Tesco's Marketing Concept

1803 Words Jul 13th, 2014 8 Pages
Definition of Marketing

Heidi Cohen the President of Riverside Marketing Strategies explained marketing as the following: “In line with the firm’s business goals, marketing attracts consumers’ scarce resources, attention and disposable income, to drive profitable revenues. Marketing is the process of getting a product or service from a company to its end customers from product development through to the final sale and post purchase support. To this end, marketing strategy consists of business goals, target customers, marketing strategies, marketing tactics and related metrics. As a function, marketing extends across the customer’s entire purchase process including research, engagement, purchase, post-purchase (including supplemental
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External factors are opportunities and threats. These factors are dangerous as reason of it is beyond the company and still has a great effect on project outcomes.

The next element is Marketing Strategy. “An organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.” (Business Dictionary, 2012) According to Forbes Magazine it is important focus on one primary objective in order to achieve the best results.
The third element is the Marketing Mix Decision. It is called the 4 P’s as well. It is a well-known term in marketing, one of the basic concepts nowadays it already expanded to 5’s also. The basic 4 P’s includes Price, Promotion, Place and Product. It says that a good marketing strategist must chose the right product sell at the right price at right place and with the most suitable promotion.
The final element is the Implementation and Control. “For example actively managing the participation of different functions and executives from different specializations may improve the fit between the plan and the company’s real capabilities and resources and avoid implementation barriers. Planning and execution are interdependent parts of strategic

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