Identify And Evaluate Marketing Opportunities For TESCO In An Essay.

Discuss about the Identify and Evaluate Marketing Opportunities, The main objective of this assignment is to support and explain two marketing opportunities which are identified in an assignment. Marketing mix for TESCO like distribution, products, and types of promotional activities is also considered.

Analysing and identifying two market opportunities

The chance of marketing is a sales-acceptable lead that qualifies as per your product or service requirement. The Sales Representative determines that this person or company has the opportunity to sell (Ratiu and Avram, 2013). Generally, the sales representative should determine that the possibility is to have a budget, need, and authority to buy our product.

TESCO is retail supermarket having headquartered in Welwyn Garden City, England, UK. It is the third largest retailer in the world. It was founded in 1919 by Jack Cohen. It has stores in 12 Countries across Asia and Europe. It has a market share around 28.4%. It has 460,000 employees, 6,809 shops and 79 million revenues from per week shopping trips.

The main objective of this assignment is to support and explain two marketing opportunities which are identified in an assignment. Marketing mix for TESCO like distribution, products, and types of promotional activities is also considered.

Part A

It is always important for the firms to utilize market opportunities because it helps them in achieve competitive advantage over others. In the present time's company like Tesco has a higher opportunity in the market. It has to utilize it by making many plans and policies which will help them in moving in a particular path to obtain objectives (Wertime and Fenwick, 2011). Two major marketing opportunity that Tesco can apply is Market development and product development.

Market development: Checking the growth graph is the very much significant task for the firm like Tesco. It can only be possible if the company is able to sell its existing product in the new markets. This has been considered as significant for the firm in order to increase its revenue because it provides the opportunity for the firm to enhance its base customers. Since Tesco has diversified range of products, it can easily grow its roots in the new regions.

Product Development: This has been considered as another most important marketing opportunity that this company has. It aids in developing a culture where new products can be innovated (Malhotra, Birks and Wills, 2013). The company can market these new products a better way so that they can create a fresh image in the minds of people.

Product development and market development are two strategies that can be adopted for attaining competitive advantage. Other than this it is to be understood that analyzing information is essential for the firm's growth. After accessing the available information it can be said that Tesco has to grow at the faster rate since the competition is getting intense (Bean and Hussey, 2012).

Identifying opportunities analyse information on Tesco

Comparative market information

Comparative marketing information is concerned to the  examination between the competing brands or the similar products. The comparison is between the prices or the other similarities. Some of the biggest competitors of Tesco are Sainsbury's, Morrison, Walmart, Waitrose and ALDI etc. The comparison can be done against the products of Sainsbury and Tesco as both are leading brand names in the supermarket sector.

Competitor’s performance

With the acquisition of ASDA, Walmart has become one of the key players in the industry. They have larger stores and are considered as one of the biggest in the UK. Apart from this ALDI and LIDL are other names that are intensifying the completion. They have shared a very larger part of the market. Sainsbury's is also increasing the rate of intensification in competition.

Customer’s requirement  

This industry has been performing exceptionally well in terms of understanding the demands of the consumers and shaping their business accordingly. In modern lifestyle, people do not have time for availing their requirements from different shops and they want that very thing must be available for them at ease (Huotari and Hamari, 2012).

Legal and ethical requirements

One of the prime duties of a firm is to manage and follow all the ethical conducts of the company. No false promises should be made to the consumers while marketing the products. Any sort of evil practices by Tesco may result in legal considerations that may not be in the goodwill of the firm and may result in a large amount of monetary loss.

Market Share

It is termed as the percentage of the market that is captured by the company. In terms of profits and many other considerations, Tesco is the largest retailer in the UK and has covered 28.2 % of the total market share in the industry inside the UK. It has increased its grocery market share by around 5 times in last five years.

Market trends and development

There has been the continuous shift in the market demands of the people. This has started many new kinds of trends. With the limitation of time with the people are coming to the larger supermarket retail stores and buy all the things of requirements at once. Since there had been continuous fluctuation in the UK economy and the decisions such as Brexit has reduced the trend of buying expensive products (Weinstein, 2013).

