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Business Report Assignment Sample

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Words Words: 4537

Business Report Assignment Sample

Introduction

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The world of increasing globalisation and expanding technological advancement had increases the competition in all the different industries to a greater extent.For surviving in this highly competitive business environment, it is important that the businesses should have better strategies which can help them in gaining competitive advantages over other businesses. Sales and marketing are the two most important business practices which can help the businesses in sustaining their development and market position in this competitive environment. It can be said that it is important for the businesses to have better marketing strategies.This can help them in developing better relations with the customers and attracting potential customers which can help them in increasing the sales of the company and promoting the products and services in an effective manner(Deepakand Jeyakumar, 2019). The present report will focus on exploring the different concepts of marketing sales; the report will explain the role of data in improving relationship marketing and how it can help in managing the customers.Also, the report will focus on explaining the concept of market segmentation for selling the products and services in an effective manner and how innovation can help the companies in meeting the needs of the customers and developing better strategies for doing so. Moreover, the report will also recommend that how the companies can meet the customer needs in a particular market or for targeted customers. For explaining these concepts, the report will consider the case of one the leading grocery retail of the UK, which is Tesco Plc.

Role Of Data in Improving Relationship Marketing, for Managing Customer Expectation and Services Excellence

Managing the customers and meeting their expectation is one of the most important things for the businesses as it is directly having an impact on the sales and profit of the company. Along with this, it also affects thesuccess and development of the company. In the present era of technological advancement, the world is moving towards digitalisation, and data had gained a lot of importance. Now the businesses are looking forward to using better technologies which can help them in gathering better and extraordinary data of their customers and the market as well, which can help them in developing better strategies(Mixand Brand, 2017). The organisation is collecting the data and then using them in an effective manner so that they can make better improvements in their business practices and can enhance the overall performance of the company. The data which describes regarding the buying pattern of the customers, their choices, buying preferences and their experience with the products and service they are using is referred to as the customer data. This data helps the company in developing the products on the basis of the needs of the customers, which can help them in gaining a competitive advantage over others and also helps the company in attracting more customers.

Marketing is always considered to be the important business practice, and the businesses use multiple marketing strategies for attracting the customers, but now the firms focus on developing better customer relationships which can help them in developing long term customer engagement with the company. Relationship marketing is an effective marketing strategy which focuses on customer relationship management and helps the businesses in understanding the customers in an effective manner. Big data plays an important role in relationship marketing as the company can develop better relations if they are having better knowledge regarding their customers.

The cited company is making effective use of the latest technologies and tools which can help them in managing the customers in an effective manner and offering them better shopping experience as well. Tesco is using better technologies for understanding the customers and their buying behaviour. With the increased digitalisation, Tesco understands that it had become necessary for the company to offer the products and services to the customers by using the online platforms as well. As the customers are shifting towards online shopping, attracting the customers through online shopping is an effective approach, and this is helping Tesco in increasing their sales to a greater extent.

As the company is having a higher number of customers and huge data, it is important for the company to use the technologies which can help them in managing their data effectively and getting better information through it. Tesco is using technologies such as Hadoop which is helping them a lot in getting better information from the data and using it effectively for understanding the customers. Also, the company specifically focuses on developing an effective market presence which is helping them a lot in dealing with creating a great online presence and increasing customer engagement also. It is important for the businesses to use the data in an effective manner and for this the companies should focus on keeping the data fresh and up-to-date so that all the important information can be gathered which is associated with the businesses.

Tesco is also using the multiple platforms for effective digital marketing which is important in the world of technologies for attracting the customers and promoting the products and services offered by the company. In the present world, it is crucial for the business to not only collect the information but also use them effectively while offering the products and services to the customers so that better results can be gained. The company should try to connect with all the potential customers effectively and should try to gather better information regarding them with the use of data. It can be said that if the companies understand the customers than it will help them in meeting the customer’s demand and needs in an effective manner which would have a positive impact in on the customer satisfaction and will have a positive impact on the success of the company.

The businesses need to develop customer relationship management which can help them in managing the customers in an effective manner. Organisations across the globe are investing a higher amount of capital in developing effective CRM software, and this also pays back to the company by increasing their sales and profitability of the company(Gummesson, 2017). For developing better relations with the customers, it is important for the companies to have an effective employee who can satisfy the customers by the services offered by them. It is important for the organisations to provide better training to the employees regarding offering better customer service and also making effective use of the customer relationship management software. Along with the entire organisation should support each other and all the employees of the company should work in an ethical manner which will develop positive relations among themselves and this will also have an positive impact of customer relationship management. The company should also try to enhance the  employee satisfaction which is having an positive impact on the way employee behave and deliver their services in the company. Also the employees should be motivated so that they can deliver better services to the customers. It can be said that the employees of the company play a major role in customer relation so the companies should focus on them.

