Decision-Making Process & Product Development Of TESCO (Essay Sample)
You have been recruited as a Marketing Manager by a well-known large global organization of your choice'. (Students are encouraged to use their own place of work, if it meets the criteria of a large global organization, or to use an organization with which they are familiar as appropriate) in this CASE TESCO PLC.
You have been asked to produce an individual report where you will select a B2C product or service category and will map a path to purchase.
The report should include the following:
o Map out the decision-making process for this particular product or service.
o Explain how you would research the different stages of the process, and provide a clear rationale and justification for your research approach.
o Evaluate the different market research methods that could be applied.
o Identify the factors that influence the different stages of the process, providing a clearly reasoned justification of the selection of the factors you have identified.
o Illustrate how elements of the marketing mix also influence the decision-making process, supported by examples.
o Compare the differences with the B2B decision-making process.
o Evaluate the different approaches to market research and how they influence the stages of the decision-
BRASSINGTON,F. and PETTIT, S. (2012) Essentials of Marketing. 3rd Ed. Harlow: Pearson.
EAST, R., WRIGHT,M. and VANHEULE, M. (2013) Consumer Behaviour: Applications in Marketing. 2nd Ed. London: Sage Publications.
SHIFFMAN, L. and WISENBLIT, J . (2014) Consumer Behaviour. 11th Ed. London: Prentice Hall.
SZMIGIN, I. and PLACENTINI, M. (2014) Consumer Behaviour. Oxford: Oxford University Press
TESCO PLS Assignment
An effective decision-making process brings together the right kind of resources to the right market at the right time. The quality and quantity should go side by side as they help gain an advantage over the competitors. Headquartered in Welwyn Garden City, Hertfordshire, Tesco is a British grocery and merchandise retailer and has its stores in over 11 countries across Europe and Asia. The company was founded in 1919 by Jack Cohen and first emerged as a brand in 1924 after Jack bought a shipment company and expanded its network worldwide. Tesco is not only known for its high-quality books, electronics, and furniture items but also toys, software, clothing, financial services, and internet and telecom services (Lal, and Rangan, 2005).
Decision-making process and product development of TESCO
In February 1993, Tesco announced that it would change its policies to make them user-friendly. First of all, the company implemented new marketing and promotional strategies, and then it introduced new trends in developing products and managing the business. The same year, Tesco introduced different loyalty programs to attract more and more customers. As a major food retailer in the United Kingdom market, Tesco has developed a contemporary vision and introduced lots of top-quality products. At the same time, the company does not compromise on prices and has always sold its items at reasonable costs (Woods, 2011).
Today, Tesco Club is considered the most victorious and marvelous loyalty program and a powerful and integrated way to increase its number of customers. With the passage of time, Tesco has developed various products and upgraded the old ones, so that they come up with the expectations of the customers. No doubt, it is the best and fastest growing European company and financial service provider. With nearly 80% of Tesco sales going through the loyalty card, it looks like the company would introduce similar programs in future with an aim to engage more customers and ensure their satisfaction regarding quality, reliability, and affordability (Reynolds, Cuthbertson, and Bell, 2004). Tesco's club card reflects the company commitment and dedication to the business as well as its customer. It has strong team ethics, provides customers with outstanding services, and on top of that Tesco is loyal to everyone and does its best to satisfy both employees and consumers (Weele, 2010).
Different stages of the process
The strategic decisions of Tesco are based on long-term commitment and can affect the overall performance and entire business of the company. The manager is responsible for taking these decisions; he keeps an eye on the performance of the employees, ensures that production meets demands, and of course, the customers get what they have paid for. Tesco' tactical decisions will allow it to research more products before starting their production, evaluating the sales and overall performance of the old products, and creating a balance between customer numbers and product development. Operational decisions are related to the day-to-day running of the business. A junior manager or an employee can take these decisions in the absence of the senior manager. This will definitely help Tesco generate more revenues and target potential customers with ease (Weele, 2010).
Similarly, the financial accountants of the company can use recorded data to prepare accounting statements on a daily or weekly basis. This will eventually help Tesco evaluate its overall performance and pay more attention to its current policies. The company is preparing annual account reports on the activities and performance of its workers, and the financial accountants can ensure that these accounts are up-to-date, ac...
- reflective essay: presentation passingDescription: Undergraduate writing level 4 pages Business and Marketing Format Style English (U.K.) Essay. reflective essay presentation passing...4 pages/≈1100 words | 1 Source | Harvard | Business & Marketing | Essay |
- Microeconomics concepts business venture of your choiceDescription: Undergraduate writing level 5 pages Business and Marketing Format Style English (U.K.) Essay. Microeconomic concepts...5 pages/≈1375 words | 10 Sources | Harvard | Business & Marketing | Essay |
- TravelDescription: Business and Marketing Essay: Travel...3 pages/≈825 words | 4 Sources | Harvard | Business & Marketing | Essay |