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International Marketing Management Assignment Sample

1. Introduction

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Tesco began as a one-man operation in London's East End. Jack Cohen established Tesco. From 1919, he distributed groceries in the East End markets. Tesco was established in 1924 and is still going strong today. After buying a huge shipment of tea from T.E. Stockwell (formerly Messrs Torring and Stockwell of Mincing Lane), Jack Cohen produced new labels by merging the first three letters of the supplier's name with the first two letters of his surname to form "TESCO." Tesco is a global chain of over 2100 stores in Europe, the United States, and Southeast Asia (Aiello et al., 2020).

Grocery, non-food products, financial services, and telecommunications are among the group's priorities. It is dedicated to reducing consumer costs and providing the highest service. Tesco is indeed one of the world's leading grocery sellers, with over 326,000 employees and 2,318 outlets worldwide. Tesco.com, a division of Tesco, offers internet services. The company's main region is the United Kingdom, where it works under the Extra, Superstore, Metro, and Express brands. We would have a vivid understanding of how Tesco serves the central objective of securing its consumers' lifelong royalty by providing them low-cost goods and services if we use the 4Cs definition to examine the marketing strategy utilized by Tesco focused in the United Kingdom. Customer Benefit, Customer Cost, Customer Communication, and Customer Convenience are the 4Cs, which are the equivalents of Product, Price, Promotion, and Place in a 7Ps marketing campaign review (Evans and Mason, 2018).

Customers play a significant role in today's corporate market management judgment, as shown by ideas from the 4Cs business strategy. Since an organization can only market a product or service that satisfies the customer's expectations, not the service or product it wishes to manufacture or deliver, meeting consumers' needs and desires becomes more relevant than product manufacturing and design. Tesco's central mission is to "create value for customers," which inspired this concept. Tesco has expanded into markets such as books, clothes, hardware, furniture, toys, gasoline, software, financial resources, telecommunications, and internet services since the 1960s. According to a spokesperson of Tesco, they provide over 40,000 items and are always searching for innovative ways and provide consumers with the highest variety, efficiency, and value. Tesco's main sector, the United Kingdom, accounted for the majority of the total sales.

The business also had shops in other European and Asian countries where they sell their goods. Tesco also has operations in Hungary, China, the Czech Republic, Slovakia, Japan, South Korea, Malaysia, Republic of Ireland, Poland, Turkey, Thailand, and, with the bulk of its international growth occurring in the last decade.

2. Literature Review

2.1 Impact of Brexit on the International Marketing Environment

Among all the recent events which have impacted the entire sphere of business in a radical way, the phenomenon of Brexit is one of the most crucial ones. The entire business scenario not just in the UK, but also in the entire continent have experienced a big blow due to the UK’s decision of leaving the European Union. Major organizations across various sectors have been putting much effort in order to tackle the issues of such a sea change in the political structure of Europe. Governmental agencies are trying to formulate ways to mitigate the various issues faced by the businesses of the nation. A detailed analysis of different ways in which Brexit has affected the international marketing environment will be presented in the forthcoming section of this review.

Recruitment

The free movement of employees from EU countries has enriched several industries in the UK. Due To Brexit, hiring from overseas may become more difficult, and may concern firms with in-house marketing teams more than those without. Many non-British workers have begun to migrate to their home countries in recent years. According to Erol (2021), in the United Kingdom, this situation has resulted in a labour shortage. Simultaneously, the drop in the number of eligible jobs began to make business tough, and Tesco is not an exception in this case.

Budgets

According to the IPA's lengthy Bellwether survey, marketing budgets have been reduced in recent times after six years of steady growth. Consumer morale has plummeted as a result of the uncertainty, resulting in lower spending. Budiman and Alajmi (2020) have commented that marketers are now starting to lose faith in the British economy and cutting back on their purchases.

When companies are concerned for the future, marketing is generally considered the right expenditure to eliminate (Erol, 2021). This is definitely an error, since marketing is the secret to long-term success. If a company wants to stay idle, it risks losing its current clients if the country's economy faces a slowdown. This causes a problematic cycle in which it becomes exceedingly difficult to invest in growth.