Tesco is also focusing on creating a market presence through social media platforms which is also an effective practice for connecting with the customers and creating positive relations with the customers. The companies should focus on being active on all the social media platforms and posting all the updates related to the products and services which are being offered to the customers. Social media is an effective place for interacting with the customers and attracting them as well. It can be said that if the businesses would manage the data for understanding their customers effectively that they will be able to manage better relations with the customers, which is essential for the success of the company(Zhang, et. al. 2016). Tesco should represent themselves and try to develop customer engagement with the company by representing themselves on all the different social media platforms such as Facebook, Instagram, Twitter, etc.

Reviewing the performance is also an important practice for the businesses and the company should focus on reviewing that what is the customer’s perception towards their company and towards the products and services offered by them(Chaffeyand Smith, 2017). The company should focus on staking feedbacks from the customers after offering the products and services to them which would help them in making improvements in their products and services. If the company needs to me effective that it is important that the company should implement the feedbacks and make effective changes in the business strategies and practices on the basis of the suggestions provided by the customers. When the company is doing online or offline marketing that they must give opportunity to the customers for giving reviews regarding the products and services offered by them this will help the company in understanding the customers.

Concepts of Segmentation, Targeting and Positioning

The business market in which the company is offering its products and services is wide, and it is important for the businesses to divide the entire business market on the basis of different parameters which can help them in offering more specific products and services to the customers. Market segmentation is referred to as one of the most important concepts of marketing for the businesses as it helps them in doing marketing in an effective manner. Market segmentation can be done on the basis of different factors such as demographic factors, behavioural factors, psychographic factors and geographic factors(DIXIT, 2020). The businesses should focus on different demographic factors such as age, gender, income, location, family situation, education, ethnicity and annual income of the customer. The demographic factors are the most important factors and it is important for the businesses to understand that no two individuals are different so the company should try to differentiate the customers on the basis of all the different important factors. All these factors on the basis of which the market is being divided into segments are important and plays a major role in the decision making and buying behaviour of the customers, so it is important for the company to use better market segmentation strategies.

The cited company focuses on effective geographical market segmentation as it is operating at the international level and need to serve different customers belonging to different countries. For the global businesses like Tesco, it is crucial to focus on specific needs of the particular geographic segment to which the products and services are being offered by the businesses. The company is using the Clubcard for managing the customer relationship, but it is also helping them a lot in getting better information related to the customers. The information which is being collected by the Clubcard such as demographic information such as age, gender, education status, social class and family size is helping the company in doing effective market segmentation on the basis of demographic factors of the customers. These details of the customer help the company to understand the expectations and needs of the customers, which is helping the company in offering similar product range to the customers on the basis of these factors(Dolnicar, et. al. 2018).

Tesco also focuses on the psychographic segmentation which is also important for the businesses as it helps them in understanding the values and beliefs of the customers and this is also an important factor which is having an impact on the customers buying behaviour. Along with this the other factors, psychographic factors such as social status, lifestyle and opinions of the customers also drives their buying patterns, and the company consider these factors before offering any of the product or service to the customers. The company is also making use of the behavioural segmentation, which is helping them in the company on offering the products as per the choice and preference of the customers.

Positioning is also an important tool for the businesses, which helps the businesses in developing a positive image among the customers so that the customers view the product and service on the basis of it only. Different strategies are being used by the businesses for effective positioning as it is an important concept which is having a direct impact on the sales of the company. The cited company is implementing different positionings such as functional positioning, symbolic positioning, price positioning, experiential positioning, experiential positioning and multi-segment positioning. Different customers view the things differently and if the company understands the customers effectively by observing them and their buying behaviours that it would help them in positioning the different products to different customers in an effective manner.

Tesco implements different positioning strategies for a different product range which is helping them a lot of ineffective positioning. The company is implementing experiential positioning for its health and beauty products. The price positioning is helping the company in attracting the customers, which are more concern regarding the price while making a purchase decision. Majority of the customers view the product on the basis of the price of the product as economic factor is most important so the company should focus on this factor effectively. it can be said that the company should do price positioning on the basis of the different economic group to which the customer belongs. Also, the company implements the symbolic positioning strategy for its products ranges such as all the grocery products, clothing products and other fashion products as well. Along with this, the company also uses the functional positioning strategy but for the products which are having higher functionality and high quality as well.

