Task 1: Scoping proposal (10 marks) [no more than 1,500 words]
1. You should have already submitted a scoping proposal to your tutor with TMA 04, which covers your plans for your B716 EBI. The marks awarded on the scoping proposal will be carried forward as 10% of your marks for TMA 06.- this is already submitted – but added to the end for review
Task 2: Reflective report (90 marks) [no more than 2,500 words]
2. Submit a formal report that reflects on at least two of your cycles of inquiry you performed for your B716 EBI. Your report will detail your engagement with the module’s concepts and theories and how they have influenced your management practice and thinking. You will need to support your arguments and discussion with evidence from your practice that you gathered during your cycles of inquiry.
Task 1 (To be submitted with TMA 04)
Although you have already submitted your scoping proposal with TMA 04 it will be useful at this stage to refer back to it as you write your reflective report.
Task 2 (Submitted as TMA 06)
Part 2: Scoping Proposal
A: Collection of data pertaining to the external market environment
An in-depth market research procedure shall be followed to gather relevant market information. The primary sources of data collected relates to interviewing the employees of Tesco. According to Gummesson (2014), this shall assist in gathering important information related to the external environment under which Tesco operates. The secondary sources of data involve consulting business websites and magazines to gather pertinent information relating to the research procedure. I shall also consult industry experts on the retail market environment of UK. In the pursuit of collecting necessary facts about Tesco, consumers of the brand shall also be surveyed. It is assumed that regular consumers would know the intrinsic details about the external market environment of Tesco. Therefore, they would be a valuable source of information, and be able to provide authentic data relating to the UK retail industry.
B: Evaluating the market position of Tesco
I feel that Tesco is comfortably placed as a retail entity in the UK market. However it is facing tough competition from other retail brands ASDA, based in UK. The brand is performing as per the expectations as per the grocery and the clothing segment. In these two segments, Tesco is the leading brand among the retail entities based in the US. Although in other product and service lines, the brand is facing stiff completion among other brands in the UK market. Currently Tesco has failed to introduce innovation in its products, and has therefore slipped from the number one position. According to Kavoura and Stavrianea (2014), the market share of Tesco has decreased in the UK market, with the increase in the sales of Sainsbury. The principal competitors of the brand has re-innovated its ideas. I feel Tesco’s lack of upgradation in the products and service has failed to attract consumer attention. Reinecke (2013) mentioned that in the last four years sales have decreased to a considerable extent, with the brand incurring losses. From the point of view of the investors Tesco’s share price have fallen by 20% from the previous year (Grabara 2013). These attribute indicate that Tesco’s growth rate has stagnated. The stakeholders have been discouraged from investing in the brand. As such, the public perceptions of Tesco have been adversely influenced in the recent times.
Task 2: Improvement in the marketing policies of Tesco
Improvement of relationship marketing, marketing planning approach as well as the internal marketing can positively influence the operational as well as the marketing policies of an enterprise. The concept of relationship marketing involves developing strong bond with consumers. In this regard, such relationship with the buyer shall assist the brand to gather instant feedback about the product from the customer. Thus, this would assist any retail brand to rectify any discrepancies that might have arisen. According to Philip (2016), the marketing planning procedure shall assist the firm to prepare the structural guidelines for the marketing activities for the current year. It evaluates the marketing policies on the basis of the pre-determined goals set at the outset or at the beginning of the year. Therefore, determination of the right marketing plan enables an organization to aggressively promote its products and services. Lovelock et al. (2014) mentioned that in the retail sector, internal marketing plays an important role to make a product commercially viable. The process of internal marketing states that employees would be considered as internal employees of the organization. The employees must identify with the companies vision and mission. They must be convinced of the principles the organization has been built. This would lead the organization to conduct its daily business functionalities in a much smoother and effective manner than before.
2.2 .1 EBI cycle of inquiry
According to Anitsal et al. (2015), The Evidence based initiative (EBI) is a pertinent evaluation tool to judge different operational aspects of a business based on the market performance. The standard of customer service is an important area that should be judged based on the yardstick that is expected to be met by a retail entity. Besides this, the response to newer product launches should be evaluated by EBI cycle of enquiry. This would assess the affectivity of the in-depth market research done by the organization. In this regard, the consumer tastes and preferences shall also be analyzed considering the reaction of the consumers based in a particular place. The manufacturing process shall also be evaluated by the organization in the context of the financial stability of the firm. The levels of such expenditures shall be matched with the sales revenues of the firm. Finally, the EBI cycle of enquiry would examine the productivity rate in the organization. Necessary measures shall be taken if the productivity rate is below the standard levels and is therefore harming the growth of the organization in the long run.
2.2.2 Implementation of strategies
To raise the levels of awareness of key stakeholders about necessary details of EBI plans regular reporting procedures must be adopted. These stakeholders must be informed about the operational and marketing policies adopted in the organization. According to Wilson and Gilligan (2012), quarterly reporting about EBI plans shall help the organization to constantly improve, so as to achieve the long term objectives and goals of the organization. In addition, the purpose of EBI plans should be also clearly stated to the stakeholders. The stakeholders shall take an active interest in the daily business functionalities of the organization. Head, G., Schau and Thompson (2013) mentioned that involving stakeholders in the EBI cycle of enquiry shall enable the organization to get desired results. In this manner, stakeholders shall be able to share their valuable opinions with the top leadership or the management of the organization.
Hutt and Speh (2012) mentioned that improving the channels of communication shall help the management to share data about the EBI cycle of enquiry in a faster manner. Thus, effective communication routes are a pertinent strategy to inform stakeholders about the forthcoming EBI procedures in the organization. Besides this taking regular stakeholder feedback about the EBI enquiry process is also an effective policy to share information with concerned parties.