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Assignment deals with the different marketing ventures of Tesco Company that is necessary for financial betterment

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Introduction

The most of the marketing ventures are dependent on a process of market analysis and in accordance with that product development and commercialisation. The most of the cases it is seen that companies with big names get the first priority and they take majority of the market segment to themselves. This is essential for an organization to take relevant steps and in accordance with that, they have to make sure, that they should monitor the steps during the initial period and after that also. In this case, the organization taken into consideration is Tesco and the issues are highlighted in the following segment.

Description of business issue

In order to have a better market response from the market one organization has to be proficient and customer friendly, and in case of Tesco, these things can be addressable. Still there are some issues in the system, one of the major factors is higher competition rate in the market, and that is why Tesco has to lower the rates and cut short the profitability ratio (Fernie and Sparks, 2014). In this process, the service quality is decreasing and the customers are being shorted. In the following segment this issues are going to be discussed.

Schedule of activities

a. identify stakeholders

In order to identify the stakeholders the best option to be taken into consideration is the stakeholder theory because this is going to provide the directions needed for better market analysis and other things. In accordance with the stakeholder theory, a stakeholder is that person who is getting affected by the various functionalities of the companies (Jensen, 2017). This includes customers, shareholders, resource providers, employees and all those who are connected with it.

In this case, the issue of Tesco is affecting the functionality of employees and the customers as well. These two are the main stakeholders who are getting impacted and the company is the passive one who is getting affected by the issues. This survey is going to be conducted over them.

b. select analysis technique(s)

In order to conduct the survey the best option that has been taken into consideration is the survey method. In this process, the issue-oriented questions are going to be asked and in accordance with the answers, proper decisions will be taken.

Describe survey and the rationale behind each question

The survey questions that have been asked by the authority are really important to get more out of the market. These responses are necessary because the company can utilise them in order to have better kind of resources fro the people. there are many cases where it is seen that the Survey monkey responses have been effective and in this case, it is effective too (Machek, 2012). The first question was asked for the service oriented matters of Tesco. It is necessary make sure that the services of Tesco is in the correct place in order to get more return n investment. The customer satisfaction is necessary and hence the question was asked to know if the company is falling behind in any place.

The second question is also important because it was oriented with the price structure of the organization. The price of an organizations product plays a good impact and in this case, the reflection is visible. Therefore, this question is also legitimate.

Competition rise has a good impact on price determination of the product and hence it can be stated that the question is necessary for understanding the impact of the competition. On the other hand, the organization needs to make some new decision to incorporate new strategies and in this case, it is evident too. The service improvement and new strategy development needs to be done too in order to have better customer retention. This is the rationality behind the question related to service development. The last two questions are associated with customer response and customer retaining matters. These two things have a good impact over the sales and it can be stated that the management should go for the best possible procedure they can afford. In this manner, a better return on investment can be achieved.

Survey results (Refer to appendix)

In response to the first question, it is seen that the people responded in a positive manner and they stated that they are highly satisfied (12 responses) with the services of Tesco. There is no need of any betterment. In response to the second question majority of the people stated that there is no need of minimising the price (10 responses) to have better customer retention. The rise in competition is affecting the functionality of the organization. In accordance with the majority of the respondents, competition is affecting the functionality (9 responses) of the organization. In case of necessity of developing new strategies the organisation should prioritise (12 responses) new requirements of the organisation and make amendments in accordance with that. The customer support is a necessary option to consider and in the end, it is going to be beneficial too. There are different other processes which can be used by the management to gain more popularity (11 responses) and retina more customers to their territory.

From the survey the market orientation is analysed and it can be stated that the management needs to think of new things that are associated with product development and maximisation of the service of the company. There are many cases where it is seen that the management should go for proper data validation to approach. This way the issues can be solved easily and proper market reputation will be attained.

Analysis of survey results

From the analysis, it is evident that the management should go for the best kind of recommendations that are required to meet the criteria of the people. In this context, it is essential that the management focus on customer retaining aspects and minimise the threats that are associated with low number of customer availability. It is a profitable decisions and the result says that it is going to be a profitable aspect for the entire organization to consider the opportunity and act accordingly. The results show that it is necessary to make a proper impact and in accordance with the opinions gathered it is evident that majority of the cases can be solved if services are provided according to the customer demand. From the data, it is evident that Tesco needs to get better in different segments to maximise the profitability rate of the organizations.   

Conclusion

It can be stated that the management needs to think of new aspects that are associated with the production and other things and it is going to be effective as well for the organization. In the end, it can be concluded that the management should comprehend with the market demand and in return, it will have a beneficial response too. This is necessary to understand that betterment of different service is an unfathomable thing to consider and in return, it is going to result in a financial betterment for the organization as well.

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