Targeting is also an effective business tool which is important for the company as it helps them in targeting all the different customers in an effective manner. Differentiated marketing is an effective strategy which can help the company is targeting the right product to the right segment,which can help them in targeting the customers in an effective manner. Tesco focuses on using different and multiple market targeting strategies which can help them in attracting all the customers. Mass marketing is also used by the cited company as it helps them in attracting the entire business market, and it is used on the products of the general needs of the customers. Along with this, the companies should make effective use of marketing mix which can help them in achieving their marketing objectives and leading the company towards success and development(Andaleeb, 2016).

A marketing mix is an effective tool which can help the business in doing marketing in an effective manner. According to this model, businesses should focus on four different important factors which are crucial for doing effective marketing. Before offering any of the product in the market, it is important for the company to understand the place in which the product is being offered and what price will be the best and how effectively the company can promote their products in the chosen market. This is one of the most important models, and the businesses should use this model as an effective strategy for promoting the goods and services, and this can also help the businesses in market segmentation and targeting as well(Išorait?, 2016).

Rational for Innovation in the New Product/Services of Tesco

The cited organisation is focusing on different core strategies, and on the basis of it, only they are doing businesses. Tesco focuses specifically on bringing innovation in the industry and offering diversified product range to the customers. The company is using innovation in managing supply chain and warehouse in an effective manner. It is being recommended that the company should develop and use an effective information system which can help them in managing the warehouse in an effective manner. Reducing waste is an important concept, and this will help the company in enhancing their profit also because better supply chain management will help them in reducing the unnecessary wastage of products which will save great money. Tesco is using the oracle retail house management system, which is helping them in warehouse management(Heller, 2017). Also, the company is using better technologies in inventory management and managing business operations as well. It can be said that it is an important business strategy for the company to focus on innovation. The company should invest more in its research and development department, which can help them in bringing more innovation in the organisation. Innovation is an on-going process, and investing in this can help the company in gaining a competitive advantage over others, so it is important that the organisation should invest in this(Steinhoff, et. al. 2019).

Tesco is also having a low-cost strategy and aims at offering the best high-quality products to the customers by reducing the operational cost. The company is gaining a competitive advantage over others as the company because the low-cost strategy is effective at increasing the sales of the company. The cited company is having a great advantage as they have an ability to control the operating cost of the company, which is helping them in leading the industry and expanding their customer base in an effective manner(Tesco Plc, U.K.)

Almost all the different organisations operating in the retail sector offer similar products and services to the customers and in such a business environment focusing on product differentiation with bringing innovation in the product range is an effective strategy for the company. For gaining a competitive advantage over others, it is important that the businesses should focus on product differentiation. The cited company can bring innovation in the packing system of the food items which can create more hygiene, and this innovation will help the company in product differentiation as now the company can get more hygienic food items. Also, the company can make better innovation related to the developing needs of the customers, and the businesses need to develop the products which can satisfy the growing needs of the customer. This can help the company in increasing its sales and also will help the company in attracting more customers(Ibrahim, et. al. 2017).

For making the product differentiation strategy more effective, it is important that the businesses should understand the consumer needs. The cited company should use big data for gathering better information regarding customer demand and what new they are expecting from the company. Data can help the company in understating the needs and making effective modification or bringing innovation in the company, which is important for effective product differentiation. Tesco should also focus on using effective marketing strategy as the company is doing both online and offline business, so it is important for the company to have an effective marketing strategy(Alves, et. al. 2016). The company is using digital marketing platforms and social media marketing, but the company can also use several other digital marketing tools which can help them in doing effective marketing.

Solutions for the Needs OF Spefic Target Group

In the fast-growing world, it had become important for the businesses to understand the emerging needs of the customer’s segmentation and offering the diversified product range to the customers on the basis of the segmentation is important. For retailers operating in the UK, the customers belonging to all the different age group and demographic background are very important as they all the having different contribution to the sales of the company. The young population of all the different nations is one of the effective markets which undergoes the latest trends and several changes in customer behaviour due to this reason. The cited company should focus on targeting the young population of the youth, which are one of the interesting population.

