Answers:
Corporate Objectives
The concept which is concerned with the operational activities of a business organization as a whole is to be considered as the corporate objectives. These are to be set by the top management of the business corporation and are also focused in providing more detailed objectives for providing the core functional activities of the business corporation. The business objectives are the results or the hopes the corporation expect to achieve (Hollensen, 2015).. The below carried out analysis has been carried out on Tesco which is a public owned business corporation and British multinational brand name in the sector of grocery and general merchandise. The corporation has number of corporate objectives which are required to be fulfilled. The below mentioned are some of the corporate objectives:
Profitability: This concept has to be considered as the prime objective of any of the business corporation and also kept in the list of top priority. It is of very much significant to maintain the profitability of the firm as it shows a proper and balance of revenues over the expenses.
Employee retention: The human resource has to consider as the one of the most essential component required in all the operational activities in the business corporation. And retention of the same is a crucial task. Tesco PLC can implement some of the incentive schemes and reward systems so as to motivate and retain the employees in the organization.
Marketing orientation
The concept is a business structure or a model which totally works on the basis and also focus has bee given to the consumers needs, their requirements and also the products are designed according to their demand (Saren & et al, 2012).. Also the focus has been given to the product orientation and related functionalities. Generally marketing is the concept which starts from the manufacturing of the product, advertising, promotion and then at last selling of the product. The marketing concept is followed by the two more concepts i.e. selling concept and production concept. The below mentioned is a brief explanation of these concepts:
Product orientation: According to this concept if Tesco PLC adopts this approach then the company will be into the business of production, the focus will be more on the production process and related operations, the needs and wants of consumers will be ignored so as just to focus on building a quality product.
Selling orientation: The concept is totally based on the selling and promotion of the products (Armstrong & et al, 2014).. It also entails the selling of the products and services by making the use of the promotional techniques and tools.
Tesco PLC can adapt the selling orientation concept as the company deals in grocery and general merchandise and needs to focus on the promotion and advertisements so as to sell the diverse range of products.
Core Marketing Strategy
Marketing strategies are the tools or the mechanisms which can be used by the business organizations for making the consumers aware about the products and services. There are many types of marketing strategies which can be implemented by the organization:
Paid marketing: This concept is related to the marketing activities, on which an organization has to make payments for instance, PPC (pay per click). Tesco can make use of this strategy by posting ads of the products and new launched schemes on the search engines.
Relationship marketing: Developing a strong bond with the consumers is of very much significance as a goo relation increases the loyalty of the product and also the demand for the same brand which in-turn will increase the goodwill of the firm (Pal. 2015).
Internet marketing: Posting ads on websites, portals etc can be given by the company. It is also known as clod marketing.
References
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Saren & et al, (2012). Critical marketing. Routledge.
Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan.
Armstrong & et al, (2014). Principles of marketing. Pearson Australia.
Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson Australia.
Pal, P, (2015), 12 Different types of marketing strategies and techniques, Assessed on 111th March 2017, from https://www.publishyourarticles.net/knowledge-hub/business-studies/12-different-types-of-marketing-strategy-and-techniques/5536/.