The Falling Pound and Rising Cost

Since the first mention of Brexit, the currency of Pound has been losing ground against the Dollar and the Euro. In the marketing industry, as in many others, rising prices are unavoidable. A wide array of US-based tools of digital marketing, such as Adobe, Hootsuite, Mailchimp and Hubspot, have raised their monthly/annual payment rates as the Pound has depreciated against the Dollar and Euro. Expenses in the distribution process have also risen, making selling in the United Kingdom more competitive (Cumming and Zahra, 2016). Tesco has experienced this issue while operating in the ighly competitive business environment of the UK.

Digital Marketing Presence

Firms would be refused entry to foreign markets as a result of Brexit, and global rivals may find it difficult to enter the UK market. While concentrating on employment in the UK, being optimised for local SEO can become critical in securing potential customers in the local area (Cateora et al., 2020).

Investment

Notwithstanding the the turmoil surrounding Brexit, the British economy has been strong since 2016. As per the statement of Baack, Czarnecka and Baack (2018), the fall in the value of the pound has made the nation a more appealing destination for foreign investment. This appeal will persist if the pound continues to depreciate against the dollar and euro after Brexit, especially in combination with incentives of inward investment incentives like cuts in corporate tax.

GDPR and Data-Flows

For the near future, the European Union and the United Kingdom will remain in close alignment, especially in the context of regulation and products recognition. There may also be consistency in data transmission and marketing, as the GDPR regulations that went into force in 2018 will continue to apply to all UK and EU countries, opine Rosnizam et al. (2020).

 

 

2.2 Impact of COVID-19 on the International Marketing Environment

The World is now confronted with one of the most significant threats. Society and the economy have largely come to a halt, and almost every nation is experiencing a recession. COVID-19 affects global real GDP. Many businesses are taking advantage of the COVID-19 crisis to assess the scale (breadth and depth) of their product portfolio to boost profits. Offering a large range of goods would not increase profitability. It is unclear if this would impact consumer productivity and price premium. This may fall if such items are no longer available and consumers wish to shop elsewhere for any or all of their needs. Syriopoulos (2020) argue that, it may be beneficial to rethink the current product lineup COVID-19 emphasizes the importance of assessing the stock of items in the assortment objectively. As per the opinions of He and Harris (2020), this is also due to the possibility of improvements in how we rethink our use of goods and resources in the post-COVID-19 period. While the economy is in a slump, private labels gain market share at the detriment of national companies, and while the economy is doing well, they lose market share. Also after a slowdown, branded brands' share of the market is typically smaller than it was before the downturn. The brand's long-term viability is also significant, given that the COVID-19 crisis occurs at the same time as continuing debates about climate change and its implications for our world and its inhabitants, mention Seetharaman (2020).

During this recession, the price must be used with extreme caution as a selling tool, customers' price sensitivity rises. The degree to which price resilience rises is determined by a variety of variables. Companies aim to cut down on communication/advertising expenses during times of crisis. Advertising spending is much more vulnerable to market volatility than the economy as a whole. Furthermore, in countries with more cyclical promotional investment, private label revenues rise faster, meaning significant losses for brand producers. According to research, during a time of contraction, exposure to ads is higher than during a period of growth. This is true for meats, but not for beverages. As a result, it is impossible to make broad generalizations regarding this.

Following a period of recession, these brands will more quickly and at a reduced cost reclaim the market share they had before the contraction/crisis. Personal approaches provide insight into consumers' problems and ways to assist them. This affects more than just marketing communications. It necessitates a complete alignment of companies with the customer-centric model, which is not (yet) the case with Tesco. Seetharaman (2020) claim that various manufacturers have adjusted their communication to these moments of mutual disconnection and "caring for one another. Communications in which Tesco shows support for coronavirus patients or reacts to legislation introduced to resolve the epidemic can only have a positive impact on the brand's reputation if they are sincere and fit with the brand's personality. It is possible to reallocate capital by helping salespeople take on additional responsibilities, such as helping in the creation of new product concepts and contributing to content marketing.

3. Background Analysis

Local, Regional, National context of Marketing Approaches

Customers that appear to crowd together around the marketer are a source of apprehension for local retailers. Tesco can easily learn a lot about the consumer and make the requisite improvements. The overall possible demand is, of course, small. In this way, Tesco may even be forced out of business by a new rival or an environmental cause.

