This assessment will cover the following questions:
- Explaining the comparative analysis of the marketing mix
- Explaining the Marketing plan
- Elaborate7P’s of marketing
INTRODUCTION
Marketing is one of the major activities of the any business or company. Without marketing no one company can achieve their business target in the specific time period. In which essentials of the marketing provides various ways to the company to promote their products and services in the market. Currently many of the successful businesses are employed these marketing essentials in their particular organizations to achieve their decided goals. Every company need to prepare effective marketing strategies in their business environment to implement them in the organization's marketing process. Development of the marketing essentials and strategies are too necessary for the businesses to gain huge competitive advantages in the market. This is discusses the marketing essentials of the ASDA company. This company is one of the most popular British supermarket retailer companies in the United Kingdom. With the help of strong marketing essentials the ASDA currently holding the large customer base in the home country.
LO1
P1: Comparative analysis of the marketing mix
Marketing mix is a framework used by the organizations to promote its product and services in the market to achieve organizational objectives. So, a comparison has been drawn of ASDA and Tesco on the basis of its marketing mix.
|
Basis of Comparison |
ASDA |
Tesco |
|
Product |
It provides a variety of product and services such as food, clothing, grocery, home décor, and entertainment goods (Rahman, M., 2017). It provides financial services like travel insurance, personal loan and credit card. |
It also has a wide range of products like food, stationary, clothing, electronics, financial services, home and garden products. |
|
Price |
ASDA is targeting low cost that it can offer low price products to its customers along with the high quality of product and services. |
Tesco provides lowest priced goods while maintaining the quality of the products (Tesco Marketing Mix (4Ps) Strategy. 2019). It enjoys economies of scale and makes its supply chain efficient to reduce cost. |
|
Place |
ASDA has over 500 stores in UK. It has range of store formats like Asda living, supermarkets, super centres etc. |
Tesco has two channels of distribution online and offline. It has 4000 stores in UK ans 2900 in other countries and also has its online website called Tesco direct. |
|
Promotion |
It follows aggressive marketing policy. For advertisement, it has used television, newspaper, billboards and other social networking sites such as Facebook, YouTube, Instagram etc. It has also roped in celebrities for endorsement which helps in creating customer base. |
Tesco has a strong brand image because of its low price products. It has used newspaper, television, social networking platforms for advertisements. It has also been a part of charitable events and offers huge discounts and loyalty points on every purchase. |
|
People |
ASDA provides training to its employees at all levels. It also provides flexible working hours to it employees who have other commitments. It also has incentive schemes for its employee which encourage them to perform better and earn extra (Bhasin Hitesh, 2019). There are 160,000 people working under ASDA. |
Tesco has large number of potential employees who are committed towards work. It has 480,000 employees globally. Employee of Tesco are encouraged to help each other and other beneficial rewards are given on the basis of performance. It also provides training to its employees based on the need. |
|
Process |
Its stores are structured in very systematic manner. It receives products from its suppliers and are organized in such a way that it becomes easy for the customers to find the goods. It also has a self-service machines to make the payment quickly. |
It also has well-designed stores, different floor for each category (Laszlo, 2018). It has quick check out process, making it easy going. |
|
Physical Evidence |
It includes all the tangible and intangible things that represent an organization such as logo, brochure, business cards, online presence, website, physical stores etc. |
The same goes to Tesco, it has excellent logo, differentiated products, website, social networking sites, offline stores. |
LO2
P2: Marketing plan
It included an effective marketing plan for the ASDA below;
Executive summary
The marketing plan is covered for the purpose of launching new furniture products in the United Kingdom by ASDA. It includes some major internal and external factors which will impact the company in both term; positively or negatively during products launch operation. There are also mentioned a specific budget plan for the company which highly needed when company work on the produce new products. The management of the company need to use some latest marketing strategies in their business environment during launch furniture products in the market to gain huge attention from the people.
Company background
ASDA is a British supermarket retailer company, headquartered in Leeds, West Yorkshire. It was established on 19th February 1949. Currently the American retail company Walmart is the parent company of the ASDA. The company has second largest supermarket chain in the United Kingdom, and currently holding large customer base in whole country (Pyatt, Kennedy and Kennedy, 2018). The company has two subsidiaries called; Asda Mobile and Asda Money. Company has good brand value in the United Kingdom, because customers are highly satisfied with the products and services of the ASDA.
