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Importance of Marketing

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Introduction

Marketing is an activitiy which is associated with buyer and seller. It includes advertising , selling and delivering product to costumer. The ultimate goal of marketing is meet customer needs and wants, thereby assure profitability. In present report Tesco has been chosen for further detail. Tesco PLC is a multinational grocery and general company in UK. It is a third largest retailer in the word. In UK, Tesco PLC operates under four banners namely Tesco extra, superstore, metro and express.(Dietrich, 2016)

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a) Concept and process of Marketing

Marketing is the human activity where the set of institution and process of communication. Marketing consist exchange services, and satisfied customer needs. It includes various concept of marketing which used to satisfy its organisational objectives. Marketing and marketing concepts are directly related. (Hollensen, 2015.)

  • Production concept: The basic proposition of production concept is that customers will choose products and services that are widely available and are of low cost. Comsumers prefers only that products which are easily available and inexpensive.
  • Product concept: Consumers will prefer products that have better quality performance and features as opposed to a normal product.
  • Selling concept: consumers will buy products only if the company aggressively promotes or sell these products.
  • Marketing concept: In this company only focus on needs / wants of target customers and delivering better quality services from other competitors. Marketing concept believe in pull strategy.

Process of Marketing- Firstly understand marketplace and customer wants and needs. Then design a customer-driven marketing strategy along with construct a marketing plan. Then build profitable relationship with customers, and Last create profit and customer equity.

In generally Tesco followed the proper marketing planning process and follow up the Marketing concept, where Tesco newly innovative quality products so the customers automatically attract with those products. Along with Tesco also provide better quality service product from over the other competitors. (Duliniec, 2015)

b) Importance of Marketing

  • Marketing is a very important for the each and every organisation because financial success often depend on marketing ability. ( Vargo, 2014)
  • On the basis of Tesco PLC marketing helps in expansion and growth in products and services.
  • Marketing aid build unity of command in Tesco PLC, so that can be helps in achieving objectives.
  • Marketing is helpful in increasing and maintaining the standard of living of the community.
  • In Tesco marketing is helpful to increasing employment in an organisation.
  • Marketing helps increase source of income and revenue.
  • Tesco marketing is very helpful in exchange and movement of goods from one place to another place.

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c) Change in perception

As per the above report I learn about marketing concept , where company chose among these a best one. I discovered importance of marketing for Tesco PLC which also helped me in getting knowledge about marketing significance. Apart from this among various concepts organisations use to focus on making there products superior which state that quality of product are an important concept. I also learn marketing planning process which are the properly followed by the companies. (Gates, , 2013)

Conclusion

As per the above report marketing is very essential for the organisation. Marketing success often depend on proper marketing planning and apply proper concept of marketing in an organisation. In above report we found that Tesco has chosen marketing concept to gain the competitive advantage. Those marketing concept is extremely beneficial for the Tesco.

References

  • Dietrich, T., Rundle-Thiele, S. and Kubacki, K. eds., 2016.Segmentation in Social Marketing: Process, Methods and Application. Springer.
  • Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education.
  • Kowalik, I. and Duliniec, E., 2015. The Entrepreneurial Marketing Concept and Its Application by the International New Ventures.Chinese Business Review.14(5). pp.253-264.
  • Lusch, R.F. and Vargo, S.L., 2014.The service-dominant logic of marketing: Dialog, debate, and directions. Routledge.
  • McDaniel, C.D. and Gates, R.H., 2013.Marketing Research Essentials 8th Edition. Wiley.
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