Regional sellers represent a wider regional region, which can necessarily require numerous processing facilities and a more difficult logistics network. Although Tesco as a regional marketer usually represents neighboring cities, portions of states, or whole states, significant disparities in demand can still occur, necessitating comprehensive marketing plan changes.

The output of a national marketer is distributed throughout the world. Multiple assembly facilities, a logistics chain that includes warehouses and privately operated delivery trucks, and several variations of the marketing "mix" or overall approach may all be involved. This style of marketing of Tesco has a lot of opportunities for benefit but often exposes the marketer to disruptive rivals.

Three International Market Entry Methods

In this section, three types of international market entry methods will be discussed that can be implemented by Tesco.

Exporting

Exporting is the direct sale of goods and/or services in another country. It is possibly the best-known method of entering a foreign market, as well as the lowest risk. It may also be cost-effective as one will not need to invest in production facilities in the chosen country – all goods are still produced in the home country then sent to foreign countries for sale.

There are many advantages and possibilities associated with exporting, including:

Access to a larger number of customers and companies. For trading in this area, one could be restricting the overall possible income and one may reap from global expansion opportunities (Paul, Parthasarathy and Gupta, 2017). Diversifying business prospects such that, even though the domestic economy continues to falter, the products and services will still be sold in other growing markets. Extending the useful life of existing materials.

Licensing

Licensing allows another company in the target country to use the property. The property in question is normally intangible – for example, trademarks, production techniques, or patents. The licensee will pay a fee to be allowed the right to use the property.

Licensing requires very little investment and can provide a high return on investment. The licensee will also take care of any manufacturing and marketing costs in the foreign market. The benefits are that licensing is a way to generate a steady stream of passive income (Marxen and Montez, 2020). As long as the licenses profit, the company profit as well, and it does not have to worry about losing ownership rights. These payments will continue without interruption for many years. When a licensee improves on a product, they will benefit even more from their company. Licensing is intended to minimize the costs of doing business with all parties involved. There are fewer uncertainties in product growth, consumer research, packaging, and delivery. The licensee is always granted certain autonomy and power over the operation of their company.

Franchising

Franchising is somewhat similar to licensing in that intellectual property rights are sold to a franchisee. However, the rules for how the franchisee carries out business are usually very strict – for example, any processes must be followed, or specific components must be used in manufacturing (Rosado-Serrano and Paul, 2018). They handle the franchise units as if they were their own, which normally results in higher revenue and profits.

The benefits are as follows-

. The franchise network will expand as quickly as the franchisor's system for recruiting, training, and supporting its franchisees develops. The franchisor would be absent from the day-to-day activities of each franchised venue. Franchisors can increase their market share and brand loyalty more efficiently and easily by using franchisee properties. They use the leverage of franchising as a system to increase customer satisfaction by attracting and retaining customers.

Critical Evaluation of the Influence of the Changing Business Environment on the Marketing Priorities and Marketing Management Functions of the Organization

Tesco has traditionally had a rather consistent and identifiable commercial approach recognized for its 'any little bits of help' strapline. Its progress faced stagnation of participation and lack of resilience to differ from the formula in past years. This paranoia – owing to the reality that Tesco's super-power position didn't warrant any reforms – grew quite outdated.

The brand recognized the need to invest in this segment and costs were lowered. The consequence was a substantial rise in farm and fish prices at the new price rate (Genc, Dayan and Genc, 2019). The company's transition from conventional ads to a global marketing campaign across all platforms has made this possible. Tesco's management staff has come up with a lot of great marketing strategies for this strategy. From deep discounts offered by email on birthdays to print campaigns delivered directly to the door, customization is central in the modern era of marketing. The reinvigoration of Tesco's tactics – and eventual financial revival – is a tribute to the strength of marketing. Tesco has continued to offer thanks to its owners and customers. This genuinely promising and creative resurgence is a long cry from such a terrible slump that haunted the business only a few years ago.

4. Application of Learning to Practice

4.1 Marketing Strategies

Critical discussion of the importance of marketing theories in the selection of international market and in developing an entry strategy

The marketing theories like PESTEL, SWOT, Porter’s Five Model and Ansoff Matrix, BCG Matrix aid in understanding the various macro environmental factors that affect the business in the foreign markets. To achieve a better insight of a business and its strategies, it is of utmost importance to use these tools in the context of marketing theories in the selection of international market and in developing an entry strategy.

