Marketing planning sos analysis for tesco Essay

Marketing planning sos analysis for tesco - Essay Example Marketing has grown by leaps and bounds today. It is a creative industry that has expanded down to various genres such as advertising, distribution and selling. Customer base is figured out, their needs and aspirations realized and the relevant product developed accordingly. In today’s international arena, Marketing is an important tool since it contributes greatly to the success of the business and its products. Productivity and sales are largely dependent on companies’ marketing strategies. On the other hand, engineering is also an important aspect as it allows innovation in an organization which aims to bring positive change to boost customer or producer value. Most often, innovation is conducted as a private activity within an organization in a series of narrowly managed steps. Keeping in mind the importance of marketing and innovation, companies must understand their product to be able to market them. According to Bill Campbell in an interview, only engineers know the information that they should get and deliver about the product they have produced and only effectively communicating that information to the customers would yield desired results. Now, this effective communication is done by our super-creative marketers. Therefore, it is important that marketers and engineers work hand in hand to effectively deliver what customers want. Marketers know their customers and their goal is to create customer value whereas engineers know their product and their goal is to create producer value. Therefore, when marketers and engineers work together, they yield innovative products that are customer-oriented. In an investigation, it was found that those firms are more successful at innovative product development in which the employees are well equipped with the required skills to strategize marketing as a whole. Recently, a product-development process called Quality Function Deployment (QFD) has been adopted by U.S. and Japanese firms who promotes commun ication within the core team (marketing, engineering and manufacturing) and changes communication patterns from â€Å"top-to-bottom† management to focus more on horizontal routes where core team members communicate directly with each other and come up with better results. One of the greatest examples of integrating innovation with marketing is of Apple Inc., a multinational corporation which is ranked as the world’s most innovative company and who markets its designs and products as the customer’s need. Tesco is one of UK’s most successful super markets today. Its total market share stands at 38% and it continues to ride high. It is speculated to become the biggest super market chain of UK very soon. It is currently at number 8 amongst the top 10 grocery retailers of the world. Tesco is known for its huge variety of goods ranging across the board from groceries to fresh food to clothes to compact discs. It’s success has been a result of numerous fa ctors. It is claimed that it’s leading edge in areas like price, customer service, distribution, ecommerce, loyalty cards and own label products have been key to it’s phenomenal success. Their deputy Chairman, Mr David Reid, asserts that Tesco focuses on customer needs and delves a lot of time in understanding the customer needs and wants before translating them into plans aimed at adding value for the