MST 203 Marketing Coursework Essay Example | Topics and Well Written Essays - 1500 words

MST 203 Marketing Coursework - Essay Example It is irrefutable that this principle also changes the role and function of marketing managers in the business organization. Marketing management is defined as the "analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives (Kotler & Armstrong 2001, p.14)." Truly, the business arena has evolved from placing emphasis on production, product improvements, and selling approaches and started to focus on customers. Marketing management functions now covers how a company can create and extend more valuable goods and services to each customer. Tesco PLC is the largest British retailer based on both global and local shares. Traditionally, the UK-based international retailer specializes only in the distribution of food products but it currently adds other goods and services to its product portfolio which ranges from clothing to consumer electronics to consumer financial services to internet services to internet service and consumer telecom. Last February 26, the company announced a total annual turnover of 33.974 billion and reported a pre-tax profit of 1.962 billion. It is estimated that in every 8 UK retail sales, 1 is spent on Tesco. Tesco is currently one of the world recognized retailers. As marketing is an essential aspect of a business organization, it is irrefutable that Tesco's success can be attributed on how it manages its marketing activities. This report will specifically look at the management activities and decision which named the company as the #5 largest retailer in the global arena. Marketing at a Strategic Level Strategic planning is one of the essential marketing management activities undertaken by Tesco PLC. Accordingly, Tesco PLC's commitment in effectively marketing its products is mirrored in the way it crafts its mission, vision, and goals. Tesco states its mission as "Our core purpose is to create value for customers to earn their lifetime loyalty (Our Core Purpose)." This statement is further expressed in two key values known as "No one tries harder for the customer," and "Treat people as we like to be treated (Our Core Purpose)." With these statements and values as guides in conducting their business operations, Tesco PLC undoubtedly lays a strong foundation in marketing its products and services. Recently, the company launched its new simplified marketing strategy which is a response to the increasing complexity of operations due to the rapid growth of its stores, range of products, intense competition, and new customer demographics. These factors, along with other challenges make it relatively more difficult and longer for Tesco to make important decisions. Thus, simplifying their marketing strategy into three words which contains the core value and purpose of the company is seen to be beneficial. Tesco PLC's new marketing strategy is encapsulated into three words-Every Little Helps. Every Little Helps reflects the company's recognition that it has a huge feat to accomplish and that every little [effort] helps in reaching its goals.