New and emerging markets

Research potential new markets for Tesco

There are various suburban areas which are having the larger potential for growth hence Tesco can start its operations at these places. Apart from this, there are many developing countries which are having higher scope for Tesco. A report by Global Retail Development Index suggests that around 30 out of the 300 developing nation has the higher potential and can act as an emerging market.

Profitability

Tesco is generating the larger amount of profits from its operations.  Since a there larger number of people that are coming for buying things from the stores hence they can gain the larger amount of profits (Cox and Wray, 2011). This company has been ranked the best in the industry in terms of profits generated by various companies.

Sales figure

Until this time in 2017 the company has made and a sale of around 49.9 billion pounds which is up by 4.3% what it was last year (finance.Yahoo 2017).

There is a larger scope for the expansion of Tesco. These potential markets are providing sustainable growth of these firms. It can be understood by following descriptions:

Export markets: There is a number of export markets available for this company especially the South East Asian countries. In the countries such as India where FDI in multi-brand retails up to 100 % has not been approved.

A segment of the market not currently penetrated: It has not penetrated in the market segment that deals with the products for small children especially toys and their daily activity items.

Increasing market share: With new product development strategy the business corporation can satisfy the needs of larger sections of the society and the market share can be increased (Kapferer, 2017).

Developing new markets

There are new markets for which company can develop its products. As the economic policies have to experience changing trends, it has become easier for the firms to expand their business reach (Rusek et al., 2013).

Current State	Future State	Action/Proposal
Expensive compared to Aldi, Lidl and Morrison’s	To be more competitive and customers see the value of Tesco's products (Kumar, 2012).	Advertise more offers such as buy one get one free, price matching on certain products costs. Use their CRM data to identify customers to target with marketing campaign about Tesco value brands (Wu et al., 2013).

The two marketing opportunities which Tesco has to focus is Product development and Market development. These are explained below:

• Product development: Product development, also called new product management, is a series of series that includes the concept, design, development, and marketing of newly created or new re-branded goods or services (Jonesand Rowley, 2011). Tesco has a product development opportunities as Tesco continues with the overhaul of its brand food range, in the days following Christmas, "Tesco is healthy" is launching a new brand to appeal to health-conscious customers.
• Market Development: Market development is a development strategy that recognizes and develops new market areas for current products. Currently, a market development strategy is a goal for non-buyers in targeted areas. It also targets new customers in new segments. Tesco has a new market development opportunity in main UK grocery trade, non-food, international expansion and retail services such as financial services, dot-com business, and telecommunications package (Foxall, 2014). In fact, Tesco is using its strong stable core, while moving forward the business, while it moves forward to new risk areas of development.

There are five different types of markets, which is explained below:

Perfect Competition: Perfect competition is a market system that is characterized by many different buyers and sellers, in the classic theoretical definition of ideal competition, there is an infinite number of buyers and sellers (Satit, 2012).

• Monopoly
• Oligopoly
• Monopolistic Competition
• Monopsony(Goworek and McGoldrick, 2015

Marketing Mix of Tesco

Tesco PLC is the leading brand of the supermarket in the UK. It has managed to gain so much popularity that its stores have crossed the boundaries of the United Kingdom and have reached twelve other countries in Europe and Asia! Founded by Jack Cohen, Tesco Market Stalls started as a bunch.

Some of the important marketing mixes of Tesco are discussed below:

Products: Tesco offers a wide range of products, including food, clothing, electronics, financial services, etc (Laczniak and Murphy, 2012). 

Promotional Activities: The biggest advantage of Tesco is its low cost; it sets it apart from other supermarket chains, and this is what it uses to increase its brand image. Tesco adopted various types of promotional activities explained below:

E-Commerce: Through digital marketing, the company promotes its products online. Also, it provides facilities to their customers to order online (Linoff and Berry, 2011).

Direct marketing: In this strategy of promotional mix, company appoints sellers for a door to door marketing and to collect feedback from customers.

