Satisfying Needs And Wants Of Customers At Profit Marketing Essay

Satisfying Needs And Wants Of guests At Profit selling endeavorINTRODUCTIONMarketing is to establish, maintain and enhance relationship with guests and some new(prenominal) partners, at a profit, so that the objectives of the parties involved argon met. This is achieved by mutual reciprocation and fulfilment of promises. Brassington F and Pettitt S( FT Prentice hall,2006)Developing a selling dodging is a rattling fragile process and all fundamental laws take up surplus effort for it to off customers.Customers drive inledge is very essential to gain them. Marketing dodging has a vital role to play in an government activity. Customer relationship is very important for a business. Customer call for should adhere to organisational objectives and this is important. In a nutshell we ar statisfying needs of customers with profit. According to the charter base of Marketing, they offer recognised qualifications and didacticss and too provide advice on trade, their in stitute line is SATISFYING NEEDS AND WANTS OF CUSTOMERS AT PROFITMarketing st calculategy should be adhered to customer needs and unavoidablenesss.Customer is an essential factor of an organisation, his homogeneouss and dislikes, thoughts and wants remove with while. Its very natural, that human beings change their attitude, desires after a certain beat period. The strategy should respond to those changes effectively.To capture commercialize, companies should adopt affective techniques. Customer should know what we atomic number 18 doing.Monitoring and go through after strategy implementation is very important.COMPANY PROFILE OF TESCOTesco PLC holds the jazzing position among food retailers in capacious Britain, with a market shargon that exceeds 15 percent. In England, Scotland, and Wales, the comp whatever runs 588 supermarkets, 257 of which ar superstoresstores that sell food items in addition to a variety of other overlaps, including gasoline, clothing, housewares, a nd alcoholic beverages. Tesco too operates 32 stores in Northern Ireland and 77 in the state of Ireland under various brands, 43 in Hungary under the orbiculate and Tesco names, 31 in Poland under the Savia name, and 13 in the Czech Republic and Slovakia under the Tesco brand. In Northern Ireland, the comp each also runs 52 drink Barrel off-license outlets. Tesco is the largest independent gasoline retailer in Britain its 288 gas move sell 12.5 percent of the gasoline sold in the United Kingdom. modern company innovations include the Clubcard loyalty card as well as offerings from Tesco Personal Finance, which include a grocery budgeting account called Clubcard Plus, a Tesco indorse Card, and a Tesco savings account.BASIC PLANNING RULES FOR A STRATEGY visual sense AND MISSIONAll companies guide their vision and mission statements which describe the organization.Some organizations rich person two statements. Re countersinked companies receive one vision statement.It is a sm all exposition of an organizations future.What is the business?Customers?How pry of customer bath be sum upd?Tesco mess isEVERY LITTLE HELPS A LOTConceptA strategy should be customer lie, customer knowledge is essential. To know your customer, customer variegation in categories is important. They tail be divided into segments according to their liking and disliking headings. A market research can be conducted to know the trends. After trend analysis, combative advantage can be attained.According to the Chartered Institute of MarketingMarketing is the management process that identifies, anticipates and satisfies customer requirements profitably.For lumber orientated customers we should learn a strategy that draws their attention to our quality crops and bells. Strategy should span our strengths.After strategy formulation, customer awareness is important. We need to develop bring to makle the customers aware of our offers.Systematic ApproachTo develop a systematic atte mpt is hard and fragile task accordingly all the other trade tasks. Its id nutshell which includes all the companies objectives and means.(Malcolm Macdonald,2008)Sequencing and scheduling of ActivitiesOrganisational managers are responsible for executing all the marketing activities and scheduling them. The main steps to make the execution on metre are1 Identify activities to be performed2 Determine the time required for activity completion3 Determine the activity sequence.4 Timing of all activities.5 Assign responsibility(O.C Ferrel,Michael D,2007)Integration of activitiesIntegration are of two typesSimpleComplexIn simple, organizations subcontract the easy activities to other countries and keep complicated duties to themselves. Small companies support this strategy.In complex, the companies make decisions at the headquarters.