AIM: To develop effective marketing strategies for the company to launch new furniture products in the market of United Kingdom.
Objectives
- To generate customer awareness.
- To increase market share by 10%.
PEST analysis
- Political factors: The political factors are supportive for the company. The local government support to that all elements which are give contribution in the UK's economic growth. By launching new furniture products the ASDA is also able to give their contribution in the economic growth (Ansah and Sorooshian, 2017). So, it is able to take advantages from the political factors of the United Kingdom.
- Economic Factors: The United Kingdom is one of the richest country in the world. So, the economic factors also impact to the company positively. The living standard of the people is some high in this country, and they always ready to purchase some new things in the market. It is also good for the company.
- Social factors: People in the United Kingdom are highly literate, and ready to give any cost for purchase quality products in the market. In which the ASAD need to make their new furniture products best of best by quality wise.
- Technological factors: The technological factors are also favourable for the ASDA in the United Kingdom. The company is able to take advantages form the technological aspect of the country, because the UK is too higher in the uses of the latest technology in their all type of industries.
7Ps of marketing
- Product: The company launching the new furniture products in the market of United Kingdom. It helps to the company to grow their market share.
- Price: The company need set the reasonable pricing for the new products in the market (Singh and Jain, 2019). For product pricing the company need to cover the market research also to know the actual value of their new products.
- Place: The management need to divide UK market into the small market segments for proper distribution of the new products.
- Promotion: This is very necessary for the company to aware people about company's these new products. It helps company to take attention from the people on starting stage.
- People: Marketing team of the company need to make some specific store locations for the customers where they are easily able to purchase that products.
- Process: ASDA need to give the fastest response to the customers after launching new products, because on the starting stage customers have many quires about new products.
- Physical: The company is responsible to give some physical evidence to the customers, like; bill of the new product while purchasing. The physical environment is necessary to reassure the customers.
STP model of marketing
To grow the company, the management don't need to sell new products to everyone. The company need to implement STP model within the new products launching process. This model will help to save lots of time, cost and resource of the company. It is described below:
Segmentation: In the segmentation the company need to divide their large market into small market segments (Reis, 2019). Management of the company no need to focus on wide area of the market. This segmentation process will help to the company to deeply know about the competitive conditions of the market. This will put strong and positive effect of the procedure of launch new furniture products. Segmentation will play big role in the distribution of the new products in the market in systematic form.
Targeting: After the market segmentation the company need to take step of targeting. The targeting will help to the company to focus on promote new products in the specific market segments. Targeting make able to the company to run their advertisements for the target people. It will save large amount of the fund in the company. The company need use the advertising media to aware people about the new furniture products. Once people know about the brand products in different segments, then they purchase products according to their needs.
Positioning: This is the last stage in the STP model. Then positioning will help to the company to know customers point of view on the new products in the comparison of competitors. This is too necessary for the ASDA to gain competitive advantage in the UK's market. The management of the company highly need to know the perception of the customers in the market, because it will really impact the positioning of the brand in the market (Sequeira, 2016). Perfect and systematic positioning is very important for the company to reach that new products to every people in the market. This is helpful for the company make better brand value than competitors in the market.
Budgeting
Proper budgeting is very necessary in the process of launching new furnitures products in the UK's market. So, according to this marketing plan the £3000 are enough to employ it in business environment.
Monitoring
The management of the company is need to understand each aspect of the marketing to monitor the process of new furniture products launching. It needs to monitor every area of company structure which interrelate with this new product step of the company. There the ASDA need to run their all marketing activities in proper channel to get positive response from these activities. You can get the answer: R/508/0486 Marketing Essentials - ASDA
CONCLUSION
It can be concluded that there are many roles and responsibilities of the marketing essentials or function in the business environment of the ASDA. These all roles are help to the company to gain high profit in the market. These all roles of the marketing are relate to each context of the organization. The marketing department need build strong contact to the other departments of the company to run their marketing activities in productive way. There are 7Ps of the marketing are very helpful for the company to easily achieve the business objectives of the company. It also included the effective marketing plan also for launch new products in the market. The company highly need to follow this plan to increase their market share in the United Kingdom.
Read also: Using Information in Human Resources - Tesco
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