Telemarketing: Tesco’s appointed separate department for tele calling. Its basic role is to call interested persons and try to convert them into potential customers of a company.

Both the market opportunities for the Tesco, Product Development as well as Market Development are highly useful for the company to gain the competitive edge over others (Bauer, 2012).

Effect on sales volume

Both these marketing opportunities have the larger effect on sales volume. Since market development helps in capturing the larger part of the market hence it also increases the chances of selling the products (Babin and Zikmund, 2015).

Growth

Growth and marketing opportunities are directly proportional to each other. More the number of markets developed by the company more are their chances to grow as a firm (Della Corte et al., 2013).

Market share

Both these market opportunities have increased the market share of the company in the industry. Developing new markets helps in capturing larger population (Meissner, 2012).

Profitability

Both these market opportunities help a company in making more profits (Erragcha, 2016). Developing new products or markets helps to sell more products which ultimately increases the profitability of the Tesco.

The demand of Tesco can be estimated with the help of least square methods. Least square methods is a form of mathematical regression analysis, which finds a line of best fit for a dataset, which causes a visual representation of the relations between the data points (Grönroos and Ravald, 2011).

Line of Best Fit Equation

The best fit line determined by the least squares method is an equation that tells the story of the relationship between the data points (McDaniel, Hair and Lamb, 2011).

XX	YY
1	2
2	5
3	3
4	8
5	7

Solution:

XX	YY	XYXY	X2X2	Yˆ=1.1+1.3XY^=1.1+1.3X	Y−Y
1	2	2	1	2.4	-0.4
2	5	10	4	3.7	1.3
3	3	9	9	5	-2
4	8	32	16	6.3	1.7
5	7	35	25	7.6	-0.6
∑X=15∑X=15	∑Y=25∑Y=25	∑XY=88∑XY=88	∑X2=55∑X2=55	Trend Values	∑(Y−Yˆ)=0

Effect of this estimation demand on sales and profitability of Tesco is explained below:

There is a heated relationship between supply and prices of goods and services when demand is unchanged.

If the supply of goods and services has increased, the demand remains low, the prices are low balance value and high quantity of goods and services (Sheth and Sisodia, 2015). If there is a shortage of supplies for goods and services, the demand remains the same, the prices increase in high balance value and in small quantities to goods and services. Supply and demand increase and fall until the balance of a balance reaches. For example, suppose a luxury car company determines the price of its new car model for $ 200,000. 

Marketing Development: The development of marketing strategy is a very important task for every organization; it requires detailed analysis of each and every aspect of the business involved (Perreault Jr, Cannon and McCarthy, 2013). Here are some of the steps below that require Tesco while developing a marketing strategy.

• External Analysis
• Setting Objectives(Hollensen, 2015).
• Formulation of strategy

Product Development: New product development can be described as a five-step process, which begins with progress to create ideas and to market full product. Among the processes you evaluate and evaluate the product, take steps to protect your thoughts, and can finalize the design in the R & D phase. Details on each stage are as follows:

• Generating ideas (Warner, 2010)
• Evaluating and screening product ideas
• Protecting your ideas
• Finalizing design research and development(Mishra, 2015)

Promoting and marketing your product

Task 2

BBQfun is doing business in a best possible way and operating in the industry of selling food and outdoor products retail. It can make use of the three marketing opportunities like manufacturing and sell products under brand name, selling goods at the bargain price as well as selling products using e-commerce websites (Luchs and Swan, 2011). These e-commerce websites are highly helpful in reaching a large number of consumers in the market. There are several kinds of changes that company is making so as to assure that all the opportunities are utilized efficiently. There are many kinds of policies and procedures that have been made by the firm so as to bring appropriateness in the processes. This helps a company in capturing the larger part of the market as well as increasing the profitability of the firm by enhancing the sale of the company's items.

