Marketing: An Introduction To The Marketing Process

What is marketing?

Marketing is a process of producing, selling and buying products which meet the needs and wants of customers. If customers are impressed with the product they will purchase it and the organisation will make money.

Elements of marketing process

Market offering

Product; packaging, guarantees and good quality for product is very important because if these things are not in the product it will not be successful and they will not sell.

Place; this is when the product moves from producer to consumer and other shops/places where the product can be sold.

Promotion; communication is also one of the elements which is when you communicate with consumers about your product. You would persuade them to buy it by telling them the benefits of the product. There are many different types of communication methods for example; advertising and personal selling which is like giving a presentation.

Pricing; pricing is the last element of the marketing process which calculates how much the product would cost to make and set the prices. Don’t make the price of the product too low or too high because customers will think it lacks quality if it is too low and if it’s too high customers would think it’s expensive and the product will not sell much. When producing a product you need to research to know if the audience/customers will be interested in the product you are producing. Strategy is when you should know the strengths and weaknesses of your product. You should have an idea of what will need to be implemented. Planning is knowing where you would like to be in a few years

Objectives

Tesco’s objectives are to increase market shares, maximise sales, increase sales and to grow and maintain the number one retail co...

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... department in Tesco is growing continuously and they are the number one retailer in baby goods. Tesco spent £27 million on the health and beauty department alone.

Further International Growth

Tesco operates in 6 countries in Europe and also operates in Asia. Seven years back Tesco’s international sales were £770 million and now they are 10 times larger.

Threats

Tesco’s threats are Asda challenge and international expansion.

Asda challenge

Since the US Walmart has purchased Asda, Tesco’s UK rank has been threatened. Asda are able to compete with Tesco for price and quality. Asda is the third largest in the UK market behind Tesco and Sainsbury.

International Expansion

To expand internationally is really hard because it costs a lot of money and you are entering a new market which is hard because you don’t know if your business will do well there.