PESTLE analysis is a term of marketing principles. Furthermore, businesses utilize this term as a way to monitor the world in which they operate or intend to start a new plan, etc. PESTLE stands for P for Political, E for Economic, S for Social, T for Technological, L for Legal, and E for Environmental (Perera, 2017). It provides a bird's eye view of the whole world from a variety of perspectives that one may want to review and keep track of when considering a specific concept or strategy. The Ansoff Matrix, commonly known as the Product/Market Expansion Grid, is a method that companies use to evaluate and prepare their growth strategies. The matrix depicts four principles for assisting a company's development, as well as the risks involved with each approach.

PESTLE and Ansoff Matrix both are important tools for assessing a company and aid in evaluating, comparing, and contrasting in terms of their suitability for informing entry methods for any organization into international markets. The benefit of using PESTLE is that it has seven features which help to get a better insight of the various aspects of any market and the approaches to enter it (Weatherston, 2020). While the Ansoff Matrix is a calculated strategy mechanism that offers a platform to assist directors, senior management, and advertisers in evolving development strategies of market penetration (Martins, 2020).

PESTLE analysis of Tesco

Factors

Description

Political

Tesco's consistency is greatly driven by international political considerations since it is a global retailer. These factors include tax rates, rules, and the country's overall stability. Tesco also tends to expand business growth and diversify the workforce as part of its position in changing job conditions.

Economical

Tesco is most concerned about this since expense, production, benefit, and prices are both expected to rise. As a result, the company should be mindful of any adjustments that could impair financial accessibility, such as changes in taxes or other factors. Although the company is expanding internationally, it remains heavily dependent on the UK industry.

Social

Customers in the United Kingdom have turned to bulk and one-stop shopping as a result of a variety of societal shifts. As a consequence, the number of micro pieces for sale has increased. Tesco adjusts to these changes by adapting to the demands for natural products as consumers become increasingly mindful of their wellbeing.

Technological

Tesco also has some different options thanks to technical advancements. For starters, two of its most distinct ones are the advent and growth of internet shopping with distribution service facilities. Second, self-service checkouts offer flexibility and comfort to shoppers while decreasing labor costs. Tesco has put a significant amount of money into energy-saving programs.

Legal

Tesco's productivity has a strong effect on government policy and legislation as well. The proposal was made by the Food Retailing Commission (FRC). To support these measures, Tesco gives its consumers' price reductions on the gasoline they import, in strict line with its spending on supermarkets. There appears to be a range of cost-cutting discount deals.

Environmental

Tesco has made a strong commitment to reducing its carbon emissions by 50% by 2020, with increased pressure on businesses to solve sustainability issues and implement steps that would benefit society (Adamyk, 2019). Tesco eliminates pollution in its stores by raising social consciousness for its customers.

 


Ansoff Matrix of Tesco

Market Penetration

- Significantly raise of the supermarket share at the detriment of Sainsbury's and Asda.

                   Market Development

 -International expansion.

 -Entry into the grocery store business.

Product Development

 -Development of financial markets.

 -Expansion into petrol sales.

Diversification

- Tesco is now so all-encompassing that diversification will have to come from something completely different. Tesco's existing operations and products offered in international markets or to industry clients.

It is evident from the analyses done above that if Tesco wishes to expand into developing economies then it has to invest in the diversification of products because in those countries there several indigenous businesses operating in the same sector, which in turn may cause great hindrance in the path of their success. Therefore Tesco needs to concentrate on expanding its product range meticulously for achieving overall success.

4.2 Brand Management

Keller’s Brand Equity Model

The Customer-Based Brand Equity (CBBE) Model, also known as the Keller's Brand Equity Model, is a pyramidal structure. The reasoning behind Kevin Keller's model is straightforward: to have a good brand, one must build ideal brand interactions or experiences in order to establish the right brand picture. Customers, or potential customers, should leave each interaction with the brand with positive feelings, emotions, and convictions (c). When a brand can demonstrate that it can provide value, it has built brand loyalty, and the customers' beliefs can spread to others.