Determining organizational fit, profitability and operational implications 

There are three kinds of marketing opportunities that are used as the BBQ fun. Their organizational fitness, profitability and operational implications have been discussed below:

Manufacture and sell own brand: This is one the best market opportunity that this company has. It is highly fit for this company as it can manufacture its own product and can sell it to the customers. They have excellent employees to ensure that tasty product is available for the consumers. Selling under the own brand name provides the opportunity for the company to create a better place in the market (Kowalkowski, Witell and Gustafsson, 2013). While talking about the profitability it is to be understood as the manufacturing and selling products under the own brand name reduce the operational cost which increases the overall profit of the firm. It reduces the dependence of the firm on other distributors hence its operational implications are positive.

Sell products through e-commerce: Since there is a large number of customers that are connected to the e-commerce sites these days so in the age of the internet it is beneficial for the firm to make use of this. They can deliver the food and another outdoor life style easily. It will increase the profitability of the firm as the sale will increase (Polonsky, 2011). On the other hand, it will fasten the sales and marketing process hence operational implication will be positive.

Sell products at bargain prices: This can also be applied in the BBQfun as it enhances the sale of the firm hence it will be effective to increase the profit margins of the firm. It will have somewhat moderate implications as the profit will depend on the amount of sale done.

Ranking is like

• Selling products through e-commerce
• Manufacturing and sell products under own brand name
• Sell products at bargain price

1. a) Market potential

	BBQ	FURNITURE	ACCESSORIES
OWN BRANDS (given) (A)	7200	3120	40320
BARGAIN MARKET (A)*[25%/24%]	7500	3250	42000
E-COMMERCE (24% market share)	7200	3120	40320
TOTAL SALES POTENTIAL	21900	9490	122640	154030

1. b) Number of buyers in e-commerce

	BBQ	FURNITURE	ACCESSORIES
Buyers (OWN BRANDS) (A)	7200	3120	40320
Market Share   (B)	24%	24%	24%
Total Market Potential (Buyers) (A/B)	30000	13000	168000

1. C) Sales Unit Volume Calculation for E-Commerce and Bargain Market

	BBQ	Furniture	Accessories
E- Commerce Buyers (a)	5256 (21900*.24)	2278(9490*.24)	29434(122640*.24)
Quantity Per Buyer (b)	1	1	3
Sales Unit Volume (a*b)	5256	2277.6	88301
Bargain Market Buyers	5475 (21900*.25)	2373( 9490*.25)	30660( 122640*.25)
Quantity Per Buyer	1	1	3
Sales Unit Volume	5475	2373	91980

1. d) Estimated total revenue and gross profit

		own brand	e-commerce	BARGAIN MARKET
total sales (a)
BBQ (7200)		4320000	4464000	3750000
FURNITURE (7500)		2652000	2745600	2112500
ACCESSIORIES (7200)		2016000	2217600	1680000
Total revenue		8988000	9427200	7542500
VARIABLE COST (a-b) = (c)		own brand	e-commerce	bargain market
BBQ		720000	2214000	3750000
FURNITURE		780000	1435200	528500
ACCESSORIES		403200	1377600	1648800
		own brand	e-commerce	bargain market
total contribution (B)
BBQ		3600000	2250000	0
FURNITURE		1872000	1310400	1584000
ACCESSORIES		1612800	840000	31200
gross profit		7084800	4400400	1615200

1. e) Net profit for each opportunity

		own brand	e-commerce	BARGAIN MARKET
gross profit		7084800	4400400	1615200
Less: additional fixed cost		2000000	600000	-
Net Income		5084800	3800400	1615200

1. f) Profitability index for each opportunity

		own brand		e-commerce		BARGAIN MARKET
the present value of cash flows(note)	a	18258216.74		11340257.58		6419024.5
initial investment(total fixed cost)	b	5745459		4345459		3745459
profitability index	a/b	3.18		2.61		1.74

The cash flows for 3 years are assumed in the question so as to determine the present values of cash flows.

