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Environmental Analysis Of The Marketing Process Of Tesco

4167 Words17 Pages

Marketing is a two-dimensional process and it is defined as aset of processes with a view tocreate, communicate, deliver, and exchange offerings that have value for customers, partners, clients, and society at large(American Marketing Association, 2013).
Marketing process isa set of steps and actions associated with idea generation, need identification, coming up with a product or service and marketing that product or service in the relevant market to fulfill that need. Marketing process of Tesco includes the following elements:(Dudovskiy, 2014)
Corporate Objectives: Corporate objectives include goal, tactics, mission, purpose and overall policies of the firm. These objectives set the direction on the basis of which Strategical actions are taken. Tesco should set the objectives that aremeasurable, time-specific and attainable.
Marketing Audit: Marketing audit, as the name suggestsevaluates the marketing activities, compares it with past performance and develops a possible course of action on the basis of structured analysis and review. Tesconeeds to analyze its product, market share, profit margins, competitors, distribution methods etc.
Market Analysis: Market analysis involves the study of the results that a firm achieves with its marketing activities. Tesco needs to study market trends, and market profitability in this step.
Environmental Analysis: Environmental analysis observes the impacts of a few factors on the performance. Environmental analysis can be done by

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