Marketing management exam Essay Example | Topics and Well Written Essays - 2000 words

Marketing management exam - Essay Example However, summed with faulty anticipation of the market trends and too much investment in a particular project to support its aggressive marketing strategies, Tesco also had to face significant challenges in securing the desired return on its investment along with affecting its market reputation to a considerable extent. Illustratively, it was because of the same reason that the launching of Tesco’s fresh and easy store failed in the US market recently. Marketing Plan for the First Year: One of the major problems that Tesco is facing is maintaining accuracy in anticipating the changing needs and wants of the customers. Therefore, in the first year, Tesco should build such product management strategies that could identify the tastes and preferences of the potential customers. Besides ensuring the quality while offering the products to its potential customers, Tesco shall also try to renovate the older products according to the tastes and preferences of the customers to augment t heir demand. Similarly, as a market leader and to make a stronger appeal to its customers, Tesco should note that in the modern world the customers are becoming increasingly quality driven. Therefore, Tesco should reassess its marketing processes concerning certain products in order to attract the customers’ loyalty at a greater degree. To be specific, Tesco should also be concerned regarding its product quality rather than entirely focusing on pricing at a cheaper rate than its competitors. Tesco must also pay due attention on enhancing its customer relationship model to sustain its competitive advantages at stake owing to the rising competition and the various ethical issues surrounding its regular functioning. Accordingly, to maintain transparency and enrich its customer recognition, the company should emphasise taking regular feedbacks from its various stakeholders including customers, employees, suppliers and shareholders. As expected, the feedbacks shall assist Tesco to balance its shareholder-centric objectives and its sustainability goals in a more competent manner and overcome the currently observed challenges. Marketing Plan for the Second Year: In the following year, Tesco should deliver due emphasis on storing and interpreting the feedbacks obtained from the stakeholders. This will certainly assist the company not only to develop a more objective oriented business functioning to reward a better market stance but will also enrich its product/service marketing strategies, contributing to a more competitive advantage to the company. It will be noteworthy for the company to ensure that the feedbacks obtained from the customers and other group of stakeholders are not misinterpreted, which will further assure accuracy in its market anticipation. Likewise, the company can develop different strategies to suffice the market trends and demands in different places. It is very much essential in this context that Tesco aims at taking a competitive advant age of its brand name and keep focusing on its transparency obligations as well as better customer focus in its marketing operations. Besides, in the second year of application of this marketing plan, the company needs to take an assessment of the strategic application effectiveness. Accordingly, Tesco must also shift from its