Gross profit or cash flows (A)	7084800	4400400		2529600
Discounting factors at 8%    1	0.925925926	0.925925926		0.9259259
2	0.85733882	0.85733882		0.8573388
3	0.793832241	0.793832241		0.7938322
Total of discounting factors(B)	2.577096987	2.577096987		2.577097
present values of cash flows(A*B)	18258216.74	11340257.58		6519024.5

1. g) Total cost of operational changes

	own brand	e-commerce	BARGAIN MARKET
Total cost	10774714	10774714	10774714
additional cost (Given)	2000000	600000	0
total cost	12774714	11374714	10774714

1. A) Organisational marketing plan, structure, products, and services.

Marketing plan: There are many components of the marketing plan which is as follows:

Situational analysis: It is important for the firm to understand that company has to understand its situation in the industry (Grégoire and Shepherd, 2012). This firm is doing good business in the industry and can apply effective strategies for gaining bigger market share.

Particulars	Amount in USD
Direct marketing	14000
Sales	7000
Traditional advertisement	6000
Social Media Marketing	3000
Total	30000

Structure: Its organizational structure is hierarchal structure is followed. Top of the hierarchy lies the leader, below which there are many executives and managers, under them, there are line managers and under them lies staffs.

Product and services: This company sells products like food items as well as other outdoor retail products.

B Principles of marketing

It is important for the firm to make use of concepts of marketing in a better way. This includes many elements of marketing management process, product management, product lifecycle, Branding, packaging, and labeling (Murdy and Pike,  2012). The marketing mix is as follows:

Product: It is serving many kinds of products such as food items as well as many other outdoor retail items. Apart from this they also sell other luxury items homemade items.

Place: It is choosing its outlets from selling its products. Apart from this they can choose internet sites for selling its products

Price: The pricing strategy that is chosen by the firm is lower price range. The price that is tagged with the product is on the lower than competitor’s price.

Promotion: There are many places where a product is being promoted. It can promote its business using signboards, TV and newspaper ads. Apart from this, they can sell their products using digital marketing.

C Marketing information

This company is performing well in terms of profit it is generating. The sales figure is also showing the revenue of the company has seen an inclination which will help a company in its growth in the market.

1. Sales volume in bargain market is higher for all the three products as it higher market share than the other two opportunities. It has 25% of market share in the potential sales and hence it has the sales volume 7500, 3250 and 40320 units of BBQ, Furniture, and Accessories. Therefore it will have wider customer base (As determined above)
2. The gross profit, as well as net profit of own brand market, is highest among all the three opportunities and hence it must be adopted from the point of view of sales.
3. The size of the potential market in 2012-13 can be determined by the numerical analysis by determining the individual market's buyer and aggregating them. The individual market shares are given in the question for all the respective markets and the number of buyers is shown in part (a) of question 2.

Impact on growth plans: If company apply all these strategies then the growth of the firm will be ensured. This company is planning to expand its business in many other markets (Chaffey, Smith and Smith, 2013). All these marketing opportunities can foster the growth factors and hence company can make long-term profits.

Market share: Using all this marketing opportunities company can increase its market share which will help a firm to grow a business and have the competitive advantage over others (Palmer, 2012). Especially the opportunity to sell products using e-commerce can help a firm in reaching to new consumers and hence company can have the greater market share.

Knock out factors: There are certain factors that knockout the opportunities like the external environment which is defined using factors such as Political, Economic, Social, technological and legal.  

Codes of practices and models

There are many practices that are done inside the company and it is important for the firm to make the code of conduct for it. These codes must be on the best practices in the industry (Kumar and Mirchandani, 2012). There are various models that have been given by many researchers which can be utilized by the firm to use marketing opportunities.

Regulations: There are many regulations that are made by the company so as to make sure that they can generate the higher amount of profits. This regulation helps in safeguarding the interest of all the stakeholders while implementing any new marketing opportunities.  These regulation are developed after citing the rules and laws that are made by the government of various countries all around the world (Zwick and Cayla, 2011). These regulations have made the company ensure that all the activities within the firm are under the ethical consideration which might get affected while implementing marketing opportunities.

