Tesco: The Importance Of Information And Knowledge In Business

As far as primary market research is concerned, there are different types of market research done by many companies. To gather the accurate information from the market about the product trends, primary research technique is the best method. The primary data which is generated from different techniques can be in the form of qualitative and quantitative in nature, which means usually in the form of words or numbers. Following the different types of types of primary research: • Observation – Under observation technique, it involves watching of your potential customers and their behavior. The experts do observation of customers who are buying product and services similar to our company and listening what the customer says during shop and how much they pay.

• Product concept: - any consumer when want to buy a product, they are always looking for quality and performance of the product and what features of this product is having, so the organization always should devote their energy to improve the product. • Selling concept: - when companies do a lot of promotions for their product so the consumer will buy more of their product and the sell of the company will increase due of that actions. • Marketing concept: - in this concept to achieve the organization goals they have to know what the consumer looking for and what his/her needs, also by thinking and feeling about what the customers way of thinking and feeling, so by this way they can delivering the desired satisfaction to the consumer better than competitors. • Societal marketing concept: - the idea of this concept, that the company should related their marketing activities for the welfare of the society, also focusing on wants/needs of targeting marketing and delivering a great value to the consumer better than the competitors.

It is therefore critical that the manager is able to use, distribute and re-distribute his resources (personnel, finance, and equipment) in the best possible way to achieve results and deliver expectation. Leader Because of the complexity of the workplace environment, subordinates need direction with regards to their everyday activities and deliverables. I also need to be a role model; and demonstrate exemplary leadership. Entrepreneur It is important that the outcome of one’s monitoring role; allows the manager to reflect, design products, and create processes that bring the much needed solutions to identified

They are responsible for retail store tracking, bringing in new inventory based on consumer demand, creating sound financial plans that reduce company spending, and increase overall profit (Bordelon). Since the main goal of a Merchandise Planner is customer satisfaction their job can be best described as “being a liaison between the customer and the marketing and buying department, ensuring what the customer wants is available” (Bordelon). They review forecasts, use past performance to make projections, make recommendations for promotional markdowns, and manage inventory to maximize profitability. Additionally, merchandise planners research market trends to increase create more attractive

This system helps management judge how to sequence production to make a profit and create value for stakeholders. Sainsbury uses the operational information system to program and manage various operations to make decisions to improve the quality of goods and services. The Decision Support System: TheSainsbury uses the decision support system to make decisions related to marketing and finance to improve sales through the quality and image of the brand to attract more customers. The decision support system analyses, examines data on marketing, sales and finance to judge which decisions can add value to the business and stakeholders. Task 4.2: “A project management is the process of managing a project with a project team and team leader, to coordinate all activities and tasks in a cost effective and time frame manner to complete a project to achieve its

And at the same time brand loyalty can be attained when organizations are able to go beyond the expectations of the customers and fulfill their needs in the most effective way possible. When customer expectations are exceeded by organizations customers become their regular customers and spread good word of mouth about the organization thus creating a good reputation of the company in front of others. But a collapse on the part of an organization to fulfill the needs of the customers makes them feel deprived and they feel that organizations are intentionally depriving them of their needs and demands thus creating negative customer experience (Taylor,

Employee relations, perfromance management and training are areas that can be uplifted. One of the major challenges for the global manager is to bring about employee creativity and their ability to manage change. The rise and advancement of technology is another challenging area for managers. They need to be upto date and flexible in their approach. They should be aware of the suitable technology that would improvise and benefit their business.

Sales representatives are the employees who have the most frequent face to face contact with customers. if properly trained concerning what to look for, what to ask, and how to respond, sales personnel can bring back invaluable information from every sales call. In addition to providing sales personnel with the necessary training, organisations should provide them with appropriate incentives for collecting customer input. Otherwise, they may fall into the trap of simply agreeing with the customer about complaints received, thereby undermining the customer relationship even

Therefore, company should gather customer information about customer satisfaction so the company can measure the efficiency with regard to customer service (Heskett, J. L., & Schlesinger, L. A. (1994). One way to receive customer information and satisfaction is to receive a letter or e-mail let him/her explains if they like or dislike the product or service. Then, the company will read the information and try to either correct the error (complain) or to stay at this level of quality and service that they like. Second way to gather information is to active communication with call center, check product-return centers, conduct surveys, and send out questionnaires….

It is essential that a business gains feedback from its customers. This can be down through customer questionnaires, complaints and compliments. This will review current practise, future changes/challenges, areas requiring improvement, staff attitudes etc.. The ultimate outcome is to foster a strong relationship with the customer. Some companies like Tesco offer a reward scheme – money off coupons/vouchers, in an attempt to keep their customers returning for business something that ASDA and other leading supermarkets don’t