Keller's framework is divided into four parts. Going from the bottom to the top of the Brand Equity pyramid, the levels are Identity, Meaning, Response and Relationships.

Fig.1: Keller’s Brand Equity Model

(source: Mindtools, 2021)

Firstly, brand salience, or awareness, refers to how a brand is perceived by its customers. What they think about the brand, and if that thinking is even accurate. In the case of Tesco, it is generally perceived as a powerful retail brand with a reputation for value for money, convenience and a wide range of products all in one store. Tesco is UK's largest grocery retailer, and is seen as a market leader. Tesco is in a good position to lower prices and beat off competition.

The building blocks for step 2 are Performance and Imagery. Performance indicates how well the product satisfies the needs and expectation of customers. 

In the case of Tesco, the company's products are varied and of high quality. Tesco's goods appear to be extremely reliable based on the available data. In terms of service quality, Tesco goes to great lengths to ensure that each of its customers receives prompt service, care, and assistance, ensuring that their shopping experience is seamless. Tesco ensures that its goods are kept tidy, clean, well packaged, and well organised in terms of style and design in order to catch the interest of consumers and gain their loyalty (Mindtools, 2021).

Finally, Tesco's price range makes its goods accessible to people from all walks of life. The social currency of a brand is referred to as imagery.

Tesco has a solid brand value, which greatly aids its advertising efforts. The business communicates with its consumers via television, newspapers, and other forms of media. In the UK grocery retail sector, it is the largest spender on conventional advertisements. It invested over £80.8 million in 2019 to communicate its message to a large number of people, which was significantly more than the amount spent on advertisements in 2018.

Tesco uses a variety of promotional methods in addition to advertisements. It also offers buy one, get one free deals on some of its goods, for example. They frequently receive personalised discounts and deals. Tesco's reputation has become very high as a result of its efforts to strengthen its brand image and actually providing the advertised benefits to consumers.

The third step is to determine what kind of reaction a brand elicits from consumers. It includes their thoughts and judgments, as well as how people interact with the brand, how the consumer perceives it, and how they feel (Medium, 2021).

Tesco has been especially popular due to its strong brand. It has earned recognition for efficiency, low prices, and customer service. Tesco has also excelled in public relations, publicity, and raising the local profile in catchment areas.

Tesco's consumers have a good sense of brand loyalty and gratitude. Tesco's argument that customer loyalty helped boost revenue and profit in the first part of the year shows that the company is benefiting from "recovery tailwinds."

The fourth stage is about comprehending the brand's relationship with its consumers. Tesco employs a number of tactics to improve its customer ties (Medium, 2021). Tesco Clubcard, for example, is a loyalty programme with a rewards programme that encompasses many partnerships beyond Tesco's simple partnership with its customers.

Four Psychological and Sociological Factors Influencing Consumer Decision

Four psychological factors affect consumer behaviour are: motivation, understanding, learning, and the system of attitudes or beliefs (Ramya and Ali, 2016). Motivation speaks to the customers' internal desires. Comprehending how the customers can be motivated is a strong instrument. The way that the target consumer perceives the world or knows about the product can also affect the behaviour. Lastly, belief systems will affect all of the above. Some individuals learn better visually, for example. Professional photographs and videos will express a thousand words irrespective of the belief system. This explains why photographs and videos are so relevant for commercialization.

The four sociological factors are-

Reference Groups: Every person has some people around him/her in some way. This include people compared to individuals. Everyone in society knows certain people who become their idols in time (Wang and Yu, 2017).

Immediate Family Members: Everyone plays a dual role in society depending on the community he belongs to. A person employed as chief executive with a reputable company is also a husband and father at home. Individuals' purchasing inclination depends on their position in society.

Relatives: This category is also considered a credible source of brand knowledge which goods they use. They influence family members to turn their attention to the brand.

Society Role: Each person plays a dual role in society, depending on the community he belongs to. A person employed as chief executive with a reputable company is also a husband and father at home. Individuals' purchasing inclination depends on their position in society (Wang and Yu, 2017).

