report. Below is what you must include in your slides.
This assignment asks you to summarise your written report in PowerPoint presentation that:

Clearly conveys to the audience your research and how you apply marketing concepts to TESCO and presents consumers’ buying decisions under various conditions.
Persuades your audience about your ability to productively and successfully research these topics

Presentations must be attached to the report and submit both work as a one document to Turnitin. The following criteria will be used to evaluate the presentation

Content: Clearly communicated with important points emphasized (6%)
Organization: Presentation is well structured and the material was presented in a logical manner. (4%)

Answer:

Introduction
Tesco UK was founded in 1919 by Jack Cohen with a mission of ‘pile it high and sell it cheap.’ The organization started as a market stall and eventually diversified into selling of books, clothes, furniture, electronics, software, financial services, internet, telecom, music downloads and petrol. Tesco currently has about 6784 stores across the globe, its major markets being in Europe and Asia. The company’s UK sales volumes have gone up by 2.1% by the end of 2016.There are various concepts of marketing orientations and the orientation, which will be applied to Tesco UK is the marketing concept (Waters & Martinez 2014)t. The marketing orientation will cover production concept, product concept, selling concept, marketing concept and societal aspects of marketing.
Marketing Concepts and Key Marketing Terminologies for Tesco UK
The concepts of marketing are five in number and represent different things. Tesco UK applies all these concepts to its business. The production concept explains that consumers prefer products, which are available widely and are cheap. This concept is oriented towards operations (Armstong et al 2015). Tesco UK uses the product concept by ensuring the production process is done in a cost-effective manner and final products are widely available at fair prices. The second concept is the product concept, which focuses on offering quality, performance oriented and innovative features to consumers. The concept discusses how consumers remain more loyal if they get more benefits from a product or have a variety of product options. Tesco UK have been able to retain a wide customer base due to focussing on quality and innovation when it comes to its products. The selling concept states that consumers only purchase products if an organization does aggressive promotion or selling of the products. Tesco UK is aggressive in promoting its products hence ensuring high sales (Wright et al 2016).
The marketing concept is the fourth type of concept and it focuses on the needs of the consumers in the markets, which are being targeted by the organization. It also focuses on an organization delivering better value to consumers than its competitors through making its brand strong such that people identify with the brand. Tesco UK has established itself as a strong brand, which consumers identify with. The final marketing concept is the societal marketing concept, which focuses on preserving the consumer and society’s well-being (Baker & Saren 2016). Tesco UK focuses on products that enhance the well-being of its consumers and promote their health.
Marketing research plays an important role in any organisation and assists in achievement of the various marketing concepts. It is the process by which an organization’s assesses the viability of a product or service through research so that it can identify exactly what the consumers want and any concerns that may be in the market as pertains to their products (Babin & Zikmund 2016). Tesco UK carries out market research by gathering information through primary and secondary sources and analyzing it before making a decision concerning any product.
Branding is how an organization establishes its image in the eyes of the consumer Branding assist consumers to understand what the company offers (Fill & Turnbull 2016). Tesco UK has established its brand in such a way that consumers instantly identify with it wherever they are. They are known as a global brand.
New product development is an important aspect of the marketing concept. The kind of products that an organization comes up with determines how and if the marketing concepts will work. The product development happens through eight steps, namely, idea generation, idea screening, concept developing and testing, business analysis, product development, test marketing, commercialisation and launching (Marion et al 2015). Tesco UK ensures that all these processes are carried out meticulously so that the final products are of high quality and meet consumer needs.
A good pricing strategy is also key to enable various marketing concepts work. It assists an organization to maximise profits on sales. Organizations can use premium pricing, pricing for market penetration, economy pricing, price skimming, psychology pricing and bundle pricing (Boone & Kurtz 2013). Tesco UK uses the method of pricing, which is most suitable with the product or service being offered and how long it has been in the market.
How Consumers Make Buying Decisions, Locally Vs Internationally and Online Vs Offline
A consumer goes through a number of stages before purchasing a product or service. The first stage is need creation. There has to be a need for a consumer to make a purchase decision. A consumer only looks for a product or service when they need to use it to achieve satisfaction of a certain need. Consumer needs are different and Tesco UK consumers identify products and services that they need through various ways. Once consumers identify their needs they establish if the product or service that they want can be found locally, internationally, online or offline (Goworek 2015). If a product or service is available locally and offline, they begin thinking about the various purchase option which they available to them.
The second stage is information gathering. Here, the consumer gathers information concerning the product or service that they want. Information can be derived through personal sources, commercial sources, public or experiential sources (Goworek 2015). A consumer will therefore find information through personal sources by speaking to friends or family who will then recommend Tesco UK. They can also get information through commercial sources or public advertisements of Tesco UK or from previous experience of shopping at the store. While gathering this information, the consumer will find out that they can either shop locally or internationally or adopt an offline or online shopping method.
The third stage would be to evaluate the different alternatives available. The consumer will in this case evaluate the different options that are available in Tesco for the product or service, which they are interested in (Goworek 2015). The customer then purchases the product that they are interested in either in a local or international Tesco store and they do it online or offline. Once the product is purchased, the customer evaluates it to assess whether the same has been useful or not. This is the point at which the consumer may give feedback to Tesco Limited.
Conclusions
Marketing concepts are an essential part of any organisation. They determine whether an organization succeeds or fails in attracting and retaining customers. Organizations must therefore ensure that they pay full attention and focus on various marketing concepts if they want to be successful in their industries. Tesco UK is an organization, which has experienced success both locally and globally. Through focusing on different marketing concepts, Tesco has been able to grow into a successful international company with a wide range of products and services on offering. They have been able to create an unshakable branch and a loyal customer base by ensuring that various marketing concepts are effectively applied.
References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Boone, L.E. and Kurtz, D.L., 2013. Contemporary marketing. Cengage learning.
Fill, C. and Turnbull, S.L., 2016. Marketing communications: brands, experiences and participation.
Goworek, H., Hiller, A., Fisher, T., Cooper, T. and Woodward, S., 2015. Key factors influencing the sustainability impacts of purchase and post-purchase consumer decision-making.
Marion, T.J., Eddleston, K.A., Friar, J.H. and Deeds, D., 2015. The evolution of interorganizational relationships in emerging ventures: An ethnographic study within the new product development process. Journal of business Venturing, 30(1), pp.167-184.
Waters, A. and Martinez, M., 2014. The Basics Of Elevated Marketing Off The Grid: A Mini Handbook Introductory Guide To Basic Non-linear Conscious Marketing Concepts To Elevate Your Income & Impact-Volume 1.
Wright, L.T., Wright, L.T., Wright, R., Wright, R., Kooli, K. and Kooli, K., 2016. Business Marketing Concepts and Cases. Journal of Business & Industrial Marketing, 31(8), pp.1017-1018.

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