Relevant legislation: There are many kinds of legislation that are applied in this context. Some of them are as follows:

• Employment Act
• Equality Act
• Minimum Wages Act
• Consumer laws

This company is applying best Policies and Procedures so as to increase the effectiveness of the firm. The policies related to the activities are clear and well communicated. Procedures are applied in the ways so that it satisfies the demand of the market and hence company can implementing marketing opportunities in a better way (Sheth and Sisodia, 2015). All the ethical considerations are taken into account when any marketing plan is made. This ensures that activities are accurate and in the best of firms interest.

It is important for the cited company to document all the processes. Since there are many kinds of major cost that are associated with the BBQfun. Some of the major cost that is involved is related to the technology that has been used. Another major cost is related to the processes as well as the cost of availing resources for the products.

Manufacture and sell own brand: The major benefit related to this is that it reduces the operational cost and risks that are associated with this is that it may reduce the chances of expansion (Gummesson, 2011).

Sell products through e-commerce: Benefit that is associated with it is that it helps to increase the reach of the firm to the larger amount of people. The risk that is associated with it is that there are many kinds of ads comes simultaneously hence people may not see the ads at the time.

Sell products at bargain prices: The benefit that is associated with this is that it enhances the sale of the products using distributors and retailers (Dávila, 2012). The risk that is involved in this that it reduces the profits of the company.

All these risks give the advantage to the competitors as they can make better strategies to make more profit from this company.

Two strategies or approaches to mitigate risk are as follows:

• Differentiation:If the company make more kinds of product available to consumers then it can satisfy the needs of many people hence the sale of the firm can increase.
• Innovation: This is the most important strategy that can help in fulfilling the needs of the many people and it gives the product competitive edge over the others.

		OWN BRAND		E-COMMERCE	BARGAIN MARKET
the present value of cash flows		18258216.74		11340257.58	6519024.5
initial investment		5745459		4345459	3745459
profitability index		3.18		2.61	1.74

The top-ranked opportunity is the own branded market as it has the highest profitability both in the terms of gross as well as net profit. However, it must try to widen its customer base. Also, the company must try to reduce its avoidable fixed cost by utilizing its human resources efficiently. It must provide them adequate training to handle the operations both online and offline. The operational changes must not make the company compromise with its product quality rather it should be improved further.

Changes to current operations

Additional staff is required to undertake the necessary operations of customer handling and to promote the online sales. Additional staffing will require an average annual cost of $ 25000.

Distribution cost: to enable the distribution, 6 trucks will be required and the distribution cost per tuck will be $20000. Therefore the total cost will be 120000

Equipment: Three forklifts will be required for the business at $10000 each.

Promotional:  promotional cost must be incurred to promote the business of the company on both the platforms i.e. online and offline. It is given that $500000 will have to be incurred in this regards.

Staff training: training must be given to the staff members to make them learn the existing staff members about the customer servicing skills. For each staff member, a cost of $ 3000 will be incurred on their training. Cost of staff training will also include = $24000 (3000 * 8).

There are several kind changes that company can make for having success in the market. Since the company has to make alterations in their business processes they have to take all the ethical aspects of the interest of the people associated with the firm. Some of the changes are in terms of technology being used for different activities of the firm like marketing or production. They have also made changes in terms of organizational operational procedures.

 This would help the firm in making the larger customer base that comes from different target groups of the society (Kotler, 2011). This diversified consumer base helps in increasing the sale of the firm and hence increasing the profit margins of the people. Apart from this, it has also ensured that quality of the service is maintained. It can also be understood using technological equipment reduces the amount of error that is generated in a production process. Reducing the errors always enhances the quality of the final product by adding the value to it. 

Taking more use of technology reduces the operational errors which ultimately enhances the quality of the products (Webb and et. al., 2011). Technology helps to monitor any kind of disruptions in the working process. The changes in the operational procedures have added the value to the products.

Conclusion

In the limelight of the above-executed analysis, the identification of the marketing opportunities for the business entity has been presented. Use of various approaches and methodologies has been described and various statistical data has also been presented for supporting the same.

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