Branding Strategy on the Basis of the Identified Factors

The following steps can be applied by Tesco to develop its branding strategy

  • Outlining the brand purpose- if Tesco displays a strong sense of purpose, the customers would learn about their commitment and be motivated to move towards the brand.
  • Sharing core values- this would further influence people and if they like it, they would further convey the information in their close circle.
  • Understanding Target audience- Tesco needs to choose the segment of customers which it would like to target, so that their specific needs are addressed.
  • Expressing mission and vision- Customer motivation can be further enhanced with this step.
  • Highlighting the differences between the brand and the competitors- tesco can propely justify its claims and impress individual customers, and in turn the groups of people they are connected to earn their attention and loyalty in the long run.
  • Value Proposition- the beliefs of the customers about the company can be changed if tesco explains the value of its products to its customers.
  • Asserting brand identity- Tesco should create such a brand identity which mentions that customer satisfaction is its prime motive, so that they feel special about being integral elements in the making of such a big success. This would further strengthen their attachment to the brand.

4.3 New Product Development

The steps involved in the new product development process are as follows-

1. Idea generation

The process begins with the production of ideas. Idea generation signifies the systematic quest for ideas about new products (Claessens, 2021). An organisation produces typically hundreds of ideas, perhaps thousands, to finally find a few good ones.

2. Idea screening

The term "idea screening" simply refers to the process of filtering ideas in order to choose the best ones. To put it another way, all of the ideas produced are screened to see which ones are successful and which ones should be discarded at the quickest. Although the goal of idea generation was to generate a lot of ideas, the subsequent stages are designed to minimise that number.

3. Concept Development and Testing

Attractive concepts must be transformed into a product design in order to continue with the new product creation process. A product concept is a more comprehensive version of a new product idea articulated in consumer-friendly terms (Claessens, 2021).

4 Marketing strategy development

The development of a marketing plan is the next phase in the process. After a promising idea has been developed and tested, it's time to create an initial marketing plan for the new product based on the concept in order to bring it to market.

5. Business analysis

When a product idea and a marketing plan have been determined, management will assess the commercial appeal of the new product proposed. The fifth phase in the new product development process includes an analysis of the new product's revenue, expense and benefit estimates to determine whether these factors meet its objectives (Cooper, 2019). If so, the product can be transferred to the stage of production.

6. Product development

For the actual product development, the latest product development process begins. To this extent, there can be only a word definition, a sketch or, even, a rough prototype for several modern product ideas. However, if the product concept meets the test of industry, it must be transformed into a physical product to make sure that the product idea becomes a feasible market offering. The problem, however, is that R&D and innovation costs are now causing an enormous investment leap.

7. Test marketing

Test marketing is the last phase before marketing in the new product development process. The product and its proposed marketing campaign are evaluated in practical market conditions at this stage of the new product development process. Therefore, test marketing provides the marketing experience of the product until it is fully introduced at the great cost (Cooper, 2019). Indeed, before the full investment takes place it helps the company to test the product and the whole marketing campaign, including its targeting and positioning strategies, ads, sales, packaging, etc.

8. Commercialisation

The test marketing provided management with the necessary details to take the final decision: to launch a new product or not to launch it. Commercialization is the final stage in the new product creation process. Marketing is nothing but the marketing of a new product. The highest costs are incurred at this point: the company will need to construct or rent a production facility. In the first year, large sums may be spent on publicity, promotion of sales and other marketing activities.

Before the product is marketed, these considerations should be considered:

  • Timing introduction
  • Place of introduction

 

 

Three Strengths and Weaknesses of New Product Development Process

The strengths of this process are as below-

I. Creating an innovative culture

New innovations contribute to the development of new goods. New goods help to generate new income. New income may be used to foster new ideas. This is the creativity society. Each move facilitates the next step so that a brand and company can gain a greater market share (Gaille, 2021).

II. Driving a higher value proposition.

As product creation is focused on satisfying the needs of the customer, it provides a higher value proposal for a brand's core demographics. Higher value proposals generate more consumers and positive word-of-mouth marketing that can contribute to more income.

III. Growth in professional network.

The innovative manufacturing of products would draw customers in the brand and corporate sector because they are considered to be a cutting edge organization. People wish to connect to experts and innovators. This means that the B2C and B2B networks for a positive product development company will still have an opportunity to expand (Claessens, 2021).