(Bradley F,2005)Resource requirementsCompanies go with diversification if they consume strong assets. Such Organizations portray themselves in markets where the resources are according to their abilities. They affirm to a greater extent opportunities if the resources are general. (Bradley F,2005) judgment of conviction ScalingTime scaling is of two types1 Production time scale2Commercial time ScaleBoth of them have antithetical requirements according to the production and Marketing segments of the organization.(Suerie C,2005)Implementation and get together-A plan is nothing unless it degenerates into work.(peter drucker) Control is the way that we catch faults in strategy.Types of control-Annual plan controlProfit big businessman controlEfficiency controlStrategy controlSTRATEGIC market PLANNING PROCESSThis mathematical process consists of a pattern of sensible steps that are taken to gain at a Marketing plan.The succeeding(a) step would be to study the Market.Inorder to analyze the market there are some dimensions which need to be covered.Growing submarketssizing of MarketsMarket branchProfitability of Market mental sy nthesis of CostDistribution systemDevelopment and TrendsSuccess indicators(Mcloughlin D, A.Aker D, 2010)SETTING MARKETING OBJECTIVESThere are two factorsCustomer oriented objectivesMarket oriented objectivesBoth objectives should be designed to earn profit and gain customer. intention setting should keep the organizations internal and external environments in centre.Only past a realistic business strategy can be substantial.The goals should be smart, measurable, realistic, achievable, specific and time bound.(McCorkell G,1997)http//www.businesslink.gov.ukSTRATEGIC MARKETINGA strategy is a plan that integrates an organizations major goals,policies,decisions and sequences of action into cohesive whole.(Proctor T,2000)MARKETING STRATEGYA marketing strategy should be coherent to the marketing plan. It should always be the same practically.SEGMENTATIONIn order to put in tush a marketing strategy, the first step is to understand the market. Divide the market in to different categories. E.g. the business sector is huge market. This market can be categorized business nature. Banking labor is get around market. Steel industry is a separate market and similarly Textile is a separate market.The next step is to analyse, number of businesses working in each sector. Size of each business, their level of working.After doing this analysis, customer trends need to be study , what do they want. Then after analysing we should be understand where we have the competitive advantage. And how can we bring it to use.POSITIONINGPositioning means to make an look in the mind of the customer. His perception about us. What he thinks about us. What do we want him to think. How can we do that is part of the marketing strategy. Some businesses want to offer quality and some offer cheaper rates. This is where we want the customer segmentation comes in. Does he fall in the higher class, middle class or lower class.MARKETING MIXAfetr segmentation, market selection and office the product , the next step is to make a marketing mix. Business should then valuate its different marketing mix strategies which include the 4 ps.According to Adcock et alThe expert product, in the right place, at the right time, and at the right pricePRODUCTOrganizations should work on the product. How the customer values the product. It also depends a little on the company where it wants to draw attention.Existing products should have a different line of action on how the product should be modified.PRICEThe price aspect is critical. If customers want quality at any price. Then in the above P(Product), the company might concentrate on quality. If the price set is low then the customer might see it as low quality, others might favour it to meet the finances.PLACE accessibility is the answer to gain customers. Products available to customer in his local area, then this is an advantage. Because if products are of basic or daily needs, customers have many options and ordain prefer the nearest one. Internet shopping is another plus point. packagingCustomer awareness to product is also important. Either through internet, media or print media. Until and unless the customer does not have the knowledge, we wont make any gross revenue.TescoTesco,s way progress are advertising, public relations, direct mail, sales promotion and personal sellinghttp//www.universitydissertations.com/Marketing/Tesco-Marketing-Strategy.phpThese were the 4ps. For more(prenominal) than detailed and comprehensive study, 3 more ps were includedPEOPLEAn organisation needs to make sure that its resources such as the employees are fully trained. They should have affluent product knowledge to contact customers.PROCESSESThe processes of the company should be efficient equal to handle customers and satisfy them according to their needs.PHYSICAL EVIDENCEThis factor refers to the companys appearance. How the employees look, the premises. These elements put an immense impression about the business in the ir mind.http//www.businesslink.gov.ukDISADVANTAGESThese calamuss are hardly like the ingredients of a