The fashion industry of the UK has an effective market position and also contributes a lot to the country economy. The cited company is also operating in the clothing sector so the company should focus on attracting youngsters. For attracting the youth, it is important that the businesses should have effective digital marketing and social marketing strategies which would help them in attracting the customers in doing promotion and marketing effectively. Along with these fashion products, the company should also focus on offering a wide range of beauty and healthcare products to this market segment as this population is more concern regarding their beauty and skincare. The company needs to understand that what all are the different needs of the customers and on the basis of it, only the company should offer the products.

Understanding the needs of the customers is crucial for the company than only the businesses would be able to satisfy the needs of the customer by offering them more specific products on the basis of their buying patterns. The company should focus on analysing the data in an effective manner as it is the most important thing which can help them in understanding consumer choices. For attracting the customers belonging to this market segmentation based on the age and the youngsters, the company should use the marketing strategies such as email marketing, pay per click, content marketing, search engine optimisation and social media marketing. These strategies are the effective one which can help the cited company in promoting the products(Keiningham, et. al. 2020).

Whenever the company develops, new products or service than all the customers and especially the target customers should know regarding it. Better information related to the products and services is required to be delivered effectively on all the different marketing channels through which the company is representing themselves in the market. In the present era, influencer marketing had gained a lot of importance for the businesses as the chosen market segment is highly influenced by the videos and photos which are being posted by the influencers. The cited company should hire social media influencers for promoting and advertising its products on both digital marketing and offline marketing. Also, the company should focus on using quality content while promoting their products which can help them in attracting more customers(Jahnke, 2018).

Although online marketing had gained a lot of importance, then also the businesses need to focus on traditional and offline marketing strategies, which are also important. For targeting the mass population, the companies need to use the offline method of marketing, which are also effective at delivering information to the mass population. Practices such as print advertising, networking and sponsoring the community events are still in the trend, and the businesses should invest in this marketing strategy as it would help them in creating a positive attitude among the customers towards the company. So it can be said that both offline and online marketing strategies of the company need to be effective so that they can target the chosen group of customers in an effective manner(Kannan, 2017).

Conclusion

Marketing and promotion of the products are the most important practices for the businesses, and the companies need to be effective at this. The present report had explored regarding the different concepts and practices associated with marketing, and for this, the case of Tesco, Plc is being considered in this report. Tesco is one of the largest retailers of UK and offering a wide range of products and services. The company is using multiple technologies for effective marketing which are helping them in maintaining their market position and leading the company towards success. The report had mentioned the importance of relationship marketing and how businesses can create positive relationships with customers.

The report concludes that in the present era, it is essential for the businesses to make better and effective use of data for understanding the customers and creating positive relations with the customers and doing effective relationship marketing. It can be said that data can help businesses in attracting the target customers in an effective manner and satisfying them with the products and services offered by the company. The report also concludes that the business should make better use of technologies and must focus on bringing innovation in the company by offered diversified product range to the customer. Moreover, the study also mentions that businesses need to be effective at both online and offline marketing. It can be concluded that marketing is having a direct impact on sales and profitability of the company, so the businesses need to use effective marketing strategies.

Refrences

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Andaleeb, S.S., 2016. Market segmentation, targeting, and positioning. Strategic Marketing Management in Asia, pp.179-207.

Chaffey, D. and Smith, P.R., 2017. Digital marketing excellence: planning, optimizing and integrating online marketing. Taylor & Francis.

Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.

DIXIT, P., 2020. Segmentation, Targeting & Positioning-Principles of Marketing.

Dolnicar, S., Grün, B. and Leisch, F., 2018. Market segmentation analysis: Understanding it, doing it, and making it useful (p. 324). Springer Nature.

Gummesson, E., 2017. From relationship marketing to total relationship marketing and beyond. Journal of services marketing.

Heller, F., 2017. Technological innovation applied to walmart and tesco’s supply chain (Doctoral dissertation).

Ibrahim, A.A., Alkhawlani, M.A.A. and Al-shaghdari, F.M., 2017. Customers Desires on Marketing Mix and It’s Impacts on Tesco (Malaysia). International Sciences of Management Journal1(1).

Išorait?, M., 2016. Marketing mix theoretical aspects. International journal of research granthaalayah4(6), pp.25-37.

Jahnke, M., 2018. Influencer Marketing. Springer Fachmedien Wiesbaden.

Kannan, P.K., 2017. Digital marketing: A framework, review and research agenda. International Journal of Research in Marketing34(1), pp.22-45.

Keiningham, T., Aksoy, L., Bruce, H.L., Cadet, F., Clennell, N., Hodgkinson, I.R. and Kearney, T., 2020. Customer experience driven business model innovation. Journal of Business Research116, pp.431-440.

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