The weaknesses of this process are as follows-

I. Issues of unrealistic expectations

The product development process will establish unreasonable future expectations for a brand if quality targets are not in place. A prototype's ability to deliver desired performance does not always imply that it would function as intended. To achieve this, consistent success in achieving market demand standards is needed, as well as detailed metrics.

II. Unexpected failure

Even with much testing, a product may fail. If a product doesn't work in the general market as anticipated, the expected profits can become high unexpected expenditures in a very short time span.

 

 

III. Impact of External Sources

There are a variety of external channels that are engaged in the process of product development but are outside of a company’s direct sphere of control. Delivery dates are subject to adjustment by shipping vendors. Offshore manufacturing unites may make changes to their processes (Gaille, 2021). The quality of the materials used in the manufacturing process could deteriorate. All of these factors may have an impact on the final product in progress.

Timescales of the New Product Development Process

Steps

Area of Business Responsible for the step

Months 1-2

Months 3-5

Months 6-7

Months 8-9

Months 10-11

Month 12

Idea generation

R&D Unit

 

 

 

 

 

 

Idea screening

 

R&D Unit

 

 

 

 

 

 

Concept Development and Testing

R&D Unit

 

 

 

 

 

 

Marketing Strategy Development

Marketing Unit

 

 

 

 

 

 

Business analysis

Financial Unit

 

 

 

 

 

 

Product development

Production Unit

 

 

 

 

 

 

Test marketing

Marketing Unit

 

 

 

 

 

 

Commercialization

Sales Unit

 

 

 

 

 

 

 


 

5. Recommendations and Conclusion

Although a significant amount of information has been provided about marketing strategies in the preceding sections of this work, it can be observed that Tesco has ample room to improve its marketing strategy even further. The following set of recommendation can be highly beneficial for Tesco in this regard-

1) Paying attention to the latest advertisement trends to stay updated

2) Learning about the expectations of customers with social media marketing

3) Generating leads from multiple sources

4) Improving the content for social media marketing

5) Fostering customer loyalty with post purchase messages in the form of emails or text messages.

6) Utilizing the platform of Instagram with alluring captions

7) Enhancing SEO by adding a psychological dimension (Pilons, 2021).

The elaborate study presented in the previous sections of this work provides a huge volume of information regarding the subject matter of international marketing, with special reference to the specific case of the multinational retail giant Tesco. The first section of the work exposes the various details about the selected company and its activities, mentioning the core elements of its marketing strategy as applied by it in the markets in which it operates. The literature review has revealed multifarious impact of the current issues, namely the global pandemic of COVID 19 and the political event of Brexit on the international marketing operations. A number of authentic academic materials have been perused thoroughly for the sake of the intricate literature review. The background analysis shed much light on the different approaches of marketing followed by Tesco in the different levels of market, and the effective market entry strategies that can be implemented by the brand. The next section makes use of this information, and the fndings gathered from the PESTLE analysis and Ansoff matrix helps to determine the correct market entry strategy for the brand. The essential changes that Tesco needs to incorporate in its business strategy for a successful entry in a foreign market have also been determined and stated. The Keller’s brand equity model has been applied for analyzing Tesco. The section also reveals some of the most important psychological and sociological factors which affect the decision making process of the customers. These findings are further used in constructing a branding strategy for Tesco. Finally, the next section mentions the different steps to be taken by Tesco for the sake of New Product Development, and also makes use of the understanding derived from the factors affecting consumers’ decision in the previous portion.

 

6. References

Adamyk, K., 2019. PESTLE Analysis on Tesco PLC.

Aiello, L.M., Quercia, D., Schifanella, R. and Del Prete, L., 2020. Tesco grocery 1.0, a large-scale dataset of grocery purchases in London. Scientific data7(1), pp.1-11.

Baack, D.W., Czarnecka, B. and Baack, D., 2018. International marketing. Sage.

Cateora, P.R., Meyer, R.B.M.F., Gilly, M.C. and Graham, J.L., 2020. International marketing. McGraw-Hill Education.

Claessens, M., 2021. The New Product Development Process (NPD) - 8 Steps. [online] Marketing-Insider. Available at: <https://marketing-insider.eu/new-product-development-process/> [Accessed 24 March 2021].

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