strategic marketing plan. If any one of it is not focused and given a detailed consideration then chances are of failure.TOOLS AND TECHNIQUESSWOT ANALYSISIf an organisation works honestly with it self, this will lead to success. A business should look in its internal and external environments. For all(prenominal) business it is important that it analyses its strengths, weaknesses, opportunity and threats (SWOT analysis). Then it realises where it stands. After it knows what its actual try is, then accordingly strategies should take shape.A companys strength could be beloved customer dish outGood offers, packagesExcellent knowledgeAccording to a report some of Tesco,s strengths areDiverse ranges of products Open 24 hours service rugged flow of cash Increasing turnover and profits Strong Balance Sheet Growing Supermarket Chain Brand Awareness Online shophttp//www.universitydiss ertations.com/Marketing/Tesco-Marketing-Strategy.phpWeaknessesWeaknesses could be likeLack of resourcesAverage constitution report system is not goodTesco,s weaknessesThere is a mind positioning of low quality -(Tesco value brands) Lack of local knowledge of customers and subtletyTHREATS Competition which is strong Unpredictability in Price of raw materials ceding back Shift of market to globalisation Takeover bidshttp//www.universitydissertations.com/Marketing/Tesco-Marketing-Strategy.phpOpportunitiesInternet as a source of new marketsNew technologies can help product improvement.ThreatsNew competitor in markethttp//www.businesslink.gov.ukIn order to rank the Macrofactors, we useStep stands for Social, Technological, economical, Political factorsSteeple Social, Technological, Economic, Ecological, Political factors, Legal and ethical Fators.Pestle Political, Economic, Social, Technological, Legal and Ecological factors.Now these three tools vary from organization to organizat ion.(Blythe J, 2006)PESTLEExternal environment includes the forces outside the organisation. Its called the PEST analysis. PEST are the factors that make the business wade in the external environment. But businesses have to survive.POLITICALPolitical changes also affect the business. If a new canon is imposed like taxes, this could effect the companies equal.TESCOAfter the European Integration and accordance of free trade, the market has opened up for British Companies to invest in Eastern Europe. Tesco already has 60 Hypermarket store in Hungary.ECONOMICEconomic factors like change interest rates, exchange rates also affect the business.SOCIALSocial factors include change of lifestyle, fashion, attitudes of people which change choose for certain product.TescoChanges in consumer demands, trends and lifestyle show both opportunities and threats for the company. Opportunities in harm of new market and consumers, however, there are added threats of developed Swedish retailers.http //www.universitydissertations.com/Marketing/Tesco-Marketing-Strategy.phpTECHNONLOGICALengineering has immensely changed the way businesses work now.TescoChanges in retailing sales through the Internet is now very common. Paperless operation, access through gear up servers provide flexibility in the business running. Sweden is going through proficient development with companies like Ericsson, Tesco would enjoy the logistic and distribution channels already in placehttp//www.universitydissertations.com/Marketing/Tesco-Marketing-Strategy.phpLEGALTescoNational legislation for health and safety both in wrong of consumer rights and also in terms of production of own natural renewable resources for making clothesenvironmentalBusinesses do not have control over these factors what they can do is reactto these changes by accordingly adjusting the SWOT environment.http//www.businesslink.gov.ukBCG MATRIXStars?Cash cattleDogsThis tool is used by businesses to evaluate their different busine ss units (SBU).It was developed by the Boston Consulting group. It places the different SBUs of the business in each quadrant according to their market dowry and reputationSTARSThese products are market leadership have good market share and growthCASH aweThese products have high market share in low growth markets.QUESTION MARKThese have low market share in high growth markets. These products need considerable thought if they should be back up or not. They are not generating much income.DOGSThese products have low share in low growth markets. Very poor performance and should be withdrawn.(L. Kurtz D,2008)PRODUCT LIFE CYCLEIt is a model which represents the life of a product. It has four basic stagesINTRODUCTIONThe product is developed and introduced in the market. returnThis phase angle of the cycle is where the product gains market share and generates income.MATURITYIn this stage the product has achieved the maximum share and is at its maturity point. step-downAfter achieving the maximum share the product undergoes a decline phase where it has no more demand for it self.(Saaksvuori A,Immonen A,2008)Product Life Cycle mouldPORTERS FIVE FORCES MODELThreat of new EntrantsIndustry competitorsBargaining occasion of Supplier Bargaining power of BuyerSubstitute Threat ostiary argued the strategy is not just as series of models at the bodied level of strategy. He noted that strategy includes analyzing potential entrants, suppliers,buyers,substitutes, and competitors.BARGAINING causality OF BUYERIt is the ability of the buyer to bargain. This power increases as the buyer has more options to buy from.NEW ENTRANTSThese are the new companies entering into the industry and are a threat to the actual ones.BARGAINING POWER OF SUPPLIERIt is the ability of the suppliers to decide the price for their product and the terms.SUBSTITUTE THREATAlternate products offered by companies for a particular product are also threat to existing entities.(Michael J. Stahl, DavidW. G rigsby,1997)MARKETING STRATEGY OPTIONSAccording to Michael Porter, orgaizations can continue with three strategies,1 Differentiation Strategy2 Cost Leadership3 think StrategyDIFFERENTIATION STRATEGYThis strategy is used by an organization to make itself different from other businesses. This strategy helps the organization to charge more from customers as compared to competitors. One thing is for sure that if customers get extra value they can pay more.Rolex watches charge more for there product. They earn their reputation by the quality of metal, stainless steel. They undergo special test for quality assurance.COST LEADERSHIPThis strategy is used by companies to boost sales. They slew their cost slightly below the cost of rivals and sell the products more.Timex has been a cost market leader for long. They make simple watches at low price for mass market.FOCUS STRATEGYOrganizations using this strategy focus at particular market or group of buyers. Organizations might make thier foc us using differentiation or cost leadership strategy in that specific market.(Ricky W. G,2007)CORE COMPETENCESThese are skills used by organizations to provide customers with extra benefits.Competences could beSpeedConsistencyAcuityAgilityInnovativeness(Hamel.G, Prahalad CK,1996)RISING EXPECTATIONSCustomer expectation has increased callable to companies continuing improvement towards their product to satisfy them. Since every(prenominal) company competing with Tesco is giving almost comparable products so the further way to get an edge is to give something extra to surprise them. Employee training is also very important to cope with customer expectation like giving a free delivery at home.TECHNOLOGICAL tradeTechnology is changing at a very fast rate so companies need to be good supporters or followers.Tesco can and is upward(a) towards reducing the ques inside the stores by improving the websites so grocery orders can be taken online.COMPETITIONCompetition has increased tremend ously in many industries and so many companies who were weak have fallen out, due to added factor weak economic conditions.Tesco club card scheme has really helped it to get through the economic condition.GLOBALISATIONIn this era every business considers and makes decisions according to the international market. Now the world has developed it self to be a global village. Spread of information, media, internet many different of doing business online has raised the competition even more.(Doyle.P, Stern. P, 2006)Tesco is becoming a increment chain and is one. This chain has helped it to secure strong profits.It has and should continue to operate in other countries to gain customer bank and explore new markets.IMPLEMENTATION.Tescos operational areas areAdministrationThe administration department should keep the internal operations maintained.FinanceFinance department should take care of cash flows and also take measures to control cost with out effecting profit.MarketingMarketing depa rtment should focus on sales increase and product training for employees. look into and developmentResearch and development should maintain the standards of product quality.Information TechnologyTesco has introduced self checkout machines through which people can pay themselves instead of waiting in ques.If the objective is to increase sales.To increase the sale, Tesco should work on its sales and marketing Department. Employee training is important. Product knowledge for employees so that customer satisfaction is guaranteed. It will help the human resource to market the product and give the customer what they need. As a result, we will experience an increase in sales. Customer awareness is very essential.E-marketing is also an important tool in this era to make it easy for people to buy products online.It is more easy for people to do transactions online and get delivery on time.CONCLUSIONIn a nutshel, i would say that marketing should have proper department in every business and it should work on an genuine plan. The rules and principles of marketing should be adhered to make the marketing plan successful. A company should also keep up with its functional areas so that the plan work smoothly.